BitFrontier Capital Holdings, Inc. Announces 1st Quarterly Report Under New Management and Already Profitable

Rhea-AI Summary

BitFrontier Capital Holdings (OTCMKTS: BFCH) announced its Q1 2023 earnings, reporting a revenue of $1,719,801.90, a 43% increase in ASIC Miner sales year-over-year despite lower prices. The company has expanded its hosting operations through a joint venture, filling 60% of its Louisiana site capacity, projected to generate $360,000 quarterly. Telesis IT, BFCH's tech service provider, contributed $170,000 in revenue, crucial during the leadership transition. Mining activities yielded over $5,000, with plans to hold assets for potential profit. BFCH aims to uplist to OTCQB, reflecting optimism for the future. The management appreciated staff commitment, with no salaries currently drawn.

Positive

• Q1 2023 revenue reached $1,719,801.90, a 43% increase in ASIC Miner sales.
• Hosting operations expected to generate over $360,000 quarterly in recurring revenue.
• Telesis IT contributed $170,000, providing critical support during leadership changes.
• Plans to uplist to OTCQB, signaling growth potential.

Negative

• Mining revenue of just over $5,000 indicates challenging market conditions.
• Overall revenue generation relies significantly on ASIC and hosting sales, posing risks if market conditions fluctuate.

SAN JOSE, CA, April 11, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – BitFrontier Capital Holdings Inc (OTCMKTS: BFCH), a leading provider of crypto mining hardware and hosting centers, announces Quarterly Earnings for Q1 of 2023.

Last week we announced our 1st Quarterly Report under new leadership. We highlighted the many milestones we have already achieved along our path to profitability with a new vision and purpose for BFCH. In our Quarterly Report we identified several sources of revenue and how such diversification would provide stability to a sometimes uncertain and volatile market place. Today, the data is in and we are proud to announce our first quarterly earnings. I would like to address each revenue stream individually to illustrate the diversity of our income and what each piece means to our vision to be your one stop shop for Crypto mining services.

ASIC Miner Sales - In the past quarter, BFCH acquired the already profitable ASIC Miner distributor, called ASICMinersUS. During this past quarter, sales have increased 43% year over year but prices have come down substantially year over year. Still we had a very profitable quarter, closing $1,719,801.90 in revenue. That’s Million with an M and we are just getting started. As we announced, we have a new sales director that started at the beginning of Q2. 

Hosting - Also part of BFCH is Liquid Immersion Worldwide, LLC. We recently announced a joint venture with C&G Management, Inc to create ASIC hosting sites under a new entity called Jupiter Mines, LLC.  We recently announced our first property in Louisiana and this month we started running a Google Ad campaign to fill the available space. Although this site is still very new, we have already filled 60% of our current site capacity. We had announced 1,000 slots would be available for hosting as a mixture of Liquid Immersion and Air Cooled slots. We have already filled 98% of our available Liquid Immersion bays, 360 bays and 240 air cooled slots. Hosting fees at this current capacity are expected to generate over $120,000 monthly or over $360,000 quarterly, in recurring revenue. We expect to increase site capacity and break ground on others together with C&G in the coming months.  We will update the progress in upcoming press releases, stay tuned.

Telesis IT - This is BFCH’s technical solution provider that will act as our first point of contact and remote support for our hosting facilities. This past quarter Telesis IT brought in approximately $170,000. Until this point, Telesis IT’s revenue has single handedly kept BFCH afloat during the transition, for which we are very thankful.

Mining - We also mentioned that we will opportunistically mine cryptocurrency. We feel that it is important that we keep our finger on the pulse of the crypto market we serve, so that we can continue to act as a knowledgeable resource for our customers. It is because of the volatility of this market, that we decided to diversify our revenue stream to provide consistency for our investors, and we are very glad that we did. Q1 2023 has been a tough quarter for mining crypto. Still our mining efforts were able to contribute just over $5,000 USD which we plan to Hodl (not selling your digital assets, anticipating price changes in the market)  to increase profits and drive revenue for next quarter.

Onwards and upwards - This new quarter is already looking bright with many very promising ASIC Miner sales poised to close in the coming weeks and recurring revenue expected from the hosting side. With first quarterly revenue approaching $2,000,000, we are already darlings of the OTC and have already begun our march toward uplisting to the OTCQB.

A huge thank you to our supporters ,especially our dedicated staff, none of which are currently pulling a salary. We all believe in what we are doing and agreed to work for equity - Now that’s commitment! 

Unlike a young startup looking to go public, we are already public and we are well on our way. Join us and grab a piece of this company as we continue on our path to profitability. Recap Video from our CEO

As of Friday April 7th, Bryan Wilkinson was discharged as custodian from the Wyoming courts. Mr. Wilkinson has decided to step away from BFCH to pursue other endeavors, we would like to thank Mr. Wilkinson and wish him good luck in the future.

About BitFrontier Capital Holdings, Inc.

BitFrontier Capital Holdings, Inc. is a leading provider of Crypto Mining Hardware and Hosting Centers. Consisting of ASIC Miners US, Inc. and Liquid Immersion Worldwide, Inc., BitFrontier is a one stop shop for purchasing the very latest mining equipment and strategically located hosting centers throughout the US. 

To keep up with further announcements in between our scheduled press releases, please follow our new twitter account https://twitter.com/bfchco

https://www.bfchco.com/

https://asicminersus.com/

https://www.liquidimmersionhosting.com/

Contact- PR@bfchco.com

Forward-Looking Statements

This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's respective filings at www.otcmarkets.com.

FAQ

What was BitFrontier Capital Holdings' revenue for Q1 2023?

BitFrontier Capital Holdings reported a revenue of $1,719,801.90 for Q1 2023.

How much did ASIC Miner sales increase year-over-year for BFCH?

ASIC Miner sales increased by 43% year-over-year.

What are the expected monthly earnings from BFCH's hosting operations?

The hosting operations are expected to generate over $120,000 monthly.

What was the contribution of Telesis IT to BFCH's revenue?

Telesis IT contributed approximately $170,000 to BFCH's revenue in Q1 2023.

Is BitFrontier Capital Holdings planning to uplist?

Yes, BFCH aims to uplist to OTCQB, reflecting its growth strategy.