BitMine Immersion Technologies, Inc. Announces Innovative Mining Revenue Initiative with Luxor Technology Corporation
March 14, 2024 at 06:30 pm IST
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BitMine Immersion Technologies, Inc. announced that it has entered into a mining computer lease agreement with Luxor Technology Corporation, one of the top Bitcoin service providers and ASIC brokers in the US. In what is believed to be the first of its kind transaction by a public bitcoin miner, BitMine is leasing almost 800 Antminer S-19's from Luxor in a short-term lease, which expires at the Bitcoin halving next month, expected on or about April 19th. In exchange for a lump sum lease payment and an agreement to pay 70% of the machine production through regular invoicing, BitMine will receive all the mining proceeds to its wallet for the duration of the lease period.
Both Luxor and BitMine hope to renew this lease and/or other leases once this expands. Given the short-term nature of the lease, BitMine views this transaction as a strategic way to add substantial mining revenue moving forward, without the need to come up with large capex that would be required for bulk machine purchases.
Bitmine Immersion Technologies Inc. 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. The Company operates in the cryptocurrency mining industry. Its business includes industrial scale digital asset mining, equipment sales and hosting operations. It is engaged in self-mining bitcoin for its own account, as well as hosting third-party equipment used in mining of digital asset coins and tokens, specifically bitcoin. It conducts digital asset mining operations using specialized computers equipped with application-specific integrated circuit chips. Its data centers provide power, racks, thermodynamic management (heat dissipation and airflow management), redundant connectivity, 24/7 security, as well as software which provide infrastructure management and custom firmware that improves performance and energy efficiency.