NEW
YORK, Aug. 19, 2024 /PRNewswire/ -- Bit Digital,
Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable
platform for digital assets and artificial intelligence ("AI")
infrastructure headquartered in New
York, announced today that it has signed a binding term
sheet with Boosteroid Inc. ("Boosteroid"), a new customer for
its high-performance computing ("HPC") business.
Key Highlights
- Initial Agreement: Upon signing a master service
agreement ("MSA"), Boosteroid will place an initial purchase for a
starting quantity of GPU servers with a five-year service duration.
Bit Digital's entry into a MSA is conditioned upon further
diligence of Boosteroid, customary legal and business reviews,
internal approvals, and execution of an acceptable MSA.
- Revenue Impact: This initial order is expected to
generate approximately $13 million in
revenue to Bit Digital over the five-year term, or approximately
$2.6 million per year.
- Scalability: Bit Digital will provide Boosteroid with
options to draw down additional servers in multiples of 100, up to
a total of 50,000 GPU servers within five years after signing the
MSA, depending on their deployment plans. The entire 50,000 GPU
deployment represents an aggregate revenue opportunity to Bit
Digital in excess of $700 million
over the five-year term, depending on the deployment plan and
subject to market conditions.
- Technology and Deployment: The initial purchase includes
GPU-servers based on AMD EPYC 4th Gen CPUs and RX7900XT GPUs,
customized by ASUSTeK Computer Inc. ("ASUS") and AMD for
Boosteroid. Deployment is planned across a network of more than 10
data centers in the U.S. and Europe. The initial deployment is scheduled to
begin over the next two to three months.
Sam Tabar, Bit Digital's CEO,
commented: "We are excited to expand our HPC business and provide
mission-critical computing solutions to Boosteroid, a customer in a
new end-market for our HPC offerings. We are impressed with
Boosteroid's business model and look forward to supporting their
ambitious growth plans. We aim to deliver exceptional service
quality and execution, laying the foundation for a long-term and
growing partnership between our companies."
Ivan Shvaichenko, Founder and President of Boosteroid,
commented: "This collaboration between Boosteroid and Bit Digital
enhances our existing partnerships with AMD and ASUS, creating a
powerful synergy that will drive us toward our goal of becoming the
leader in the global cloud gaming market. By leveraging the
advanced computing power provided by Bit Digital and the
cutting-edge technology from AMD and ASUS, we are poised to deliver
an unparalleled gaming experience to millions of users worldwide.
This partnership not only strengthens our GPU-based infrastructure,
already one of the widest in the world, but also sets the
foundation for long-term innovation and growth within the cloud
gaming industry."
About Boosteroid
Boosteroid is the world's third-largest cloud gaming provider,
following Microsoft and Nvidia. With a GPU-based infrastructure
network spanning 22 data centers and 10 more expected to launch by
the end of 2024, Boosteroid serves over 5.7 million users across
Europe, North America, and South America. It partners with major brands
like Google for cloud gaming on Chrome OS, and collaborates with
Microsoft, Samsung, LG, Hisense, Philips, Sharp, etc. Boosteroid
uses custom hardware solutions designed by ASUS, AMD, and other
companies tailored specifically for their platform.
About Bit Digital
Bit Digital, Inc. is a sustainable platform for digital assets
and artificial intelligence ("AI") infrastructure headquartered in
New York City. Our
bitcoin mining operations are located in the US,
Canada, and Iceland. The Company has established a
business line, Bit Digital AI, that offers infrastructure services
for artificial intelligence applications. 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, 2023. 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.
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.