The latest quarterly report from Prairie Operating Co., with the ticker CRKR, revealed that the company is set to receive 600 Bitmain S19XP miners, with a total hashing capacity of 84 Petahashes per second (Ph/s). The mining equipment is being delivered through a non-fixed price sales and purchase agreement, with the total reference price set at approximately $11,250 per miner. The final adjusted price under the contract as of March 31, 2023, was $4,016,600, and the company has made payments to Bitmain pursuant to the agreement.
As of the end of March 2023, Prairie Operating Co. had 510 Bitmain S19J Pro miners in operation, with a hashing capacity of 51.0 Ph/s, and 270 Bitmain S19 miners with a hashing capacity of 24.3 Ph/s. This means that the addition of the 600 S19XP miners will significantly enhance the company’s mining capabilities.
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In line with Prairie Operating Co.’s investment in mining equipment
the company has deposits on equipment of $4,016,600 as of March 31, 2023. These deposits include the aforementioned payment for the Bitmain miners as well as deposits for mobile data centers.
However, the delivery of the 600 miners from Bitmain is subject to the payment of all outstanding fees related to the shipment of the equipment. As of March 31, 2023, none of the 600 miners had been delivered to Prairie Operating Co.
The company’s quarterly report also touched upon the revenues generated through their current cryptocurrency mining activities.
As of March 31, 2022, the company held 14.7 Bitcoin, valued at $532,736. The company later sold 18.9 Bitcoin for $564,205, realizing a loss of $131,075.
By the end of the third quarter of 2022, the company’s Bitcoin holdings had decreased to 0.6, and subsequently sold the remainder for $11,203, with a realized gain of $3,853. No additional Bitcoin holdings or mining revenues were reported as of March 31, 2023.
Other relevant elements of the quarterly report include the property and equipment held by Prairie Operating Co.
By the end of March 2023, the company had $1,567,431 in net property and equipment, which included their cryptocurrency miners and mobile data centers.
In addition, the report provided details of the company’s related party transactions. Prairie Operating Co. operates under agreements with multiple related parties such as Bristol Capital, LLC, and Bristol Investment Fund, Ltd., headed by Paul L. Kessler, who serves as the company’s Executive Chairman.
Overall, the quarterly report paints a picture of a company deeply invested in the ongoing expansion of its cryptocurrency mining operations. With the addition of the 600 Bitmain S19XP miners, Prairie Operating Co. stands to significantly enhance its overall hashing capacity and revenue generation capabilities.
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