Sign In  |  Register  |  About Daly City  |  Contact Us

Daly City, CA
September 01, 2020 1:20pm
7-Day Forecast | Traffic
  • Search Hotels in Daly City

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Bitcoin's Ascent Sparks Reemergence in Bitcoin Mining: BitMine Immersion Technologies Inc. (OTCQX: BMNR)

--News Direct--

In the landscape of cryptocurrency, few sectors have garnered as much attention and investment as Bitcoin mining. As Bitcoin prices oscillate and the market adapts to regulatory changes and technological advancements, investors are increasingly looking to capitalize on opportunities within this dynamic sector.

Following a period of consolidation driven by regulatory uncertainties and macroeconomic factors, the cryptocurrency market has witnessed a resurgence in recent times. The approval of spot-priced Bitcoin ETFs by the SEC signaled a maturing market, attracting both retail and institutional investors.

As Bitcoin prices flirt with the mid- to upper-$60,000 range, mining stocks stand to benefit from the scarcity-driven dynamics expected post-halving. This potential for increased value adds to the appeal of investing in Bitcoin mining.

BitMine Immersion Technologies, Inc. (OTCQX: BMNR)

Amidst this backdrop, BitMine Immersion Technologies, Inc. (OTCQX: BMNR) stands as a potential candidate for investment consideration. With a focus on immersion technology, strategic partnerships, and a commitment to shareholder communication, BitMine is carving its path to success in the competitive world of Bitcoin mining.

Innovative Technology and Operations

BMNR distinguishes itself in the competitive landscape of Bitcoin mining through its innovative use of immersion technology. By submerging mining computers in specialized oil, BitMine achieves optimal operating temperatures while reducing environmental impact and operating expenses. With operations strategically located in low-cost energy regions such as Trinidad, Pecos, Texas, and Murray, Kentucky, BitMine maximizes profitability while maintaining a sustainable footprint.

Growth and Partnerships

BitMine's strategic initiatives, including acquisitions and partnerships, underscore its commitment to growth and operational efficiency. The acquisition of 1050 Antminer S-19 ASIC mining computers in October 2023 marked a significant milestone, quadrupling production and expanding operations across multiple sites. This transaction, financed through a combination of company funds and a forward sale of future Bitcoin production, exemplifies BitMine's innovative approach to capital deployment.

Moreover, the recent partnership with Luxor Technology Corporation demonstrates BitMine's agility in exploring new revenue streams. Through a mining computer lease agreement, BitMine secures access to nearly 800 Antminer S-19s, maximizing mining revenue without significant capital expenditure. This forward-thinking approach underscores BitMine's commitment to shareholder value and operational excellence.

Shareholder Engagement and Leadership

A hallmark of BitMine's corporate strategy is its commitment to transparent communication and shareholder engagement. CEO Jonathan Bates's letter to shareholders in November 2023 provided detailed updates on key milestones and operational progress across all mining locations. From electrification updates to production forecasts, Bates's communication fosters trust and confidence among shareholders, positioning BitMine as a reliable investment opportunity in the dynamic cryptocurrency market.

Additionally, the appointment of John Kelly to the Board of Directors in January 2024 further strengthens BitMine's leadership team, bringing extensive experience in construction, engineering, and Bitcoin mining site development. Kelly's addition underscores BitMine's focus on strategic expansion and operational excellence.

Performance and Outlook

In an open letter to shareholders today, April 16, Chairman and CEO Jonathan Bates highlighted the company's substantial revenue growth in the quarter ending February 29, 2024. BitMine reported total revenue of $891,613 for the quarter, a 74% increase from the previous quarter. Additionally, BitMine recorded a gain of $76,591 from the sale of Bitcoin during the quarter.

Bates emphasized BitMine's low corporate overhead and attractive energy costs, noting, "We feel uniquely positioned to take advantage of any drop in machine prices or distress by our competitors." The company added an additional 750 miners through a short-term lease in March and plans to negotiate new lease terms once the lease expires. It also has the capacity to increase its fleet by 25-35% in terms of company-owned machines.

Furthermore, BitMine is engaged in discussions with several investment banks about potential uplisting from the OTCQX to NASDAQ or NYSE/AMEX within the next two quarters. Bates also mentioned the company's expansion of its board with the addition of Lori Love and John Kelly, with plans to add more quality members in the coming months.

As the cryptocurrency market continues to evolve, BitMine Immersion Technologies, Inc. (OTCQX: BMNR) emerges as a company with significant potential in Bitcoin mining. Through immersion technology, strategic partnerships, and transparent communication with shareholders, BitMine is strategically positioning itself in the market. With a track record of progress and a commitment to sustainable growth, BitMine aims to deliver long-term value to investors in the dynamic world of cryptocurrency.

Disclaimers: The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, assumptions, objectives, goals, or assumptions of future events or performance are not statements of historical fact may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements, indicating certain actions & quotes; may, could or might occur Understand there is no guarantee past performance is indicative of future results. Investing in micro-cap or growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor's investment may be lost or due to the speculative nature of the companies profiled. Capital Gains Report (CGR) is responsible for the production and distribution of this content. CGR is not operated by a licensed broker, a dealer, or a registered investment advisor. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. CGR has been retained by Awareness Consulting to produce and distribute this content related to BMNR. As part of that content, readers, subscribers, and webs are expected to read the full disclaimers and financial disclosure statement that can be found on our website capitalgainsreport.com All content in this article is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this article constitutes professional and/or financial advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. CGR is not a fiduciary by virtue of any persons use of or access to this content.

Contact Details

CapitalGainsReport

Mark McKelvie

+1 585-301-7700

markrmckelvie@gmail.com

View source version on newsdirect.com: https://newsdirect.com/news/bitcoins-ascent-sparks-reemergence-in-bitcoin-mining-bitmine-immersion-technologies-inc-otcqx-bmnr-134579419

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 DalyCity.com & California Media Partners, LLC. All rights reserved.