CHANGSHA, China, May 12, 2023
/PRNewswire/ -- Bit Brother Limited (the "Company," "we", "BTB" or
"Bit Brother") (NASDAQ: BTB) is pleased to announce that the
newly purchased 1.5MW mining servers installed in its first
Texas mining farm are in full
operation and are located at 1968 N Access Rd, Clyde, TX 79510. The total number of installed
servers in the first mining farm has reached 1,750 with aggregated
computing power of 175,000TH/S, thus reaching its fully loaded
capacity of 6MW. We estimate that our servers can generate a total
value of 0.5 BTC per day, and 15 BTC per month, assuming that all
the machines are functioning as expected.
On March 24, 2023, Bit Brother New
York Inc., the subsidiary of BTB, entered into an agreement to
purchase land in Texas with an
area of 2 acres and a capacity of 5MW located at 5418 Lockheed Way,
Abilene, TX 79603. The land
purchase closed on April 17, 2023,
and BTB marked this land as its second Texas mining farm. An aggregate of 509 newly
purchased S19J Pro+ mining servers have been delivered to the
second mining farm on April 23, 2023.
The 509 servers are expected to be ready for operation by
October 2023.
The Company seeks to provide as much transparency about its
bitcoin mining operation as possible. The link below
reflects Bitcoins we have mined in real-time:
https://www.blockchain.com/explorer/addresses/btc/37frzvqQeAzf6hWj4J9zrEzZf4WJoo3sRR
About Bit Brother Limited
Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the
British Virgin Islands as a
company with limited liability on November
28, 2011. Our business currently consists of
cryptocurrency mining and blockchain technology
business and the distribution and retail of specialty tea products.
For more information, please visit: www.bitbrother.com
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements." 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. You 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. These risks and uncertainties include, but not are limited
to, the risk factors described by BTB in its filings with the
Securities and Exchange Commission ("SEC"). These risk factors and
those identified elsewhere in this press release, among others,
could cause actual results to differ materially from historical
performance and include, but are not limited to:
- Local government's policies and regulatory oversight of
cryptocurrency mining operations and our other
operations;
- BTB's cryptocurrency mining business is still
under development, with many uncertainties in the future direction
and integration of BTB's other business segments;
- Failure to manage the newly launched
cryptocurrency mining business effectively;
- Failure to access a large quantity of power at reasonable costs
could significantly increase BTB operating expenses and adversely
affect demand for BTB's mining activities;
- Any significant or prolonged failure in the
cryptocurrency mining facilities that BTB operates or
services it provides, including events beyond its control, would
lead to significant costs and disruptions and would reduce the
attractiveness of its facilities, harm its business reputation and
have a material adverse effect on its results of operation;
- Security breaches or alleged security breaches of our
cryptocurrency mining servers could disrupt BTB
operations and have a material adverse effect on its business,
financial condition and results of operation; and
- Fluctuation of the crypto price;
- Other risks and uncertainties indicated in BTB's SEC reports or
documents filed or to be filed with the SEC by BTB.
Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and you
should not place undue reliance on these forward-looking statements
in deciding whether to invest in our securities. We do not
undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
Related Links
www.bitbrother.com
View original
content:https://www.prnewswire.com/news-releases/bit-brother-announces-first-fully-loaded-texas-mining-farm-and-development-of-second-mining-farm-301823269.html
SOURCE Bit Brother Limited