NEW
YORK, Nov. 4, 2024 /PRNewswire/ -- Bit Digital,
Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a global
platform for high-performance computing ("HPC") infrastructure and
digital asset production headquartered in New York, announced today that it has executed
a Master Service Agreement ("MSA") with Boosteroid Inc.
("Boosteroid"), a global cloud gaming provider and new
customer of Bit Digital's high-performance computing ("HPC")
services. Bit Digital previously announced that it had signed a
binding term sheet with Boosteroid on August
19, 2024.
Bit Digital has finalized a purchase order for the starting
quantity of GPUs. The initial order of 300 GPUs is expected to
generate approximately $4.6 million
in revenue to Bit Digital over the five-year term, or approximately
$0.9 million per year. The initial
purchase will include GPU-servers based on AMD EPYC 4th Gen CPUs
and RX7900XT GPUs, customized by ASUSTeK Computer Inc. ("ASUS") and
AMD for Boosteroid. Bit Digital expects the GPUs to be delivered to
respective data centers across the U.S and begin earning revenue by
the end of November 2024. The
agreement provides Boosteroid with the option to expand in
increments of 100 servers, up to 50,000 servers, representing a
potential $700 million revenue
opportunity for Bit Digital over the five-year term, contingent on
deployment plans and market conditions.
Sam Tabar, Bit Digital's CEO,
commented: "We are thrilled to solidify our partnership with
Boosteroid and embark on what we see as a substantial growth
opportunity for both companies. Our team is committed to delivering
high-quality service in the initial phase, laying the groundwork
for significant expansion in 2025."
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 global platform for high-performance
computing ("HPC") infrastructure and digital asset production
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.