BLQC - BlockQuarry Corp. Issues Shareholder Letter Noting Key Milestones and Corporate Goals | Benzinga
HOUSTON, Jan. 25, 2024 (GLOBE NEWSWIRE) -- via IBN -- BlockQuarry Corp. (OTC:BLQC), a leading Texas-based energy and infrastructure company, today issues a letter to shareholders that provides updates and insights into the company's progress, strategies and plans for the future.
In November 2023, a significant chapter began in our story as BlockQuarry joined in a strategic partnership with Pantheon Resources, Inc., a move that fully recognized the immense potential of BlockQuarry. This partnership is a fusion of the shared values and visions that seek to create a renewed focus on building a valuable company. By combining our efforts, the partnership brings more experience, a variety of new skills, and a stronger team that is better suited to take on the challenges that you, the Shareholder, expect.
In 2024, we are set to experience several events that could provide a rich environment for growth:
Increase in Investment Capital: The recent shift in investor sentiment towards greater risk tolerance is expected to infuse the market with trillions of dollars, particularly benefiting tech-centric companies. These conditions are ripe for us to seize opportunities for creating innovative products and services. We've successfully forged new investor relationships and secured fresh investments, ensuring our capital needs are met through Q2 FY24. These partnerships are not just valuable, they are integral to our growth strategy. The response to our operations has been overwhelmingly positive, reflecting our strategic alignment with market trends. A notable achievement in this regard is our team's ability to secure funding that enables us to significantly expand our Bitcoin self-mining capacity. For example, our team has secured new funding that will allow us to increase our Bitcoin self-mining capacity at our initial site, from 2 MW up to 12 MW in short order.
Additionally, we are building out new mining infrastructure that will attach to our current land and power capacity across numerous sites, which stand to produce 60 MW. The first of this buildout consists of two projects that will provide 20 MW of self-mining operations.
Bitcoin Mining Developments: Technological advancements in energy-efficient Bitcoin mining are set to significantly lower BlockQuarry's operational costs. Our in-house Engineering team is instrumental in these developments, ensuring profitability despite decreasing mining rewards. These improvements also lead to more sustainable mining practices. Concurrently, as we expand our operations, we're making efficiency gains and designing new facilities eligible for carbon credits, aligning our growth with environmental responsibility.
In the very near term, days even, BlockQuarry will be at 70 PH/s, ensuring a stable but very powerful mining operation. At that rate, we anticipate five Bitcoins per month for every two ...