March 21, 2024 by Cormint

EXPANSION UPDATE – 1.5 EH/S ENERGIZED

Cormint is innovating across the entire 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 the energization of Phase 3 thereby increasing our fleet to 1.5 EH/s of self-mining at our flagship site in Fort Stockton, West Texas.

While Phase 1 and Phase 2 collectively delivered 1 EH/s of hashing power using our proprietary immersion solution, we have now applied our in-house engineering expertise to design and develop an Air-Cooled solution that is tailored to the West Texas climate. This solution offers a different risk/return profile than our immersion solution, where we expect a blended fleet of immersion and air cooled miners will provide the optimal risk adjusted return for our investors given the flexibility afforded by our power, software and asic procurement strategies.. This philosophy of maximizing return on capital employed and building a business that is resilient in bear markets while fully participating in bull markets underpins everything we do at Cormint.

Cormint began its engineering journey to build and deploy the industry’s most resilient and capital efficient Air Cooled solution at its R&D facility in 2022. Successive prototypes have tested the solution in the full range of expected operating temperatures. Now with a mature design operating successfully in the field, the team is collaborating with our manufacturing partners to further lower the cost of production with Cormint’s engineers involved across the full lifecycle of manufacturing and deployment. We believe that to be the lowest cost producer of Bitcoin in North America, we need to excel in both an immersion and air-cooled format as we take advantage of dislocations in machine pricing as they emerge.

With substantial FIAT and Bitcoin on hand, Cormint is now expanding its pipeline at Fort Stockton where we are 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. 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.