NEW
YORK, May 9, 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
agreements for an aggregate of 14 megawatts ("MW") of incremental
hosting capacity to power its miners.
Coinmint: Coinmint Partnership: Bit Digital has reached
an agreement with Coinmint LLC ("Coinmint") to secure an additional
10 MW of hosting capacity. The hosting facility, located in
Massena, New York, is operated by
a subsidiary of Coinmint. This new agreement brings the Company's
total contracted hosting capacity with Coinmint to approximately 40
MW. The agreement features an initial one-year term with automatic
three-month renewals. Bit Digital intends to deliver approximately
3,600 recently purchased S19 mining units to the facility by the
end of May 2023. The facility operates within an upstate
New York region that is reported
to generate 99% renewable energy, as stated in the New York
Independent System Operator, Inc. (NYISO) Gold Book report for
2022.
Blockbreakers: Bit Digital has finalized an agreement for
4 MW of incremental hosting capacity with Blockbreakers, Inc.
("Blockbreakers"). The facility, located
in Canada, utilizes an
energy source that is primarily hydroelectric. This new agreement
brings the Company's total contracted hosting capacity with
Blockbreakers to approximately 9 MW. The agreement features an
initial two-year term with automatic three-month renewals. Bit
Digital plans to fill the capacity with approximately 1,230 newly
purchased S19j Pro mining units which are expected to be delivered
to the facility and actively hashing by July
2023. Additionally, Bit Digital has secured a side letter
agreement with Blockbreakers, granting the Company the right of
first refusal for any future mining hosting services offered by
Blockbreakers.
Sam Tabar, Bit Digital's CEO,
commented: "We are pleased to expand our relationships with two
top-tier hosting partners in Coinmint and Blockbreakers. Geographic
and counterparty diversification remains a key component of our
hosting strategy, alongside building relationships with the most
reliable and efficient partners. These agreements represent marked
progress towards our objective of doubling our active hash rate in
2023. Furthermore, this growth is underpinned by sustainable energy
sources and is an important step towards 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, 2022. 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.