New York, July 19. Feb. 20, 2022 (GLOBE NEWSWIRE) — Bit Origin Ltd (NASDAQ: BTOG) (“Bit Origin” or the “Company”), an emerging growth company engaged in the cryptocurrency mining industry with diversified expansion strategies, today provided its operating updates and future miner rollout schedule.
“We have achieved significant milestones in the last two months after our new management team took office at the end of April 2022. We have completed installations of our first batch of miners, mined our first bitcoin and started critical developments of our mine sites,” said Mr. Lucas Wang, President and CEO of the company. “With over eight years of experience operating crypto-mining, our management team has witnessed several bitcoin boom and bust cycles, and we remain confident in the potential of the mining industry. blockchain and cryptocurrency. As a result, we are well positioned to seize opportunities in the cryptocurrency market and ready to grow our business rapidly.”
Following approved resolutions announced at the Extraordinary Meeting of Shareholders on April 26, 2022, Bit Origin completed its rebranding and business transition to crypto mining in early May 2022. Additionally, the company has announced a series of strategic bitcoin-related purchases and investments. mining following the company’s transition.
Bit Origin began mining bitcoins at mining sites in Georgia and Indiana in May and June 2022, respectively. As of July 19, 2022, the total mining hash rate reached 176 PH/s.
|mine site||# of miners installed||Hash rate (PH/s)|
Audited financial results of mining activity for May and June 2022 will be disclosed in the Company’s annual report, which is expected to be released in August 2022. The Company also intends to provide unaudited monthly updates on the production and mining operations to keep its shareholders informed. . The Company expects to provide and publish its first production and mining operations update for July 2022 in August 2022.
First website – Builder, gA, 9.49 Megawatts (“MW“)
On May 25, 2022, the Company announced that it had entered into a letter of intent to increase its mining capacity by 9.49 MW. As of the date of this announcement, due diligence and negotiations are still ongoing. The Company expects to complete this transaction in the third quarter of 2022. As the transaction progresses, the Company will publicly disclose the required information through press releases or SEC filings, as applicable. .
The Company currently operates the Georgia site on a lodging basis with a mining capacity of up to 6.1 MW.
Location 2 – Marion, IN, 5.3 Megawatts (“MW“)
On June 8, 2022, the Company announced that it had entered into a hosting service agreement to increase mining capacity by 3 MW. As of July 19, 2022, the deployment of the 1,000 miners is complete.
On July 11, 2022, the Company announced that it had entered into a hosting service agreement for 700 mine sites to increase mining capacity by 2.3 MW. It is planned to roll out the entire bundle by the third week of July 2022.
Site three – Aagreements with a Private Cryptocurrency Mining Investment Fund
On June 15, 2022, the Company announced that it had entered into a set of definitive agreements (the “Agreements”) with a private cryptocurrency mining investment fund (the “Fund”). The Fund will invest in a mine site in the United States with a capacity of up to 75 MW. According to the Company’s press release issued on June 15, 2022, investment in a mine site (the “Project”) has commenced and is expected to be completed in December 2022. In addition, continued progress in the design, planning and the electrical studies have been made to date.
When completed, the Company plans to deploy approximately 10,000 miners to this site.
- Minor Supply ae Deployment schedule
As of July 19, 2022, the total number of miners purchased and deployed by the company is 3,628 and 1,868.
In addition to the miners purchased above, the Company entered into two Letters of Intent on June 1 and 2, 2022, respectively, to purchase a total of 1,600 Antminer S19j Pro miners. Negotiations are still ongoing and the Company expects to close both transactions in the fourth quarter of 2022. As the transaction progresses, the Company will publicly disclose the required information through press releases or filings with the SEC, as applicable.
Based on the current mine site development and miner supply plan, the company expects to deploy 700 miners in the third week of July 2022 and the remaining 1,060 purchased miners in the fourth quarter of 2022. once the 3,628 purchased miners are deployed, the total hash rate is expected to reach 338 Ph/s.
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 engaged in the cryptocurrency mining industry. The Company is also actively deploying blockchain technologies alongside diversified expansion strategies. For more information, visit https://bitorigin.io.
Sure port Statement
This announcement contains forward-looking statements within the meaning of safety port provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections regarding future events and financial trends that the Company believes could affect its financial condition, results of operations, business strategy and his financial needs. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “has intention to”, “plans”, “believes”, “potential”, “continues”, “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from anticipated results.
Bit Origin Ltd
Mr. Lucas Wang, President and CEO
Ms. Tina Xiao, President
Ascent Investor Relations LLC
To keep up to date with Bit Orgin’s press releases and SEC filings, please subscribe to email alerts at https://bitorigin.io/contact