CHANGSHA, China, Jan. 23,
2023 /PRNewswire/ -- Bit Brother Limited (the
"Company," "we", "BTB" or "Bit Brother") (NASDAQ: BTB) is pleased
to announce till the time this Press Release is published, all
1,400 S19J Pro cryptocurrency mining servers have been
operating with the total hash rate of 140,000 TH/S in Texas mining farm, which is owned by BTB's
subsidiary Bit Brother New York Inc ("BTB NY"). And 2.39
Bitcoin has been mined.
The Company seeks to provide as much transparency about its
bitcoin mining operation as possible. The link below
reflects the BTC we have mined in real-time:
https://www.blockchain.com/explorer/addresses/btc/37frzvqQeAzf6hWj4J9zrEzZf4WJoo3sRR
Ralph Jones, CEO of BTB New York,
commented gladly, "The operating of the 1,400 mining servers is an
important step which reflects the substantial achievement of BTB's
North American blockchain business, and represents that BTB's
transformation into the block industry was successful. Management
team of BTB will continue to explore more green power to expand the
mining farms, purchase more mining servers, and devote more
computing power. The Company is committed to develop its
cryptocurrency and blockchain businesses to benefit
the Company, as well as its shareholders."
These mining results do not include any financial results for
the Company and do not address the Company's other, non-mining
operations. United States generally accepted accounting
principles for cryptocurrency mining are complex,
emerging, and uncertain. Cryptocurrencies may not be recognized as
cash or cash equivalents, and mining activities may not qualify for
revenue recognition. Cryptocurrencies have no inherent value, are
not legal tender recognized by any governmental entity, and might
not be able to be converted into fiat currencies. Investors are
advised not to place undue reliance on mining results alone,
without considering other financial and non-financial metrics.
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
cryptocurrency mining in North America, and the distribution and retail
of specialty tea products. 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.
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SOURCE Bit Brother Limited