Codebase Bit Mining Has Generated 2.9 BTC to Date

Rhea-AI Summary

Codebase Ventures Inc. (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) has reported generating 2.9 BTC from its mining operations, resulting in revenue of $142,210 CAD against operating costs of $68,306 CAD. The currently held BTC is valued at $238,288 CAD.

Since starting its operations, Bitcoin's price has risen from approximately $33,500 USD in July to about $66,700 USD now. The Company remains optimistic about Bitcoin's future and is actively seeking further investments in this area.

Positive

• Generated 2.9 BTC with a revenue of $142,210 CAD.
• Operating costs of $68,306 CAD indicate positive cash flow.
• Current BTC holdings valued at $238,288 CAD reflect asset growth.
• Bitcoin price increased from $33,500 USD to $66,700 USD since mining began.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 21, 2021 / Codebase Ventures Inc. ("Codebase" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is pleased to announce that the Company's bit mining infrastructure has generated 2.9BTC as of today, and that the Company is seeking further investments in the space.

Bit Mining Highlights

• Revenue from mining operations to date of $142,210 CAD, facility operating costs of $68,306 CAD*
• Currently holding 2.908 BTC with a market value of $238,288 CAD **

*Unaudited

**Based on BTC price quoted on coinmarketcap.com at time of writing and foreign exchange rate of 1.23 (USD to CAD)

The Company has continued to bring its bit mining infrastructure online and streamline operations to maximize BTC revenue generation. In addition to the generation of Bitcoin, the Company has seen an appreciation of the price of BTC since it began the bit mining operation from approximately $33,500 USD in July to $66,700 USD approximately as of today.

As previously noted, Codebase remains confident in their long-term thesis surrounding Bitcoin and the continued disruption that blockchain technology will have on the world in the coming years, and the Company is seeking further investments.

About Codebase Ventures Inc.

Codebase Ventures Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem and fintech. The Company identifies such opportunities and applies its relationships and capital to advance its interests.

For further information, please contact:

George Tsafalas - Ivy Lu
Investor Relations
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: IR@codebase.ventures

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates", "may" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, lack of investor demand for Bitcoin and/or Bitcoin futures exchange traded funds, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

SOURCE: Codebase Ventures Inc.

View source version on accesswire.com:
https://www.accesswire.com/669006/Codebase-Bit-Mining-Has-Generated-29-BTC-to-Date

FAQ

How much Bitcoin has Codebase Ventures mined as of October 2021?

Codebase Ventures has mined 2.9 BTC as of October 21, 2021.

What are the revenue and operating costs from mining operations for Codebase Ventures?

The revenue from mining operations is $142,210 CAD, with operating costs of $68,306 CAD.

What is the current market value of Bitcoin held by Codebase Ventures?

The current market value of the Bitcoin held by Codebase Ventures is $238,288 CAD.

What was the price increase of Bitcoin since Codebase Ventures began mining?

Bitcoin's price increased from approximately $33,500 USD in July to about $66,700 USD.

What future plans does Codebase Ventures have regarding investments in Bitcoin?

Codebase Ventures is seeking further investments in Bitcoin mining.