Bit Brother New York Saved $200,000 in Electricity Costs Through the "Hedged Electricity Price" Power Supply Agreement
CHANGSHA, China, Sept. 12, 2023 /PRNewswire/ -- In December 2022, Bit Brother Limited (the "Company," "we" or "Bit Brother") (NASDAQ: BTB), through its subsidiary in New York, Bit Brother New York Inc. ("BTB NY"), entered into a "Hedged Electricity Price" power supply agreement with a retail electricity provider (REP) within the jurisdiction of the Electric Reliability Council of Texas (ERCOT) for a term of 5 years. BTB NY's current 6 MW mine's operating power costs, which accounts for 90% of its total operating costs, will not be affected by any extreme weather conditions and/or lack of energy supply during the five-year term through the hedged electricity price power supply agreement. Meanwhile, with the Company's dedicated operation team complemented by AI technology utilizing various formulas to mitigate operational risks, it is expected that we will be able to consistently maintain a low average electricity price of approximately 5.25 cents/KWH until December 2027.
Since June 2023, the electricity price began fluctuating as usual in Texas, and BTB NY saved an aggregate of approximately $200,000 in electricity costs through the "electricity price peak adjustment" mechanism in the power supply agreement.
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 started our cryptocurrency mining business since December 2022. For more information, please visit: http: www.bitbrother.com.
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. The Company cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look" or similar expressions may identify forward-looking statements. Specifically, forward-looking statements may include statements relating to the Company's:
- ability to have the 6 MW mine plant fully operational as a crypto hosting center;
- ability to secure the "Hedged electricity price" power supply over next 5 years at terms acceptable to the Company;
- expected hash rate for the mining rigs to be hosted at the plant;
- ability to execute its business plan;
- expansion plans and opportunities.
These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
Certain risks and uncertainties include, but not are limited to, the risk factors described by Bit Brother in its filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website (http://www.sec.gov). 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:
- Bit Brother's blockchain technology and cryptocurrency mining business are still under development, with many uncertainties in the execution of its business plan;
- failure to access a large quantity of power at reasonable costs could significantly increase the Company's operating expenses;
- federal and state government's policies and regulatory oversight of crypto currency mining operation;
- other risks and uncertainties indicated in Bit Brother's SEC reports or documents filed or to be filed with the SEC by Bit Brother.
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.
Contact: contactus@bitbrother.com, +86-0731-82290658
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SOURCE Bit Brother Limited
