YORK, July 12, 2022 /PRNewswire/ -- Bit Digital,
Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital
asset mining company headquartered in New
York, announced its unaudited bitcoin and Ethereum
production and corporate updates for the month of June 2022.
Corporate Highlights for June
- In June 2022, the Company earned
67.6 bitcoins and 0.0 ETHs.
- Treasury holdings of BTC and ETH were 860.7 and 313.6, with a
fair market value of approximately $17.0
million and $0.3 million,
respectively, on June 30, 2022.
- The Company owned 38,135 bitcoin miners and 731 Ethereum miners
as of June 30, 2022, with an
estimated maximum total hash rate of 2.7 EH/s and 0.3 TH/s,
- As previously announced, the Company signed a hash rate swap
agreement with Riot Blockchain, Inc., ("Riot") on June 9, 2022, and concurrently signed a new
hosting agreement with Coinmint LLC ("Coinmint"). Under the hash
rate swap agreement, the Company received an approximate aggregate
of 0.625 EH/s of hash rate from Riot, in exchange for 0.500 EH/s.
The first tranche of the swap was delivered to the Company on
June 17, 2022, and the final tranche
was delivered on June 28, 2022. As of
July 2, 2022, all of the Company's
newly-acquired miners were actively deployed at the Coinmint
During the month of June, the Company continued to work with
hosting partners to deploy miners. 23% of our currently-owned
fleet, or 8,990 bitcoin miners representing 0.76 Exahash ("EH/s"),
was deployed in North America as
of June 30, 2022.
1.06 EH/s was deployed as of July 3,
2022, as a result of the aforementioned agreements with Riot
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company headquartered in
New York City. Our mining
operations are located in North
America. For additional information, please contact
email@example.com or visit our website
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, 2021. 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 June 2022. 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:
firstname.lastname@example.org, +1 (212) 463-5121
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SOURCE Bit Digital, Inc.