January Community Update =

01/10/2023 AMA Summary

Hello BMC Community,

We're excited to kick off the new year with some updates for our project. Last night, on January 10th, we held an AMA session to share the latest news with our community. If you missed it, don't worry! You can find a recording of the AMA on our Twitter account, @BMC_NFT. Here's a quick summary of the key points discussed:

Team Update:

It's been an amazing year for BMC, but the recent market downturn has required us to make some changes. We've had to reduce our team size and some of us have taken on new roles. Communication with our community has been a challenge during this transition, but we're working hard to improve it. Thanks for your continued support and please know that we're fully committed to the BMC project.

Mining Update:

Recently, the community voted to remove our miners from hosting facilities and store them during the bear market. However, the cost of doing that would be over $100,000, which is not feasible for us financially. After careful consideration, we've decided to keep the miners running by providing an additional loan of $35,000 to cover negative yields for hosting costs. This loan is being offered to the community interest-free and is intended to help the community in these challenging times. We'll keep you updated every month and loan the funds necessary to cover hosting bills. This will give us more time to find partnerships, funding, and ways to reposition BMC for success in this market.

Current Community Treasury:

As of December, our Treasury Balance is -$15k (Mining Yield) and -$23k (Move from Georgia + Extra Energy spend) in total -$38k. This additional capital will allow us to keep the miners running for an additional 5-6 months. If the price of Bitcoin improves and reaches $20,000, this timeline could potentially be extended to 8-12 months.

In conclusion, this approach will give us more time to find ways to make the most of the current market conditions. Hardware prices are at an all-time low and we can explore ways to purchase and deploy them when it's more profitable. We want to thank you for your continued support and belief in our project. We know that this isn't the ideal situation but please trust that we're working hard to find solutions and ensure the longevity of our community. We've always put our community first and that won't change.