Blockmint Technologies : Management’s Discussion & Analysis for the Year ended December 31, 2021

BLOCKMINT TECHNOLOGIES INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2021

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Introduction

The following Management's Discussion & Analysis ("MD&A") of the financial condition and results of the operations of BlockMint Technologies Inc. (the "Company" or "BlockMint") constitutes management's review of the factors that affected the Company's financial and operating performance for the year ended December 31, 2021. This MD&A has been prepared in compliance with the requirements of National Instrument 51- 102 - Continuous Disclosure Obligations. This discussion should be read in conjunction with the audited annual consolidated financial statements of the Company for the years ended December 31, 2021 and 2020, together with the notes thereto. Results are reported in United States dollars, unless otherwise noted. In the opinion of management, all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results for the year ended December 31, 2021 are not necessarily indicative of the results that may be expected for any future period. Information contained herein is presented as at May 2, 2022 unless otherwise indicated.

The consolidated financial statements have been prepared using accounting policies consistent with

International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards

Board and interpretations of the IFRS Interpretations Committee.

For the purposes of preparing this MD&A, management, in conjunction with the Audit Committee of the Board of Directors, considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of BlockMint's common shares; or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Audit Committee of the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

Caution Regarding Forward-Looking Statements

This MD&A contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such statement.

Specifically, the following forward-looking statements are based on the corresponding assumptions, and are subject to the noted risk factors:

Forward-looking statements	Assumptions	Risk factors
The Company's cash balance at December 31, 2021, is sufficient to fund its consolidated operating expenses at current levels. At the date hereof, the Company's consolidated cash balance has diminished as a result of normal business operations and management is attempting to reduce payments to the extent practical.	The development and operating activities of the Company for the twelve-month period ending December 31, 2022, and the costs associated therewith, will be consistent with the Company's current expectations; and the debt and equity markets, exchange and interest rates and other applicable economic conditions do not materially change.	Changes in debt and equity markets; timing and availability of external financing on acceptable terms; increases in costs; government regulation, cryptocurrency price fluctuations; interest rate and exchange rate fluctuations; changes in economic conditions.

Inherent in forward-looking statements are risks, uncertainties and other factors beyond BlockMint's ability to predict or control. Readers are cautioned that the above chart does not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Readers should refer to those risk factors referenced in the "Risks and Uncertainties" section below.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause BlockMint's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.

Description of Business

The Company's subsidiaries, BlockMint (Canada) Technologies Inc. (formerly BlockMint Technologies Inc.) ("BlockMint-Canada"), and its wholly owned subsidiary, BlockMint (USA) Technologies Inc. ("BlockMint-USA") are in the business of 1) developing distributed systems and networks that enable a more decentralized deployment of blockchain based applications such as cryptocurrency mining, and 2) operating Company owned Bitcoin cryptocurrency mining hardware.

The Company's objective is to develop distributed systems and networks that enable a more decentralized deployment of blockchain based applications. One such application is cryptocurrency mining, which relies on a decentralized blockchain network. The Company developed the Minter browser - a secure and private browser where any person can mine cryptocurrency as they browse the web. In addition to being a web browser, Minter has additional integrated features, such as a virtual private network (VPN) and an ad-blocker.

The Minter browser was initially released in 2019, but was updated in 2021 and re-released in February 2021 and May 2021. It is available for download at the website getminter.com.

In October 2021, the Company acquired 50 new S19 Antminers. The machines were installed at a third party hosting facility in Washington State, which is powered by clean, low cost hydro-sourced power, and the Company commenced mining Bitcoin in December 2021. The Company signed an 18-month lease at the facility.

Outlook and Overall Performance

Corporate

Business Development

Minter is a unique web browser where users can mine cryptocurrency while they browse the internet with privacy, speed and security. Minter features include a virtual private network (VPN) and ad blocker. In February 2021, the Company released an updated Minter browser with a new feature which allows users to earn carbon credits to offset their carbon footprint. In May 2021, the Company released another update of the Minter browser which allows users to mine cryptocurrencies to earn either: (i) carbon credits; or (ii) fractional ownership in an non-fungible token (NFT).

In January 2021, the Company closed a private placement for gross proceeds of C$1,000,000 ($787,300) by issuing 3,846,154 common shares at a price of C$0.26 per share. In connection with the private placement, the Company issued an aggregate of 127,383 finder's shares to certain brokerage firms for introducing subscribers to the Company.

In February 2021, the Company announced the granting of incentive stock options to certain of its directors, officers and consultants to purchase up to an aggregate of 1,250,000 common shares in the capital of the Company, exercisable at a price of C$0.40 per share for a period of five (5) years expiring February 11, 2026. These options vested immediately.

In June 2021, the Company announced that it had signed an agreement to acquire a facility for cryptocurrency mining located in Manitoba, Canada which would be powered by clean, sustainable and low-cost hydropower. In August 2021, the Company elected to terminate the agreement due to the Vendor's inability to satisfy the conditions for closing.

In December 2021, the Company commenced mining Bitcoin with 50 newly acquired S19 Antminers at a third party hosting facility in Washington State

Financial highlights

The Company had minimal revenue, so its ability to ensure continuing operations is dependent on either expanding its business, or raising additional debt or equity financing.

For the year ended December 31, 2021, the Company recorded digital currency mined of $33,627, and had a net loss of $1,126,373, which consisted primarily of (i) consulting fees of $383,963; (ii) share-based payments of $355,100; (iii) director, management fees and salaries of $155,640; and (iv) business development and promotion of $145,912 attribute mostly to the lost Manitoba opportunity.

At December 31, 2021, the Company had a net working capital of $1,925,263 (December 31, 2020 - $2,543,528). The Company had cash of $2,032,371 (December 31, 2020 - $2,600,962). Working capital and cash decreased during the twelve months ended December 31, 2021 due to cash used in operating activities of $800,085, and cash used in investment activities of $537,654. The Company had cash provided by financing activities of $769,148,

Description of Business

As described above, the Company develops distributed systems and networks that enable a more decentralized deployment of blockchain based applications such as cryptocurrency mining. Development and release of software products were suspended due to the price and volatility of cryptocurrencies in 2020. In February 2021, the Company released its upgraded, distributed crypto-miner "Minter" and introduced a new feature to the Minter browser which allows users to earn carbon credits to offset their carbon footprint. In May 2021, the Company re-released the Minter browser with a new feature which enabled users to also be able to earn fractional ownership in an NFT.

A NFT is a unit of data on a blockchain where each NFT can represent a unique digital item and thus they are not interchangeable. NFTs can represent digital files such as art, audio, video and other forms of creative work. BlockMint has created and acquired NFTs for its portfolio.

In addition to activities related to Minter, in December 2021, the Company commenced mining Bitcoin.

Minter Browser

BlockMint developed software that allows owners of desktops and laptops to download a browser that allows the Company to utilize the owner's spare computing power to mine cryptocurrencies in exchange for users to earn either: (i) carbon credits to offset their carbon footprint; or (ii) fractional ownership in an NFT. The browser application is called "Minter."

The browser has a user-friendly, built-in dashboard where a user can control the amount (if any) of computing power on his/her computer that will be used for mining. Users bear all mining costs associated with the computing power on their device (electricity costs of operating the user's device) but benefit from earning either carbon credits or fractional ownership in an NFT based on the amount of cryptocurrencies mined.

The Minter browser also provides a virtual private network (VPN) and ad-blocker. Online privacy is a growing concern which is why many are turning to VPNs to protect their identities while browsing. Minter makes it easy to browse safely and in total anonymity. It is estimated that approximately 25% of internet users use a VPN, which typically costs around US$10 per month.

The upgraded version of Minter has been launched for use on desktops and laptops with a Windows operating system.

Bitcoin Mining

In October 2021, the Company acquired 50 new S19 Antminers. The machines were installed at a third party hosting facility in Washington State, which is powered by clean, low cost hydro-sourced power, and the Company commenced mining Bitcoin in December 2021. Since the start of mining operations, approximately 2.76 Bitcoins have been mined, equivalent to $110,490 based on a Bitcoin price of $40,000. For the most recent three month period (i.e. January 1st - March 31st 2022), the amount mined was approximately 2.07

Bitcoins.