Olenox Industries (NASDAQ: OLOX) outlined a three-phase strategy to expand its Bitcoin mining operations by developing lower-cost, self-generated electricity, potentially relocating existing mining equipment and increasing its fleet from approximately 9,700 to 20,000 miners. The company is evaluating its Wildboy natural-gas platform in British Columbia and its Pecos-area energy platform in Texas as potential sites for power generation and mining operations. Olenox is targeting electricity costs of approximately $0.015 per kilowatt-hour, compared with its current rate of approximately $0.06, representing a potential 75% reduction in electricity rates if achieved on a comparable, all-in delivered-cost basis.
The strategy calls for establishing lower-cost power generation, potentially relocating existing Texas-based miners to company-powered facilities and subsequently expanding the mining fleet. Olenox estimates that achieving its contemplated mining power capacity would require deploying additional generators to reach 75 megawatts. The company emphasized that its electricity cost and fleet expansion targets are not yet achieved and remain contingent on substantial financing, infrastructure development, equipment procurement and successful project execution. The projected reduction in electricity rates does not necessarily translate into a corresponding increase in profitability.
To view the full press release, visit https://ibn.fm/tXoW5
About Olenox Industries Inc.
Olenox Industries Inc. (NASDAQ: OLOX) is a vertically integrated U.S. energy company operating across multiple business lines, including oil and gas, energy services and energy technologies, including the proprietary Olenox process. The Company is focused on acquiring, optimizing and scaling energy-related infrastructure and operating assets, with a strategic focus on bringing low-cost natural gas to high-value end uses, including digital infrastructure and next-generation computing.
NOTE TO INVESTORS: The latest news and updates relating to OLOX are available in the company’s newsroom at https://ibn.fm/OLOX
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