Bitmine Immersion Technologies, Inc. Issues Letter to Shareholders Highlighting Corporate Strategy and Outlook

ATLANTA, GA / ACCESSWIRE / November 30, 2023 / Bitmine Immersion Technologies, Inc. (OTCQX:BMNR) ("Bitmine" or the "Company"), a technology company specializing in immersion technology for Bitcoin mining, announces that CEO Jonathan Bates has issued a letter to shareholders.

November 30, 2023

Dear BitMine Shareholders,

I would like to take this opportunity to update you on important company progress, as well as milestones we have achieved. I truly believe these developments are a sign of significant progress by the company. We are in the process of transitioning from a company developing its initial Bitcoin mining site, to one producing Bitcoin from multiple sites. We believe the shareholders of the company will benefit from the developments discussed below.

Several months ago, we recruited Lori Love, the former CFO of Cleanspark, Inc., to our Board of Directors. Cleanspark is one of the largest publicly traded Bitcoin mining companies in the U.S. Lori is a Certified Public Accountant and is a strong addition to the BitMine team. Additionally, by her joining the Board of Directors, the company was able to be approved for an upgraded listing by OTC Markets. We began trading on the OTC Markets highest tier on September 28^th - the OTCQX. In the coming year, we hope to be in a position to make a similar application to begin trading on either the NASDAQ or the NYSE/AMEX.

Next, I am proud to say that all three of our mining locations are electrified and running miners. Here are progress reports on each:

Trinidad - Our flagship site in Trinidad is now electrified. We have two 800 KW containers at the site, capable of running 384 miners with a capacity of 1.6 megawatts. We currently have 100 installed miners at the site, with another 100 being prepped for installation. We have been testing "super-overclocking" on our Whatsminer M50S and hope to have this site up to 70% capacity by next month, accounting for the added hash power of super-overclocking. We are also running ~200 miners at two other co-location sites in Trinidad. We currently expect our production in Trinidad to be about 2.5 Bitcoin per month based on current payout and difficulty rates. Our Trinidad operation has the potential to grow to up to 100 MW if we were to obtain expansion capital.