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After a wild 2021 performance, the cryptocurrency market — along with other major markets — is taking a slight breather.
Bluesky Digital Assets Corp.’s (CSE: BTC), (OTCQB: BTCWF) management team seems to believe that these are ideal times for building strong foundations and fortifying their money-making arsenals
Like Marathon Digital Holdings Inc. (NASDAQ: MARA) and Riot Blockchain Inc. (NASDAQ: RIOT), Bluesky mines digital currencies, such as Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH) and is developing value-added technology services for the digital currency market.
With an added focus on creating digital mining software and artificial intelligence technologies, Bluesky can reportedly scale, and respond to changing conditions, within the still-emerging digital currency industry.
Its main source of growth, however, remains its mining operations, which have been significantly strengthened through recent partnerships.
Bluesky Partners With Monbanc And Bitmain In Early 2021, Bluesky fed its already-extensive crypto mining operations with a mining hardware order of Bitmain ASICS worth nearly USD$1Million.
At the time, this material mining hardware acquisition of ASIC mining machines represented Bluesky’s second significant high-dollar order. Aside from substantially improving its mining efforts, Bluesky’s acquisition also arguably exemplified the company’s key strategic partnerships within the crypto mining community. Following the acquisition, Bluesky inducted China’s Bitmain into the growing supply chain partnerships it has created for its mining rig operations.
Fast forward a year and Bluesky extends this string of partnerships to include Monbanc Corp., a supplier of goods and services to some of the best crypto miner operators in the region. In a joint-venture (JV) operation worth $1 million, Bluesky and Monbanc expanded Bluesky’s mining operations to Texas, where a 175-megawatt (MW) mining facility awaits.
Phase 1 of the JV operation includes Bluesky and Monbanc each acquiring a 50% working interest in a 1MW Bitmain Antbox Liquid Cooling System — dubbed the Antbox — which will house a combined 195 S19 Pro+ Hyd (S19 Hydro) application-specific integrated circuit (ASIC) miners that are hydro/liquid-cooled.
The S19 Hydro ASIC miners will be housed in the Antbox, and all the units use a new hydro-cooled power supply that has a minimum 95% conversion rate efficiency that reportedly achieves considerable energy savings over mining operations run by traditional air-cooled systems. The hydro-cooled power supply is meant to result in significantly lower electrical costs while providing greater environmental protection.
In total, Bluesky paid $714,880 (CA$899,605) for its portion of the equipment, and Monbanc paid an additional US$714,880.
What Does This Mean For Bluesky? These new moves mean the company will likely increase its Bitcoin mining capabilities by a minimum of 18.5 petahash per second (PH/s), which would amount to approximately CA$114,380 per month in additional gross revenue based on BTC being priced at CA$45,000 per BTC and the minimum PH/s achieved.
The Antbox, and the 195 S19 Hydro ASIC miners, are expected to arrive at the Bluesky’s Texas-based facility and be put into operation between late June and early July. Bluesky plans to order additional Antboxes in the fourth quarter.
"The selection of the S19 Hydro was based on the fact that the cooling technology makes this miner the ideal unit to withstand any temperature uptick in the Texas region. The strategy we are targeting is to acquire and to have a minimum of 10 MW of these units in operation between Q4 2022 and Q1 2023," Bluesky CEO Ben Gelfand said.
"The S19 Hydro is nearly double the terrahash of the closest miner in the market, and by populating our Texas facility with the most efficient miners, we stand to reap from a bull market and aim to withstand the bear,” Monbanc and BlueSky Director Daniel Rafuse said.
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