BETS Abilene TX Mining Farm Received a Certificate of Occupancy and is Scheduled to Commence Operations in Early 2024

Rhea-AI Summary

Bit Brother Limited (BETS) has received a Certificate of Occupancy for its 2-acre cryptocurrency mining farm in Abilene, Texas, and is set to commence operations by early 2024. The company has purchased approximately US$5 million of cryptocurrency mining servers, with an estimated monthly production of 12 BTC.

Positive

• Received Certificate of Occupancy for the mining farm
• Purchased $5 million worth of cryptocurrency mining servers
• Expected monthly production of 12 BTC

Negative

• None.

CHANGSHA, China, Dec. 5, 2023 /PRNewswire/ -- Bit Brother Limited (the "Company," "we", or "Bit Brother") (NASDAQ: BETS) is pleased to announce that its 2-acre cryptocurrency mining farm site located in Abilene, Texas received a Certificate of Occupancy and is scheduled to commence operations by early 2024.

In the application and preparation process, the Company's operation team has adjusted a clear distinction between the industrial operations and the residential area in its mining farm in Abilene, Texas in accordance with the Abilene City code. At present, the Company has met all of the requirements and has received a Certificate of Occupancy from the city of Abilene.

The Company has purchased an initial batch of approximately US$5 million of cryptocurrency mining servers, and the entire set of equipment is scheduled to be shipped to the site before the end of December 2023, while operations are expected to in early 2024, assuming that the equipment will be fully delivered and passes inspection benchmarks. The monthly production is estimated to be 12 BTC, assuming that all the machines are functioning as expected.

About Bit Brother Limited

Bit Brother Ltd is a multifaceted corporation with operations spanning business management in China and blockchain and cryptocurrency ventures in the United States. Within the U.S. jurisdiction, the company strategically manages and integrates cryptocurrency mining facilities. With a dedicated team of specialists, company has successfully expanded two mining ventures and is committed to further growth. 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 BETS 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;
• BETS's cryptocurrency mining business is still under development, with many uncertainties in the future direction and integration of BETS'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 BETS operating expenses and adversely affect demand for BETS's mining activities;
• Any significant or prolonged failure in the cryptocurrency mining facilities that BETS 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 BETS 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 BETS's SEC reports or documents filed or to be filed with the SEC by BETS.

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.

Contact: contactus@bitbrother.com, +86-0731-82290658

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SOURCE Bit Brother Limited

FAQ

What is the latest update from Bit Brother Limited (BETS)?

Bit Brother Limited (BETS) has received a Certificate of Occupancy for its 2-acre cryptocurrency mining farm in Abilene, Texas, and is set to commence operations by early 2024.

Where is the mining farm located?

The mining farm is located in Abilene, Texas.

How much has the company invested in cryptocurrency mining servers?

The company has purchased an initial batch of approximately US$5 million of cryptocurrency mining servers.

What is the expected monthly production of the mining farm?

The monthly production is estimated to be 12 BTC, assuming that all the machines are functioning as expected.