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/compaarch. 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
