BitMine Immersion Technologies, Inc. Announces Large Acquisition of Mining Computers, Tripling Deployed Computers Beginning January 2025

Rhea-AI Summary

BitMine Immersion Technologies (OTCQX: BMNR) has announced the purchase of 3,000 ASIC Mining Computers from Luxor Technology for $1,035,000, tripling its fleet to 4,500 machines. The acquisition, funded through a forward sale of hashrate, will increase BitMine's mining capacity from 140 to over 400 Petahash. The new machines will be deployed at locations in Texas and Trinidad starting January 2025. The company aims to achieve one Exahash throughout 2025 and plans to acquire and hold Bitcoin as financing opportunities arise.

Positive

• Triples mining fleet from 1,500 to 4,500 machines
• Increases mining capacity from 140 to 400+ Petahash
• Expanding gross profit margins
• Strategic deployment across multiple locations (Texas and Trinidad)

Negative

• Significant capital expenditure of $1,035,000
• Forward sale of hashrate indicates potential future revenue commitment
• Execution risk in deploying large number of machines

ATLANTA, Nov. 21, 2024 (GLOBE NEWSWIRE) -- BitMine Immersion Technologies, Inc. ("BitMine" or "the Company") (OTCQX: BMNR) announces that it has purchased 3000 ASIC Mining Computers from Luxor Technology Corporation (“Luxor”), increasing its fleet from approximately 1500 machines to 4500 machines.

The purchase of the machines was done through a forward sale of hashrate from BitMine computers that are currently running on the Luxor mining pool. The purchase price was $1,035,000. BitMine expects this deployment to raise its mining capacity above 400 Petahash from about 140 Petahash, and complement its current balance sheet, also consisting of data center equipment and electrical infrastructure equipment. The machines will be deployed at a hosting location in Texas, as well as at a BitMine site in Trinidad. BitMine hopes to deploy as much as one Exahash throughout 2025, and also hopes to acquire and hold Bitcoin on its balance sheet as financing opportunities present themselves.

Jonathan Bates, BitMine CEO, stated, “This purchase of machines will significantly increase our self-mining revenue at a time when gross profit margins are expanding. We are bullish on mining margins as well as bitcoin itself, for all of 2025. We are excited to expand our working partnerships with both Luxor and our hosting partners.”

Ethan Vera, COO of Luxor “Over the years we have worked with almost three-thousand mining entities and BitMine is one of the most forward-looking teams with a great track record of execution. We are happy that our hashrate forward contract could provide capital to scale their operations, in addition to optimizing the efficiency of the machines with LuxOS firmware”.

About Luxor Technology Corporation

Luxor Technology Corporation is a Bitcoin mining software and services company that offers a suite of products catered toward the mining and compute power industry. Luxor’s suite of software and services include an ASIC Trading desk, a Bitcoin mining pool, Hashrate Derivatives products, custom ASIC Firmware and a Bitcoin mining data platform.

About BitMine Immersion Technologies, Inc.

BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion technology is more environmentally friendly than conventional mining methodologies, while lowering operating expenses and increasing yield. BitMine's operations are located in low-cost energy regions in Trinidad, Pecos, Texas, and Murray, Kentucky.

Forward-Looking Statements:

This press release contains statements that constitute "forward-looking statements." The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine's control, including those set forth in the Risk Factors section of BitMine's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on December 14, 2023, and its Quarterly Report on Form 10-Q filed with the SEC on July 15, 2024, and any other SEC filings, as amended or updated from time to time. Copies of BitMine's filings with the SEC are available on the SEC's website at www.sec.gov/edgar/searchedgar/companysearch. BitMine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

BitMine Immersion Technologies Contact:

Jonathan Bates, Chairman and CEO

info@bitminetech.io

FAQ

How many ASIC Mining Computers did BitMine (BMNR) purchase in November 2024?

BitMine purchased 3,000 ASIC Mining Computers from Luxor Technology

What is the expected increase in BitMine's (BMNR) mining capacity after the new deployment?

BitMine's mining capacity is expected to increase from 140 Petahash to over 400 Petahash.

When will BitMine (BMNR) deploy the newly acquired mining computers?

The deployment of the new mining computers will begin in January 2025.

What is BitMine's (BMNR) hashrate target for 2025?

BitMine aims to deploy as much as one Exahash throughout 2025.