Sandy Springs Holdings, Inc. has been renamed BitMine Immersion Technologies Inc., and has signed purchase agreements to acquire 51 Megawatts of hosting equipment in order to host Bitcoin Mining computers on behalf of professional Bitcoin Mining companies, currently scheduled for completion and delivery later this year and early 2022.
ATLANTA, Sept. 15, 2021 (GLOBE NEWSWIRE) -- BitMine Immersion Technologies, Inc. (OTC: SSHI) announces a rebrand of business as well as team additions. Sandy Springs Holdings, Inc. has been renamed BitMine Immersion Technologies Inc., and has signed purchase agreements to acquire 51 Megawatts of hosting equipment in order to host Bitcoin Mining computers on behalf of professional Bitcoin Mining companies, currently scheduled for completion and delivery later this year and early 2022. This high quality hosting equipment utilizes oil cooled immersion technology, a highly efficient cooling process by which computers run submerged in an electrically neutral cooled fluid. This process creates a highly efficient environment for heat dissipation relative to fan cooled or HVAC environments, providing superior performance and machine longevity. Based on current difficulty rates in the Bitcoin Network, our 51 MW capacity for hosted machines could mine over 300 Bitcoins per month. Our business model will be to pass through our low-cost electricity and other fixed costs to our mining partners, and take a percentage of the Bitcoins mined as our profit margin. The company hopes to take advantage of the opportunity presented by the shutdown of mining in China, causing approximately 46% of the world's Bitcoin mining computers to go offline. Many of these machines are currently looking for a home, in addition to the new machines on order from large mining enterprises being delivered throughout 2021 and 2022. Hosting space was already in tight supply prior to the China shutdown, and we feel that we are uniquely positioned given our main focus on serving clients looking to place their machines. We are currently in various stages of negotiations with site locations, electric power providers, and large mining enterprises looking to relocate and place Bitcoin mining computers. We are focusing our geographic efforts on the United States, Canada, and the Caribbean.
Our team consists of a group of veterans from Bitcoin mining/hosting, Capital Markets and Finance, and Data Center placement. Jonathan Bates, our Chairman, is an alumni of JP Morgan, where he served as a Managing Director. He is currently C.I.O. of Innovative Digital Investors, a fund with several successful equity investments in cryptocurrency that have recently gone public. Michael Maloney, a Director, served in an executive capacity at one of the largest Bitcoin mining/hosting centers in the United States, overseeing 400+ Megawatts of capacity. He also helped found Galaxy Digital Holdings, a multibillion dollar market value diversified blockchain company. Our Chief Operating Officer, Ryan Ramnath, has successfully run an immersion cooled Bitcoin mine for over 4 years, being one of the first to exclusively focus on mining Bitcoin in an oil cooled immersion environment. Our advisors consist of Gabriel Abed, founder of Bitt, Inc. and a long time thought leader and entrepreneur in blockchain; Dean Sutton, founding advisor to Argo Blockchain, a large bitcoin mining firm, and an executive at WonderFi, a DeFi platform that recently completed a public listing; and Patrick Martin, a successful blockchain investor, including an early investment in blockchain platform Celsius, where he previously served as a non-executive director.
We look forward to delivering a high quality, financially valuable experience to our Bitcoin hosting clients. We also intend to deliver regular and transparent updates to our shareholders.
About BitMine Immersion Technologies, Inc.:
BitMine Immersion Technologies, Inc. (OTC: SSHI) plans to construct a 51 Megawatt Bitcoin hosting and mining facility using oil cooled immersion technology to provide a superior environment to host Bitcoin mining computers. BitMine Immersion Technologies plans to pass through some or all of its fixed costs to hosting clients, while entering into a profit sharing agreement to receive a percentage of the mined Bitcoins. BitMine Immersion Technologies also plans to mine Bitcoin for its own account.
This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine Immersion Technologies' control, including those set forth in the Risk Factors section of BitMine Immersion Technologies’ Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on September 7, 2021 and any other SEC filings, as amended or updated from time to time. Copies of BitMine Immersion Technologies’ filings with the SEC are available on the SEC’s website at www.sec.gov. BitMine Immersion Technologies undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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