Bit Digital, Inc. Announced Officially to Cooperate with the World's Leading Bitcoin Colocation Partner In U.S.
Bit Digital, Inc. (Nasdaq: BTBT) announced a collaboration with Compute North LLC, a leading bitcoin colocation provider.
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Rhea-AI Summary
Bit Digital, Inc. (Nasdaq: BTBT) announced a collaboration with Compute North LLC, a leading bitcoin colocation provider. This partnership aims to enhance Bit Digital's bitcoin mining operations in North America, following the incorporation of its subsidiary, Bit Digital USA, Inc. in Delaware on September 1, 2020. The service agreement will help lower operational costs by managing mining equipment and securing necessary facilities.
Positive
- Partnership with Compute North to enhance bitcoin mining operations.
- Potential cost savings in operational expenses through colocation services.
Negative
- None.
Details
News Market Reaction – BTBT
The recorded move for BTBT in the trading session of this news was +4.95%.
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NEW YORK, Sept.17, 2020 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), an emerging bitcoin mining company headquartered in New York, U.S. today announced that the Company has contracted to cooperate with the colocation partner in U.S.
On September 1, 2020, the Company's wholly-owned subsidiary Bit Digital USA, Inc. was incorporated in Delaware, United States and on September 15, 2020 Bit Digital USA, Inc. entered into a certain service agreement with Compute North LLC. Compute North is the world's leading bitcoin colocation company headquartered in Nebraska U.S. Pursuant to the service agreement, Compute North will provide bitcoin mining facilities for the Company's colocation, managing mining equipment which will save the Company's operating cost, including utilities and rent.
The pilot test with Compute North LLC represented the Company's strategy to source the best bitcoin and bitcoin mining resources in North America and further help the Company to balance its operations worldwide.
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, involve 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.
View original content:http://www.prnewswire.com/news-releases/bit-digital-inc-announced-officially-to-cooperate-with-the-worlds-leading-bitcoin-colocation-partner-in-us-301133707.html
SOURCE Bit Digital, Inc.
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