Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an
emerging growth company engaged in the crypto mining business with
diversified expansion strategies, today provided its monthly
production and operation update for August 2022.
“We are very glad to announce that the number of
Bitcoins mined and our revenue in August 2022 grew 165% and 167%
respectively compared to the previous month. This achievement has
demonstrated the continuous improvement of our operational
efficiency. We expect to see a significant increase in our capacity
once the purchase of 622 Antminer S19j Pro Bitcoin miners are
deployed.” said Mr. Lucas Wang, Chairman and Chief Executive
Officer of the Company.
Bit Origin started bitcoin mining in mining
sites in Georgia and Indiana in May and June 2022, respectively. As
of August 31, 2022, the total mining hash rate reached 308 PH/s
with 3,190 miners installed.
Compared with July 2022, the number of miners
installed and the hash rate have increased by 24% and 25%,
respectively, primarily attributable to another instalment of 622
miners in Georgia site.
- Bitcoin Production and
Revenue
The Company mined 21.95 Bitcoins in August, 2022
and achieved a revenue of US$490,749, representing an increase of
165% and 167%, respectively, compared to the previous month.
As of August 31, 2022, the Company has two
hosting mining sites in operation and one mining site under
development. The Company is also exploring other development
opportunities for mining sites around the globe, with a primary
focus on the U.S.
Site One –
Macon,
GA,
9.49 Megawatts
("MW")
On May 25, 2022, the Company announced that it
entered into a Letter of Intent to increase its mining capacity by
9.49 MW. As of August 31, 2022, due diligence and negotiations are
still in the process. The Company expects to complete this
transaction in the fourth quarter of 2022. As the transaction
proceeds, the Company will publicly disclose required information
through press releases or SEC filings, as appropriate.
The Company is currently operating the Georgia
site on a hosting basis with a mining capacity of up to 6.1 MW.
Site Two –
Marion, IN,
5.3 Megawatts
("MW")
On June 8 and July 11, 2022, the Company
announced that it entered two hosting service agreements to
increase mining capacity by 3 MW and 2.3 MW, respectively. The
deployment of 1,700 miners at this site has been completed.
Site Three –
Agreements with a Private
Cryptocurrency Mining Investment Fund
On June 15, 2022, the Company announced that it
entered into a set of definitive agreements (the "Agreements") with
a private cryptocurrency mining investment fund (the "Fund"). The
Fund is investing in a mining site (the “Project”) in the U.S. with
a capacity of up to 75 MW. According to the Company’s press release
disclosed on June 15, 2022, the Project has commenced and is
expected to be completed in December 2022. In addition, steady
progress in the Fund's design, planning, and electrical studies has
been made to date.
The Company expects to deploy approximately
10,000 miners to the Project upon completion.
- Miner
Procurement and
Deployment Schedule
As of August 31, 2022, the total miners
purchased and deployed by the Company were 4,250 and 3,190
respectively.
The Company entered into two Letters of Intent
on June 1 and June 2, 2022, respectively, to purchase a total of
1,600 Antminer S19j Pro miners. On August 15, 2022, the Company
entered into a definite asset purchase agreement to purchase 622
Antminer S19j Pro Bitcoin miners as partial fulfilment of the above
letters of intent. The 622 miners have been delivered to the
Company’s mining facility site in Georgia in the U.S on August 31,
2022. The rest of negotiation is still ongoing, and the Company
expects to complete both transactions in the fourth quarter of
2022. As the transaction proceeds, the Company will publicly
disclose required information through press releases or SEC
filings, as appropriate.
Based on the current mining site development and
miner procurement plan, the Company expects to deploy the remaining
1,060 purchased miners in the fourth quarter of 2022. Once all
4,250 purchased miners are deployed, the total hash rate is
expected to reach 403 Ph/s.
Additionally, the Company is monitoring the
market conditions and negotiating with miner manufacturers and
traders for additional miner procurement opportunities to expand
its capacity.
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 technologies
alongside diversified expansion strategies. For more information,
please visit https://bitorigin.io.
Safe Harbor
Statement
This announcement contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. 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 and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances
or changes in its expectations, except as may be 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 turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
Company Contact
Bit Origin Ltd Mr. Lucas Wang, Chairman and Chief Executive
OfficerEmail: ir@bitorigin.io Investor Relations
Contact
Ms. Tina Xiao, PresidentAscent Investor Relations LLCPhone:
+1-917-609-0333Email: tina.xiao@ascent-ir.com
To keep updated on Bit Origin’s news releases and SEC filings,
please subscribe to email alerts
at https://bitorigin.io/contact
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