BitMine Immersion Technologies, Inc. (OTCQX: BMNR) is set to significantly enhance its Bitcoin mining operations following the acquisition of 3,000 ASIC mining computers from Luxor Technology Corporation for $1,035,000. This purchase will increase BitMine’s fleet from approximately 1,500 to 4,500 machines, a move that is expected to elevate its mining capacity from around 140 Petahash to over 400 Petahash.
The deployment of these new machines is scheduled to begin in January 2025 at sites in Texas and Trinidad. BitMine has ambitious plans to further scale its operations, aiming for a total mining capacity of one Exahash by the end of 2025. CEO Jonathan Bates expressed confidence that this expansion will enhance the company’s self-mining revenue during a time of rising gross profit margins. He emphasized a positive outlook for both mining margins and Bitcoin throughout 2025.
The acquisition was financed through a forward sale of hashrate from BitMine’s existing operations on the Luxor mining pool, allowing the company to utilize its current assets for growth while maintaining cash flow. Luxor’s COO, Ethan Vera, commended BitMine for its strategic foresight and successful execution.
BitMine’s commitment to sustainability is reflected in its use of immersion cooling technology, which involves submerging mining computers in specialized oil. This method not only improves efficiency but also reduces environmental impact compared to traditional cooling methods. The company strategically operates in low-energy-cost regions like Trinidad and Pecos, Texas, enhancing its competitive edge in the Bitcoin mining sector.
As BitMine moves forward with this expansion, it plans to acquire and hold Bitcoin as financing opportunities arise, signaling confidence in the future profitability of its mining operations. With this major acquisition, BitMine is well-positioned for substantial growth within the Bitcoin mining industry.
