Bit Digital, Inc. Announces Expansion of Mining Fleet
NEW YORK, Jan. 31, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City, is pleased to announce that it has finalized an agreement for 6 megawatts of incremental hosting capacity to power its miners. The hosting facility, located in Massena, New York, is operated by a subsidiary of Coinmint LLC ("Coinmint").
This new agreement brings the Company's total contracted hosting capacity with Coinmint to approximately 46 MW. The agreement features an initial one-year term with automatic three-month renewals. Bit Digital will fill the capacity with approximately 2,340 S19k Pro mining units that were recently purchased for approximately $3.4 million, or approximately $13/TH. These mining units represent approximately 260PH/s with an average efficiency of 23 J/TH. The Company expects the miners to be delivered to the facility and hashing by the end of February 2024.
Sam Tabar, Bit Digital's CEO, commented: "We are pleased to further expand our relationship with a top-tier hosting partner in Coinmint. This agreement represents an important step towards achieving our goal of doubling our active mining fleet to approximately 6.0EH/s during 2024. We plan to achieve this growth target at a measured pace that enables opportunistic procurement decisions with the goal of enhancing both our scale and fleet efficiency."
About Bit Digital
Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 3.D of our Annual Report on Form 20-F for the fiscal year ended December 31, 2022. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital's production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See "Safe Harbor Statement" below.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. 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. Investors 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, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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