Bit Digital, Inc. and BitMine Immersion Technologies, Inc. Sign Letter of Intent for Hosting 7,000 ASIC Mining Computers
05 Abril 2022 - 09:30AM
Bit Digital, Inc. (NASDAQ: BTBT) and BitMine Immersion
Technologies, Inc. (OTC: BMNR) announce the signing of a Letter of
Intent to establish a hosting relationship beginning with 7,000
current generation ASIC miners. The final agreement is expected to
be completed in the coming weeks. The companies expect to primarily
utilize the efficiencies of mining Bitcoin in immersion cooled
containers, a process by which the servers run fully submerged in a
dielectric fluid that efficiently cools the machines and allows for
superior machine output and energy efficiency. The companies have
agreed in principle to a mutually beneficial revenue split of the
mined Bitcoin, and a multi-year term.Bryan Bullett, CEO of Bit
Digital was quoted as saying "We are happy to begin our
relationship with BitMine Immersion Technologies, and have known
the team for some time. As a company, we have been intrigued by
mining using immersion technology, and we are happy we found an
ideal hosting scenario allowing us to utilize the benefits offered
by immersion cooling of our machines."Jonathan Bates, BitMine
Chairman, was quoted as saying- "We couldn't be happier. Having a
marquee client like Bit Digital is exactly why we started the
company. We want to serve high quality clients and offer them the
best environment for their miners, as well as a superior service
experience. We hope to grow this relationship moving forward. Bryan
and his team are top notch professionals, and we are excited to get
started."Bit Digital and BitMine Immersion hope to begin delivery
in the coming weeks and months and fill the capacity by the end of
August.
BitMine Immersion Technologies, Inc. Forward-Looking
Statements:
This press release contains statements that
constitute “forward-looking statements.” Forward-looking statements
are subject to numerous conditions, many of which are beyond
BitMine Immersion Technologies' control, including those set forth
in the Risk Factors section of BitMine Immersion Technologies’ Form
10-K filed with the Securities and Exchange Commission (the “SEC”)
on December 9, 2021 and any other SEC filings, as amended or
updated from time to time. Copies of BitMine Immersion
Technologies’ filings with the SEC are available on the SEC’s
website at www.sec.gov. BitMine Immersion Technologies
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required
by law.
BitMine Immersion Technologies Contact:Jonathan
BatesChairmaninfo@bitminetech.io
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company headquartered in
New York City. For additional information, please contact
ir@bit-digital.com or visit our website at
www.bit-digital.com.
Investor Notice
Investing in Bit Digital’s 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,
2020. 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. Additionally, all discussions of financial metrics assume
mining difficulty rates as of December 2021 except as otherwise
noted. 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.
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