In 2018, we completed a multi-phase build-out of a large-scale ASIC-based mining complex in Quebec, Canada.
The Canadian operation started mining at the end of March 2018 and grew the company’s run- rate energy consumption dedicated to cryptocurrency mining by 10MW to 40MW, an increase of 33%.
Our digital currency mining facility, AB Blockchain, is fully financed and aims to add a further 5MW of GPU-based mining capacity in Canada this year along with an additional 20MW of ASIC-based mining capacity capable of mining Bitcoin and Bitcoin Cash, by September 2018.
Despite recent crypto market conditions, AB Blockchains run-rate and gross mining margins continue to be very healthy. Our operating costs on the couple of phases in Canada to date have been materially lower than expected. This growth in our assets and sustained profits – combined with our excess cash on hand – allow us to continue to drive value to the business.