Cryptocurrencies |
9 Months Ended |
---|---|
Sep. 30, 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 and litecoin. The revenue generated is valued by the cryptocurrency fair value on the date earned. Such amounts aggregated $67,297 for the nine months ended September 30, 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 $52,694 in net loss on disposition of cryptocurrencies. |