NEW
YORK, April 26, 2023 /PRNewswire/ -- Bit
Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a
digital asset mining company headquartered in New York, is pleased to announce that it has
finalized an agreement for 10 megawatts of incremental hosting
capacity to power its miners. The hosting facility, located in
Plattsburgh, New York, is operated
by a subsidiary of Coinmint LLC ("Coinmint").
This new agreement brings the Company's total contracted hosting
capacity with Coinmint to approximately 30 MW. The agreement
features an initial two-year term with automatic three-month
renewals. Bit Digital intends to deliver approximately 3,100 miners
to the facility, which contemplates the purchase of approximately
2,000 new generation miners to fill the capacity. The Company
expects the first tranche of miners to be delivered to the facility
and hashing by the end of April 2023,
and the second tranche to be delivered and hashing by the end of
July 2023.
Sam Tabar, Bit Digital's CEO,
commented: "We are pleased to expand our relationship with a
top-tier hosting partner in Coinmint. Our hosting strategy
continues to prioritize both geographic and counterparty
diversification, while also placing a strong emphasis on
cultivating relationships with the most reliable and efficient
hosting partners. This agreement marks an important step towards
our goal of approximately doubling our active hash rate through the
course of 2023. The Coinmint hosting facility also utilizes energy
in a zone that is predominantly hydro powered and should advance
our goal for our mining operations to become entirely
carbon-free."
About Bit Digital
Bit Digital, Inc. is a sustainability focused generator of
digital assets headquartered in New York
City. Our mining operations are located in North America. For additional information,
please contact ir@bit-digital.com or visit our website
at www.bit-digital.com.
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, 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. 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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SOURCE Bit Digital, Inc.