NEW YORK, Oct. 12, 2021 /PRNewswire/ -- Bit Digital, Inc.
(Nasdaq: BTBT) (the "Company" or "Bit Digital"), a bitcoin mining
company headquartered in New York,
today announced that it has signed agreements with Bitmain
Technologies Limited ("Bitmain") to purchase 10,000 Bitcoin mining
hardware. The announced purchases are expected to increase Bit
Digital's miner fleet hash rate by over 1.0 Exahash ("EH/s").
Bryan Bullett, Bit Digital's CEO,
stated: "By contracting for these Bitmain units, we have opened a
new channel in our procurement strategy, diversifying our access to
miners. While we believe we continue to enjoy differentiated access
to the miner spot market, and expect to continue our ongoing spot
purchases, our deal with Bitmain is an efficient means to procure a
large quantum of new miners on attractive terms. This is key, as we
believe that scale is paramount in importance in the bitcoin mining
business. We look forward to a productive ongoing customer
relationship with Bitmain."
"Bit Digital's purchase of our Antminer products will help
solidify the company as one of the key mining businesses in
North America," said Irene Gao, Antminer Sales Director of NCSA
Region, Bitmain. "The Company's purchase of our miners will assist
in promoting their long-term goals and strategy as they continue to
enhance their mining operations. We look forward to building a
long-standing cooperation with Bit Digital."
About Bit Digital
Bit Digital, Inc. is a sustainability-focused bitcoin mining
company. Headquartered in New
York, Bit Digital's mining operations are located in
the United States and Canada.
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, 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. There can be no
assurance that miner shipments will be delivered on the expected
delivery date, due to possible logistic delays or other factors
beyond our control. Future changes in the network-wide mining
difficulty rate or bitcoin hashrate, as well as other factors
beyond our control, may also materially affect the future
performance of Bit Digital's production of bitcoin. Additionally,
all discussions of financial metrics assume mining difficulty rates
as of July 2021, where applicable.
See "Safe Harbor Statement" below.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of Bit Digital 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. Forward-looking statements in this press release
include, but are not limited to, information about expectations
concerning the Company's continued geographic migration of its
mining assets, acquisition of mining assets and divestiture or
disposal of obsolete mining assets, hashrate expansion, procurement
and delivery of power and hosting capacity, potential for Bit
Digital's growth, potential for future usage of renewable or
carbon-free power sources, and the business goals and objectives of
Bit Digital including, but not limited to, the Company's operating
strategies concerning the deployment of digital assets to
participate in one or more decentralized finance ("DeFi")
protocols. Although Bit Digital 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 Bit Digital'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 Bit Digital or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, Bit Digital does
not assume a duty to update these forward-looking statements.
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SOURCE Bit Digital, Inc.