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BitMine Immersion Technologies Inc (BMNR-1.25%). has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing details the company's operations in the cryptocurrency mining industry, focusing on bitcoin mining and hosting services. The company operates through self-mining and hosting third-party mining equipment.
For the fiscal year 2024, BitMine reported total revenues of $3,310,348, a significant increase from $645,278 in the previous year. This increase was primarily driven by a rise in self-mining revenue, which amounted to $3,030,910.
Cost of sales for the year was $2,549,321, resulting in a gross profit of $761,027. This compares to a gross profit of $222,469 in the previous year.
Operating expenses totaled $3,208,513, up from $2,635,553 in the prior year. This increase was mainly due to higher general and administrative expenses, professional fees, and depreciation.
The company reported a net loss of $3,292,503 for the year, compared to a net loss of $2,464,884 in the previous year.
BitMine's operations include facilities in Trinidad and Pecos, Texas, with plans to expand its hosting capabilities in the United States and Canada. The company uses immersion cooling technology to enhance mining efficiency.
As of August 31, 2024, BitMine held approximately 0.25731 bitcoins valued at $14,966. The company continues to evaluate its digital asset holdings and mining operations to optimize performance.
The company is actively seeking additional capital to expand its operations and has engaged investment bankers to explore financing options.
BitMine's financial performance is heavily influenced by the market price of bitcoin, electricity costs, and the network hash rate. The company remains focused on improving operational efficiency and expanding its mining capacity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BitMine Immersion Technologies Inc annual 10-K report dated December 9, 2024. To report an error, please email earnings@qz.com.