BitMine Immersion Technologies, Inc. (“BitMine” or “the Company”) (OTCQX: BMNR), a technology company focused on Bitcoin mining using immersion technology, announced today that it expects to record quarterly self-mining revenue of approximately $925,000-$950,000 for the quarter ending February 29, 2024.
This represents a significant increase from the previous quarter, where the Company recorded self-mining revenue of $325,000, and almost triples its previous record self-mining revenue achieved in the first quarter of fiscal 2024.
The Company attributed its impressive performance to the successful operation of its three sites in Trinidad, Pecos, Texas, and Murray, Kentucky, where it has deployed over 2,000 machines 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 claims that its immersion technology can reduce power consumption by up to 40%, extend the lifespan of the machines by up to 50%, and increase the hash rate by up to 20%.
Jonathan Bates, BitMine CEO, was quoted as saying, “We are extremely proud of our progress and results. We are looking forward to further expansion at all three of these sites, where we have room to deploy more machines. We are also exploring expansion to new sites, as well as researching innovative ways to add additional self-mining revenue. We look forward to sharing our plans and progress in the near future.”
BitMine’s announcement comes at a time when Bitcoin prices have soared to new highs, reaching over $60,000 per coin in February 2024. The Company expects to benefit from the increased demand and profitability of Bitcoin mining, as well as the growing adoption of cryptocurrency as a mainstream form of payment.
BitMine Immersion Technologies, Inc. is a publicly traded company listed on the OTCQX market under the symbol BMNR. The Company’s mission is to become a leading Bitcoin mining company using immersion technology to power a sustainable, clean-energy future.
For more information on BMNR, visit https://bitminetech.io
For the full press release, visit: https://www.accesswire.com/837111/bitmine-immersion-technologies-inc-announces-revenue-guidance-of-almost-1-million-from-self-mining-for-fiscal-second-quarter-ending-february-29-2024
