Blockchain Power Provides Q3 Operational Update

Blockchain Power Trust (TSXV:BPWR) has announced a Q3 operational update for its renewable energy projects.

As quoted in the press release:

For the quarter ended September 30, 2018 [production of its renewable energy projects] was an aggregate of 28,206 MWh, representing an increase of 53% from the 18,480 MWh produced by the projects in the comparative quarter ended September 30, 2017.  On a year-to-date basis, the Trust produced an aggregate of 108,338 MWh in line with expectations, representing an increase of 87% from the 57,987 MWh produced for the comparative period in 2017.

As at September 30, 2018, the Trust mined an aggregate of 107 Bitcoin.  Given the decline in the price of Bitcoin, increased mining difficulty rates, and continued robust pricing environment for electricity in Romania and Europe generally, it is not currently profitable for the Trust to either supply or purchase energy for its Bitcoin mining operations and therefore it has paused its Bitcoin mining operations.  Management is currently reviewing its options with respect to its mining strategy, including potentially resuming mining when it is once again expected to be profitable, and will respond if market dynamics change fundamentally.

Colter Eadie, Chief Executive Officer of Blockchain Power, commented, “Our renewable energy generation assets continue to perform consistently and according to plan.  While we are disappointed to have paused our cryptocurrency mining activities, one of the key drivers of this is the ongoing strength in the underlying electric markets which is a positive for our core business. A key objective for us from the initial conception of integrating cryptocurrency mining into our operations was to provide an arbitrage opportunity between electricity pricing and cryptocurrencies, which has been achieved.”

Click here to read the full press release.