Company Summary: Bitmine Immersion Technologies, Inc.

Overview

• Business Focus: Building and operating industrial-scale digital asset mining facilities primarily for Bitcoin, including equipment sales and hosting services.
• Primary Operations:
  • Self-mining Bitcoin using specialized ASIC miners.
  • Hosting third-party miners in proprietary and third-party data centers with immersion cooling technology.
  • Reselling mining equipment at attractive prices to third parties, often via hosting contracts.

Facilities & Operations

• Main Locations:
  • Trinidad:
    • Initial site with co-location agreements, utilizes low-cost electricity (~3.5 cents/kWh from TSTT).
    • As of December 2024, has 440 operational miners; had delays due to disputes, but now fully operational.
    • Repossessed containers from defaulted third-party hosting clients, currently upgrading and evaluating new site locations.
  • Pecos, Texas:
    • Joint venture with ROC Digital Mining; contributed hardware and cash totaling ~$987,429.
    • Operating site with 145 miners deployed, with ongoing updates on equipment and power agreements.
  • Murray, Kentucky:
    • Hosting 1,095 miners with Soluna, under an 18-month hosting agreement.
    • As of December 2024, all miners are installed and operational.

Mining Equipment

• As of December 2024:
  • Total Miners Owned: 4,725 ASIC units.
  • Types include Whatsminers, Antminers T-19, S-19s, and others.
  • Average cost per miner: ~$550 (~$5.58 per THash).
  • Average efficiency: approximately 31.83 j/TH.

Employees

• Total Employees & Contractors: 7 (excluding officers who are unpaid or performing roles without formal contracts).

Revenue & Income (Fiscal Year Ended August 31, 2024)

• Total Revenue: $3,310,348
  • Bitcoin Mining Revenue: $3,030,910 (significantly increased from $389,222 in 2023).
  • Equipment Sales & Other: $231,133 (down from $244,036 in 2023).
  • Hosting Revenue: $48,305 (up from $12,022 in 2023).
• Major Revenue Drivers:
  • Increased Bitcoin prices (~$58,969.90/Bitcoin in 2024 vs. ~$25,931.47 in 2023).
  • Higher network hash rate and recent halving event.
  • Resumed operations at Trinidad and Pecos sites.
• Net Income/Profit: Not explicitly provided but can be inferred from revenue and costs.

Cost of Sales

• Total Cost of Sales:
  • $2,330,752 for mining activities.
  • $37,678 for hosting activities.
• Cost per Bitcoin Mined (2024):
  • Owned facilities: ~$74,559
  • Hosted facilities: ~$49,221
• Electricity Costs:
  • Owned mining: ~$23,417 per Bitcoin.
  • Hosted mining: ~$19,346 per Bitcoin.

Additional Details

• Market Capitalization (as of February 29, 2024):
  • Approximate market value of shares held by non-affiliates: $16,621,967 based on OTC market prices (~$0.685/share).
• Shares Outstanding:
  • December 6, 2024: 39,667,607 shares of common stock issued and outstanding.
• Ownership:
  • Major Shareholders:
    • Officers, directors, and 10% owners collectively hold about 51% of the stock.
    • Control approximately 74% of voting power through ownership of common stock and preferred shares.

Summary

Bitmine Immersion Technologies, Inc. is a blockchain technology company focused on large-scale Bitcoin mining through proprietary facilities and third-party hosting, utilizing advanced immersion cooling technology for efficiency. It has locations in Trinidad, Texas, and Kentucky, with a current mining fleet of around 4,725 ASIC miners and 440 miners operational in Trinidad as of December 2024. The company’s revenue for FY2024 was over $3.3 million, driven primarily by Bitcoin mining, with significant growth driven by higher Bitcoin prices and network hash rate. The firm emphasizes equipment resales, strategic site development, and plans to expand its capacity, but it relies heavily on external factors such as Bitcoin market volatility, electricity prices, and regulatory environment. It employs 7 employees and contractors and is majority-controlled by insiders holding over 74% of voting rights.