Bitmine Immersion Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended May 31, 2023
July 14, 2023 at 08:00 am EDT
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Bitmine Immersion Technologies, Inc. reported earnings results for the third quarter and nine months ended May 31, 2023. For the third quarter, the company reported sales was USD 0.128479 million compared to USD 0.016567 million a year ago. Revenue was USD 0.142126 million compared to USD 0.016567 million a year ago. Net loss was USD 0.523704 million compared to USD 0.486912 million a year ago. Basic loss per share from continuing operations was USD 0.01 compared to USD 0.01 a year ago.
For the nine months, sales was USD 0.261921 million compared to USD 0.021141 million a year ago. Revenue was USD 0.399932 million compared to USD 0.365841 million a year ago. Net loss was USD 1.3 million compared to USD 1.31 million a year ago. Basic loss per share from continuing operations was USD 0.03 compared to USD 0.03 a year ago.
Bitmine Immersion Technologies Inc. is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. The Company operates in the cryptocurrency mining industry. Its business includes industrial scale digital asset mining, equipment sales and hosting operations. It is engaged in self-mining bitcoin for its own account, as well as hosting third-party equipment used in mining of digital asset coins and tokens, specifically bitcoin. It conducts digital asset mining operations using specialized computers equipped with application-specific integrated circuit chips. Its data centers provide power, racks, thermodynamic management (heat dissipation and airflow management), redundant connectivity, 24/7 security, as well as software which provide infrastructure management and custom firmware that improves performance and energy efficiency.
BITMINE IMMERSION TECHNOLOGIES, INC. 
