In August, we successfully completed the next phase of mining hardware updates, which started thanks to the decision made through Vote №9 on using Treasury funds for the purchase of new energy-efficient miners.
As a result of the work carried out on the eve of halving, on August 26, 2024, Minto hashrate reached 144,000 TH/s, the Average Energy Efficiency (AEE) was 30 W/TH, and the Customer Energy Efficiency (CEE) was 28.5 W/TH. At the same time, we turned off more than 50,000 TH/s of outdated equipment and replaced it with 95,000 TH/s of energy-efficient new units!
Thus, compared to August 2023, we have almost doubled our project’s mining capacity - from 73 PH/s to 144 PH/s, and improved slightly less than twice AEE - from 55.3 W/TH to 30 W/TH.
Despite the fact that the new facilities operated for only a week in August, their contribution is especially noticeable in the Treasury’s accrual (+120% month-on-month), because the fund's hashrate increased by 40,000 TH/s.
In addition, compared to July, project revenue increased by 45% and net profit increased by 40%.
The fact that we have matched last August results in terms of net profit indicates how far halving has set back the entire mining industry. At the same time, we must understand that now we have 4x the time to realize the full potential of our new capacities over the next 4 years, because we were at the end of a 4-year market cycle then, and now we are at the very beginning of another one!
In other words, we have prepared well and are off to a great start in order to get the most benefits until the next halving in 2028.
We are also closely monitoring the possibility of switching to the 100% mining hardware uptime mode, but it seems unnecessary so far - the hypothetical profit has gone into the red again due to high electricity costs during peak hours.
So, we are entering the fall of 2024 in a state of greater potential and resistance to market negativity than ever, having achieved very competitive mining parameters. We look forward to the results of September, the beginning of which, as you already know, was marked by the listing of the BTCMT token on the centralized MEXC exchange.
The Minto team will continue to pay special attention to the growth of exchange liquidity, as well as the support and motivation of its providers.
Stay with Minto, and the results of our joint work are bound to make us all happy time and time again!