EXPANSION UPDATE – 1 EH/S ENERGIZED

Milestone Achievement

Cormint has 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.

Technical Specifications

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.

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.

Next Steps

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.

Contact: [email protected]

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