Bit Origin Ltd Announces Monthly Production and Operation Update for September 2022
October 26, 2022 at 08:00 AM EDT
New York, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today provided its monthly production and operation update for September 2022.
“The operation result of September 2022 further shows that we are continuously improving our operational efficiencies. We remain adaptable and focused on our goals, and we have confidence in our capability to endure beyond this current downturn in the cryptocurrency market.” said Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company.
Bit Origin started bitcoin mining in mining sites in Georgia and Indiana in May and June 2022, respectively. As of September 30, 2022, the total mining hash rate remains at 308 PH/s with 3,190 miners installed.
The Company mined 26.46 Bitcoins and achieved a revenue of US$525,002 in September, 2022, representing an increase of 21% and 7%, respectively, compared to the previous month.
As of September 30, 2022, the Company has two hosting mining sites in operation and one mining site under development. The Company is also exploring other development opportunities for mining sites around the globe, with a primary focus on the U.S.
Site One – Macon, GA, 9.49 Megawatts ("MW")
On May 25, 2022, the Company announced that it entered into a Letter of Intent to increase its mining capacity by 9.49 MW. As of September 30, 2022, due diligence and negotiations are still in the process. The Company expects to complete this transaction in the fourth quarter of 2022. As the transaction proceeds, the Company will publicly disclose required information through press releases or SEC filings, as appropriate.
The Company is currently operating the Georgia site on a hosting basis with a mining capacity of up to 6.1 MW.
Site Two – Marion, IN, 5.3 Megawatts ("MW")
On June 8 and July 11, 2022, the Company announced that it entered two hosting service agreements to increase mining capacity by 3 MW and 2.3 MW, respectively. The deployment of 1,700 miners at this site has been completed.
Site Three – Agreements with a Private Cryptocurrency Mining Investment Fund
On June 15, 2022, the Company announced that it entered into a set of definitive agreements (the "Agreements") with a private cryptocurrency mining investment fund (the "Fund"). The Fund is investing in a mining site (the “Project”) in the U.S. with a capacity of up to 75 MW. According to the Company’s press release disclosed on June 15, 2022, the Project has commenced and is expected to be completed in December 2022. In addition, steady progress in the Fund's design, planning, and electrical studies has been made to date.
The Company expects to deploy approximately 10,000 miners to the Project upon completion.
As of September 30, 2022, the total miners purchased and deployed by the Company were 4,250 and 3,190 respectively.
The Company entered into two Letters of Intent on June 1 and June 2, 2022, respectively, to purchase a total of 1,600 Antminer S19j Pro miners. On August 15, 2022, the Company entered into a definite asset purchase agreement to purchase 622 Antminer S19j Pro Bitcoin miners as partial fulfilment of the above letters of intent. The 622 miners have been delivered to the Company’s mining facility site in Georgia in the U.S on August 31, 2022. The negotiation for the rest of the miners is still ongoing, and the Company expects to complete both transactions in the fourth quarter of 2022. As the transaction proceeds, the Company will publicly disclose required information through press releases or SEC filings, as appropriate.
Based on the current mining site development and miner procurement plan, the Company expects to deploy the remaining 1,060 purchased miners in the fourth quarter of 2022. Once all 4,250 purchased miners are deployed, the total hash rate is expected to reach 403 Ph/s.
Additionally, the Company is monitoring the market conditions and negotiating with miner manufacturers and traders for additional miner procurement opportunities to expand its capacity.
About Bit Origin Ltd
Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in the cryptocurrency mining business. The Company is also actively deploying blockchain technologies alongside diversified expansion strategies. For more information, please visit https://bitorigin.io.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
Bit Origin Ltd
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