NEW
YORK, Jan. 31, 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
City, is pleased to announce that it has finalized an
agreement for 6 megawatts of incremental hosting capacity to power
its miners. The hosting facility, located in Massena, New York, is operated by a subsidiary
of Coinmint LLC ("Coinmint").
This new agreement brings the Company's total contracted hosting
capacity with Coinmint to approximately 46 MW. The agreement
features an initial one-year term with automatic three-month
renewals. Bit Digital will fill the capacity with approximately
2,340 S19k Pro mining units that were recently purchased for
approximately $3.4 million, or
approximately $13/TH. These mining
units represent approximately 260PH/s with an average efficiency of
23 J/TH. The Company expects the miners to be delivered to the
facility and hashing by the end of February
2024.
Sam Tabar, Bit Digital's CEO,
commented: "We are pleased to further expand our relationship with
a top-tier hosting partner in Coinmint. This agreement represents
an important step towards achieving our goal of doubling our active
mining fleet to approximately 6.0EH/s during 2024. We plan to
achieve this growth target at a measured pace that enables
opportunistic procurement decisions with the goal of enhancing both
our scale and fleet efficiency."
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 also 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 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.