Cryptocurrencies |
12 Months Ended |
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Dec. 31, 2018 | |
| Investments, Debt and Equity Securities [Abstract] | |
| Cryptocurrencies |
5. Cryptocurrencies
On January 3, 2018, the Company purchased $100,000 of ether (106.95 units), the cryptocurrency offered by the Ethereum network. In April 2018, the Company began its mining operations. The Company is paid in cryptocurrency for these operations. It started out mining Bitcoin and later, expanded into the mining of Ether, Litecoin and Raven. The revenue generated is valued by the cryptocurrency fair value on the date earned. Such amounts aggregated $105,129 for the year ended December 31, 2018.
The Company has utilized its cryptocurrency holdings to satisfy certain trade payables. The Company recognizes gain or loss at the time of the disposition of the cryptocurrency assets, which is the difference of the then fair value versus book value. The Company has recognized $55,597 in net loss on disposition of cryptocurrencies. |
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- Definition The entire disclosure for investments accounted for under the cost-method. The carrying amount of such investments may be adjusted, for example, distributions in excess of cost (return of capital) or for other-than-temporary impairments. The cost method and lower-of-cost or market, an adaptation of the cost method, is generally followed for most investments in noncontrolled corporations, in some corporate joint ventures, and to a lesser extent in unconsolidated subsidiaries in which the entity does not have the ability to exercise significant influence. No definition available.
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- References No definition available.
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