September 5, 2024 by Cormint
EXPANSION UPDATE - 2.75 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. The @theMinerMag benchmarking for H1 2024 evidenced that Cormint has achieved that goal while operating a fleet dramatically smaller than the peer set. As Cormint scales, we expect our operating cost competitive advantage to only grow.
We are therefore delighted to announce that we have achieved another significant milestone in our expansion with the energization of another tranche of infrastructure thereby increasing our fleet to 2.75 EH/s of self-mining at our flagship site in Fort Stockton, West Texas. More importantly, we are adding scale at a cost per MW that is substantially less than our competition. Lower operating cost and lower cost per MW to deploy hashrate translates into better return on investment in our pursuit of delivering a return to our investors materially in excess of what they could otherwise achieve by a passive investment into Bitcoin.
With substantial FIAT and Bitcoin on hand, Cormint is fully-funded to expand to at least 3.5 EH/s of self-mining in 2024 thereby making full use of the 130MW interconnection and substation capacity at Fort Stockton. The company is actively developing its pipeline beyond Fort Stockton with the goal of having 500 MW under management by 2026.
For more information, please visit www.cormint.com or contact us.
Contact: [email protected]
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.