Olenox Industries Stock Jumps on Production Data and Acquisition Plans

Olenox Industries Inc., trading on the NASDAQ as OLOX, saw its stock rise by 11% in premarket trading. This move followed several updates from last week.

The company reported that it produced about 15.13 Bitcoin (BTC) in July, with an average realized operational hashrate of around 1.02 EH/s. The fleet's economic capacity was utilized at a rate of approximately 64% during this time.

Olenox attributes the lower production to planned summer curtailment, low-power-mode operations, and normal equipment availability. Its fleet consists of 9,584 S21-class ASIC miners with about 35 MW of installed capacity and 2.19 EH/s of nameplate capacity.

The company's production results came from third-party hosting facilities powered by the ERCOT grid, which does not reflect Olenox’s plan to convert natural gas into computing power at the point of generation. The goal is to achieve power costs below 2 cents per kWh.