NEW
YORK, May 18, 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 to expand the Company's bitcoin mining
presence into Iceland. This
expansion will allow Bit Digital to tap into Iceland's abundant renewable energy resources
and further diversify its hosting operations. Following this
agreement, Bit Digital will have mining operations in three
countries: the United States,
Canada, and Iceland.
Bit Digital has finalized a two-year agreement with GreenBlocks
ehf ("GreenBlocks") for approximately 8.25 megawatts of incremental
hosting capacity at a facility in Reykjanesbaer, Iceland. The Company will fill the capacity
with approximately 2,000 S19j Pro+ and 500 S19 mining units that
were recently purchased for approximately $3.6 million. The mining units are expected to be
delivered to the facility by the end of May
2023.
GreenBlocks, based in Iceland,
focuses on the use of renewable energy in mining and validation of
blockchains. GreenBlocks operates within Iceland's closed power grid, a grid that runs
on 100% renewable energy with a split of approximately 85% hydro
and 15% geothermal energy. GreenBlocks has managed a
bitcoin mining operation located in Iceland since early 2019.
Sam Tabar, Bit Digital's CEO,
commented: "We are pleased to announce our partnership with
GreenBlocks and our entry into the Icelandic market. Our experience
with GreenBlocks has been exceptional, and we appreciate their
professionalism in facilitating our entry into the country. This
partnership aligns well with our sustainability goals and our
mission to diversify our hosting portfolio across different
geographies and jurisdictions. Iceland's clean energy abundance and
supportive government policies provide an ideal environment for our
mining operations, and we anticipate a productive and successful
collaboration for years to come."
Tabar continued, "This agreement marks another key step towards
achieving our target to double our active hash rate through the
course of 2023. Perhaps more importantly, we believe that our pro
forma hosting portfolio will now be almost entirely powered by
carbon-free energy sources."
Daniel Jonsson, CEO of
GreenBlocks, added: "We at GreenBlocks are very proud of this new
partnership and that Bit Digital has chosen us as a partner in
helping them establish a presence outside of North America. In today's environment,
Iceland has become a premium
location for datacenter facilities, which is clearly reflected in
the interest we currently see. However, just like the actual
landscape of Iceland, the
operational landscape can be hard to navigate, so having a local
partner is crucial to success. Bit Digital's vision on the industry
is very much aligned with our own, so we are excited about the
future of these two companies and look forward to a fruitful
partnership."
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 the US,
Canada, and Iceland. 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.