Milestone Achievement
Cormint has achieved a significant milestone in our expansion with the energization of Phase 3, increasing our fleet to 1.5 EH/s of self-mining at our flagship site in Fort Stockton, West Texas.
Technical Specifications
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.
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.
Next Steps
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.
Contact: [email protected]