Bit Origin Limited Stock Price, News & Analysis

Bit Origin Ltd (NASDAQ: BTOG) announced its monthly operational update for September 2022. The company achieved a bitcoin production of 26.46 BTC, generating revenue of $525,002, marking increases of 21% and 7% month-over-month, respectively. As of September 30, 2022, Bit Origin operates with a total mining hash rate of 308 PH/s across two sites in Georgia and Indiana, with ongoing development for additional sites. The company maintains a focus on expanding its mining capacity, projecting to reach 403 PH/s upon full deployment of its miners.

Bit Origin Ltd (NASDAQ: BTOG) announced significant growth in its monthly production and operations for August 2022. The company reported a 165% increase in Bitcoins mined and a 167% increase in revenue compared to July, totaling 21.95 Bitcoins and US$490,749 in revenue. As of August 31, 2022, the company's mining capacity reached a hash rate of 308 PH/s with 3,190 miners installed. The deployment of an additional 622 Antminer S19j Pro miners is expected to further enhance capacity. The company aims to deploy a total of 4,250 miners, potentially reaching 403 PH/s in hash rate.

Bit Origin Ltd (NASDAQ: BTOG) announced an asset purchase agreement to acquire 622 Antminer S19j pro Bitcoin Miners for $3,110,000, equivalent to 8,685,574 ordinary shares at $0.36 each. This acquisition will increase the company's total miner count to 4,250, producing approximately 403 PH/s and expected to generate about 54 BTC per month. CEO Lucas Wang stated that this strategic move positions the company to enhance its operational capability and profitability amidst a volatile market.

Bit Origin Ltd (NASDAQ: BTOG) has shared significant updates regarding its crypto mining operations. Following a strategic transition to focus on crypto mining, the company successfully installed its first batch of miners and mined its first Bitcoin. As of July 19, 2022, Bit Origin's total mining hash rate has reached 176 PH/s with 1,868 miners deployed across sites in Georgia and Indiana. The company anticipates expanding its mining capabilities further, with plans to deploy additional miners and increase its total hash rate to 338 PH/s in the upcoming months.

Bit Origin Ltd (NASDAQ: BTOG) announced a strategic hosting service agreement with Your Choice 4 CA, Inc. to lease 700 mining spots, increasing its mining power by 64 PH/s in Marion, Indiana. This agreement, effective July 6, 2022, is expected to produce approximately 8.33 BTC monthly once all miners are deployed by late July 2022. This follows a previous agreement for 1,000 spots, aiming for a total capacity of 156 PH/s and 20.22 BTC monthly. The partnership highlights Bit Origin's commitment to expanding its footprint in the cryptocurrency ecosystem.

Bit Origin Ltd (NASDAQ: BTOG) has announced the full exercise of an over-allotment option from its recent public offering, adding 1,470,588 ordinary shares at $0.51 each, generating approximately $0.75 million in gross proceeds. This brings the total shares sold to 11,274,510 and total gross proceeds to about $5.75 million. The funds will be utilized for working capital and general business purposes. The offering was facilitated under a previously filed shelf registration with the SEC.

Bit Origin Ltd (NASDAQ: BTOG) reported that it has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement of $1.00 per share. This deficiency was noted after the company's ordinary shares closed below the minimum bid price for 30 consecutive days. The company has until December 12, 2022, to regain compliance by securing a closing bid of at least $1.00 for 10 consecutive business days. Despite this notification, Bit Origin's operations remain unaffected, and the company is considering options, including a potential reverse share split.

Bit Origin Limited (NASDAQ: BTOG) announced a strategic investment of US$3,000,000 through definitive agreements with a private cryptocurrency mining fund. This investment will procure an 8.8235% stake in a new mining site in Cheyenne, Wyoming, capable of hosting up to 20,000 miners. The project is expected to generate annual revenues of US$55,000,000 and gross profits of US$16,200,000. Construction is set to begin in July 2022, with the first phase operational by September 2022, ultimately reaching a capacity of 75 MW and producing approximately 8.2 Bitcoins daily by December 2022.

Bit Origin Limited (NASDAQ: BTOG) announced the completion of due diligence and a strategic hosting service agreement with Your Choice 4 CA, Inc. to lease 1,000 mining spots in Marion, Indiana. This agreement is expected to generate about 12.66 BTC per month when fully operational in mid-June 2022. The hosting capacity includes approximately 100 PH/s of mining power. The agreement, effective June 8, 2022, is valid for one year with an option for renewal.