Blockchain
Bluesky Digital Assets Corp., Releases Q3, 2020 Financial Results
Toronto, Ontario–(Newsfile Corp. – December 1, 2020) – Bluesky Digital Assets Corp., (CSE: BTC), (CSE: BTC.PR.A), (OTC Pink: BTCWF), (“Bluesky” or the “Corporation”) released today a summary of its Unaudited Q3, 2020 Interim Financial Statements for the three and nine months ended September 30th, 2020. Key highlights include:
- Total Gross Revenue from the Corporation’s Digital Assets Mining operations increased to $198,264 CDN in Q3, 2020 from $42,792 CDN in Q3, 2019 representing an increase of 363%.
- Total Gross Revenue from the Corporation’s Digital Assets Mining operations increased to $198,264 CDN in Q3, 2020 from $182,500 CDN in Q2, 2020, representing a quarter over quarter increase of 8%.
- Total Gross Revenue from the Corporation’s Digital Assets Mining operations was $94,450 CDN for all of fiscal 2019 representing a monthly average of $7,870 CDN per month in Gross Revenue being generated from the Corporation’s Digital Assets Mining operations. With Q3 ,2020 completed, the average monthly Gross Revenue generated from the Corporation’s Digital Assets Mining operations was $53,529 CDN per month for the first nine months of 2020, representing a monthly average increase of 580% vs. fiscal 2019’s monthly average of $7,870 CDN per month.
- Digital Asset Mining operating costs amounted to $112,671 CDN in Q3 of 2020 which amounted to an operating profit of $85,593 on the Digital Assets Mining operations division.
- Q3 2020 loss decreased 86% vs. the same period in 2019. Total loss amounted to -$198,234 in Q3 2020 vs. -$1,452,328 in Q3 2019.
- Fully Diluted EPS was -$0.01 for Q3, 2020 vs. -$0.03 in Q3, 2019.
Mr. Ben Gelfand CEO & Director stated: “We continue to make very strong gains in our digital assets mining business despite the halving of Bitcoin which occurred on May 11 of this year and despite the unprecedented downturn in the global economy due to COVID-19. Our active Mining operations continue to produce a rapid increase in our monthly gross revenues and concurrently our expenditures continue to rapidly decline. On November 24th we announced that we had successfully closed the first tranche of our private placement offering where we raised $723,500 CDN in gross proceeds. Much of the proceeds from the first tranche are being allocated to secure digital mining equipment which we will be rapidly deploying. We believe that once the new mining equipment is delivered, and fully deployed, we anticipate that we will be in a position to consistently mine 15 to 20 Bitcoins per quarter. Should Bitcoin remain above $17,000 CDN and we don’t encounter delays in the arrival of the equipment, or any COVID related shutdowns, we also anticipate that with the new equipment in place and in operation, the Corporation could witness its first profitable quarter using its current business model in Q1 of 2021. It should also be noted that the loss incurred this quarter, approximately $153,000 CDN of the $198,234 was attributed to both depreciation and a loss via the sale of our one of our legacy business assets and without the latter two items we would be in a profitable position.”
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 www.blueskydigitalassets.com.
For further information please contact:
Mr. Ben Gelfand
CEO & Director
Bluesky Digital Assets Corp.
T: (416) 363-3833
E: [email protected]
Mr. Frank Kordy
Secretary & Director
Bluesky Digital Assets Corp.
T: (647) 466-4037
E: [email protected]
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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Blockchain
Blocks & Headlines: Today in Blockchain (Chainlink Labs, BlackRock, Fidelity, Dynamite Blockchain)
Exploring the Frontlines of Blockchain Innovation and Adoption
The blockchain industry continues to shape the future of finance, governance, and technology. Today’s briefing covers a range of key developments, from Australia’s crypto crackdown to Chainlink Labs’ expansion, Nevada’s innovative blockchain-driven electoral security, and updates on institutional Bitcoin adoption.
Australia’s Crypto Shakeup: A Looming Exodus for Blockchain Startups?
Australia’s blockchain and crypto sectors face a tumultuous period as nearly 30% of the country’s crypto-related businesses are projected to close operations by 2024. This decline follows increased regulatory scrutiny and diminishing investor confidence, as outlined in a report by KPMG.
The tightening regulatory environment has fueled debates about whether these measures protect consumers or hinder innovation. Advocates argue that clear regulations are crucial for building trust and stability in blockchain ecosystems, while critics fear they might stifle entrepreneurial spirit in the country.
This development could serve as a cautionary tale for other nations walking the fine line between fostering innovation and enforcing compliance.
Source: Cointelegraph
Breaking Down Institutional Bitcoin Adoption
Institutional adoption of Bitcoin is on the rise, marking a significant milestone for blockchain’s integration into mainstream finance. A new report reveals how companies are leveraging Bitcoin as a reserve asset, while financial giants explore Bitcoin-backed investment products to attract both retail and institutional clients.
While adoption is accelerating, barriers remain. Regulatory uncertainty, volatility, and infrastructure gaps hinder broader integration. However, with asset managers like BlackRock and Fidelity increasingly embracing Bitcoin ETFs, institutional interest appears to be solidifying the cryptocurrency’s position as “digital gold.”
This trend signifies blockchain technology’s growing legitimacy in traditional financial systems, offering a pathway for further innovation and integration.
Source: Bitcoinist
Nevada Implements Blockchain for Election Security
In a pioneering move, Nevada has integrated blockchain technology to enhance electoral security and prevent fraud. This development comes in response to a 2020 incident involving fraudulent electors, with blockchain now being used to verify the authenticity of electoral certificates and records.
The immutable and transparent nature of blockchain ensures tamper-proof data integrity, making it an ideal solution for secure electoral processes. Nevada’s initiative could serve as a model for other states and countries grappling with election integrity issues.
By leveraging blockchain for governance, Nevada showcases how this technology can go beyond finance to address critical societal challenges.
Source: 8 News Now
Dynamite Blockchain Rebrands and Charts a New Path
Dynamite Blockchain has announced a strategic rebranding initiative to align its corporate vision with emerging trends in decentralized finance (DeFi), non-fungible tokens (NFTs), and enterprise solutions. The rebranding effort includes an updated logo, a new corporate mission, and a pivot toward offering scalable blockchain solutions for businesses.
The company’s refreshed focus aims to position Dynamite Blockchain as a leader in enterprise blockchain adoption, helping organizations integrate decentralized solutions seamlessly into their existing frameworks.
This rebranding underscores the importance of adaptability in the rapidly evolving blockchain space, where staying relevant often means redefining one’s identity.
Source: GlobeNewswire
Chainlink Labs Expands to Abu Dhabi Global Market (ADGM)
Chainlink Labs, the developer of the blockchain oracle network Chainlink, has established a new presence in the Abu Dhabi Global Market (ADGM). This strategic expansion aims to tap into the Middle East’s growing blockchain ecosystem and foster collaborations with financial institutions in the region.
By entering ADGM, Chainlink Labs signals its intent to advance blockchain-powered financial solutions, with a focus on enhancing smart contract utility and adoption. The move also underscores the region’s increasing role as a hub for blockchain innovation.
This expansion reinforces Chainlink’s position as a key player in bridging on-chain and off-chain systems, further enabling the growth of decentralized applications worldwide.
Source: PR Newswire
Emerging Trends and Insights
- Regulatory Challenges: Australia’s crypto downturn reflects the broader tension between innovation and regulation, offering lessons for global blockchain players.
- Institutional Momentum: The rising adoption of Bitcoin by financial giants suggests a pivotal shift in the role of cryptocurrencies in traditional markets.
- Blockchain Beyond Finance: Nevada’s electoral security innovation highlights blockchain’s potential to address societal issues beyond financial services.
- Corporate Evolution: Dynamite Blockchain’s rebranding illustrates the industry’s emphasis on staying agile and forward-looking.
- Global Expansion: Chainlink Labs’ move into ADGM underscores the Middle East’s emergence as a critical blockchain innovation hub.
Key Takeaways
- Blockchain’s application in governance and security, as seen in Nevada, demonstrates its potential for societal transformation.
- Institutional adoption of Bitcoin is solidifying its status as a mainstream financial asset, even amid regulatory hurdles.
- Strategic rebranding efforts, such as Dynamite Blockchain’s, reflect the dynamic nature of the blockchain industry.
- Expansions into regions like the Middle East signal blockchain companies’ focus on tapping into emerging markets.
The post Blocks & Headlines: Today in Blockchain (Chainlink Labs, BlackRock, Fidelity, Dynamite Blockchain) appeared first on News, Events, Advertising Options.
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