ATLANTA, GA / ACCESSWIRE / March 14, 2024 / BitMine Immersion Technologies, Inc. ("BitMine" or "the Company") (OTCQX:BMNR) announces that it has entered into a mining computer lease agreement with Luxor Technology Corporation, one of the top Bitcoin service providers and ASIC brokers in the US.
In what is believed to be the first of its kind transaction by a public bitcoin miner, BitMine is leasing almost 800 Antminer S-19's from Luxor in a short-term lease, which expires at the Bitcoin halving next month, expected on or about April 19th. In exchange for a lump sum lease payment and an agreement to pay 70% of the machine production through regular invoicing, BitMine will receive all the mining proceeds to its wallet for the duration of the lease period. Both Luxor and BitMine hope to renew this lease and/or other leases once this expires. Given the short-term nature of the lease, BitMine views this transaction as a strategic way to add substantial mining revenue moving forward, without the need to come up with large capex that would be required for bulk machine purchases.
Jonathan Bates, BitMine CEO, stated, "This transaction is the first of what we hope to be many of its kind. By acquiring hashrate through commercial contracts rather than purchasing expensive miners, we have the ability to grow our top line substantially and quickly. Furthermore, the predictability and defined duration of the daily bitcoin payouts allows us to manage any hedging activities very tightly. This fits well with our risk management strategy as well as our growth strategy. We are proud to be pioneers amongst our peers in the shared industry goal to add hashrate. This also fits with our DNA of being prudent portfolio managers and efficiently deploying firm capital."
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. Learn more about BitMine and its operations here https://bitminetech.io/.
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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 January 12, 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
SOURCE: BitMine Immersion Technologies Inc.
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