CHANGSHA, China, Jan. 17,
2023 /PRNewswire/ -- On December 22, 2022, Bit Brother Limited (the
"Company," "we", "BTB" or "Bit Brother") (NASDAQ: BTB), through its
subsidiary Bit Brother New York Inc ("BTB NY"), purchased 1,400
S19J Pro cryptocurrency mining servers from Grand
Flourish Inc. for an aggregate purchase price of US$2,329,600. Each server has a hash rate of
approximate 100 TH/S. All servers are new with a warranty of 6
months. As of today all 1,400 servers have been delivered. BTB
started operating these servers. By using the data from
Ultimuspool, a mining pool solution, and the settlement method of
Full Pay Per Share (FPPS), we estimate that our servers can
generate a total value of 0.4717 BTC per day, and thus
approximately 14.15 BTC per month, assuming all these machine
operate as expected.
Mr. Ralph Jones, the CEO of Bit
Brother New York Inc., commented, "the delivery and operation of
the 1,400 servers is a milestone for Bit Brother's business
transformation. BTB intends to provide various
cryptocurrency and blockchain services in the future
to better serve the market and its shareholders."
About Bit Brother Limited
Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the
British Virgin Islands as a
company with limited liability on November
28, 2011. Our business currently consists of the
distribution and retail of specialty tea products. We have
conducted research and planning of our blockchain technology and
cryptocurrency mining business since 2021. For more
information, please visit: www.bitbrother.com
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors. These risks and uncertainties include, but not are limited
to, the risk factors described by BTB in its filings with the
Securities and Exchange Commission ("SEC"). These risk factors and
those identified elsewhere in this press release, among others,
could cause actual results to differ materially from historical
performance and include, but are not limited to:
- Local government's policies and regulatory oversight of
cryptocurrency mining operations and our other
operations;
- BTB's cryptocurrency mining business is still
under development, with many uncertainties in the future direction
and integration of BTB's other business segments;
- Failure to manage the newly launched
cryptocurrency mining business effectively;
- Failure to access a large quantity of power at reasonable costs
could significantly increase BTB operating expenses and adversely
affect demand for BTB's mining activities;
- Any significant or prolonged failure in the
cryptocurrency mining facilities that BTB operates or
services it provides, including events beyond its control, would
lead to significant costs and disruptions and would reduce the
attractiveness of its facilities, harm its business reputation and
have a material adverse effect on its results of operation;
- Security breaches or alleged security breaches of our
cryptocurrency mining servers could disrupt BTB
operations and have a material adverse effect on its business,
financial condition and results of operation; and
- Fluctuation of the crypto price;
- Other risks and uncertainties indicated in BTB's SEC reports or
documents filed or to be filed with the SEC by BTB.
Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and you
should not place undue reliance on these forward-looking statements
in deciding whether to invest in our securities. We do not
undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
Related Links
www.bitbrother.com
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SOURCE Bit Brother Limited