Bitmine Immersion Technologies, Inc 8-K, filed May 19, 2023
Bitmine Immersion Technologies, Inc. (BMNR)
About this 8-K
Bitmine Immersion Technologies, Inc filed this 8-K on May 19, 2023, reporting on events of May 17, 2023.
Items reported
- Item 8.01: Other events
- 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
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Item 8.01 Other Events
Press Release
The Company issued a press release on May 17, 2023. A copy of the press release is attached as Exhibit 99.1.
The information set forth in this Item 8.01 of Form 8-K is furnished pursuant to Item 8.01 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 May 17, 2023 | |||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |||
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: May 19, 2023 | By: | /s/ Jonathan Bates |
| Name: | Jonathan Bates | |
| Title: | Chief Executive Officer | |
| 5 |
Exhibit 99.1
BitMine Immersion Technologies Announces Signed LOI in West Texas for 20 Megawatt Site; Increase in Line of Credit to Acquire more Bitcoin Mining Computers
ATLANTA, GA / ACCESSWIRE / May 17, 2023 / BitMine Immersion Technologies, Inc. (OTC PINK:BMNR) (“BitMine,” the “Company”), a technology company specializing in immersion technology for Bitcoin mining, announces the signing of a Letter of Intent to lease a property in West Texas that can accommodate up to 20 Megawatts of immersion datacenter equipment. The lease period will last up to 10 years, inclusive of several lease extension options. Fully deployed, the site can run almost 5,000 miners and produce hashing power of almost 600 Petahash of hashing power. A binding lease agreement is subject to due diligence which is expected to take 3-4 weeks, and the negotiation of a mutually acceptable lease agreement.
Effective May 13, 2023, the existing Line of Credit between Innovative Digital Investors Emerging Technology, L.P. and BitMine was increased from $1 million to $1.75 million. Subsequently, $500,000 was drawn primarily to buy ASIC miners for self-mining and resale at the soon-to-be operating BitMine sites in Pecos, TX and Trinidad. The Company hopes to have miners operational at these locations in the next few weeks.
Like other Bitcoin miners, BitMine has seen a recent increase in profitability due to the popularity of Bitcoin Ordinals. Ordinals are a way of creating an inscription by attaching data or inscriptions to fractions of Bitcoin, and in some cases new "BRC-20" tokens are created. This has had the effect of a high degree of transactions and a spike in transaction fees- which directly benefits miners that validate these transactions. Although this has diminished in recent days, we anticipate Ordinals to remain a long term part of the Bitcoin blockchain and affect transaction fee revenue moving forward.
BitMine expects to make announcements very soon regarding the launch of its 2 flagship sites, beginning as early as 2-3 weeks from now.
About BitMine Immersion Technologies, Inc.
BitMine ImmersionTechnologies, Inc. is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling
technique whereby computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion
technology is more environmentally friendly that conventional mining methodologies, while lowering expenses and increasing yield. BitMine's
flagship operations are located in low-cost energy regions in Trinidad and Pecos, Texas.
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's control, including those set forth in the Risk Factors section of BitMine's
Form 10-K filed with the Securities and Exchange Commission (the "SEC") on December 9, 2022, 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 and CEO
info@bitminetech.io