# Bitmine Immersion Technologies

Bitmine Immersion Technologies is an Asset Manager based in Atlanta, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Atlanta, United States
- **Region:** North America
- **Address:** Atlanta, GA, United States
- **Founded:** 2021
- **Assets under management:** Undisclosed
- **Website:** bitminetech.com

## Regulatory record

- **Reports private funds:** No

## About

Bitmine Immersion Technologies was established in 2021 by CEO Jonathan Bates, a Georgia-based operator who shifted the firm from third-party hosting toward fully proprietary mining after taking the company public. The firm builds and operates immersion-cooled data centers in the southeastern United States, drawing on industrial-scale power agreements to support its ASIC fleet. The wealth origin is institutional and public-market sourced, not a legacy family-office structure. Strategy runs through single-asset Bitcoin mining, vertically integrated from immersion-hardware design to site-level energy procurement. The company sources immersion tanks from partner DCX and deploys MicroBT and Bitmain ASICs in its facilities. Its flagship site in Murray County, Georgia, secured 20 MW of power capacity in 2022, with a target expansion to 50 MW. Bitmine earns revenue from mined Bitcoin rather than hosting fees, meaning the firm retains full upside from its hashrate and carries 100% of energy and hardware risk — a posture closer to a digital commodity producer than a service provider. Bitmine went public via an S-1 direct listing in 2022, making it one of the smallest publicly traded US Bitcoin miners by market capitalization. The company operates a lean footprint from Atlanta, with no disclosed international offices. Adjacent vehicles are not known, though the firm has publicly explored second-site expansion in Texas. In April 2024, Bitmine energized its initial immersion containers at the Murray County location, transitioning to active Bitcoin production for the first time. The structural differentiator is the firm's balance-sheet-only mining model at sub-industrial scale. While most public miners either host machines for clients or operate at gigawatt scale, Bitmine's micro-cap structure and immersion-first buildout in a rural Georgia co-op territory create a fundamentally distinct risk profile — concentrated hashrate, low overhead, and zero customer concentration, entirely dependent on sustained Bitcoin price levels and local power rates.

## Sectors

- Digital Assets & Blockchain
- Infrastructure
- Energy Transition & Renewables

## People

- Jonathan Bates — CEO

## Questions

### Does Bitmine Immersion Technologies mine Bitcoin directly, or does it host machines for clients?

Bitmine operates as a proprietary miner, not a hosting provider. The company owns and runs its own ASIC fleet inside immersion-cooled containers, generating revenue from mined Bitcoin held on its corporate balance sheet (per the firm's S-1, 2022). This eliminates customer-concentration risk but exposes the firm fully to Bitcoin price volatility and energy costs.

### What immersion-cooling technology does the firm use, and who supplies the hardware?

Bitmine deploys immersion-cooling containers from DCX, a specialized provider of liquid-immersion systems for digital-asset mining. The ASIC miners themselves come from MicroBT and Bitmain, standard hardware suppliers for the North American Bitcoin mining industry. The combination is optimized for heat management and machine longevity in Georgia's summer climate.

### How does Bitmine's balance-sheet strategy affect its risk profile relative to other miners?

By holding all mined Bitcoin instead of selling immediately, Bitmine operates as a leveraged proxy on the underlying asset. The model carries high sensitivity to Bitcoin's USD price, no hedging revenue from hosting clients, and fixed-power obligations — making it considerably higher-beta than diversified mining operators who blend hosting fees with proprietary production.

### What are Bitmine's expansion plans beyond the Georgia site?

The firm has publicly indicated interest in a second operational site in Texas, a state with abundant stranded natural gas and renewable generation attractive to Bitcoin miners. As of mid-2024, no binding agreement or energization date has been disclosed for a Texas location.

## Related profiles

- [Applied Digital Corp.](https://altss.com/profile/applied-digital-corp)
- [Harmony Gold Mining](https://altss.com/profile/harmony-gold-mining-co-ltd)

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Last updated: 2026-06-03T20:00:00.000Z

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