Crypto Miner Sees 413% Revenue Growth On Strong Bitcoin Mining Operations

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Monday, December 9, 2024

Cryptocurrencies continue to mint new millionaires, individuals and businesses. The allure of the digital gold is high, and animal spirits are back in the market, setting up a strong backdrop for continued upside in the cryptocurrency space.

Earlier today, Bitmine Immersion Technologies, Inc. (OTCQX:BMNR), a blockchain technology firm specializing in immersion-cooled bitcoin mining, announced annual results and achievements for the fiscal year ended August 31, 2024 along with other important corporate developments.

Looking at the latest financials, the company reported a 413% year-over-year increase in total annual revenue, driven mainly by gains in self-mining.

Bitmine's bitcoin self-mining operations achieved annualized revenue of $3.03M, indicating a 679% year-over-year increase in self-mining.

In separate news, BMNR’s Board also approved the repurchase of up to $250,000 of the Company’s common stock through December 31, 2025.

Commenting on the announcement, Jonathan Bates, CEO of BitMine Immersion Technologies, stated:

"2024 has been a transformative year for Bitmine, as we substantially expanded revenue and scaled operations. We are very excited about the prospects for 2025, especially given the significant rise in the price of bitcoin.”

Investors applauded the news as well, sending shares of BMNR up over 14% at $0.40 in mid-afternoon trading.

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