Welcome to our dedicated page for Bit Brother news (Ticker: BETS), a resource for investors and traders seeking the latest updates and insights on Bit Brother stock.
Bit Brother Limited (NASDAQ: BETS) is a diversified corporation with key operations in business management in China and blockchain and cryptocurrency ventures in the United States. The company is a significant player in the cryptocurrency mining sector, managing and integrating mining facilities across the U.S.
Recently, Bit Brother Limited entered into a securities purchase agreement to sell $5.04 million of its Class A ordinary shares, Class B warrants, and Class C warrants in a registered direct offering. This agreement is anticipated to close around October 30, 2023, generating substantial gross proceeds before deducting expenses.
Bit Brother's operational highlights include the successful development of a 6MW mining farm in Clyde, TX, which has produced over 120 BTC within an 11-month period starting January 2023. The company is also on the brink of launching another mining facility in Abilene, TX, expected to commence operations in early 2024. This site has completed the necessary infrastructure set-up, including sound insulation walls and power transformers.
In December 2023, Bit Brother significantly boosted its mining capacity by purchasing 3300 units of Antminer S19 miners. This acquisition is projected to elevate the company's total hash rate to 400,000 TH/s, thereby enhancing its competitive edge in the market. Additionally, Bit Brother has entered a consulting agreement with Cruxforce, LLC, to scout for a third mining site with ample power supply, further strengthening its expansion strategy.
For the calendar year ending December 31, 2023, Bit Brother's mining farms have demonstrated robust productivity, with Site 1 at Clyde, TX reaching its 6MW capacity and Site 2 in Abilene, TX ready to begin operations soon. The company's vision for 2024 includes expanding their mining operations and increasing production capacity, driven by the rising Bitcoin prices.
Bit Brother Limited is committed to transparency and provides real-time updates on its Bitcoin mining operations, ensuring investors are well-informed about their activities. For more details, visit their official website at www.bitbrother.com.
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