NEW YORK, Oct. 26, 2022 (GLOBE NEWSWIRE) — Bit Origin Ltd (NASDAQ: BTOG) (“Bit Origin” or the “Company”) today announced that it is an emerging growth company engaged in the cryptocurrency mining business with diversified expansion strategies. It’s a company. provided monthly production and operational updates for September 2022.
“Our September 2022 operational results further demonstrate that we continue to improve our operational efficiency. We are confident in our ability to navigate through,” said Lucas Wang, Chairman and Chief Executive Officer of the Company.
Bit Origin began mining Bitcoin in May and June 2022 at mining sites in Georgia and Indiana, respectively. As of September 30, 2022, the total mining hash rate remains at 308 PH/s with 3,190 miners installed.
- Bitcoin production and earnings
The company has mined 26.46 Bitcoins and achieved a revenue of USD 525,002 in September 2022. This represents an increase of 21% and he 7% respectively compared to the previous month.
As of September 30, 2022, we operate 2 hosted mining sites and 1 mining site is in development. The company is also exploring other development opportunities for mining sites around the world, primarily focused on the United States.
site one – Macon G.a, 9.49 M.megawatt (“MW“)
On May 25, 2022, the company announced that it had signed a letter of intent to increase its mining capacity by 9.49 MW. As of September 30, 2022, due diligence and negotiations are still ongoing. The Company expects to close the transaction in the fourth quarter of 2022. As the transaction progresses, the Company will, as appropriate, release required information through press releases or SEC filings.
The company currently operates a Georgia site on a hosting base with mining capacity of up to 6.1 MW.
Site 2 – Marion of, Five.3 megawatts (“MW“)
On June 8th and July 11th, 2022, the company announced that it has signed two hosting service agreements, increasing its mining capacity by 3 MW and 2.3 MW respectively. The placement of his 1,700 miners at this site is complete.
Site 3 – acontract with Private cryptocurrency mining investment fund
On June 15, 2022, the Company announced that it has entered into a series of definitive agreements (the “Agreements”) with a private cryptocurrency mining investment fund (the “Fund”). The Fund invests in US mining sites (“Projects”) with capacities up to 75 MW. According to our press release dated 15 June 2022, the project has started and is expected to be completed in December 2022. Also, the design, planning and electrical considerations of the fund are progressing steadily so far.
The company plans to deploy approximately 10,000 miners to the project upon completion.
- minor Procurement aSecond introduction schedule
As of September 30, 2022, the total number of miners purchased and deployed by the company was 4,250 and 3,190 respectively.
The Company signed two Letters of Intent to purchase a total of 1,600 Antminer S19j Pro miners on June 1 and June 2, 2022, respectively. On August 15, 2022, the Company entered into an express asset purchase agreement to purchase 622 Antminer S19j Pro Bitcoin miners as a partial performance of the above Letter of Intent. The 622 miners were delivered to the company’s mining facility site in Georgia, USA on August 31, 2022. Negotiations with the remaining miners are still ongoing and we expect to close both deals in the fourth quarter of 2022. As the transaction progresses, the Company will make available any required information through press releases or SEC filings, as appropriate.
Based on our current mining site development and miner procurement plans, we plan to deploy the remaining 1,060 purchased miners in the fourth quarter of 2022. When all 4,250 of his purchased miners are deployed, the total hashrate is expected to reach 403 Ph/s.
In addition, we are monitoring market conditions and negotiating with minor manufacturers and traders for additional minor sourcing opportunities to expand our capabilities.
about bit origin Ltd
Bit Origin Ltd (formerly known as China Xiangtai Food Co., Ltd.) is an emerging growth company operating in the United States and engaged in the cryptocurrency mining business. The company is also actively deploying blockchain technology along with various expansion strategies. For more information, see: https://bitorigin.io.
safety port statement
This announcement contains forward-looking statements regarding safety. port Provisions of the Private Securities Litigation Reform Act of 1995.all All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that may affect our financial condition, results of operations, business strategy and financial needs. based on our current expectations and projections regarding future events and financial trends. Investors may, “may”, “will”, “expect”, “predict”, “intend”, “estimate”, “intend”, “plan”, “believe”, “likely”, “continue”, “likely” or other similar expressions. We undertake no obligation to update forward-looking statements to reflect subsequent events or circumstances or changes in expectations, except as required by law. Although we believe the expectations expressed in these forward-looking statements are reasonable, we cannot guarantee that such expectations will be accurate.
Bit Origin Co., Ltd.
Lucas Wang, Chairman and Chief Executive Officer
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