Fort Stockton, Texas – August 15th, 2023 – Cormint Data Systems, Inc. ("Cormint"), an emerging Bitcoin miner focused on mining low-cost Bitcoin at scale while supporting a reliable and renewable power grid, announced today its unaudited financial results for Q2 FY23.
| Financials in USD | Q1 2023 | Q2 2023 | H1 2023 |
|---|---|---|---|
| Bitcoin Mined | 135 | 116 | 252 |
| Power Price Achieved | 2.3¢ kWh | 2.6¢ kWh | 2.4¢ kWh |
| Electricity Expenses per BTC Mined | $5,988 | $7,726 | $6,792 |
| Gross Margin | 74% | 72% | 73% |
| Admin Expenses per BTC Mined | $8,760 | $11,375 | $9,970 |
| Cash Expenses 1 per BTC Mined | $17,805 | $22,063 | $19,775 |
1 Cash Expenses includes electricity, administrative, and financing costs. It excludes non-cash items such as depreciation, stock compensation or digital asset impairment.
"Mining Bitcoin at a substantial discount to its market value is our path to value creation for our investors and I am thrilled to see the progress being made towards that objective. While we are now firmly cash flow positive, our vertically integrated model ensures that the Company will fully participate in any improvements in market conditions," said Jamie McAvity, Cormint's CEO. "Our multi-disciplinary team has been on this journey since 2017 to bring together what we believe is a market leading set of capabilities spanning power, engineering and financial management. Our future is bright."
Looking ahead, the expansion plan continues on-schedule with Phase 2 expected to be fully operational in September 2023, increasing the installed self-mining proprietary immersion fleet to 1EH/s of hashing capacity. Phase 3 of the expansion is fully funded and will bring a further 0.5 EH/s of self-mining hashing capacity online in Q1 2024, resulting in Cormint having 1.5 EH/s deployed. Given the investment already made in human and physical capital, Cormint expects its operating margins will improve as the business scales such that Administrative Expenses per BTC Mined to be market leading by Phase 3 with room for further improvement as the business scales in 2024.
After our successful Series A which closed in January 2023, and ongoing success of our innovative Bitcoin denominated venture debt offering to Accredited Investors, Cormint expects to scale to at least 2.4 EH/s at Fort Stockton by late 2024. Cormint's strategic aspiration remains to be the lowest cost producer of Bitcoin in North America.
For more information, please visit www.cormint.com or contact us.
Contact: [email protected]