Seattle, WA & Atlanta, GA– November 21, 2024 - BitMine Immersion Technologies, Inc (OTCQX:BMNR) ("BitMine"") along with Luxor Technology Corporation (“Luxor”), the leading Bitcoin mining software and financial services company, jointly announce that they have entered into a forward sale agreement of hashrate, in conjunction with an ASICs purchase and firmware licensing agreement.

BitMine has sold forward a portion of its existing hashrate on the Luxor Pool, in exchange for an upfront payment in Bitcoin that has been used to purchase 3,000 ASIC machines. The term of the forward contract is 365 days, which makes it one of the first long term deliverable forward agreements by a publicly listed Bitcoin miner, using existing hashrate as collateral to obtain working capital.

The transaction enables a 12 month hedge on mining revenue risk (hashprice), protecting BitMine from any downside in hashprice caused by network difficulty and tx fees. The contract also provides BitMine an alternative means to raise capital to enable ASIC upgrades that is non-dilutive in nature. Purchased miners will be running LuxOS firmware, optimizing ASIC efficiency by close to 10%, giving them a distinct advantage over miners running stock and offshore firmware.

Matt Williams, Head of Derivatives at Luxor, stated “as large scale Bitcoin mining operators continue to advance and evolve, a mix of more efficient avenues for funding operations and upgrading machines will be utilized, and our hashrate forward contracts are a key component in that. We are excited to work with BitMine, and continue to be impressed with their execution.”

Jonathan Bates, BitMine CEO, stated, “This purchase of machines will significantly increase our self-mining revenue at a time when gross profit margins are expanding. We are excited to partner with Luxor on all fronts, they are a fantastic partner. We are bullish on mining margins as well as bitcoin itself, for all of 2025.”

About Luxor Technology Corporation

Luxor Technology Corporation is a Bitcoin mining software and services company that offers a suite of products catered toward the mining and compute power industry. Luxor’s suite of software and services include an, open auction ASIC Marketplace, a Bitcoin mining pool, a Hashrate Derivatives Desk, an Antimer ASIC Firmware and a Bitcoin mining data platform.

If you are interested in contacting the Luxor Derivatives Desk, please email [email protected].

About BitMine Immersion Technologies, Inc.

BitMine is a technology company focused on Bitcoin mining 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's operations are located in low-cost energy regions in Trinidad, Pecos, Texas, and Murray, Kentucky.

Disclaimer

This content is for informational purposes only, you should not construe any such information or other material as legal, investment, financial, or other advice.