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.
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