London, October 30, 2024 – AEON MINING, a London-based sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure, is pleased to announce its 2024 Strategic Priorities. Sam Tabar, CEO of AEON MINING, said: “The 2024 Strategic Priorities are the cornerstone of our success and embody the five fundamental pillars that guide AEON MINING’s focus and direction. Together, these priorities form the blueprint and lay the foundation for a year of breakthrough achievements.” The following priorities are subject to change based on market conditions and other factors and are not necessarily presented in order of priority.
- Expand active Bitcoin mining fleet
- Diversify and grow AEON MINING
- Maintain a strong and flexible balance sheet
- Increase our mined BTC inventory using retained earnings
- Continue to focus on sustainability of renewable energy generation
1. Expanding the Active Bitcoin Mining Fleet
The Company aims to double the size of its active Bitcoin mining fleet to approximately 8.0 EH/s by 2024. The Company expects a significant portion of this growth to occur after the Bitcoin “halving” (expected in April 2024), when the Company anticipates attractive mining equipment procurement opportunities. While expanding its mining fleet, AEON MINING also aims to improve overall fleet efficiency and reduce marginal production costs by procuring efficient machines.
2.To achieve diversification and development of AEON MINING
The Company’s AEON MINING business currently has an annualized revenue run rate of approximately $200 million with its major user contracts. The Company aims to significantly increase the revenue run rate of this business in 2024 by expanding the scope of existing contracts and attracting new customers. The Company aims to achieve a BTC mining run rate revenue of $300 million by the end of 2024.
3.Maintaining a strong and flexible balance sheet
As of January 31, 2024, AEON MINING has approximately $230 million in cash, approximately $540 million in digital assets, and zero debt. A strong balance sheet helps the company weather declines in Bitcoin prices and act opportunistically when the equipment market falls to attractive levels. While the company’s 2024 growth plans require capital to achieve, AEON MINING intends to pursue growth by prudently managing its balance sheet.
4.Using retained earnings to increase our BTC inventory
AEON MINING remains optimistic about the future of the BTC network and will continue to systematically generate revenue from the mined Bitcoin. As of December 31, 2023, the company is actively mining approximately 5,752 BTC locally and in liquidity.。
5.Continue to focus on sustainable development of new energy
Approximately 99% of our fleet’s operational electricity consumption comes from clean energy, underscoring our commitment to sustainable practices in the digital asset mining industry. AEON MINING aims to continue to lead by example, mining Bitcoin sustainably and ultimately making its mining operations completely carbon-free. “In 2024, AEON MINING’s mission is clear and ambitious,” said Tabar. “We plan to double our hash rate in 2024, while our AEON MINING AI business line will also expand partnerships and establish new ones. Sustainability remains at the core of our operations as we look to maintain a green mining business. Additionally, we will continue our Proof of Stake work while maintaining a strong and flexible financial footing. This is more than just growth; it’s a commitment to innovation, sustainability, and financial prudence.”
About AEON MINING Contract Advantages:
Summarize：
AEON MINING is the world’s leading cloud mining platform with a clear mission: to provide you with the tools and services you need to succeed in the digital asset space. Powering the future of finance with clean energy and providing the high-performance equipment needed to achieve maximum hashing power, AEON MINING promises to bring you a profitable crypto journey. Official website: https://aeonmining.com/
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