Bit Digital, Inc. Announces Expansion of Mining Capacity

Bit Digital, Inc. (NASDAQ: BTBT) announced on April 26, 2023, a significant expansion in its mining operations with a new agreement for 10 megawatts of hosting capacity at Coinmint's facility in Plattsburgh, New York.

Rhea-AI Summary

Bit Digital, Inc. (NASDAQ: BTBT) announced on April 26, 2023, a significant expansion in its mining operations with a new agreement for 10 megawatts of hosting capacity at Coinmint's facility in Plattsburgh, New York. This agreement raises the total contracted capacity with Coinmint to approximately 30 MW. The company plans to deliver about 3,100 miners, including 2,000 new generation miners, to utilize this capacity. The first delivery is expected by the end of April 2023, followed by a second tranche by July 2023. CEO Sam Tabar emphasized the importance of diversifying their hosting strategy and aiming to double their hash rate by the end of the year, while also advancing towards carbon-free mining operations.

Positive

• Expansion of mining capacity with a new agreement for 10 MW at Coinmint.
• Total hosting capacity now approximately 30 MW, enhancing operational capabilities.
• Plans to deliver 3,100 miners to the facility, including 2,000 new generation miners.
• Goal to double active hash rate in 2023.

Negative

• None.

Argus Session date unavailable

+7.91% session move Open Argus

Details

News Market Reaction – BTBT

The recorded move for BTBT in the trading session of this news was +7.91%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

NEW YORK, April 26, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, is pleased to announce that it has finalized an agreement for 10 megawatts of incremental hosting capacity to power its miners. The hosting facility, located in Plattsburgh, 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 30 MW. The agreement features an initial two-year term with automatic three-month renewals. Bit Digital intends to deliver approximately 3,100 miners to the facility, which contemplates the purchase of approximately 2,000 new generation miners to fill the capacity. The Company expects the first tranche of miners to be delivered to the facility and hashing by the end of April 2023, and the second tranche to be delivered and hashing by the end of July 2023.

Sam Tabar, Bit Digital's CEO, commented: "We are pleased to expand our relationship with a top-tier hosting partner in Coinmint. Our hosting strategy continues to prioritize both geographic and counterparty diversification, while also placing a strong emphasis on cultivating relationships with the most reliable and efficient hosting partners. This agreement marks an important step towards our goal of approximately doubling our active hash rate through the course of 2023. The Coinmint hosting facility also utilizes energy in a zone that is predominantly hydro powered and should advance our goal for our mining operations to become entirely carbon-free."

About Bit Digital

Bit Digital, Inc. is a sustainability focused generator of digital assets headquartered in New York City. Our mining operations are located in North America. 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 most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. 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.

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/bit-digital-inc-announces-expansion-of-mining-capacity-301808538.html

SOURCE Bit Digital, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the significance of Bit Digital's new agreement for hosting capacity?

Bit Digital's new agreement expands their mining capacity by 10 megawatts, bringing total capacity to approximately 30 MW, critical for supporting their operations.

When does Bit Digital plan to deliver its new miners to the hosting facility?

Bit Digital expects to deliver the first tranche of miners by the end of April 2023 and a second tranche by the end of July 2023.

How does Bit Digital plan to improve its mining operations in 2023?

The company aims to double its active hash rate and transition its operations to become entirely carbon-free, leveraging hydro-powered energy sources.

Who is the hosting partner for Bit Digital's expansion?

Bit Digital's hosting partner for this expansion is Coinmint LLC, which operates the hosting facility in Plattsburgh, New York.