Cormint is innovating across the full value chain of Bitcoin mining – power, engineering, and capital – in its pursuit to become the lowest cost producer of Bitcoin in North America. We are delighted to announce that we have achieved a significant milestone in our expansion. With Phase 2 now fully energized, Cormint has 1 EH/s of self-mining energized in our proprietary immersion solution at our Fort Stockton, Texas, site.
Cormint began its engineering journey to build and deploy the industry’s most cost efficient Immersion solution at its R&D facility in 2020. This technology was first deployed to West Texas in 2021 and then fully deployed at scale in 2022. The solution has exceeded expectations in terms of capex per MW deployed and the machine performance it has enabled. Now in its fourth generation, Cormint has designed an integrated solution that leverages best of breed OEM components such as dry coolers and pumps, with entirely in-house designed plumbing, tubs, fluid flow and monitoring systems.
With the success of Cormint’s recent Bitcoin Denominated Venture debt offering, Cormint is now fully-funded to expand to at least 2.4 EH/s of self-mining in 2024 thereby making full use of the 130MW interconnection and substation capacity at Fort Stockton. We expect only modest growth in our Administrative Costs as we scale and therefore expect our Administrative Cost per Bitcoin mined to be an industry leading result by late 2024.
For more information, please visit www.cormint.com or contact us.
Please note that this press release is for informational purposes only and it does not represent an offer to sell or the solicitation of an offer to buy any of Cormint’s securities.
This press release contains a number of forward-looking statements. Words such as “expect,” “will,” “working,” “plan” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements reflect Cormint’s current views with respect to, among other things, future events. These forward-looking statements are not guarantees of future results and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond Cormint’s control. Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to Cormint’s ability to deliver and execute on its strategic plans; Cormint’s ability to maintain free cash flows and increase its operating margins and other risks related to Bitcoin mining.
