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BitMine Immersion Technologies, Inc. (OTCQX: BMNR) is a pioneering technology company that specializes in the use of immersion cooling technology for Bitcoin mining. Immersion cooling is an advanced method where computer components, specifically those used in mining, are submerged in specialized oil to keep them at optimal temperatures. This method is not only environmentally friendlier than traditional air cooling but also significantly reduces operational costs and enhances mining yields.
Headquartered in Atlanta, Georgia, BitMine operates several flagship mining sites located in low-energy-cost regions including Pecos, Texas; Trinidad; and Murray, Kentucky. These sites are equipped with high-capacity immersion datacenters designed to maximize the efficiency and longevity of mining hardware. The company's operations extend to hosting third-party Bitcoin mining servers, selling mining equipment, and providing direct mining services.
In recent years, BitMine has achieved notable milestones. In June 2023, the company launched its joint venture site in Pecos, Texas, equipped with 5.5 Megawatts of immersion datacenter equipment and the industry's leading Antminer S-19 pro miners. The aim is to achieve 'super-overclocking' standards of 150-200% more than the miner's rated output, a feat achievable only in the most efficient cooling environments.
BitMine's progress continued as the company began trading its common shares on the OTCQX Best Market in September 2023, enhancing visibility and accessibility to a broader audience of investors. This accomplishment was followed by significant operational strides, such as the electrification and running of miners at all three of its main locations. The company recorded record self-mining revenues for the quarter ending February 29, 2024, with expectations to further expand its mining capabilities and explore new sites.
Furthering its strategic initiatives, BitMine entered into a unique short-term lease agreement with Luxor Technology Corporation in March 2024. This agreement allows BitMine to lease almost 800 Antminer S-19's, significantly boosting mining revenues without incurring the high capital expenditure of purchasing new machines.
BitMine's leadership, spearheaded by CEO Jonathan Bates, continues to focus on expanding operations, increasing mining efficiency, and exploring strategic mergers and acquisitions. The addition of industry veterans like Lori Love to the Board of Directors has positioned BitMine for potential uplisting to major stock exchanges like NASDAQ or NYSE/AMEX.
BitMine Immersion Technologies, Inc. is not just a Bitcoin mining company; it is a technology innovator committed to optimizing the cryptocurrency mining process through advanced, eco-friendly methodologies.
BitMine Immersion Technologies (OTCQX:BMNR) reported significant growth for fiscal year 2024, with a 413% increase in annual sales. The company's bitcoin self-mining operations achieved record revenue of $3.03 million, representing a 679% year-over-year increase. BitMine is expanding its operations by deploying 3,000 new ASICs to its existing fleet of 1,640 units.
The company operates facilities in Trinidad with 1.6 Megawatts deployed (out of 100 MW available) at $0.035/kWh, and in Pecos, Texas with 5 MW capacity. BitMine has announced a share buyback program of up to $250,000 through December 31, 2025. Despite GAAP losses, net cash used in operating activities improved to $(28,753) in 2024 from $(809,715) in 2023.
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.
BitMine Immersion Technologies (OTCQX:BMNR) reported significant revenue growth for Q3 2024. Revenues reached $1.225 million for the quarter, a 37% increase from the previous quarter and an 862% increase year-over-year. The company's nine-month revenue totaled $2.628 million. Gross profits also saw substantial increases, reaching $221,687 for the quarter and $649,391 for the nine-month period.
Despite revenue growth, BitMine reported net losses of ($654,228) for the quarter and ($2,478,632) for the nine months, attributed to increased non-cash depreciation, compensation expenses, and higher general and administrative costs. The company is exploring options to uplist from OTCQX to NASDAQ or NYSE/AMEX and evaluating potential mergers.
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