BitMine Immersion Technologies Secures Low-Cost Electricity, Ready to Launch One of World’s First Immersion Mining Operations for Bitcoin

Rhea-AI Summary

BitMine Immersion Technologies, Inc. (OTC PINK:BMNR) has finalized negotiations for a low electricity rate of 3.5 cents per kilowatt hour crucial for their Bitcoin mining operations in Trinidad. The company plans to deploy 125 immersion technology containers at the pilot site, enhancing energy efficiency and profitability. Despite initial delays in commissioning due to pricing discussions, operations are set to begin soon. Additionally, their joint venture in Pecos, Texas, has completed construction and awaits power installation to start mining. This technology positions BitMine favorably in a competitive market as Bitcoin prices rise.

Positive

• Secured electricity rate of 3.5 cents per kilowatt hour for operations in Trinidad.
• Completion of pilot site with 125 immersion technology containers enhancing energy efficiency.
• Anticipated to improve yield and margins with potential 25% overclocking.
• Positive developments in Pecos, Texas, with construction completed and power agreement imminent.

Negative

• Delays in the commissioning of mining containers due to renegotiation of electricity pricing.
• Initial delays in Pecos, Texas project related to retail power provider.

PECOS, TX / ACCESSWIRE / March 6, 2023 / BitMine Immersion Technologies, Inc. (OTC PINK:BMNR)("BitMine," the "Company"), a technology company specialized in immersion technology for Bitcoin mining, today announces completion of negotiations and agreement on electricity pricing for the Company's flagship operations in Trinidad. BitMine previously signed an agreement with a large company in Trinidad (the "Partner") to co-locate up to 125 800-kilowatt containers for hosting digital asset miners on properties selected from 93 potential locations owned by the Partner. In October 2022, BitMine completed the installation of hosting containers with capacity of 1.6 megawatts ("MW") at the pilot site.

Pursuant to an agreement between the Partner and the local electric utility (the "Utility") ahead of the installation, the cost of electricity powering the mining containers was stipulated at 3.5 cents per kilowatt hour (kwh). The commissioning of the mining containers, originally expected for early this year, has been delayed as the Utility sought to renegotiate electricity pricing. The Company has been informed that negotiations have been concluded and the Utility has agreed to honor the original rate of 3.5 cents per kwh, along with potential VAT tax that might make the all-in rate slightly higher.

The Company is in communication with the Partner on a firm start date to launch operations at the pilot site.

"The pilot site is constructed and completed, and we look forward to energizing the mining containers using 100% immersion technology We are at the leading edge of a sea change in Bitcoin mining where immersion technology offers vastly superior solutions over conventional mining processes with respect to energy consumption, maintenance, and overclocking, which cumulatively improve yield and margins. At our low electricity rate and 25 percent overclocking potential, we are in an enviable position, particularly as Bitcoin prices are on the rise and some competitors have gone out of business."

Separately, BitMine announces positive developments at the Company's joint venture Bitcoin mining project in Pecos, Texas. Construction is complete and BitMine is awaiting installation of electricity to commence Bitcoin mining operations, also utilizing 100% immersion technology. The project was expected to launch in December and experienced a delay related to the retail power provider. BitMine has been advised that a finalized signed power agreement and, subsequently, a start date are imminent.

About BitMine Immersion Technologies, Inc.

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

Forward-Looking Statements:

This press release contains statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine Immersion Technologies' control, including those set forth in the Risk Factors section of BitMine Immersion Technologies' Form 8-K filed with the Securities and Exchange Commission (the "SEC") on September 7, 2022 and any other SEC filings, as amended or updated from time to time. Copies of BitMine Immersion Technologies' filings with the SEC are available on the SEC's website at www.sec.gov . BitMine Immersion Technologies 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 source version on accesswire.com:
https://www.accesswire.com/742264/BitMine-Immersion-Technologies-Secures-Low-Cost-Electricity-Ready-to-Launch-One-of-Worlds-First-Immersion-Mining-Operations-for-Bitcoin

FAQ

What is BitMine Immersion Technologies doing in Trinidad?

BitMine is preparing to launch Bitcoin mining operations using 125 immersion technology containers in Trinidad after securing a low electricity rate.

What electricity rate did BitMine secure for its operations?

BitMine secured an electricity rate of 3.5 cents per kilowatt hour, which is crucial for its mining operations.

What technology is BitMine using for Bitcoin mining?

BitMine utilizes immersion technology for Bitcoin mining, which improves energy efficiency and reduces operational costs.

What is the status of BitMine's project in Pecos, Texas?

The project in Pecos, Texas has completed construction and is awaiting the installation of electricity to commence operations.

How does immersion technology benefit BitMine's operations?

Immersion technology allows for lower energy consumption, improved cooling, and potentially higher yield from Bitcoin mining operations.