Bitmine Immersion Technologies, Inc 8-K, filed Feb 28, 2022
Bitmine Immersion Technologies, Inc. (BMNR)
About this 8-K
Bitmine Immersion Technologies, Inc filed this 8-K on February 28, 2022, reporting on events of February 23, 2022.
Items reported
- Item 2.01: Completed an acquisition or sale of assets
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
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Sandy Springs Holdings, Inc.
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Section 2 – Financial Information
Item 2.01 Completion of Acquisition or Disposition of Assets
On February 23, 2022, Bitmine Immersion Technologies, Inc. (the “Company”) entered into an agreement to sell 95 Bitcoin miners to a third party for $337,500, of which $168,750 was paid in cash and the remaining $168,750 will be paid pursuant to a note providing for payment in two equal installments on April 15, 2022 and May 15, 2022. At the same time, the buyer signed a hosting agreement under which the Company will host the miners for a three year term, along with 120 other miners owned by the buyer. The Company expects to record a gain on the sale of the miners.
Item 7.01 Regulation FD Disclosure
The Company issued a press release on February 28, 2022. A copy of the press release is attached as Exhibit 99.1.
The information set forth in this Item 7.01 of Form 8-K is furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Item No. | Description | |||
| 99.1 | Press Release dated February 28, 2022. | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| BitMine Immersion Technologies, Inc. | ||
| Dated: February 28, 2022 | By: | /s/ Erik S. Nelson |
| Name: | Erik S. Nelson | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
BitMine Immersion Technologies, Inc. signs hosting client and equipment sale in a buy/host agreement. BitMine becomes revenue positive in Q1
Atlanta, Feb. 28th , 2022 (Globe Newswire)-- BitMine Immersion Technologies, Inc. (OTC: SSHI) announces the signing of its first hosting client, in a transaction that involves a sale of equipment and a multiyear hosting agreement. The client has signed an agreement to have 215 ASIC miners hosted by BitMine, with a staged increase in machines come online over the coming weeks. The agreement will result in BitMine sharing in the mining proceeds generated by the customer machines, while providing best-in-class ongoing service to the client. We hope to continue regular machine sales and grow our hosting business through its offering of hosting in immersion cooled facilities.
Jonathan Bates, BitMine Chairman, was quoted as saying- "We are absolutely thrilled to get our business underway and begin earning revenue and serving client needs. We look forward to growing with this client and many others throughout 2022 and beyond."
BitMine expects delivery of its first large batch of immersion cooling equipment in the next several weeks, and fully expects to fill this capacity with client machines. BitMine has the ability to fill up to 50 Megawatts of client ASIC miner capacity in 2022 in immersion cooled equipment, with opportunities to increase that capacity as circumstance warrant. BitMine is also exploring various other joint venture and financing opportunities.
About BitMine Immersion Technologies, Inc.:
BitMine Immersion Technologies, Inc. (OTC: SSHI) plans to construct Bitcoin hosting and mining operations in low cost energy locations using oil cooled immersion technology to provide a superior environment for hosting Bitcoin mining computers. BitMine Immersion Technologies plans to pass through some or all of its fixed costs to hosting clients, while entering into a profit-sharing agreement to receive a percentage of the mined Bitcoins. BitMine Immersion Technologies also plans to mine Bitcoin for its own account.
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 9, 2021 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
info@bitminetech.io