Cryptocurrencies came under a great deal of pressure over the last few days after Elon Musk said Tesla would stop using Bitcoin because of the energy consumption that results from Bitcoin mining. In fact, as Musk said, as quoted by the Financial Times, “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.” Even the European Central Bank described cryptocurrencies’ “exorbitant carbon footprint” as “grounds for concern,” as also noted by the Financial Times. With miners looking to address the energy consumption issue, it could help benefit companies such as Bluesky Digital Assets (CSE:BTC)(OTC:BTCWF), Riot Blockchain (NASDAQ:RIOT), Marathon Digital Holdings Inc.(NASDAQ:MARA), HIVE Blockchain Technologies (TSXV:HIVE)(OTC:HVBTF), and Bit Digital Inc. (NASDAQ:BTBT)
Look at Bluesky Digital Assets (CSE:BTC)(OTC:BTCWF)
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.
The company just announced a significant expansion capability for its primary facility. Bluesky is pleased to announce that it has received approval from the power utility provider for an increase of power to its primary Canadian mining facility.
Consistent with Bluesky’s recently announced ESG Policy, this recent increase of power comes from power generation from non-fossil fuel sources. Also consistent with Bluesky’s commitment to recycle the use of power where possible, Bluesky will be utilizing the additional heat generation from mining with this increased power for heating of its overall facility and the associated business operations through advanced HVAC engineering.
Dependent on the specific mining machines deployed, Bluesky expects this increase in power capability to support between an approximate 1500–2000 additional mining assets. Bluesky has already acquired the required hardware infrastructure to support the planned for next stage roll-out and partial usage of the new capacity and expects to see this next staged release of additional mining capability moved to production in approximately 30-45 days, if not earlier.
Mr. Anthony R. Pearlman, Bluesky COO stated: “From a business perspective we smartly planned well in advance for a controlled and staged growth for our active mining presence and associated assets and this increase in capacity allows us to execute on our scale plans and realize continuing growth in our overall mining operations.”
Other related developments from around the markets include:
Riot Blockchain, one of the leading Nasdaq-listed public Bitcoin mining companies in the United States, reported financial results as of and for the three-months ended March 31, 2021. Increased mining revenue by 881.1% to $23.2 million for the three-month period ended March 31, 2021, as compared to $2.4 million for the same three-month period in 2020. Increased mining revenue margin to 67.5% for the three-month period ended March 31, 2021, as compared to 40.4% for the same three-month period in 2020. Produced record net income of $7.5 million, or $0.09 per share for the three-month period ended March 31, 2021, as compared to a $(4.3) million net loss, or $(0.15) per share, for the same three-month period in 2020. Achieved a record net income margin of 32.5% for the three-month period ended March 31, 2021. Increased total cash and Bitcoin to $275.6 million, as compared to $235.0 million as of December 31, 2020.
Marathon Digital Holdings Inc., one of the largest enterprise Bitcoin self-mining companies in North America, reported financial results for the first quarter ended March 31, 2021. Total revenues increased to $9.2 million from $592,000 in the first quarter of 2020. Primarily due to a $132 million unrealized gain from the change in value of Marathon’s $150 million Bitcoin investment made in January 2021, net income improved to $83.4 million, or $0.87 per diluted share, from net loss of $1.1 million, or ($0.12) per diluted share. Adjusted EBITDA improved to income of $137.4 million from a loss of $479,000 in the first quarter of 2020. As of May 6, cash was approximately $204.4 million and total liquidity, defined as cash and bitcoin holdings, was approximately $503.2 million
HIVE Blockchain Technologies announced that, further to its announcement on March 25, 2021, it has completed the share swap transaction with DeFi Technologies Inc. pursuant to which HIVE will receive 10,000,000 common shares of DeFi Technologies, representing approximately 5% of the existing outstanding common shares of DeFi Technologies in exchange for 4,000,000 common shares of the Company, representing approximately 1% of the Company’s issued and outstanding common shares. Completion of the transaction is conditional on the approval of the TSX Venture Exchange. In addition, HIVE and DeFi Technologies have created a partnership surrounding the “decentralized finance” (DeFi) ecosystem with specific applications around Ethereum and Miner Extractable Value (MEV). The new partnership, which follows months of discussions, will provide HIVE with a strategic stake in DeFi Technologies and a broader partnership surrounding the DeFi ecosystem with a specific focus on the Ethereum based MEV space and developments surrounding it.
Bit Digital announced its unaudited financial results for the first quarter ended March 31. Revenue from bitcoin mining was $43.95 million. The number of bitcoins earned was 1,013.40.
The Company owned 40,965 miners, with 100 miners acquired in the first quarter of 2021. Net income was $35.79 million and earnings per share was $0.74 for the first quarter 2021, compared with a net loss of $3.85 million and a loss per share of $0.25 for the same period last year.
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