BitMine Immersion

Bitmine's business model is centered around cryptocurrency mining and strategic reserves, forming a "technology-driven + asset allocation + ecological synergy" trinity structure: Immersion Cooling Mining: Utilizing oil immersion cooling technology to operate Bitcoin mining farms, reducing energy consumption by over 30% compared to traditional air cooling, and extending the lifespan of mining machines. The farms are located in Texas, USA, and Trinidad and Tobago, with plans to rapidly expand computing power by leasing 800 Antminer S-19 mining machines by 2025, resulting in a year-on-year increase in mining revenue of 571%. Mining as a Service (MaaS): Providing enterprises with a one-stop mining solution, including mining machine leasing, power management, and financial support, to lower the entry barrier for institutions. For example, collaborating with Luxor Technology to launch a computing power leasing smart contract to achieve automated profit distribution. Ethereum Strategic Reserve: In 2025, a $250 million private placement will be launched to initiate the Ethereum treasury strategy, aiming to become one of the largest publicly listed ETH holders in the world. The funds will be used to directly purchase ETH and participate in staking (with an annual yield of approximately 5%), while also exploring yield from DeFi protocol layers. Financialization of computing power: transforming computing power into tradable financial products, providing synthetic mining contracts, allowing investors to participate in mining profit sharing without the need to hold hardware.

The profits related to cryptocurrency mainly come from four major paths: Bitcoin mining revenue: The Bitcoin produced through our own mining farm will account for 68% of the company's total revenue in May 2025. The mining machine hosting service charges a monthly fee based on computing power, with a rate of 0.08 USD / TH / day. Ethereum Appreciation and Staking Income: As of July 17, 2025, holding 300,657 ETH (worth over 1 billion USD), achieving asset appreciation through price fluctuations. At the same time, staking part of the ETH to obtain an annualized return of approximately 5%, with staking income reaching 1.2 million USD in Q2 2025. Private financing and token issuance: Complete a $250 million private placement by 2025 to increase holdings of ETH, while planning to issue stablecoins anchored to real assets (such as photovoltaic power station revenue rights), creating a closed loop for on-chain financing and payments. Power contract distribution: The synthetic mining contract charges a management fee of 20% on earnings. In Q1 2025, the revenue from this business grew by 340% year-on-year, becoming the second largest source of profit.

Improvement in financial risk resistance: Bitcoin and Ethereum reserves account for 72% of the company's total assets, with a debt-to-asset ratio of only 12% in Q2 2025, significantly lower than the industry average. ETH staking yields provide a stable supplement to cash flow, reducing reliance on mining income. Benchmark Effect of Technological Innovation: Immersive cooling technology has been widely imitated by the industry. By 2025, this technology solution accounted for 35% of new mining sites in the United States, driving a 22% improvement in Bitcoin mining energy efficiency. Ecological Collaborative Value Release: By increasing holdings of ETH, deeply participating in the Ethereum ecosystem, for example, collaborating with Kraken to develop DeFi liquidity pools, driving a 47% increase in the trading volume of stablecoin USDT on the ETH chain.

Bitcoin (BTC): Pricing power in the computing power market: Bitmine's computing power accounts for 0.8% of the global Bitcoin network, and its mining machine deployment strategy directly affects the adjustment of mining difficulty. The expansion of computing power in June 2025 led to a month-on-month increase in network difficulty of 11%, temporarily suppressing the earnings of small and medium-sized miners. Market confidence transmission: The continuous increase in Bitcoin holdings is seen as a signal for institutional entry. In Q2 2025, its Bitcoin holdings accounted for 0.0007% of the total circulating supply, demonstrating a stabilizing effect on short-term price fluctuations. Ethereum (ETH): Restructuring of Supply and Demand: Bitmine plans to acquire and stake 5% of the Ethereum supply (approximately 6.03 million ETH), which may lead to a reduction in circulation and increase staking yields. By July 2025, the staking rate of ETH has risen from 18% at the beginning of the year to 22%. Ecological Development Accelerator: By participating in DeFi protocols (such as Uniswap V4 liquidity pools) and Layer 2 scaling projects (such as Caldera), Bitmine promotes a 15% increase in Ethereum transaction throughput and a 28% growth in daily active addresses.