BETS Announces Purchase of 3300 units of S19 Miners

Rhea-AI Summary

Bit Brother Limited (BETS) has announced the purchase of 3300 units of Antminer S19 miners, expected to propel its total hash rate to 400,000 TH/s and solidify its position in the cryptocurrency mining arena. The company's technical team optimized the mining machines' performance to enhance efficiency and generate substantial returns for investors.

CHANGSHA, China, Dec. 1, 2023 /PRNewswire/ -- Bit Brother Limited (the "Company," "we", or "Bit Brother") (NASDAQ: BETS) is pleased to announce it purchased 3300 units of Antminer S19 miners, injecting powerful momentum into its Bitcoin mining operations.

This substantial investment is expected to propelled Bit Brother's total hash rate to 400,000 TH/s assuming the 3300 units are fully functioning, further solidifying its emerging position in the cryptocurrency mining arena. The Company's technical team, through relentless efforts, optimized the performance of the mining machines, enhancing mining efficiency to generate more substantial returns for investors.

Mr. Jack Wu, CEO of Bit Brother stated, "We are incredibly proud of the achievement we have made. This marks a significant success in our strategic expansion in the Bitcoin mining sector. The acquisition of Antminer S19 miners is part of our ongoing efforts to ensure our mining operations remain highly competitive."

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

How many units of Antminer S19 miners did Bit Brother Limited purchase?

Bit Brother Limited purchased 3300 units of Antminer S19 miners.

What is the expected total hash rate for Bit Brother Limited after the purchase?

The purchase is expected to propel Bit Brother Limited's total hash rate to 400,000 TH/s.

Who is the CEO of Bit Brother Limited?

Mr. Jack Wu is the CEO of Bit Brother Limited.

What is the purpose of the purchase of Antminer S19 miners by Bit Brother Limited?

The purchase is part of Bit Brother Limited's strategic expansion in the Bitcoin mining sector to ensure highly competitive mining operations.