Toronto, ON - August 6th, 2024 - SATO Technologies Corp. (TSXV: SATO / OTCQB: CCPU.F) (the “Company”, or “SATO”), a Bitcoin computing organization, announces July 2024 Bitcoin Production and Efficiency, powered by renewable energy.
Bitcoin Computing Operational Update (unaudited)
In July, the mining network hashrate2 increased by 5.92% month over month. The average operating hashrate at Center 1 was slightly down in June following an incident at the facility (see press release here). During the month, we initiated and nearly completed the reconstruction of the section where the incident occurred and began purchasing additional new-generation mining hardware (S12 Pro) for the 11 PHs we are currently operating. We proactively adjusted our mining hashrate to account for the high temperatures, ensuring optimal Bitcoin production while efficiently managing energy consumption. By leveraging both our proprietary in-house software and advanced external tools, we maintained peak operational efficiency, maximizing the output of our mining operations.
Key Metrics | July 2024 | June 2024 | May 2024 |
Total Installed Hashrate Capacity | 0.56 EH/s | 0.56 EH/s | 0.56 EH/s |
Average Operating Hashrate | 0.46 EH/s | 0.44 EH/s | 0.53 EH/s |
Total BTC earned1 | 11 | 11 | 13 |
BTC Produced per EH/s (Ratio) | 24.4 | 25.1 | 24.3 |
Mining Revenue (US$) | $708,636 | $727,492 | $842,985 |
All-in Electricity Cost per BTC5 (US$) | $48,623 | $47,623 | $48,492 |
Avg. Monthly Network Hashrate2 | 615 EH/s | 580 EH/s | 600 EH/s |
BTC Sold | 21 | 18 | 19 |
BTC Hodl | 45 | 55 | 62 |
BTC Hodl Value (US$)3,4 ‘’A’’ | $2,910,215 | $3,418,539 | $4,183,264 |
Cash Position (US$)4 ‘’B’’ | $610,816 | $629,119 | $650,976 |
Total A + B (US$) | $3,521,031 | $4,047,658 | $4,834,240 |
On behalf of the board,
Romain Nouzareth,
SATO CEO and Chairman
About SATO
SATO, founded in 2017, is a publicly listed company providing efficient computing power. The Company currently operates one center tailored to produce compute power for Bitcoin Mining, but may look to expand or add additional data centers for computing power for Bitcoin Mining, High Power Computing (“HPC”), Artificial Intelligence (“AI”), and L2’s. The Company is listed on TSX.V:SATO and OTCQB:CCPU.F. To learn more about SATO, visit www.bysato.com.
For additional information, please contact:
Romain Nouzareth
Phone: +1 (450) 756-3636
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
1Represents the total BTC allocated to the Company from the mining pools in which it participates based on the hashrate contributed by the Company during the month. In accordance with the Company’s loan obligations to Sygnum Bank AG (“Sygnum”), approximately 18.5% of the BTC allocated to the Company goes directly to a wallet with Sygnum to service the loan.
2 Network Hashrate represents the 30 day average, calculated on a daily basis, of the hashrate contributed by all mining activity during the month, available at https://www.blockchain.com/explorer/charts/hash-rate.
3 Represents the number of BTC held multiplied by the closing BTC price on the last day of the month (BTC price as at July 31, 2024: $64,614; June 30th 2024: $62,668; May 31, 2024: $67,472; April 30, 2024: $60,622) Source : Google Finance.
4 Includes both unrestricted and restricted cash positions converted using the daily exchange rate, as of reporting date, available at https://www.bankofcanada.ca/rates/exchange/.
5 All-in Electricity Cost consists of the charge per kWh for electricity consumed (the Electricity Usage Cost) and a charge for the maximum kW reached at any point in time during the billing period, which can vary slightly from period to period depending on external factors such as temperature.