Olenox Industries Reports May Bitcoin Production of Approximately 18.6 BTC
Olenox Industries reported Bitcoin production for the month of May 2026 from the operations of CS Digital Ventures, which the Company acquired on May 28, 2026. This is the Company's first monthly operating update as a combined, energy-led digital infrastructure platform. May 2026 Production Highlights: Bitcoin mined: approximately 18.6 BTC credited to the Company's mining pool accounts during May 1-31, 2026. Average operational hashrate: approximately 1.30 EH/s realized across the Company's mining pool accounts during the period. Fleet utilization: realized hashrate represented approximately 81% of the fleet's economic capacity during the period, reflecting planned summer curtailment, low-power-mode operation and normal equipment availability. Installed fleet: 9,584 current-generation S21-class ASIC miners representing approximately 35 MW of installed capacity at a blended hardware efficiency of approximately 16 J/TH. The May production reported herein was generated at third-party hosting facilities drawing power from the ERCOT grid. The Company's strategy of converting Olenox's natural gas into compute at the point of generation, including the targeted sub-$0.02 per kWh power cost, describes the combined platform's forward plan and is not reflected in the current period's results. The company said, "The majority of the Company's mining fleet operates at third-party hosting facilities under profit-share arrangements, whereby the hosting provider is compensated through a share of mining-related value rather than solely through a fixed hosting fee. These arrangements are settled through two different mechanisms. Under most of them, the hosting provider's share is settled directly at the mining-pool level, so that only the Company's share is credited to its pool accounts. Under another arrangement, covering a portion of the fleet, the full output of the relevant machines is credited to the Company's pool accounts and the hosting provider is instead compensated separately through a monthly invoice covering power, a management fee and a profit-share component. The production and hashrate figures reported above reflect Bitcoin and hashrate credited to the Company's pool accounts. For the portion of the fleet settled by monthly invoice, these figures are stated before deduction of the related hosting costs, which are recognized separately as an operating expense for the period and were not yet finalized as of the date of this release. Power costs are borne by the Company broadly in proportion to the economic output it retains. The Company intends to refine its production reporting methodology as invoicing for the period is finalized and expects to provide additional detail in future updates. May production reflects deliberate, weather-driven curtailment at the Company's Texas hosting site. During periods of high ambient heat, the Company curtails or reduces operations to protect the fleet - a standard practice for Texas-based mining operations during the summer season, and one that also aligns power use with grid and pricing conditions. As a result, realized hashrate during the period was below the fleet's nameplate capacity. For the summer, the Company has elected to operate the fleet in a low-power mode to preserve hardware during the hottest months, reverting to normal operation once the high-heat season ends. Internal testing indicates that LPM maintains miner efficiency - reducing power consumption broadly in proportion to the reduction in hashrate - while meaningfully lowering the risk of heat-related hardware failures. The Company expects this approach to result in temporarily lower hashrate and Bitcoin production during the summer months, in exchange for improved fleet longevity, reduced downtime, and disciplined power consumption."
