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 containers of miners at an average hash rate exceeding 150 TH/s. These techniques will be applied to all new inventory to reach maximum potential before and after the Bitcoin halving event anticipated for April 2024. Our revenue models show a healthy business where others will be forced to capitulate.
Continued Rapid Growth in Artificial Intelligence: AI grew at unprecedented rates in 2023. 2024 looks to be no different. As adoption rates for AI continue at a blistering pace, far greater than any cryptocurrency, the need for resources to process these demands will offer new opportunities for us. BlockQuarry has already begun to allocate and acquire resources, including new land, power and buildings to facilitate AI data processing. The Pantheon BlockQuarry team has conducted early talks with investors who have a real demand for AI processing, and we expect to be able to provide services to them this year.
Through lessons learned in our growth model for cryptocurrency mining, we have a template to bring AI processing to our portfolio quickly and efficiently.
Interest Rate Cuts: If central banks opt for interest rate cuts as predicted, we could see a weakening in appetite for fixed income and money market funds, pushing investors towards risk-on assets. This should prove advantageous for alternative assets including Cryptocurrency. BlockQuarry stands to build out new infrastructure to capitalize on this shift in markets, enabling us to participate in this increased demand.
Bitcoin and the Bitcoin ETF: Bitcoin is the bellwether cryptocurrency, and all indicators point toward increased adoption. The approval of several Bitcoin ETFs has the potential to provide a significant boost to the cryptocurrency market by making Bitcoin more available and accessible to retail and institutional investors, enhancing liquidity and stabilizing its price, while increased regulatory clarity can help secure a future where Bitcoin is adopted as more than an instrument for speculation. Stable Bitcoin allows us to forecast with more certainty and execute plans with more confidence that our efforts will yield outsized gains for our Shareholders.
The cornerstone of our strategy should always be creating long-term value for you, the Shareholder. Since coming aboard, we have been laser-focused on this goal. Here are some key areas we have been working on since day one of the partnership:
Business Restructuring: We have taken a hard look at our operations, identifying points for improvement. This includes restructuring the accounting and financial systems and streamlining the flow of cash to support our capital plans. Specifically, we created a CFO role with the requirement to ensure the above are actioned correctly and with appropriate transparency. We have also added to our team of experienced professionals who are implementing the necessary platforms and technologies to maintain these new structures and ensure long-term success.
Cost Optimization: Each new project is researched and modeled using financial data science and industry best practices to ensure feasibility and appropriate risk/ reward comparison. Significant effort has been taken to conduct thorough due diligence and market research to find the lowest price for every requirement for our projects while ensuring quality outcomes.
Revenue Growth: Our revised growth strategy centers around two segments. The first is our core mining operation, which will ensure that we are uniquely situated to benefit from the incoming changes to the cryptocurrency market. The second is an energized process of planning to capture market share in data processing in emerging areas of the economy. By strengthening our core, while diversifying our revenue streams, we stand to perform stronger than at any point in the company’s past. As BlockQuarry expands its mining operation and begins to develop infrastructure to support AI demand, we anticipate a greater increase in revenue for 2024 in the multiples.
Corporate Responsibility: BlockQuarry, in collaboration with Pantheon, is firmly committed to ethical business practices. We have also tripled our team of competent legal professionals and are currently responding to attacks on our company and the industry through appropriate legal action. We are responding to frivolous and insidious behavior with a measure of resolve.
As we combine our efforts and advance our shared vision, we remain steadfast in our commitment to achieve the growth that our Shareholders rightly expect. We will continue to improve our business model, innovate and work hard to bring you results.
About BlockQuarry Corp.
BlockQuarry Corp. (BLQC) stands at the forefront of innovation in the U.S. energy and infrastructure sectors, passionately committed to advancing the implementation of carbon-negative industrial energy on a global scale. Specializing in the provision of green, sustainable and economically viable energy solutions, BlockQuarry caters to industries with substantial power requirements, including data storage hubs, manufacturing and cryptocurrency mining.
Key Focus Areas:
Capitalizing on an extensive network strategically located for the development of data centers and computational infrastructure, BlockQuarry guides enterprises toward precise energy solutions. We take on the responsibility of securing all necessary permits and navigating engagement processes, allowing our clients to focus entirely on their core business operations.
Philosophy of Mutual Prosperity:
At BLQC, our approach to forming energy partnerships goes beyond commercial requirements. We strive to create a cycle of mutual prosperity, from generating employment opportunities in construction and maintenance to stimulating revenue growth for municipalities and state governments.
Renewable Energy Commitment:
By identifying locations with power surpluses and aligning businesses with these potent resources, BlockQuarry is committed to creating a scenario where everyone emerges victorious. Our dedication to renewable energy ensures that our operations leave a positive imprint on the planet. Whether it's planting trees or engaging in other ambitious eco-initiatives, BLQC goes the extra mile in pursuit of our goals.
Transmuting Industrial Power Needs:
At BlockQuarry Corp., we aim to transform your industrial power needs into a force for wider community benefit. Our focus on clean, renewable and cost-efficient energy solutions reflects our commitment to a sustainable future.
For more information about BlockQuarry Corp. and its pioneering projects, visit the company's website at www.BlockQuarry.io. Stay updated with the latest news and developments by following BlockQuarry on Twitter and through official press releases.
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