ORIGINAL: Bluesky Digital Assets Corp. Releases a Snapshot of its Q4 2021 Performance
2022-01-27 05:01 ET - News Release
Toronto, Ontario--(Newsfile Corp. - January 27, 2022) - Bluesky Digital Assets Corp. (CSE: BTC) (CSE: BTC.PR.A) (OTCQB: BTCWF) ("Bluesky" or the "Corporation") announced today that the Corporation had mined an implied and combined unaudited total of $1,097,574 CAD worth of cryptocurrencies in Q4, 2021 which was achieved via the mining of 7.18 Bitcoin ("BTC") and via the mining of 115.39 of Ethereum ("ETH"). For further clarification, implied valuations are based on the booking price of the virtual associated cryptocurrency value at the time the mining reward is realized by the Corporation from its mining activities.
In Q4 of 2020, the Corporation mined an audited total of $183,159 CAD. Q4 2021's unaudited implied valuation total of $1,097,574 CAD represented an increase of 499% over Q4 2020's total. On a per month basis, the Corporation mined an unaudited implied valuation of $365,858 CAD per month in Q4 of 2021 vs. $61,053 CAD per month which was achieved in Q4 of 2020. On a per day basis, the Corporation mined an unaudited implied valuation of $11,930 CAD per day in Q4 of 2021 vs. the $1,991 CAD per day which was achieved in Q4 of 2020.
The implied valuation of the BTC amounted to $507,454 CAD and the implied valuation of the ETH amounted to $590,120 CAD for Q4, 2021. The Corporation averaged a daily mining rate of approximately 1.25 ETH and 0.078 BTC per day in Q4, 2021. The percentage split on mining was 46% BTC and 54% ETH. Unaudited costs associated in the mining of the 7.18 BTC and 115.39 ETH for the quarter amounted to approx. $450,000 CAD. The stated unaudited cost includes electrical, bandwidth, rent and technicians and does not include the purchase of new mining rigs or any costs associated with the depreciation of existing mining equipment. Furthermore, in Q4 of 2021, the Corporation incurred an additional unaudited total of $375,000 CAD in costs associated to electrical infrastructure and upgrades at its primary mining facility.
As at December 31, 2021, the Corporation held $2,441,793 CAD in unsold cryptocurrencies which represented a 740% increase over the $290,638 CAD that the Corporation held in its unsold cryptocurrency reserve at the end of Q1, 2021. As at December 31, 2021, the reserve comprised of 16.52 BTC and 309.40 ETH. 2021 is the first fiscal year where the Corporation held a reserve of cryptocurrencies.
About Bluesky Digital Assets Corp.
Bluesky Digital Assets Corp, is building a high value digital currency enterprise. Bluesky mines digital currencies, such as Bitcoin and Ether, and is developing value-added technology services for the digital currency market, such as digital mining proprietary software. Offering a complete ecosystem of value-creation, Bluesky is targeting reinvesting appropriate portions of its digital currency mining profits back into its operations. A percentage of the profit will be invested in the development of a proprietary Artificial Intelligence ("AI") based technology. Overall, Bluesky takes an approach that enables the Corporation to scale, and respond to changing conditions, within the still-emerging digital currency industry. The Corporation is poised to capture value in successive phases as this industry continues to scale.
For more information, please visit Bluesky at: https://www.blueskydigitalassets.com
For further information please contact:
Mr. Ben Gelfand
CEO & Director
Bluesky Digital Assets Corp.
T: (416) 363-3833
E: ben.gelfand@blueskydigitalassets.com
Mr. Frank Kordy
Secretary & Director
Bluesky Digital Assets Corp.
T: (647) 466-4037
E: frank.kordy@blueskydigitalassets.com
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward- looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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