Just so no one panics on this low volume decline i thought i would share some approx numbers on the mining side:
Keep in mind that as at end last quarter we had $4.3M in cash and 8,500 in bitcoins so presume we still have this and presume all this quarters mined bitcoins are sold to fund operations:
Income:
Bitcoin earned from mining per quarter = 6100 x av price $350 (approx) = $2,135,000
Standard Operating Expenses relating to fixed company expenses and mining only:
Staff $442,000
Professional $474,000
Admin and Corporate $319,000
Power (cheaper than prev.): $450,000
Total Expenses = $1,685,000
Net Profit = $450,000
Note this money will have to be re-invested in bitcoin mining machinery but if prices are low on bitcoin you would imagine the hardware will be cheaper and also Mintsy will help us liquidate old hardware also. Also our overhead expenses in professional fees will come down over time as they adjust to bitcoin accounting and legal norms.
Bear in mind these figures are based on a weak bitcoin price currently and dont take into account any other possible revenue streams such as Liquidity Desk and future streams such as Mintsy, etc. or an increase in Bitcoin price But goes to show that as a mining operation we are making money.
We have cash in bank and are banking bitcoin where possible. We are operationally doing ok in a growth industry only 6 months in.
In short dont panic!!!
DCC Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
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