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Cryptocurrency
 3 Months Ended
Mar. 31, 2022
Disclosure Cryptocurrency Abstract  
Cryptocurrency

Note 5. Cryptocurrency

 

The Company measures its operations by the number and U.S. Dollar (US$) value of the cryptocurrency rewards it earns from its cryptocurrency mining activities. The Company recognized an impairment, or write down, of cryptocurrency (Bitcoin) rewards to the lowest fair market value of Bitcoin from the time the reward was earned through March 31, 2022. The impairment amounted to $106,105 for the three months ended March 31, 2022. The following table presents additional information regarding our cryptocurrency mining operations:

 

   Quantity of Bitcoin   US$ Amounts 
Balance September 30, 2021   —   $— 
Revenue recognized from cryptocurrency mined   6.7    369,804 
Mining pool operating fees   (0.1)   (7,398)
Impairment of cryptocurrencies (1)   —    (59,752)
Balance December 31, 2021   6.6   $302,654 
Revenue recognized from cryptocurrency mined   8.3    343,055 
Mining pool operating fees   (0.2)   (6,868)
Impairment of cryptocurrencies (1)   —    (106,105)
Balance March 31, 2022   14.7   $532,736 

 

  (1) The Company recognized an impairment, or write down, of cryptocurrency (Bitcoin) rewards to the lowest fair market value of Bitcoin from the time the reward was earned through the end of the reporting period. If the subsequent market price of Bitcoin increases, the asset balance will not be adjusted for the increase.