13:12:25 EDT Sat 30 Sep 2023
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Taal Distributed Information Technologies Inc
Symbol TAAL
Shares Issued 35,829,510
Close 2021-08-23 C$ 4.15
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Taal loses $10.1-million in Q2

2021-08-23 11:57 ET - News Release

Mr. Stefan Matthews reports


Taal Distributed Information Technologies Inc. has released its financial results for the three and six months ended June 30, 2021. These filings are available for review on the company's SEDAR profile and on the company's website.

Second quarter highlights:

  • As of June 30, 2021, Taal held approximately 100,900 BitcoinSV (BSV) in treasury.
  • Gross revenues of $6.7-million for the second quarter ended June 30, 2021, represented an increase of almost seven times compared with Q1 2021.
  • Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter was $629,000. Net loss for the period was $10.1-million, largely due to the loss on the revaluation of digital assets.
  • Taal purchased 3,000 Bitmain S19j Pro blockchain computers due for delivery in Q1 2022.
  • WhatsOnChain continues to deliver on its promise to be the world's BSV block explorer and data provider, attracting 33.5 million Web and API (application programming interface) requests in June and 40 million API requests in July.

Subsequent to the quarter

The company has upgraded its previously announced purchase of 1,000 Bitmain S19J hashing machines to 900 of the S19J Pro model. The machines will provide the same amount of hashing power while requiring less electricity and space to host. The additional investment is approximately $1-million.

The BitcoinSV blockchain has seen an increase in large blocks routinely being processed. These larger blocks are resulting in higher transaction fees in addition to the block subsidy reward of 6.25 BSV per block. In July, Taal earned 371 BSV from transaction processing fees and 737 so far in August. This is compared with 105 BSV and 138 BSV in fees for May and June, respectively.

August has been a month of new records for Taal and the BSV blockchain. First, Taal successfully mined three one-gigabyte blocks, setting a new block size record. More recently, there was a block of 1.2 gigabytes, and, for the first time ever, transaction fees exceeded the block subsidy reward. The excitement continued with the first-ever two-gigabyte block, earning 10 BSV in fees, in addition to the 6.25 BSV reward subsidy. Scaling the network with bigger blocks that hold more transactions and data supports Taal's long-term view that transaction processing fees will generate far more income that block rewards. Taal is developing tools and services that help developers and enterprise access the power of bitcoin.

On the strength of increasing numbers of large blocks successfully mined on the BSV network, the Bitcoin Association has issued an advisory, supported by Taal, for miners to increase the hard-cap settings on Bitcoin SV to two gigabytes, as of Aug. 13, 2021. This network scaling with bigger blocks that hold more transactions and more data supports increased transaction capacity while maintaining low transaction fees to facilitate use and utility.

Stefan Matthews, Taal's executive chairman and chief executive officer, said: "The solid results that we report today for Q2 2021 reflect the success of our team through several strategic initiatives. The first half of 2021 saw growth of our processing power as we prepare for higher transaction volumes on BitcoinSV. Bigger blocks, more transactions and more data on chain are all strong indications of BSV adoption. Taal is well positioned to accelerate our strategy to grow BSV application development as well as enterprise demand."

CoinGeek conference

The CoinGeek conference is returning to New York from Oct. 5 to Oct. 7, 2021, to showcase the latest developments on the BSV blockchain. The BSV blockchain is revolutionizing the world through its data management solutions because of its scalability, stability, security and safe instant transactions. There are amazing solutions built on top of the BSV blockchain that allow supply chain management, health care, global fintech, marketing and many other industries to transform the way they do business. It is about time you knew about them. Taal encourages attendance at this conference, hosted by CoinGeek, for those interested in finding out more about it.

Join Taal live or virtually at CoinGeek New York to learn more.

About Taal Distributed Information Technologies Inc.

Taal Distributed Information Technologies delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the BitcoinSV platform and developing, operating and managing distributed computing systems for enterprise users.

We seek Safe Harbor.

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