LONDON: Bluebird Mining Ventures Ltd. said Thursday it has entered into an agreement with Digital Carpenters to invest in a 4.8-megawatt bitcoin mining project in Texas, marking the company’s first step into revenue generation.
The London-listed gold streaming and treasury firm (LSE: BMV) said it has completed an initial investment and plans to commit about $2.3 million over three years. The project is structured to deliver contracted daily cash flows and is expected to generate the company’s first revenues in the coming weeks.
“This agreement with Digital Carpenters is a landmark moment for BMV as we transition into a revenue-generating business,” Chief Executive Officer Sath Ganesarajah said in a statement. “It demonstrates both the strength of our pipeline and our ability to rapidly deploy capital into structured, near-term cash-yielding opportunities.”
The Texas project is the first execution of BMV’s strategy to build a portfolio of gold and bitcoin-linked cash flow opportunities. The company said it intends to recycle cash flows from the project into its treasury operations to generate additional yield.
Digital Carpenters, a data center services provider, will oversee mining operations, offering end-to-end support from site feasibility and design to procurement and daily operations.
Funds raised by BMV earlier this month that are not deployed into the Texas project will be held in treasury as bitcoin or tether gold before being allocated to yield-generating strategies.