NEW YORK, April 5, 2022 /PRNewswire/ -- 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 Bates
Chairman
info@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.
For more information, please contact: Sam Tabar, sam@bit-digital.com, +1 (917)
854-6357
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bit-digital-inc-and-bitmine-immersion-technologies-inc-sign-letter-of-intent-for-hosting-7-000-asic-mining-computers-301517394.html
SOURCE Bit Digital, Inc.