Bitmain Announces High Efficiency, Carbon Credit Initiative ANTMINER S19 XP as Bitcoin Reaches All Time High

DENVER–(BUSINESS WIRE)–Crusoe Energy Systems Inc. (Crusoe), a Denver-based energy technology company focused on powering computation with stranded energy resources, is proud to receive allocations of the new ANTMINER S19 XP that has a hashrate of 140 TH, which improves the power efficiency by 27% compared to the previous model from premier ASIC manufacturer Bitmain Technologies (Bitmain). This selected batch of the newest release of Bitcoin mining hardware was designed to achieve market leading environmental performance through best in class energy efficiency as well as a carbon offset program to neutralize emissions from the manufacturing process and the first year of operation. When combined with Crusoe’s computing operations powered by otherwise wasted and stranded energy resources like flaring natural gas, Bitmain and Crusoe aim to jointly deliver the world’s most climate-optimized Bitcoin infrastructure and operations.

Bitmain has made initial allocations of the ANTMINER S19 XP 140TH available to a limited number of preferred customers selected on the basis of commitment to environmental operating practices. Crusoe is proud to be among the first customers to access Bitmain’s cutting edge hardware on this basis. Crusoe’s selection for the first production allocations of the ANTMINER S19 XP 140TH, Bitmain’s most powerful ASIC to date, was announced at the World Digital Mining Summit held in Dubai today when Bitmain publicly announced the new model ANTMINER S19 XP 140TH. Bitmain announced that it had purchased carbon credits to offset emissions incurred during production and the first year of operation of these selected units. The resulting hardware is the first carbon credit initiative miners available from the manufacturer. Initial production will have limited availability and is being offered only to five of Bitmain’s longstanding and strategic partners.

Crusoe CEO and Co-Founder, Chase Lochmiller, said, “It is exciting to see the industry rapidly evolving towards environmentally-oriented ways of thinking and operating. Bitcoin mining has historically been conflated with carbon emissions. We believe mining can be leveraged as a tool to help reduce emissions and also accelerate the energy transition, providing critical infrastructure for both the bitcoin network and the future of energy infrastructure. It’s great to have partners like Bitmain that have passion for our long term mission to align the future of computing infrastructure with the future of the climate.”

Crusoe mines cryptocurrency in custom engineered modular, mobile data centers. The data centers are deployed directly to energy sources that are otherwise wasted, such as flaring natural gas. The company’s patented Digital Flare Mitigation® technology provides an emission reduction solution by utilizing otherwise wasted flare gas, one of the largest sources of emission from oil production, to power mining operations onsite. In this process, Crusoe is able to significantly reduce uncombusted methane emissions and achieve an estimated 63% reduction in CO2-equivalent emissions compared to continued flaring. Crusoe has prevented more than 1 billion cubic feet of gas flaring and has reduced emissions equivalent to hundreds of thousands of cars.

Irene Gao, Bitmain BD Director of NCSA Region said, “After many years of strategic and long standing partnership, Bitmain is proud to deliver Crusoe early access to the ANTMINER S19 XP, our most energy efficient, powerful and carbon mitigated systems ever. Bitmain is committed to innovation in all regards ranging from design to manufacturing and production. As part of our commitment to positive environmental change, Bitmain is constantly looking for ways to improve our product and the industry as a whole and recognizes the value in offsetting emissions in all areas of mining. Crusoe is a leader in this regard, and we are pleased to partner with them going forward.”

Bitmain is the world leader in ASIC manufacturing for the cryptocurrency industry. Bitmain exhibited their newest generation mining hardware at the World Digital Mining Summit hosted at the Atlantis hotel in Dubai.

About Crusoe Energy Systems Inc.

Crusoe Energy is on a mission to unlock value in stranded energy resources through the power of computation. The company aims to align the long term interests of the climate with the future of global computing infrastructure. As data centers consume an exponentially growing power footprint to deliver technology to all connected devices, we are inspired by making sure that the energy meeting that demand is sourced in an environmentally responsible fashion. Crusoe colocates mobile data centers with stranded energy resources, like flare gas and underloaded renewables, to deliver low-cost, carbon-negative distributed computing solutions. Island Cloud is a managed cloud services platform powered by Crusoe that enables climate-friendly innovation in computationally intensive fields including artificial intelligence, graphics rendering and computational biology.

Bitmain Technologies Limited

Founded in 2013, Bitmain transforms computing by building industry-defining technology in cryptocurrency and blockchain. Bitmain leads the industry in the production of integrated circuits for cryptocurrency mining, as well as mining hardware under the ANTMINER brand. Bitmain technology supports a wide range of blockchain platforms and startups.

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