![]() ![]() The successful miner is remunerated with newly minted Bitcoins (known as the “block reward”) and transaction fees. Once the miner mines the block, the rest of the network can verify and confirm the block to the blockchain. Each unique block can be mined and added to the Bitcoin blockchain by only one miner. Miners earn Bitcoin by validating and verifying Bitcoin transactions, securing transaction blocks and adding those transaction blocks to the Bitcoin blockchain by using ASICs to solve a complex cryptographic algorithm known as Secure Hash Algorithm 256 (“SHA-256”). For a definition of EBITDA, an explanation of our management’s use of this measure and a reconciliation of EBITDA to loss after income tax expense, see “ Summary of Historical Consolidated Financial and Non-IFRS Measures.” EBITDA is a financial measure not defined by IFRS. We generated an EBITDA loss of US$0.02 million (A$0.03 million) for the three months ended September 30, 2020. We generated EBITDA of US$6.0 million (A$8.3 million) for the three months ended September 30, 2021. We generated a loss after income tax expense of US$490.6 million (A$678.7 million) and US$0.4 million (A$0.5 million) for the three months ended Septemand 2020, respectively. Our total revenue was US$10.4 million (A$14.3 million) for the three months ended September 30, 2021, representing growth of approximately 1,177% over US$0.8 million (A$1.1 million) for the three months ended September 30, 2020. Our cash and cash equivalents were US$85.7 million (A$118.6 million) as of September 30, 2021. ![]() We liquidate all the Bitcoin we have mined and therefore do not have any Bitcoin held on our balance sheet as of September 30, 2021. As a result, investors and prospective investors should be aware that data in this prospectus and estimates based on such data may not be reliable indicators of future results. Finally, behavior, preferences, and trends in the marketplace tend to change. We do not intend, and do not assume any obligations, to update industry or market data set forth in this prospectus. However, third-party reports may define the Bitcoin mining market differently and our competitors may do the same. We have defined the markets in this prospectus consistent with the presentation we use for our internal segment reporting purposes. There is no precise definition for what constitutes the Bitcoin mining market. Furthermore, we cannot assure you that a third-party using different methods to assemble, analyze, or compute market data would obtain the same results. Additionally, we cannot assure you that any of the assumptions underlying these statements are accurate or correctly reflect our position in the industry, and not all of our internal estimates have been verified by any independent sources. While we believe that such data is reliable, we have not independently verified such data and cannot guarantee the accuracy or completeness thereof. Industry publications and other third-party surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. ![]() This prospectus includes market, economic, and industry data as well as certain statistics and information relating to our business, markets, and other industry data, which we obtained or extrapolated from various third-party industry and research sources, as well as assumptions that we have made that are based on those data and other similar sources. ![]()
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