Blockchain Power Trust Reports Second Quarter 2018 Results

Blockchain Power Trust (TSXV:BPWR) has announced its financial results for the three and six months ended June 30, 2018 .

As quoted in the press release:

Highlights

• Produced 34,778 MWh of energy for the second quarter ending June 30, 2018, an increase of 74% from the second quarter of 2017. Produced 80,133 MWh of energy for six months ending June 30, 2018, an increase of 103% from the comparative period in 2017.
• Revenue of $4.8 million for the second quarter, an increase of 43% from the second quarter of 2017.  Revenue of $9.9 million for the six months ended June 30, 2018, an increase of 61% from the comparative period of 2017.
• Net earnings of $2.8 million for the second quarter of 2018, an increase of 180% over the net earnings of $1.0 million in the second quarter of 2017.  Net loss of $2.6 million for the six months ended June 30, 2018.
• Earned operating margin (revenue less cost of sales excluding depreciation) of $2.8 million for the quarter, an increase of 22% over the operating margin of $2.3 million for the second quarter of 2017 (see reconciliation of operating margin under “Non-GAAP Measures”) and $5.8 million in operating margin for the six months ended June 30, 2018, an increase of 33% from 2017.
• Commenced cryptocurrency mining operations in June 2018. Commissioned 1,550 mining units (2.09 MW, 21.7 PH/s) and subsequent to quarter end commissioned an additional 432 machines utilising liquid immersion cooling for aggregate 27.8 PH/s of computing capacity consuming approximately 2.8 MW.
• Mined 22 Bitcoin during the second quarter of 2018 with revenue of $0.2 million from mining operations at an average realized price of $8,720 (US$6,637) per Bitcoin.

Click here to read the full press release.