Connect with us
Prague Gaming & TECH Summit 2024

Fintech

Bluesky Digital Assets Corp., Releases Its Q2, 2022 Financial Results

Published

on

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:

  • 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.

  • 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.

  • 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.

  • 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.

– 30 –

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135292

Fintech

Expressions of Interest for Director of the European Bank for Reconstruction and Development

Published

on

expressions-of-interest-for-director-of-the-european-bank-for-reconstruction-and-development

The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.

The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.

Minister McGrath commented:

“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.

My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”

Expressions of interest will be accepted up to 3pm on 27th March 2024

The post Expressions of Interest for Director of the European Bank for Reconstruction and Development appeared first on HIPTHER Alerts.

Continue Reading

Fintech

Council adopts regulation on instant payments

Published

on

council-adopts-regulation-on-instant-payments

 

The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.

The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.

Background

This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.

On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.

Source: European Council

The post Council adopts regulation on instant payments appeared first on HIPTHER Alerts.

Continue Reading

Fintech

FCA highlights need for enhanced competition in wholesale data markets

Published

on

fca-highlights-need-for-enhanced-competition-in-wholesale-data-markets

 

The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.

Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.

The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.

In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.

Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”

In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.

Source: Fintech Global

 

The post FCA highlights need for enhanced competition in wholesale data markets appeared first on HIPTHER Alerts.

Continue Reading

Trending