Cormint, Inc.

Cormint has released its 2024 FY results.? It was a cracker.? Added 80MW of scale at the lowest cost to deploy in the industry.? Delivered a market leading power cost of 2.3c kWh for the full year.? Tightly managed SG&A. ? Grew Revenue, Mining Operating Profit, and Margins at each step of the expansion.? Strong Return on Capital Invested reflected in positive Unlevered Net Income.? Our results evidence that our differentiated strategy is working. America’s lowest cost producer of Bitcoin.? Next stop is 500MW.? Our investors expect a return materially greater than what they would have achieved with a passive investment into Bitcoin, and that is what we are all about.?? See our website for additional detail. Jamie McAvity, Richard Godwin, Pierre John DePeyster, Ryan Gordon, Claire Best, Westley Shaw, Sivan Sud, Lloyd Will, Tom May, Savas Karas, Nav Sooch, Glyn Jones, Anthony Power ACMA CGMA, TheMinerMag, BlocksBridge Consulting, Taras K., Will Foxley, Jonathan Marcus, Meanwhile, Zachary Townsend, Bitcoin Opportunity Fund, LP, Max Shannon, Christian J. Lopez, Dean O'Connor

Our CEO, Jamie McAvity, recently joined the The Texas Tribune series 'Tech and the Texas Lege' for a discussion on how Bitcoin mining can support innovation and growth in a sustainable way. Lee Bratcher, Cesare Fracassi, Carol (CJ) Haines, Matt Ewalt https://lnkd.in/ekuuP3FR

Thanks to Anthony Power ACMA CGMA and Bryce McNallie, for having our CEO, Jamie McAvity, on their podcast, to share the lessons learnt by the team over the past seven years of our journey to become the lowest cost producer of Bitcoin in North America.

Throughout 2022 and 2023 Cormint structured and originated an innovative debt program through which it raised 947 Bitcoin from 35 Lenders through Bitcoin denominated Promissory Notes (the “Notes”) with each Note having a three year term.? These Regulation D offerings were an industry first by a Bitcoin miner, providing secured yield to Bitcoiners.? The funds raised were critical to Cormint’s expansion, facilitating the construction of 115MW of self-mining capacity at the company’s Fort Stockton location. Cormint is now proud to announce that it has exercised its right to prepay the Notes in part or in whole, by returning 650 Bitcoin to its lenders, which at the time of distribution had an equivalent USD Value of ~$63MM.? The residual Note balance continues to accrue interest with the last Note falling due in Q4 2026.? Investors continue to access our real-time mining analytics platform which enables them to monitor our power consumption, power costs and gross profit, in addition to quarterly financial statements amongst other reporting obligations. This decision to partially prepay the Notes was made possible by the rapid accumulation of Bitcoin from operations as Cormint has mined Bitcoin at a discount to its market value, and the introduction of alternative sources of lower cost capital made possible by our top-ranking financial performance. ? By lowering the total outstanding balance ahead of schedule, and taking advantage of new funding sources, Cormint has enhanced its financial flexibility - putting the company in a strong position to pursue new growth opportunities.??? Cormint retains its ambition to have 500MW under management by the end of 2026 and expects to imminently make further disclosures on its second Texas site. As always, we remain focused on delivering returns on capital deployed to ensure that any investment will exceed our cost of capital in all conceivable market conditions and that we deliver a return to equity investors materially greater than what they would otherwise achieve through a passive allocation to Bitcoin. Jamie McAvity, Richard Godwin, Pierre John DePeyster, Ryan Gordon, Claire Best, Westley Shaw, Sivan Sud, Glyn Jones, Aaron Fox, Lloyd Will, Tom May, Savas Karas, Nav Sooch, Anthony Power ACMA CGMA, TheMinerMag, BlocksBridge Consulting, Taras K., Will Foxley, Jonathan Marcus, Meanwhile, Zachary Townsend, Bitcoin Opportunity Fund, LP, James Butterfill, Max Shannon, Christian J. Lopez, Dean O'Connor

Our Co-Founder and CEO, Jamie McAvity, recently had the opportunity to interview ERCOT's COO, Woody Rickerson, to hear his perspective on the role that Bitcoin Miners can play in enabling a grid that provides abundant, responsive, and low cost power to consumers. ? ERCOT is the primary “behind the scenes” actor that ensures that electricity flows to nearly 26 million Texans. ? Every time a consumer flips a switch, charges their phone, or turns on the AC during a sweltering Texas summer, ERCOT is busy coordinating power generation and delivery so that the end consumer receives the power they need.? They balance supply and demand, call for conservation when needed, and constantly watch for potential disruptions that could cause outages. At Cormint, we believe that we have an obligation to understand and support ERCOT in delivering on its critical mission, and that doing so is entirely consistent with delivering sustainable returns to our shareholders.? ? Watch the interview to gain a deeper understanding of ERCOT's mission and its perspective on Bitcoin Mining. Thanks again to Texas Blockchain Council for hosting. https://lnkd.in/gAjrqJ9W Richard Godwin, Pierre John DePeyster, Ryan Gordon, Claire Best, Westley Shaw, Sivan Sud, Glyn Jones, Aaron Fox, Lloyd Will, Tom May, Savas Karas, Nav Sooch, Anthony Power ACMA CGMA, TheMinerMag, BlocksBridge Consulting, Taras K., Will Foxley, Jonathan Marcus, Meanwhile, Zachary Townsend, Bitcoin Opportunity Fund, LP, James Butterfill, Max Shannon, Christian J. Lopez, Dean O'Connor

The Coinshares team have recently refreshed their benchmarking of Bitcoin Miners.? Once again Cormint came out 1st on Hashcost. ? Despite being a fraction of the size of our largest competitors, the team continues to deliver industry leading performance as it realizes its ambition to be the lowest cost producer of Bitcoin in North America. ? ? With 3 EH/s and 115MW already energized, the team will imminently energize its final expansion at its flagship site in Fort Stockton to make full use of its 130MW interconnection.? The company is actively developing its pipeline beyond Fort Stockton with the goal of having 500 MW under management by 2026 while strengthening its competitive advantage on both cost-to-deploy and cost-to-operate.? We continue to expect to materially outperform a passive investment into Bitcoin through the cycle. https://lnkd.in/gEnX_pJE Jamie McAvity, Richard Godwin, Pierre John DePeyster, Ryan Gordon, Claire Best, Westley Shaw, Sivan Sud, Glyn Jones, Aaron Fox, Lloyd Will, Tom May, Savas Karas, Nav Sooch, Texas Blockchain Council, Anthony Power, Taras K., Will Foxley, Jonathan Marcus, Meanwhile, Zachary Townsend, Bitcoin Opportunity Fund, LP, James Butterfill, Max Shannon, Christian J. Lopez, Dean O'Connor

Thank you to Texas Blockchain Council members Jamie McAvity, Brian Morgenstern, Michael Gandee, Andrey Krahmal, Dennis Bonnen, Gideon O. Powell ???? Adam Leggett, Jessi Goostree and Reed Clay for partnering together to engage with statewide Texas elected officials today in Austin to talk about bitcoin mining and energy policy!

The only conclusion here is that the economist supports free-market capitalism unless it interferes with their editorial bias. I used to be an avid reader and am sad to see their credibility diminish over the years. Cormint, Inc. 's position is that Bitcoin mining balances power markets that have high renewable penetration while increasing grid stability. Bitcoin miners provide a free market subsidy to power generators while not contributing to peak load.. in essence, counteracting the effect of market distorting federal tax credits and negative electricity pricing. A question for The Economist is how do they feel about negative pricing increasing in the most rapidly decarbonizing American power grids? Negative pricing is not a sign of a healthy commodity market, ever, period. My Bitcoin Magazine Nashville presentation covers this topic in great detail: https://lnkd.in/gfGy3_D4

Cormint is proud to sponsor Parker Kligerman in #48 and the @BigMachineRacing Machine Racing team in the NASCAR Xfinity Series this season. ? Congratulations to all involved for their second place finish at the Atlanta Speedway last weekend.? There are only two more regular races left in the season and Parker is above the playoff cut line.??? #Nascar, like #Bitcoinmining, requires an almost fanatical dedication to engineering to eek out every possible competitive advantage amongst a highly competitive field.?? Note to our team - our on-site vehicles are not race cars… :-)

Cormint is innovating across the entire value chain of #Bitcoin mining - power, engineering, and capital - in its pursuit to become the lowest cost producer of Bitcoin in North America.? The TheMinerMag benchmarking for H1 2024 evidenced that Cormint has achieved that goal while operating a fleet dramatically smaller than the peer set. ? As Cormint scales, we expect our operating cost competitive advantage to only grow. ? We are therefore delighted to announce that we have achieved another significant milestone in our expansion with the energization of another tranche of infrastructure thereby increasing our fleet to 2.75 EH/s of self-mining at our flagship site in Fort Stockton, West Texas. More importantly, we are adding scale at a cost per MW that is substantially less than our competition. Lower operating cost and lower cost per MW to deploy hashrate translates into better return on investment in our pursuit of delivering a return to our investors materially in excess of what they could otherwise achieve by a passive investment into Bitcoin. ? ? With substantial FIAT and Bitcoin on hand, Cormint is fully-funded to expand to at least 3.5 EH/s of self-mining in 2024 thereby making full use of the 130MW interconnection and substation capacity at Fort Stockton. ? The company is actively developing its pipeline beyond Fort Stockton with the goal of having 500 MW under management by 2026. Jamie McAvity, Richard Godwin, Pierre John DePeyster, Ryan Gordon, Claire Best, Westley Shaw, Sivan Sud, Glyn Jones, Aaron Fox, Lloyd Will, Tom May, Savas Karas, Nav Sooch, Texas Blockchain Council, Anthony Power, Taras K., Jonathan Marcus, Meanwhile, Zachary Townsend, Bitcoin Opportunity Fund, LP, James Butterfill, Max Shannon, Ezra Chang, Christian J. Lopez, Dean O'Connor