BETS has mined over 120 BTC, and the second site is about to launch

Rhea-AI Summary

Bit Brother Limited (BETS) reports successful operations at its 6MW mining farm in Texas, generating over 120 BTC in 11 months. The company also announces progress on its second 2-acre mining farm, with operations expected to commence in January.

Positive

• Successful generation of over 120 BTC in 11 months
• Progress on second 2-acre mining farm in Texas

Negative

• None.

CHANGSHA, China, Nov. 29, 2023 /PRNewswire/ -- Bit Brother Limited (the "Company," "we", or "Bit Brother") (NASDAQ: BETS) is pleased to announce significant achievements regarding its 6MW mining farm at 1968 N Access Rd, Clyde, TX 79510. Over the past 11 months, the facility has generated a total value exceeding 120 BTC. Starting operations on January 17, 2023, the mining farm reached full 6MW capacity after installing 1.5 MW miner servers in May. Despite challenges from the Texas summer heat, outcomes met expectations, thanks to the mining operation team's professionalism in addressing issues, managing server operations, handling power curtailments, and overseeing overall operations.

The Company's second 2-acre mining farm at 5418 Lockheed Way, Abilene, TX 79603, is in the final stages of infrastructure development. This includes completing construction and setting up of the warehouse, mining containers and associated infrastructure. Anticipated in December, customized power transformers and sound insulation walls are expected to be delivered and installed in December. Operations are expected to start in January, assuming the equipment are inspected and accepted, and preparatory tasks are completed by then. The initial batch involved purchasing about 1500 mining servers, with an estimated daily production of 0.4 BTC, assuming optimal functionality of all machines.

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 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

View original content:https://www.prnewswire.com/news-releases/bets-has-mined-over-120-btc-and-the-second-site-is-about-to-launch-302000306.html

SOURCE Bit Brother Limited

FAQ

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

Bit Brother Limited (BETS) has announced significant achievements at its 6MW mining farm in Texas, generating over 120 BTC in 11 months, and progress on its second 2-acre mining farm.

Where are Bit Brother Limited's (BETS) mining farms located?

Bit Brother Limited's (BETS) mining farms are located at 1968 N Access Rd, Clyde, TX 79510 and 5418 Lockheed Way, Abilene, TX 79603.

When did Bit Brother Limited (BETS) start operations at its 6MW mining farm?

Bit Brother Limited (BETS) started operations at its 6MW mining farm on January 17, 2023.

What is the capacity of Bit Brother Limited's (BETS) 6MW mining farm?

The 6MW mining farm of Bit Brother Limited (BETS) reached full capacity after installing 1.5 MW miner servers in May.

What progress has Bit Brother Limited (BETS) made on its second 2-acre mining farm?

Bit Brother Limited (BETS) is in the final stages of infrastructure development for its second 2-acre mining farm, with operations expected to start in January.

What challenges did Bit Brother Limited (BETS) face at its 6MW mining farm?

Despite challenges from the Texas summer heat, the 6MW mining farm of Bit Brother Limited (BETS) met expectations, thanks to the professionalism of the mining operation team in addressing issues and managing server operations.