Hello Pal International Inc., a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce that it achieved $2,707,496 CAD in revenue for the month of September 2021 coming from its livestreaming services and cryptocurrency mining operations.
The gross margins for the period for crypto-mining and livestreaming were 68% and 15% respectively.
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For the livestreaming operations, the Company experienced a 30% increase in revenues from non-China territories – in particular the Middle East and Southeast Asia operations which continue to improve in performance.
For the crypto-mining operations, there was significant volatility in cryptocurrency spot prices, which resulted in slightly lower cryptocurrency revenues. As the efforts in relocating more and more mining rigs out of China continue, the Company expects its crypto-mining operations to reach full capacity again sometime over the next two to three months.
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Despite the recent turbulence in the cryptocurrency environment in China in recent months, the Company has experienced limited impact so far due to measures taken in advance by Shanghai Yitang, the strategic partner which helps the Company manage its crypto-mining operations.
“We’ve been very fortunate in having Shanghai Yitang helping us navigate the current fast-changing cryptocurrency environment in China,” said KL Wong, Founder and Chairman of the Company. “Although there may be some delay compared to our initial expectations, we do not foresee any major hurdles in implementing our original plans regarding crypto-mining and its incorporation into our international social platform.”