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 October 2022.
“The operation result of October 2022 slightly
fell from previous month due to the strategic shutdowns of some of
our underperforming miners with relatively lower efficiency. We are
expecting a productivity recovery in the upcoming months once we
see a rebound of Bitcoin price. We believe our capacity expansion
strategy aligns with our long-term development plan. We continue
adjusting our short-term strategy to optimize our operating
efficiency according to the market changes.” 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 October 31, 2022, the total mining hash rate remains at 308 PH/s
with 3,190 miners installed.
- Bitcoin Production and
Revenue
The Company mined 24.30 Bitcoins and achieved a
revenue of US$477,637 in October 2022, representing a decrease of
8% and 9%, respectively, compared to the previous month.
As of October 31, 2022, the Company has ongoing
operations in two mining sites and expects to initiate operation in
December in one mining site under development. The Company is also
exploring other development or acquisition opportunities for mining
sites around the globe, with a primary focus on the U.S.
Site One – Macon, GA, 9.49 Megawatts
(“MW”)
The Company is currently operating the Georgia
site on a hosting basis with a mining capacity of 6.1 MW. On May
25, 2022, the Company announced that it entered into a Letter of
Intent to acquire 30.62% of the Georgia site, representing 9.49 MW
capacity. As the transaction proceeds, the Company will publicly
disclose required information through press releases or SEC
filings, as appropriate.
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 energized in stages from December 2022.
The Company expects to deploy approximately
15,000 miners to the Project upon completion in phases.
- Miner Procurement and
Deployment Schedule
As of October 31, 2022, the total miners
delivered and deployed by the Company were 4,250 and 3,190
respectively.
Based on the current mining site development,
the Company expects to deploy the remaining 1,060 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
To keep updated on Bit Origin’s news releases
and SEC filings, please subscribe to email alerts
at https://bitorigin.io/contact
- Bit Origin Ltd
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