Cryptocurrency Stock News: Bluesky Digital Assets Corp. (CSE: BTC) Releases Its Q3, 2021 Financial Results
Toronto, Ontario - November 30, 2021 (Newsfile Corp.) (Investorideas.com Newswire) Bluesky Digital Assets Corp., (CSE: BTC) (CSE: BTC.PR.A) (OTCQB: BTCWF) ("Bluesky" or the "Corporation"), released today a summary of its Unaudited Q3, 2021 Interim Financial Statements for the three and nine months ended September 30, 2021. Key highlights include:
- Total Gross Revenue from the Corporation's Digital Assets Mining operations increased to $1,047,909 CDN in Q3, 2021 from $198,264 CDN in Q3, 2020 representing a significant increase of 428% over Q3, 2020's total.
- Total Gross Revenue from the Corporation's Digital Assets Mining operations increased to $1,047,909 CDN in Q3, 2021 from $851,813 CDN in Q2, 2021 representing an increase of 23% over Q2, 2021's total.
- Total Gross Revenue from the Corporation's Digital Assets Mining operations increased to $2,610,034 CDN for the nine months ended September 30, 2021 from $484,201 CDN for the nine months ended September 30, 2020 representing a significant increase of 439%.
- Total Gross Revenue from the Corporation's Digital Assets Mining operations amounted to $665,533 CDN for all of fiscal 2020 representing a monthly average of $55,369 CDN per month in Gross Revenue being generated from the Corporation's Digital Assets Mining operations. The monthly Gross Revenue generated from the Corporation's Digital Assets Mining operations average was $290,003 CDN per month for the nine months of 2021, representing a significant monthly average increase of 423% vs. fiscal 2020's monthly average of $55,369 CDN per month.
- Total available cash increased to $3,304,851 CDN in Q3, 2021 from $325,996 CDN in Q3, 2020 representing an increase of 914%.
- As At September 30, 2021, the Corporation held $1,534,201 CDN in unsold cryptocurrencies which represented a 395% increase over the $309,659 CDN that the Corporation held in its unsold cryptocurrency reserve at the end of Q2, 2021. As At November 29, 2021 the reserve comprised of 15.99 BTC and 307.17 ETH and it had an implied valuation of $2,853,498 CDN which represents an increase of 86% over the September 30, 2021 stated total.
- Digital Asset Mining operating costs / cost of revenue which includes depreciation on equipment, electrical & bandwidth costs amounted to $549,107 CDN in Q3, 2021. The Corporation's Digital Mining operations achieved a profit of $498,802 CDN for the quarter after subtracting the $549,107 CDN in operating costs.
To view the Corporation's Q3, 2021 Interim Financial Statements and the accompanying Management Discussion and Analysis please visit the Corporation's SEDAR profile page by visiting www.sedar.com.
Ben Gelfand, CEO stated: "We achieved record results in Q3 from our active mining operations. As previously announced, in Q4 we have acquired an additional $2,415,344 CDN worth of GPU Mining Rigs with the purpose to further expand our Ether mining capabilities. We are putting that equipment online and into active production. With this equipment we fully anticipate that our results in Q4 will supersede the results achieved in Q3 and that we will achieve another strong performance in Q1 of 2022."
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 proprietary technology solutions. 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 Blockchain 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
Mr. Frank Kordy
Secretary & Director
Bluesky Digital Assets Corp.
T: (647) 466-4037
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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