Blockchain
Bluesky Digital Assets Corp., Releases Its Q2, 2022 Financial Results
Toronto, Ontario–(Newsfile Corp. – August 30, 2022) – Bluesky Digital Assets Corp., (CSE: BTC), (OTCQB: BTCWF), (“Bluesky” or the “Corporation”) provided a synopsis of its Unaudited Q2, 2022 Interim Financial Statements for the three and six months ended June 30, 2022 which were filed on August 29, 2022 after market close.
Key highlights of Q2, 2022 include:
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Total Gross Revenue from the Corporation’s Digital Assets Mining operations decreased to $500,685 CAD in Q2, 2022 from $580,583 CAD in Q1, 2022 representing a decrease of 13.7% over Q1, 2022’s total.
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Total Gross Revenue from the Corporation’s Digital Assets Mining operations decreased to $500,685 CAD in Q2, 2022 from $851,813 CAD in Q2, 2021 representing a decrease of 41% over Q2, 2021’s total.
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Digital Asset Mining operating costs, electrical, hosting and bandwidth costs, and a one-time charge involving the set-up and delivery of the Corporation’s Antspace and charges for moving of equipment from Canada to Texas amounted to $928,898 CAD. Without the Antspace and moving charges, operation costs amounted to approx. $400,000 CAD.
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As of June 30, 2022, Total Assets on the Corporation’s balance sheet amounted to $8,470,876 CAD vs. $1,596,234 in current liabilities.
To view the Corporation’s Q2, 2022 Interim Financial Statements and the accompanying Management Discussion and Analysis please visits the Corporation’s SEDAR profile page by visiting www.sedar.com.
Q2, 2022 continued to be a very challenging quarter for both the Cryptocurrency and Technology sectors and although the Corporation weathered the downturn, and successfully further advanced its active mining operations, the Corporation wasn’t completely immune to the headwinds presented in Q2 as the Corporation experienced a decrease in its gross mining revenue over Q1, 2022’s and Q2, 2021’s gross mining revenue totals.
Total gross mining revenue slightly declined to $500,685 CAD in Q2, 2022 vs. the $580,583 CAD that was mined in Q1, 2022. $851,813 CAD worth of Cryptocurrencies was mined in Q2 of 2021. The reduction of the Corporation’s gross mining revenue vs. Q1, 2022’s and Q2, 2021’s recorded totals was mainly attributed to the decline in prices of both Bitcoin and Ethereum, as Bitcoin was previously priced at $56,932 CAD per every one BTC on March 31, 2022 and was then priced significantly lower at $25,468 CAD on June 30, 2022. Ethereum was priced at $4,102 CAD per every one ETH on March 31, 2022 and then was priced significantly lower at $1,374 CAD on June 30, 2022.
The decline in gross mining revenue was also partially attributed to the Corporation’s decision to move some of its key mining production assets from its Canadian based mining facility to its new mining facility in the State of Texas which caused a decline in production. The rational for moving some of the Corporation’s key mining production assets from Canada to Texas is the fact that Texas offers lower utility costs over the Corporation’s Canadian based operations, and the Texas based operations can expand its total electrical capacity to 175 MW vs. Canada which is currently capped at 2 MW. Some of the assets moved to the State of Texas included 200 state-of-the-art Panda GPU Mining rigs. The Corporation acquired these assets in Q3, of 2021 and received the assets in Q4 of 2021 but was hampered by power availability at its Canadian mining facility and the Corporation couldn’t put these assets into operation in Canada hence the Corporation’s expansion into the State of Texas.
Anticipating the drop in valuations of both Bitcoin and Ether, and to minimize losses from the rapid valuation declines, in the month of April, the Corporation elected to sell its Cryptocurrency reserves which had a recorded valuation of $2,678,305 CAD As At March 31, 2022. With the proceeds raised from the conversion the Corporation’s Cryptocurrency reserves into fiat, the Corporation entered into a Joint Venture agreement where it acquired 50% ownership of a state-of-the-art Bitmain Antspace. The Antspace will house 195 S19 Pro+ Hyd (“S19 Hydro”) ASIC Miners which are liquid cooled. The Corporation paid $1,484,760 USD for its portion of the equipment. When activated, the S19 Hydro’s housed in the Antspace will produce a Hashrate of 198 TH/s per unit therefore it is anticipated that the Antbox system will produce 38,610 TH/s / 38.6 PH/s without any optimization(s) which will amount to, based on current market conditions and values, approximately 60 to 64 BTC being mined by the system, per year, of which the Corporation will retain 50% of the mining rewards and the Corporation’s Joint Venture Partner on the Antspace will retain the other 50%. The Corporation also further advanced its R&D efforts with a focus on its Blockchain Engagement Platform BlueskyINTEL (BSI) https://www.blueskyintel.com using a portion of the proceeds raised via the conversion the Corporation’s Cryptocurrency reserves into fiat.
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
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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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135292
Blockchain
OKX Proof of Reserves Ranked Highest Quality Among Major Exchanges as 11th Consecutive Monthly Reserves Report is Published
OKX, a leading global Web3 technology company and crypto exchange, has published its industry-best 11th consecutive monthly Proof of Reserves (PoR), showing balances of USD$11.2 billion in primary assets, as its PoR was given the highest quality rating among major exchanges.
OKX’s latest PoR comes days after Castle Island Ventures partner and blockchain and Proof of Reserves expert Nic Carter ranked OKX highest of all major centralized exchanges on its quality of Proof of Reserves. In his ranking, he cited OKX’s credibility, knowledge of leadership, demonstrated commitment to transparency and overall PoR quality as reasons for his positive assessment.
OKX’s PoR covers 22 commonly used digital assets and shows that OKX has maintained a reserve ratio exceeding 100% for 11 consecutive months across all those assets. In addition to BTC, ETH and USDT, the assets included are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.
OKX’s current reserve ratios are as follows:
- BTC: 102%
- ETH: 103%
- USDT: 102%
OKX Global Chief Commercial Officer Lennix Lai said: “With our 11th consecutive Proof of Reserves report, we are reaffirming our unwavering commitment to greater transparency and trust within the crypto industry. At OKX, we believe that integrity is the cornerstone of our success, and our PoR stands as a testament to our dedication to safeguarding user assets. As we approach a full calendar year of consecutive PoR releases, we have never been more committed to continuing to raise the bar for transparency in our sector.”
In August, OKX conducted two Twitter surveys to measure the sentiment of the online community with regards to the importance of PoR and transparency. Poll results showed that 84% of respondents say monthly PoR reports are either ‘somewhat important’ or ‘very important‘ and 88% state that transparency is either ‘somewhat important’ or ‘very important’ when choosing which crypto platform to trust.
OKX has seen hundreds of thousands of users engage with its PoR, visit its PoR page and view their self-audits since first launching its PoR page in late 2022. The open-source verification tool allows users to independently verify OKX’s solvency and confirm their assets are backed by OKX reserves while maintaining their privacy.
OKX has published over 210,000 addresses for its PoR program, and will continue to allow the public to view its asset flows.
Users can view the latest PoR report, reserve ratios, and verify OKX’s solvency here.
ACX (AirCarbon Exchange), operating its proprietary regulated environmental asset trading platform, is the technology provider for Indonesia’s carbon exchange hosted and operated by the Indonesia Stock Exchange (IDX) after a competitive Request for Proposal process.
Launched on 26th September 2023, with its first carbon trades, Indonesia’s official carbon exchange, IDXCarbon, will play a vital role in reducing Indonesia’s carbon emissions and driving Indonesia’s transition to reach net zero emissions by 2060.
“With ACX support, IDXCarbon has reached a key milestone towards achieving net zero emission in 2060 or sooner. We anticipate a thriving and enduring collaboration with ACX that will continue to drive innovation and success, as the Indonesian carbon market develops.” said Iman Rachman, President Director of IDX.
IDXCarbon has been customised by ACX to meet the country’s unique requirements, as well as aligned with Indonesian institutions, including the National Registry System for Climate Change Control (SRN-PPI). This will ensure the exchange is compliant with Indonesia’s standards and procedures, as well as the requirements recently established by the OJK, the country’s financial services authority. ACX provides a complete end-to-end solution that utilises blockchain technology to ensure the transparency and auditability of all trades transacted on the exchange. With that, the exchange will play a central role and promote transparency, accountability, and efficiency in the Indonesian carbon market.
“We are honoured to be the technology provider for Indonesia’s carbon exchange and to contribute towards the country’s vision of a fair and inclusive carbon ecosystem,” said Thomas McMahon, co-CEO and co-Founder of ACX. “Our end-to-end solution will enable the exchange to provide comprehensive services. This will make it easier for companies to access and participate in the carbon market, ultimately driving down Indonesia’s carbon emissions and contributing to global sustainability efforts.”
Hum Wei Mei, Head of APAC and Global Head of Environmental Products, said: “Indonesia has a critical role to play in international climate action while IDXCarbon is at the heart of ensuring that Indonesia’s carbon market progresses as envisioned. As the technology provider to IDXCarbon, ACX is committed to working closely with IDX to implement a highly customised, iconic and state-of-the-art carbon exchange which will act as critical supporting infrastructure for Indonesia’s long-term plans & interests in emissions trading, carbon markets & climate action.”
With a global footprint covering Asia, the Middle East, Europe, North and South America, ACX has demonstrated itself to be a leading technology provider with a proven track record of designing and implementing carbon trading system worldwide, leveraging the company’s expertise and experience to ensure a robust and reliable platform for trading environmental assets.
Blockchain
Nex News Network Launches World’s First Blockchain-Integrated Web3 and Metaverse News Platform
Nex News Network, the pioneering media organization, is proud to announce the launch of its groundbreaking platform, revolutionizing the way news and media are consumed. This year marks a momentous milestone as Nex News Network becomes the world’s first-ever blockchain integrated, Web3, and Metaverse news and media platform. With a fusion of cutting-edge technology and visionary media strategies, Nex News Network is set to redefine the media landscape.
A New Era in Media Industry: Nex News Network’s Unique Offering
Nex News Network has embarked on an extraordinary journey to bring the future of media to the present. As a trailblazer in the industry, the platform integrates blockchain technology, Web3, and Metaverse, delivering an unparalleled experience to users. This year, Nex News Network establishes itself as the vanguard in news and media, providing a platform that seamlessly connects diverse sources of information, making them accessible from anywhere, on any device.
Innovative Media Revolution
Nex News Network introduces a unique animation concept that transforms the traditional news and media industry. With this innovation, the animation seamlessly integrates with media and news content, sparking a revolutionary shift in how information is consumed. This innovation not only redefines the media industry but also catalyzes a new era of interaction, engagement, and understanding.
Empowering Users and Advertisers
Nex News Network brings a new dimension to user experience by creating an integrated platform that caters to a diverse range of interests and categories. Users can explore validated blockchain content, industry news, directories, event information, technology updates, and more. For advertisers, Nex News Network offers direct access to their target audience, bypassing intermediaries and providing real-time performance data for smarter decision-making.
With its focus on blockchain integration, Web3, and Metaverse, Nex News Network embraces the future of digital content. The Metaverse, an advanced digital realm, complements the platform, creating immersive experiences through augmented reality (AR), virtual reality (VR), and artificial intelligence (AI). Nex News Network pioneers the way for this interconnected digital world, offering users a new dimension of engagement and exploration.
A Call to the Future
Nex News Network is poised to reshape the media industry by introducing blockchain integration, Web3, and Metaverse technology. Through its visionary leadership, dedication to user experience, and commitment to innovation, Nex News Network is laying the foundation for a new era in news and media consumption. As the world’s first blockchain-integrated Web3, and Metaverse news platform, Nex News Network stands ready to redefine the media landscape.
Setting the Stage with NexNews Network – A New Era in Media Consumption and Engagement
NexNews Network pioneers a transformative approach to media consumption, driven by innovation and led by a dedicated team. With a focus on user experience, NexNews Network creates a dynamic space where users can seamlessly access news and media sources from various categories, transcending traditional boundaries.
Visionary Leadership – Founder Aakash Jugraj and the Power of Innovation
Under the visionary leadership of Aakash Jugraj, NexNews Network has positioned itself as a trailblazer in the industry. Backed by the reputable Shivaksh Media Group of Companies, the platform represents a fusion of expertise and innovation that sets a new benchmark for media excellence.
Founder Aakash Jugraj – A Driving Force for Media Innovation
At the helm of NexNews Network is Founder Aakash Jugraj, a visionary entrepreneur with a deep-rooted commitment to revolutionizing the media landscape. His forward-thinking approach has driven the platform’s mission to redefine publication creation, distribution, and consumption using Web3, Blockchain & Metaverse technologies.of Companies.
Aakash Jugraj, the driving force behind NexNews Network, envisions a media ecosystem that champions transparency, authenticity, and user-centric experiences. His vision aligns seamlessly with the ethos of Shivaksh Media Group of Companies, creating a formidable alliance for media innovation.
Continuous Industry Evolution: NexNews Network’s Transformative Role
NexNews Network signifies a departure from traditional media models, offering a continuous industry experience that transcends conventional boundaries. The platform’s transformative capabilities make it a pioneering force in providing a new-age media ecosystem that empowers users with unparalleled access and engagement.
Technology at the Forefront: Nex News Network’s Secure and Transparent Platform
Technologically adept, NexNews Network harnesses the power of blockchain integration, Web3, and Metaverse to ensure the highest level of security, authenticity, and transparency. This technological synergy enables users to engage with news and media content with utmost confidence.
Personalized User Experience – NexNews Network’s Tailored Approach
Through NexNews Network, users will enjoy a distinctly personalized experience. The platform’s integration of blockchain technology ensures that users can consume news and media content that aligns precisely with their interests, fostering deeper engagement and resonance.
Empowering Advertisers: Nex News Network Effective Advertising Platform
Advertisers will benefit from NexNews Network’s innovative approach by accessing a tailored platform that enables direct engagement with their target audience. The blockchain integration ensures a transparent and effective advertising experience, enabling advertisers to refine their strategies based on real-time performance data.
Elections
NexNews Network is poised to play a pivotal role in the upcoming election season. With its unique blend of blockchain integration, Web3, and Metaverse, the platform will facilitate informed decision-making by providing accurate and transparent information to voters.
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