BitMine Immersion Technologies, Inc. announced a 413% increase in annual sales for its fiscal year ended August 31, 2024. The company reported revenue of $3.3 million for the period, demonstrating substantial top-line growth.
Despite the revenue growth, BitMine recorded a net loss of $3.29 million for the fiscal year. However, net cash used in operating activities significantly improved, with a loss of $28,753 compared to an $809,715 loss in the prior fiscal year.
The company is actively expanding its operational footprint by deploying 3,000 recently purchased ASIC miners. These new units will augment its existing fleet of approximately 1,640 units, indicating continued investment in its core mining infrastructure.
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