After extensive deliberation with our Board of Directors, it has been concluded that while Natural Gas generated power is an innovative approach that can help reduce costs, it cannot be relied upon as the sole power source for our hosting facilities. Unfortunately, this decision means that our current hosting site is no longer viable, and a new site must be found.
We are actively looking to locate a more suitable site with ample power for our needs and only look to natural gas produced power as a possible cost reduction in the future. While it is expected that this transition may temporarily impact our balance sheet, BFCH has been working on disruptive mining technologies that we are now ready to announce.
BFCH is pleased to announce a new revenue stream, for the past several months weve been developing mining pool technology to mine alternative coins. In the background, we have been working on a powerful server platform utilizing ASIC/GPU to mine alternative coins orchestrated as a mining pool. We have completed Proof of Concept mining the Kaspa token and our results far exceed competitive pools. This pool runs on a powerful server which we are now strategically relocating to the Detroit Internet Exchange and has a current location in
With the Bitcoin halving event, many miners have been focused on
Despite the challenges acknowledged today, BFCH recognizes revenue from a variety of sources including: ASIC Miner Sales, Mining, Telesis IT and Hosting. ASIC Miner Sales have been good quarter after and Telesi IT has maintained profitability. Our new Mining pool of Alt Coin looks to be a well-timed pivot given Bitcoin has become harder to mine.
We acknowledge the frustration and disappointment of this setback, and our silence has negatively affected our stock price in the past few weeks. We believe that the market has over-punished this event and now may be the best time to join us in our mission to create an American source of ASIC miners, hosting facilities and alt coin mining.
As CEO, I am confident that we will navigate these challenges as a team and continue to achieve our objectives. While the journey ahead may be challenging, we believe that success is on the horizon.
Thank you for your continued dedication and support.
Warm regards,
CEO, BFCH
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