Blockchain Power Provides Q3 Operational Update
October 29, 2018
TORONTO, ONTARIO – October 29, 2018 -- Blockchain Power Trust (“Blockchain Power” or the “Trust”) (TSXV:BPWR.UN) is pleased to report that production of its renewable energy projects for the quarter ended September 30, 2018 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.”
For further information please contact:
|J. Colter Eadie
Chief Executive Officer
+351 938 810 979
Chief Financial Officer
About Blockchain Power Trust
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, acquires interests in renewable energy, blockchain and cryptocurrency related assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable value creation, while preserving the capital value of its investment portfolio through investment in a range of operational green energy, blockchain and cryptocurrency related assets. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under the Trust’s issuer profile at www.sedar.com.
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Blockchain Power and its business are discussed under the heading “Business Risks and Uncertainties” in Blockchain Power’s annual Management’s Discussion & Analysis for the year ended December 31, 2017, a copy of which is available on Blockchain Power’s SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Blockchain Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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