BTC Digital Ltd. Announces Signing of Bitcoin Miner Equipment Hosting Agreement

Rhea-AI Summary

BTC Digital (NASDAQ: BTCT) has signed Bitcoin miner equipment hosting agreements with Recte Technologies Company and ASIA INVESTMENT FUND SP2 to manage 1,100 Bitcoin mining machines in the United States. The agreement, signed on November 13, 2024, includes hosting and management of ANTMINER T21 and ANTMINER L7 models. Both clients have indicated plans for future large-scale purchases of mining machines and continued partnership with BTC Digital for hosting services.

Positive

• Secured hosting agreement for 1,100 Bitcoin mining machines
• Potential for business expansion through clients' planned future large-scale purchases
• Strategic expansion into US-based operations

Negative

• None.

Insights

Market Research Analyst

The hosting agreement for 1,100 Bitcoin miners represents a relatively small-scale operation in the cryptocurrency mining industry. While this marks BTC Digital's entry into the US hosting market, the immediate revenue impact appears The ANTMINER T21 and L7 models mentioned are standard industry equipment, though their exact specifications and mining capabilities aren't detailed.

The potential for future expansion through additional machine purchases from these clients is noteworthy but speculative. The cryptocurrency mining sector's profitability remains highly dependent on Bitcoin prices and energy costs. Without disclosed financial terms or hosting fees, it's challenging to quantify the agreement's direct impact on BTC Digital's revenue stream.

SHENZHEN, China, Nov. 13, 2024 /PRNewswire/ -- Blockchain technology company BTC Digital Ltd. ( "BTC Digital" or "the Company") (NASDAQ: BTCT) today announced that the company has signed a Bitcoin miner equipment hosting agreement with Recte Technologies Company Limited, a digital asset management advisory company in Asia, and ASIA INVESTMENT FUND SP2, a cryptocurrency mining fund in Asia, with plans to provide hosting services for their 1,100 Bitcoin mining machines (the "Hosting Agreements").  

BTC Digital entered into the Hosting Agreements with the two significant clients on November 13, 2024 to manage 1,100 Bitcoin mining machines, including ANTMINER T21 and ANTMINER L7 models. BTC Digital will oversee the deployment of these devices in the United States, providing hosting, management, and other services.  

The Hosting Agreements mark further growth and influence for BTC Digital in the cryptocurrency mining industry. The Company believes that its expertise in equipment hosting, management, and operations, combined with its deep understanding of the cryptocurrency market, led the two clients to choose BTC Digital's services. Both clients also indicated plans for large-scale purchases of Bitcoin mining machines in the future, intending to entrust BTC Digital with further hosting and management, which may lead to a long-term stable partnership.

"We are thrilled to sign hosting agreements with these two important clients and provide hosting, management, and technical services for their 1,100 Bitcoin miners in the United States. Our goal is to offer efficient and reliable hosting, management, and technical services, and we hope the hosting agreements will provide an opportunity to accelerate our development in the cryptocurrency mining sector," said the Company's Chief Executive Officer, Alan Peng.

About BTC Digital Ltd.

BTC Digital Ltd. is a blockchain technology company, with a long-term strategy to create value across the metaverse, blockchain and cryptocurrency mining industry. The Company is committed to developing blockchain related businesses in North America, including cryptocurrency mining, mining farm construction, mining pool and data center operation, and miner accessories business.

For more information, please visit: https://btct.investorroom.com/ 

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by terminology such as "may", "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements.  Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements.  Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

View original content:https://www.prnewswire.com/news-releases/btc-digital-ltd-announces-signing-of-bitcoin-miner-equipment-hosting-agreement-302304193.html

SOURCE BTC Digital Ltd.

FAQ

How many Bitcoin mining machines will BTC Digital (BTCT) host under the new agreement?

BTC Digital will host and manage 1,100 Bitcoin mining machines, including ANTMINER T21 and ANTMINER L7 models.

Where will BTC Digital (BTCT) deploy the hosted mining machines?

BTC Digital will deploy and manage the mining machines in the United States.

When did BTC Digital (BTCT) sign the hosting agreements?

BTC Digital signed the hosting agreements on November 13, 2024.

Which companies partnered with BTC Digital (BTCT) for the hosting agreement?

BTC Digital partnered with Recte Technologies Company and ASIA INVESTMENT FUND SP2 for the hosting agreement.