BitMine Immersion Technologies, Inc. Chairman and CEO Issues Open Letter to Shareholders

Rhea-AI Summary

BitMine Immersion Technologies, Inc. Chairman and CEO, Jonathan Bates, issues an open letter to shareholders highlighting the company's substantial revenue growth of 74% from the previous quarter and 571% from the same period a year ago. The company ended the quarter with total revenue of $891,613, with plans to expand its fleet of miners and potentially uplist to NASDAQ or NYSE/AMEX. The letter also mentions the addition of new board members and the company's strategic positioning for the upcoming Bitcoin halving.

Positive

• BitMine Immersion Technologies, Inc. achieved a significant revenue growth of 74% from the previous quarter and 571% from the same period a year ago, ending the quarter with total revenue of $891,613.
• The company recorded an additional gain on the sale of bitcoin of $76,591 in the present quarter, compared to $0 in the prior quarter and $12,761 in the prior year's quarter.
• BitMine has plans to expand its fleet of miners by 25-35% in terms of company-owned machines and negotiate new lease terms for additional miners.
• The company is strategically positioned to take advantage of the Bitcoin halving and potential drop in machine prices or distress by competitors due to its low corporate overhead and attractive energy costs.
• BitMine aims to uplist from the OTCQX to the NASDAQ or NYSE/AMEX in the next 2 quarters, with discussions ongoing with investment banks for various options.
• New board members, including Lori Love and John Kelly, have been added to enhance the company's operations and governance.
• For more information on BitMine Immersion Technologies, Inc., visit www.bitminetech.io.

Negative

• None.

ATLANTA, GA / ACCESSWIRE / April 16, 2024 / BitMine Immersion Technologies, Inc. ("BitMine" or "the Company") (OTCQX:BMNR) announces an open letter to the shareholders from Chairman and CEO, Jonathan Bates.

Dear BitMine Shareholders,

I wanted to take this opportunity to highlight the company progress and achievements and discuss our quarterly results which were released yesterday. We are very proud of the substantial growth in revenues we achieved in the 3-month period ending February 29, 2024.

We ended the quarter with total revenue of $891,613, as compared to $511,308 in the prior quarter ended November 30, 2023, and $156,090 in the prior year's quarter. This revenue represents a 74% increase from the previous quarter and a 571% increase from the same period a year ago. In addition, we recorded an additional gain on the sale of bitcoin of $76,591 in the present quarter, as compared to $0 in the prior quarter ended November 30, 2023, and $12,761 in the prior year's quarter.

At quarter end we had approximately 1,500 miners hashing, and we added an additional 750+ through a short-term lease beginning in March. We hope to negotiate new lease terms once the lease expires, and we are working with another counterparty on a similar style of contract, which we hope to have completed in the current quarter.

At our existing sites, we have the capacity to increase our fleet by 25-35% in terms of company owned machines, and we also hope to add miners at these sites in the coming quarters.

With the Bitcoin halving scheduled to occur in the coming days, we feel uniquely positioned to take advantage of any drop in machine prices or distress by our competitors, given our low corporate overhead and attractive energy costs. We hope and expect to continue our solid revenue growth in the foreseeable future, despite the impact of the halving.

As announced before, we added Lori Love, the former CFO of Cleanspark, Inc., to our Board of Directors late last year. We expanded our board in January by adding John Kelly, the details of which are outlined in a press release dated January 8, 2024. We hope to continue to add quality members to our board over the coming months as we continue to expand our operations.

In the last two months we have had discussions with several investment banks regarding our options to uplist from the OTCQX to the NASDAQ or the NYSE/AMEX. There are several paths we can take, and we hope to achieve this important milestone in the next 2 quarters.

Additional information on the BitMine Immersion Technologies, Inc can be found at: www.bitminetech.io.

Thank you for your support, and for being a shareholder. Feel free to reach out to me any time with questions.

Sincerely,

Jonathan Bates,

Chairman and CEO

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 Reports on Form 10-Q filed with the SEC on January 12, 2024 and April 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. 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

SOURCE: BitMine Immersion Technologies Inc.

View the original press release on accesswire.com

FAQ

What was the total revenue for BitMine Immersion Technologies, Inc. in the latest quarter?

BitMine Immersion Technologies, Inc. reported a total revenue of $891,613 in the latest quarter.

What percentage increase did BitMine Immersion Technologies, Inc. achieve in revenue compared to the previous quarter?

BitMine Immersion Technologies, Inc. achieved a 74% increase in revenue compared to the previous quarter.

How many miners did BitMine Immersion Technologies, Inc. have at the end of the quarter?

BitMine Immersion Technologies, Inc. had approximately 1,500 miners hashing at the end of the quarter.

What strategic advantage does BitMine Immersion Technologies, Inc. have in relation to the upcoming Bitcoin halving?

BitMine Immersion Technologies, Inc. is strategically positioned to take advantage of any drop in machine prices or distress by competitors due to its low corporate overhead and attractive energy costs.

What are the company's plans regarding uplisting to a major stock exchange?

BitMine Immersion Technologies, Inc. is in discussions with investment banks to uplist from the OTCQX to the NASDAQ or NYSE/AMEX in the next 2 quarters.