Olenox Industries (NASDAQ: OLOX) has released its first monthly operating update following the completion of its acquisition of CS Digital Ventures on May 28, 2026, reporting that it mined approximately 18.6 bitcoin during the month of May 2026. The company also reported an average operational hashrate of approximately 1.30 EH/s, according to a press release.
The update provides a first look at the combined entity's performance and strategy. Olenox said its mining fleet consists of 9,584 current-generation S21-class ASIC miners, representing approximately 35 MW of installed capacity and 2.19 EH/s of nameplate hashrate. Operations are currently conducted through third-party hosting facilities drawing power from the ERCOT grid in Texas.
May production reflected planned summer curtailment and low-power-mode operations designed to protect equipment during periods of high heat in Texas, the company noted. This is a standard practice among bitcoin miners in the region to avoid equipment damage and reduce electricity costs during peak demand.
The significance of this announcement lies in Olenox's long-term strategy. The company expects to combine its natural gas assets with CS Digital's data center operations to develop off-grid, gas-powered facilities targeting all-in power costs below $0.02 per kWh. If achieved, this would represent a substantial competitive advantage in the bitcoin mining industry, where power costs are the largest operational expense. Lower power costs could allow Olenox to maintain profitability even during market downturns, potentially making it one of the lowest-cost producers in the sector.
The move reflects a broader trend of vertically integrated energy companies entering the bitcoin mining space. By leveraging its existing natural gas infrastructure, Olenox can reduce reliance on the grid and avoid curtailment risks, while also potentially monetizing stranded or flared natural gas. This approach could have positive environmental implications by reducing methane emissions from gas flaring.
For investors, the monthly operational updates provide transparency into the company's progress. The acquisition of CS Digital was completed on May 28, so the May production figures include only a few days of combined operations. Future updates will likely show the full impact of the acquisition. The press release noted that Olenox is focused on acquiring, optimizing, and scaling energy-related infrastructure and operating assets across key U.S. markets.
Full details of the announcement are available in the company's newsroom at https://ibn.fm/OLOX. The original press release can be viewed at https://ibn.fm/XrzkI.
