BitMine Immersion Technologies, Inc. announced completion of negotiations and agreement on electricity pricing for the company's operations in Trinidad. BitMine previously signed an agreement with a large company in Trinidad (the Partner) to co-locate up to 125 800-kilowatt containers for hosting digital asset miners on properties selected from 93 potential locations owned by the Partner. In October 2022, BitMine completed the installation of hosting containers with capacity of 1.6 megawatts (MW) at the pilot site.

Pursuant to an agreement between the Partner and the local electric utility (the "Utility") ahead of the installation, the cost of electricity powering the mining containers was stipulated at 3.5 cents per kilowatt hour (kwh). The commissioning of the mining containers, originally expected for early this year, has been delayed as the Utility sought to renegotiate electricity pricing. The Company has been informed that negotiations have been concluded and the Utility has agreed to honor the original rate of 3.5 cents per kwh, along with potential VAT tax that might make the all-in rate slightly higher.

The company is in communication with the Partner on a firm start date to launch operations at the pilot site. Separately, BitMine announces positive developments at the Company's joint venture Bitcoin mining project in Pecos, Texas. Construction is complete and BitMine is awaiting installation of electricity to commence Bitcoin mining operations, also utilizing 100% immersion technology.

The project was expected to launch in December and experienced a delay related to the retail power provider. BitMine has been advised that a finalized signed power agreement and, subsequently, a start date are imminent.