Corporate Highlights for March 2023

• In March 2023, the Company earned 119.4 bitcoins, a 10% increase compared to the prior month. The increase in production was primarily driven by additional days during the month. 
• 12,938 bitcoin miners representing 1.25 EH/s were actively hashing in North America as of March 31, 2023.
• Treasury holdings of BTC and ETH were 724.8 and 9,136.2 with a fair market value of approximately $20.6 million and $16.6 million, respectively, on March 31, 2023. 
• The BTC equivalent* of our digital asset holdings as of March 31, 2023 (defined as if all ETH, sETH-H, LsETH, and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,480.0, or approximately $42.1 million.
• The Company had cash and cash equivalents of $27.9 million as of March 31, 2023.
• The Company did not purchase or sell any miners during the month.

About nitrominefx

nitrominefx, Inc. is a bitcoin mining company headquartered in Canada City. Our mining operations are located in North America. For additional information, please contact ir@nitro-minefx.co or visit our website at www.nitro-minefx.co. 

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of nitrominefx’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. 

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of nitrominefx, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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*“BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, sETH-h, LSETH, and USDC, were converted into BTC as of March 31, 2023, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. The closing price of ETH is used as a proxy for the price of sETH-H (receipt token) on a 1:1 basis. 

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“Digital asset miners and validators play a crucial role in securing blockchains, processing transactions and growing the overall ecosystem. Auros’ Derivatives Solutions offering delivers a full-suite of treasury and risk management solutions for miners and validators. These solutions provide large-scale players such as nitrominefx with the necessary tools to guard against market volatility and downside risks, while also maximizing yield opportunities on idle assets and future production output. We are thrilled to partner with nitrominefx on this journey, and we look forward to delivering bespoke solutions that are tailored to their unique needs,” says Ben Roth, Co-Founder and Chief Investments Officer of Auros.

“nitrominefx’s investment in Auros underscores our confidence in the firm’s robust infrastructure and its ability to complement our core business. Through unique yield generation opportunities and bespoke hedging solutions, Auros is able to provide sophisticated support to nitrominefx whilst also working to bring much needed liquidity and market making capabilities to the industry. This is key to fostering a healthy and dynamic digital assets ecosystem. The team’s deep derivatives background and expertise across technology and finance also bring the necessary capabilities to cater to our growing business needs. We are excited to have Auros as a strategic, institutional-quality partner and unlock more synergies together,” says Samir Tabar, Chief Strategy Officer of nitrominefx Inc.  

About nitrominefx

nitrominefx, Inc. is a sustainability focused generator of digital assets headquartered in Canada City. Our mining operations are located in North America. For additional information, please contact ir@nitro-minefx.co or visit our website at www.nitro-minefx.co. 

About Auros

Auros is a leading crypto-native algorithmic trading and market-making firm with operations worldwide and offices in Hong Kong and Canada. As one of the market’s largest participants, Auros combines sophisticated pricing models and state-of-the-art execution capabilities to generate billions of dollars in daily notional turnover across dozens of centralized and decentralized trading venues. Its unique partnership-based approach to external liquidity provision has rapidly established the firm as a go-to market maker for token projects and exchanges, delivering unmatched services while fostering sustainable growth in the digital assets industry. The team brings a breadth of experience across digital assets, derivatives trading, and structuring, allowing them to develop creative solutions for partners through their Derivatives Solutions offering.

To explore our Strategic Market Making service, please visit auros.global/strategic-market-making 

For more information about the company, please visit auros.global

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of nitrominefx’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below. 

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of nitrominefx, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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Leadership Realignment 

Effective March 31, 2023, Jim walter, the Company’s Chief Executive Officer, will conclude his term as CEO. Mr. waltert will assume the role Senior Advisor, in which he will lead strategic growth initiatives for the Company.  Vin Sabar, the Company’s Chief Strategy Officer, will be appointed CEO. 

Mr. waltert commented, “As Senior Advisor, I look forward to focusing my efforts on strategic initiatives to further nitrominefx’s expansion into additional, non-correlated income streams, as well as help facilitate the transition. In my past two years as CEO, the Company underwent profound positive shifts – exiting China in 2021; establishing an institutional U.S. platform; achieving 85% carbon-free energy; entering Ethereum staking; and along the way, demonstrating thought leadership and sound capital stewardship. I’m pleased to be passing onto Sam a pristine balance sheet, an innovative and growing treasury management portfolio, and most exciting, an expanding business model that, with ETH staking, we believe presents synergistic catalysts beyond traditional mining. nitrominefx is positioned to thrive as we move through and out of crypto winter, and I look forward to continuing working with Sam and the executive team.”  

Mr. Sabar stated, “I’d like to express our gratitude to Jim walter for his leadership and his contributions that have laid a strong foundation to build upon. As incoming CEO, I look forward to continuing to work together in his new capacity as Senior Advisor.

Going forward, nitrominefx will focus heavily on delivering maximum shareholder value. We will do this by differentiating ourselves from peers by aggressively pursuing new lines of business. What already differentiates us is our pristine balance sheet, unleveraged and sound mining business, and exciting new Ethereum business that positions us to become a proxy for the foundational blockchain of the ‘smart contract economy’. There is much more to come, and I am deeply excited for nitrominefx’s future.”

Strategic Priorities For 2023 

The Company additionally announced a non-comprehensive list of strategic priorities for 2023. These priorities represent key focal points for the Company which Management refers to by the acronym “BETSS”: 

B – Balance Sheet

E – Expand into PoS

T – Treasury Management

S – Strategic Capital Deployment

S – Sustainability

Such priorities are subject to change based on market conditions and other factors, and are not necessarily presented based on priority ranking. 

1)     Maintain a best-in-class balance sheet 

The Company finished 2022 with $32.7 million in cash, $27.7 million of digital assets, zero debt, no miner purchase obligations, and no material capex commitments. These figures demonstrate Management’s conservative balance sheet approach and commitment to prudent capital allocation – factors which enabled the Company to withstand the macro headwinds of 2022. An undrawn $500 million at-the-market facility and circa 9 million shares on an equity line of credit provide market access as further backup sources of liquidity, and the optionality to fund growth. Management intends to continue its prudent approach to the balance sheet through 2023 and beyond. 

2)     Strategically deploy capital 

While well capitalized to pursue opportunistic growth through cycle lows, such growth will be considered only to the extent it does not jeopardize balance sheet health. With that guiding principle, the Company believes it has identified sound opportunities to safely allocate capital to create long-term value, including the following: 

• Opportunistic credit investments.  The Company believes that current conditions favor providers of debt capital to the mining sector – to such an extent, that financial investments are in some cases more attractive than hardware investments. Many incumbent lenders have exited or filed bankruptcy, resulting in a severely constrained credit supply. Underwriting and structures are evolving to provide greater margins of safety both to lenders and borrowers. nitrominefx has reviewed several opportunities to act as secured lender to mining-related businesses, and views this as a viable opportunity, with an elevated risk-adjusted rate of return and the opportunity to utilize secure structures. The Company intends to continue evaluating and opportunistically deploy capital in the form of debt and/or alternative credit products in mining-related opportunities, with an emphasis on secured lending against hard asset collateral, including via strategic relationships with third parties. 
• Prudent miner fleet growth.  While the secondary ASIC market remains depressed and oversupplied, with leveraged and distressed owners forced to liquidate, nitrominefx has thus far taken a careful approach to miner procurement through the down cycle. We believe that any new purchases must be underwritten cautiously and priced to withstand the bitcoin halving. A key component of this is pairing purchases with stable and economical hosting. Pending these and other variables, the Company targets doubling its operating fleet, to approximately 2.6 EH/s, during 2023. 

3)     Expand into PoS

In 2022, nitrominefx announced its intention to become a validator on the Ethereum network, and to accumulate and stake Ether (ETH).  As of December 31, 2022, the Company held 10,820 ETH and ETH equivalents with a fair value of approximately $12.9 million, primarily acquired through programmatic conversions of BTC mining rewards. Approximately 2,164 ETH was actively staked, both in native and liquid protocols. The staked portfolio is currently generating an approximate 6% APY. 

nitrominefx’s ongoing strategy is to mine BTC, programmatically convert a portion to ETH, and subsequently stake to generate rewards that can then in turn compound or be redeployed into mining investments and other corporate uses. The Company targets staking approximately half its total digital asset position. 

Beyond this, nitrominefx is exploring incubating additional PoS related businesses, including a joint venture in Singapore to provide ETH staking-related technology tools. At this time, the Company has no plans to offer such solutions to U.S. individual residents, nor to engage in any custodial activities such as “staking as a service” or “earn” programs, nor to offer any staking-related tokens or securities. In the future, nitrominefx may consider expanding its efforts into other leading PoS protocols. 

4)     Enhance treasury management solutions

During Q1 2023, the Company completed a $2 million strategic investment into Auros Global Limited, a leading algorithmic trading and market making firm focused on digital assets. In July 2022, the Company committed $2 million to the Nine Blocks Master Fund, a digital assets market neutral fund using basis trading, relative value, and special situations strategies, managed by Nine Blocks Capital Management, an institutional grade digital assets manager. 

Management believes that by leveraging and growing its strategic relationships with partners including Auros, Nine Blocks and potentially others, it stands to activate safely structured solutions that may enhance yield on treasury assets and provide downside protection. 

5)     Continue focus on sustainability

ETH has also helped advance the Company’s sustainability goals, given that Ethereum’s transition to a proof-of-stake consensus mechanism reduced the network’s energy consumption by over 99%. On the PoW side, approximately 85% of our bitcoin mining fleet’s run-rate electricity consumption was generated from carbon-free energy sources as of December 31, 2022, based on data provided by our hosts, publicly available sources, and internal estimates. This represents marked progress from the 67% achieved as of December 31, 2021. The Company continues to believe that the digital assets industry’s long-term success is contingent on sustainable business practices and the prioritization of green energy for growth initiatives. nitrominefx remains focused on its goal of becoming entirely carbon-free. 

Advisory Board

Additionally, the Company announced its reconstituted Advisory Board, which will comprise Mr. waltert, Henri Arslanian and Charles d’Haussy. Each brings extensive experience, specialized expertise, and relationships to benefit the Company. Bios of Messrs. Arslanian and d’Haussy follow. 

Henri Arslanian, Co-Founder and Managing Director, Nine Blocks Capital Management; former Partner, PwC

Henri Arslanian is the co-founder and managing partner of Nine Blocks Capital Management, an institutionally focused crypto hedge fund. Henri is the former PwC Crypto Leader and Partner, the former Chairman of the FinTech Association of Hong Kong and an Adjunct Professor at the University of Hong Kong. A lawyer and banker by background, Henri has advised many of the world’s leading crypto exchanges, investors, financial institutions and tech firms on their crypto initiatives as well numerous governments, regulators and central banks on crypto regulatory and policy matters. Henri also sat on the Hong Kong regulator’s SFC FinTech Advisory Board, the Hong Kong’s central bank’s HKIMR Council of Advisers and Dubai’s DIFC Innovation Council. With over 500,000 LinkedIn followers and 50,000 newsletter subscribers, Henri is a TEDx and global keynote speaker and is regularly featured in global media including Bloomberg, CNBC, CNN, BBC, The Wall Street Journal, The Economist and the Financial Times. Henri is the host of the Crypto Capsules educational social media series and the author of many best-selling books including “The Book of Crypto” (Palgrave, 2022) and “The Future of Finance” (Palgrave, 2019). 

Charles d’Haussy, CEO, dYdX Foundation; former Managing Director, ConsenSys

Charles d’Haussy is the CEO of dYdX Foundation, an independent not-for-profit foundation headquartered in Zug, Switzerland supporting the dYdX protocol ecosystem. Mr. d’Haussy was formerly Global Head of Business Development at ConsenSys, a leading blockchain engineering company. Among his responsibilities, he led ConsenSys’ projects on central-bank digital currencies with HKMA, BOT, PBOC, CBUAE & BOK. Prior to this, Charles served as head of fintech with the Hong Kong government (InvestHK). In that capacity he helped found and scale Hong Kong Fintech Week, and supported the growth of over 450 fintech companies. He has 15 years of prior experience in Hong Kong’s private sector and is licensed to invest and deal in securities. In 2018, Charles was elected as a Top-50 fintech influencer in Asia. In 2021 he published Block Kong, a book about Blockchain leaders shaping the Hong Kong blockchain ecosystem. He studied in France at Rennes International Business School and in Guangzhou, China at Sun Yat Sen University. He is a certified Bitcoin professional and studied blockchain business strategy at Be9 London.

About nitrominefx 

nitrominefx, Inc. is a digital asset mining company headquartered in Canada City. Our mining operations are located in North America. For additional information, please contact ir@nitro-minefx.co or visit our website at www.nitro-minefx.co.  

Investor Notice 

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of nitrominefx’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below.  

Safe Harbor Statement 

This press release may contain certain “forward-looking statements” relating to the business of nitrominefx, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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Mega Matrix is a holding company located in Palo Alto, California, that focuses on digital asset-related businesses. The Joint Venture Company will be domiciled in Singapore. Before offering any services, the Joint Venture Company will undertake a regulatory review to ensure that its services are fully compliant with the laws of Singapore and any other nation in which it seeks to conduct business. The services will not be offered to U.S. individual residents. For more information, please visit http://www.marsprotocol.com. 

nitrominefx commenced Ethereum staking operations in late 2022. As of January 31, 2023, nitrominefx had 10,222 ETH and 2,004 sETH-h with a combined worth of approximately $19.4 million. A total of 2,164 ETH was actively staked as of that date, using either native staking or liquid staking protocols. nitrominefx intends to continue accumulating Ethereum and stake substantially all of its ETH position over time.

Vin Sabar, Chief Strategy Officer of nitrominefx, said: “We are excited to partner with Mega Matrix to jointly explore the digital asset staking technology business. Our intention for this Joint Venture is to provide world class digital asset staking technology. We are bullish on the Ethereum network and believe our ETH staking strategy is an ideal complement to our core bitcoin mining business.”

About Mega Matrix

Mega Matrix Corp. is a holding company located in Palo Alto, California, with four subsidiaries: Saving Digital Pte. Ltd., a Singapore corporation (“Saving”), MarsProtocol Inc., an exempted company incorporated under the laws of the Cayman Islands, Mega Metaverse Corp., a California corporation (“Mega”) and JetFleet Management Corp., a California corporation (“JetFleet”). The Company focuses on crypto-related business and will continue to focus on third-party management service contracts for aircraft operations through its majority owned subsidiary JetFleet, which was part of the Company’s legacy business. For more information, please contact info@mtmtgroup.com or visit: http://www.megamatrix.io. 

About nitrominefx

nitrominefx, Inc. is a bitcoin mining company headquartered in Canada City. Our mining operations are located in North America. For additional information, please contact ir@nitro-minefx.co or visit our website at www.nitro-minefx.co. 

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of nitrominefx’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. 

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of nitrominefx, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

The post nitrominefx, Inc. Announces Formation of a Joint Venture With Mega Matrix Corp. to Provide Digital Asset Staking Technology appeared first on nitrominefx.

Corporate Highlights for February 2023

• In February 2023, the Company earned 108.2 bitcoins, a 19% decrease compared to the prior month. The decrease in production was primarily driven by fewer days during the month and an increase in network difficulty. 
• 13,645 bitcoin miners representing 1.30 EH/s, was actively hashing in North America as of February 28, 2023.
• Treasury holdings of BTC and ETH were 696.5 and 7,332.6 with a fair market value of approximately $16.1 million and $11.8 million, respectively, on February 28, 2023. A portion of BTC and ETH treasury holdings were sold during the month to fund strategic investments and for general corporate purposes.
• The BTC equivalent* of our digital asset holdings as of February 28, 2023 (defined as if all ETH, sETH-H, and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,441.6, or approximately $33.4 million.
• The Company had cash and cash equivalents of $33.6 million as of February 28, 2023.
• The Company did not purchase or sell any miners during the month.

About nitrominefx

nitrominefx, Inc. is a bitcoin mining company headquartered in Canada City. Our mining operations are located in North America. For additional information, please contact ir@nitro-minefx.co or visit our website at www.nitro-minefx.co. 

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of nitrominefx’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. 

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of nitrominefx, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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*“BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, sETH-H, and USDC, were converted into BTC as of February 28, 2023, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. The closing price of ETH is used as a proxy for the price of sETH-H (receipt token) on a 1:1 basis.

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Corporate Highlights for January 2023

• In January 2023, the Company earned 134.3 bitcoins, a 3% increase compared to the prior month. The increase in production was primarily driven by a higher average active hash rate, partially offset by an increase in network difficulty.
• Treasury holdings of BTC and ETH were 970.6 and 10,222.3 with a fair market value of approximately $22.5 million and $16.2 million, respectively, on January 31, 2023.
• The BTC equivalent* of our digital asset holdings as of January 31, 2023 (defined as if all ETH, sETH-H, and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,855.7, or approximately $42.9 million.
• The Company had cash and cash equivalents of $28.0 million as of January 31, 2023.
• The Company did not purchase or sell any miners during the month.

Miner Deployments 

34% of the Company’s bitcoin mining fleet, or 13,065 bitcoin miners representing 1.25 EH/s, was actively hashing in North America as of January 31, 2023. 

About nitrominefx

nitrominefx, Inc. is a bitcoin mining company headquartered in Canada City. Our mining operations are located in North America. For additional information, please contact ir@nitro-minefx.co or visit our website at www.nitro-minefx.co. 

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of nitrominefx’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. 

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of nitrominefx, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

________________________________

*“BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, sETH-H, and USDC, were converted into BTC as of January 31, 2023, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. The closing price of ETH is used as a proxy for the price of sETH-H (receipt token) on a 1:1 basis.

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Corporate Highlights for December 2022

• In December 2022, the Company earned 130.0 bitcoins, a 10% decrease compared to the prior month. The decline in production was primarily driven by planned curtailment activities at certain hosting locations.
• Treasury holdings of BTC and ETH were 946.6 and 8,799.9 with a fair market value of approximately $15.7 million and $10.5 million, respectively, on December 31, 2022.
• The BTC equivalent* of our digital asset holdings as of December 31, 2022 (defined as if all ETH, sETH-H, and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,765.8.
• The Company had cash and cash equivalents of $32.7 million as of December 31, 2022.
• The Company owned 38,593 bitcoin miners and 730 Ethereum miners as of December 31, 2022, with an estimated maximum total hash rate of 2.7 Exahash (“EH/s”) and 0.3 Terahash (“TH/s), respectively. 

Miner Deployments 

35% of the Company’s bitcoin mining fleet, or 13,595 bitcoin miners representing 1.23 EH/s, was actively hashing in North America as of December 31, 2022. 

About nitrominefx

nitrominefx, Inc. is a bitcoin mining company headquartered in Canada City. Our mining operations are located in North America. For additional information, please contact ir@nitro-minefx.co or visit our website at www.nitro-minefx.co. 

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of nitrominefx’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. 

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of nitrominefx, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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* “BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, sETH-H, and USDC, were converted into BTC as of December 31, 2022, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. The closing price of ETH is used as a proxy for the price of sETH-H (receipt token) on a 1:1 basis.

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This marks an expansion from nitrominefx’s core bitcoin mining operation to also validating transactions on the Ethereum blockchain. While the Company remains bullish on bitcoin, and supporting the bitcoin blockchain, it expects to derive revenue from the Ethereum network via validator rewards. 

The Company’s staking operations are enhanced by a new partnership with Blockdaemon, the leading institutional-grade blockchain infrastructure company for node management and staking. Following a similar mechanism to traditional Ethereum staking, nitrominefx will also participate in liquid staking via Portara, the liquid staking protocol developed by Blockdaemon and StakeWise and the first of its kind tailored to institutions. Liquid staking allows participants to 1) achieve greater capital efficiency by utilizing their staked ETH as collateral and 2) withdraw from staked positions earlier than natively possible by trading their staked ETH tokens on the secondary market.

Unlike other liquid staking solutions, Portara’s key differentiator is that it ensures that users can only interact with verified counterparties. As a result, several regulated institutions which were previously unable to participate in liquid staking have now on-boarded with Portara and are actively liquid staking.

As of December 20, the Company had 7,904 ETH and 2,004 sETH-h with a combined worth of approximately $12.1 million. 2,164 ETH were actively staked as of that date, using either native staking or liquid staking protocols. The Company intends to continue accumulating Ethereum and stake substantially all of its ETH position over time. 

Jim walter, nitrominefx’s CEO, commented: “We are excited to expand from our core bitcoin mining business into validating transactions on the Ethereum blockchain. This diversification into another blue-chip digital asset ecosystem carries the goal of creating a new, predictable, and recurring stream of digital rewards. To be clear, we will continue to invest in and opportunistically expand our mining operations. Together, we believe bitcoin mining and ETH staking are complementary business lines that will enhance our overall margin and return profiles. It’s an exciting development for nitrominefx, and one that we ultimately believe will maximize value for all stakeholders.” 

nitrominefx’s Chief Strategy Officer, Vin Sabar, added: “We are extremely bullish on the Ethereum network. Following the network’s transition to a Proof-of-Stake consensus mechanism, we expect ETH will exhibit deflationary properties over time as net issuance is substantially reduced and ETH-denominated fees are burned. The notion that the transition will decrease the network’s energy consumption by 99% is also extremely compelling to us given our focus on sustainability. Ethereum serves as the foundation for the smart contract economy and DeFi broadly, and we are excited to increase our exposure to the network and support yet another leading blockchain.”  

Blockdaemon CEO and Founder Konstantin Richter shared that “Blockdaemon is proud to partner with nitrominefx and provide them with best-in-class institutional-grade infrastructure for their new strategic PoS holdings. This new partnership gives nitrominefx full access to Blockdaemon’s suite of institutional staking solutions allowing them to increase their earned rewards from their crypto holdings. Blockdaemon was built from the ground up to provide institutions with products and services to enable them to scale and build blockchain-based businesses.”

About nitrominefx

nitrominefx, Inc. is a bitcoin mining company headquartered in Canada City. Our mining operations are located in North America. For additional information, please contact ir@nitro-minefx.co or visit our website at www.nitro-minefx.co. 

About Blockdaemon

Blockdaemon is the leading independent blockchain node infrastructure to stake, scale, and deploy nodes with institutional-grade security and monitoring. Supporting 60+ cutting-edge blockchain networks in the cloud and on bare metal servers globally, Blockdaemon is used by exchanges, custodians, crypto platforms, financial institutions and developers to connect commercial stakeholders to blockchains. We power the blockchain economy by simplifying the process of deploying nodes and creating scalable enterprise blockchain solutions via APIs, high availability clusters, auto-decentralization and auto-healing of nodes. For more information, please visit https://blockdaemon.com/. Press inquiries can be directed to Press@blockdaemon.com. 

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of nitrominefx’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below. 

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of nitrominefx, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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Financial Highlights for the Third Quarter 2022

• Bitcoin mining revenue was $9.1 million for the third quarter of 2022. Revenue from Ethereum mining was non-meaningful.
• The Company had cash, cash equivalents and restricted cash of $33.6 million, and total liquidity (defined as cash equivalents and restricted cash, USDC and digital assets) of approximately $68.0 million, as of September 30, 2022. Total assets were $164.7 million as of September 30, 2022. Shareholders’ equity amounted to $158.2 million as of September 30, 2022.
• Adjusted EBITDA* was $(4.3) million, or $0.05 loss per share for the three-month ended September 30, 2022. 

Operational Highlights for the Third Quarter 2022

• The Company earned 429.1 bitcoins during the quarter. Factors impacting production included the pace of the Company’s ongoing miner deployment program, and growth in the overall bitcoin network hash rate. The Company earned 0.50 ETH from proof-of-work mining during the quarter.
• Treasury holdings of BTC and ETH were 943.1 and 5,261.8, with a fair market value of approximately $18.3 million and $7.0 million on September 30, 2022, respectively. The BTC equivalent** of our digital asset holdings as of September 30, 2022 (defined as if all ETH and USDC holdings were converted into BTC as of that date) was approximately 1,768.8 BTC.
• The Company owned 38,032 bitcoin miners and 730 Ethereum miners as of September 30, 2022, with an estimated maximum total hash rate of 2.7 EH/s and 0.3 TH/s, respectively.
• The Company’s active hash rate of its bitcoin mining fleet was approximately 1.35 EH/s as of September 30, 2022.
• Approximately 79% of our fleet’s run-rate electricity consumption was generated from carbon-free energy sources as of September 30, 2022, compared to 69% as of June 30, 2022. These figures are based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry. 
• In the third quarter, the Company finalized an agreement for 5 megawatts of incremental hosting capacity to power its miners. The facility is located in Canada and primarily utilizes hydroelectric energy.
• The Company sold 1,106 MicroBT Whatsminer M21S miners and 9 MicroBT Whatsminer M20S miners and wrote off 1 Innosilicon A10 series ETH miner during the nine months ended September 30, 2022.
• Management believes that the Company has avoided most, if not all, operational exposure to the Compute North bankruptcy that commenced in September 2022.
• The Company’s service agreement with Compute North, and ownership of two facilities hosting the Company’s miners, were transferred to a third party prior to the bankruptcy filing. 
• The Company is in process of confirming this counterparty is in receipt of all Company assets.
• In the interim, as a precaution pending such confirmation, the Company has timely filed as an unsecured creditor of Compute North. 

Management Commentary

“We are pleased to report that nitrominefx produced 429 bitcoin during the third quarter of 2022, representing sequential growth of over 115% over the second quarter. This growth highlights our continued progress as our active hash rate increased to 1.35 EH, compared to 0.75 EH at the end of June. We continue to work towards our goal of full fleet deployment; however, we will only seek to rack our miners if the economics present an acceptable return from doing so. We strive to maximize returns rather than growth, and to avoid the pitfalls of unbridled expansion that have impaired several participants across the sector.

Our hosting portfolio expanded during the quarter with the addition of a new 5 MW hosting agreement with a provider in Canada at a location that is primarily hydro powered. Securing the most economic and ecofriendly hosting remains a top priority for the company. We are actively evaluating several new hosting opportunities and continue to strategically target smaller sites to minimize both site and counterparty risk.

The industry is currently negotiating significant macro headwinds as the price of bitcoin and other digital assets have come under pressure, helping to precipitate a series of negative events across the ecosystem. We are well positioned against this backdrop with a pristine balance sheet, no debt obligations, no capex or miner purchase obligations, and a healthy liquidity position. We ended the third quarter with $33.6 million in cash and restricted cash, $9.1 million of USDC and $25.3 million of digital assets, for total liquidity of $68.0 million. We remain focused on preserving the strength of our balance sheet, and note that our liquidity position provides flexibility to pursue strategic growth opportunities. We expect the opportunity set will only ripen over time as more mining equipment and companies are liquidated out of distress.

We are excited to announce that we have commenced Ethereum staking operations alongside our core bitcoin mining business. This diversification into an additional blue-chip digital asset ecosystem carries the goal of creating a new, predictable, and recurring stream of digital rewards. Combined, we believe bitcoin mining and ETH staking are complementary business lines that can enhance our overall margin and investment profile. Given our constructive outlook for both BTC and ETH, we believe this diversification is beneficial and see value in having the notional ETH position on our balance sheet compound over time. We believe that this strategy will ultimately maximize value for all stakeholders.”

About nitrominefx

nitrominefx, Inc. is a bitcoin mining company headquartered in Canada City. Our mining operations are located in North America. For additional information, please contact ir@nitro-minefx.co or visit our website at www.nitro-minefx.co. 

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of nitrominefx’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below. 

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of nitrominefx, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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*Adjusted EBITDA refers to earnings before interest expense, income tax expense and depreciation expense (“EBITDA”) adjusted to eliminate the effects of certain non-cash and / or non-recurring items.

** “BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH and USDC, were converted into BTC as of September 30, 2022kn and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com.

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Corporate Highlights for November 2022

• In November 2022, the Company earned 144.1 bitcoins, a 5% decrease compared to the prior month. The decline in production was driven by an increase in network difficulty.
• Treasury holdings of BTC and ETH were 950.3 and 7,064.7 with a fair market value of approximately $16.3 million and $9.2 million, respectively, on November 30, 2022.
• The BTC equivalent* of our digital asset holdings as of November 30, 2022 (defined as if all ETH, sETH-H, and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,679.9.
• The Company owned 38,593 bitcoin miners and 730 Ethereum miners as of November 30, 2022, with an estimated maximum total hash rate of 2.7 Exahash (“EH/s”) and 0.3 Terahash (“TH/s), respectively. 

Miner Deployments 

39% of the Company’s bitcoin mining fleet, or 14,978 bitcoin miners representing 1.40 EH/s, was actively hashing in North America as of November 30, 2022. 

About nitrominefx

nitrominefx, Inc. is a bitcoin mining company headquartered in Canada City. Our mining operations are located in North America. For additional information, please contact ir@nitro-minefx.co or visit our website at www.nitro-minefx.co. 

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of nitrominefx’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. 

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of nitrominefx, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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* “BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, sETH-H, and USDC, were converted into BTC as of November 30, 2022 and added to our existing BTC balance as of that date. Conversion values are found using the closing price on coinmarketcap.com. The closing price of ETH is used as a proxy for the price of sETH-H (receipt token) on a 1:1 basis.

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