BETSF Announces Commencement of Operations of the Second Mining Farm

Rhea-AI Summary

Bit Brother (OTC Pink: BETSF) has launched its second cryptocurrency mining farm in Abilene, Texas. Following a successful inspection, the site began operations on June 8, 2024. The new facility features 1368 S19 miners, expected to produce 3 BTC monthly. Combined with Site 1, the total production is projected to reach 7 BTC per month. The company is evaluating new models for future expansions, including a trusteeship model for Site 3. Bit Brother anticipates significant revenue growth in 2024 due to the rising value of Bitcoin, aiming to enhance returns for investors.

Positive

• Launch of second mining farm in Abilene, Texas.
• New facility with 1368 S19 miners expected to produce 3 BTC monthly.
• Combined BTC production of 7 BTC per month from both sites.
• Potential significant revenue growth in 2024 due to rising Bitcoin value.

Negative

• Long and uncertain investment and construction cycle for Bitcoin mining farms.

CHANGSHA, China, June 19, 2024 /PRNewswire/ -- Bit Brother Limited (the "Company," "we", or "Bit Brother") (OTC Pink: BETSF) is pleased to announce that our second cryptocurrency mining farm in Abilene, Texas has been launched.

With the unremitting efforts of the operation team, we overcome all difficulties and keep moving forward. Site 2 passed all inspection benchmarks and obtained the certificate of occupancy on June 7, 2024, then started mining on June 8, 2024.

Based on the wealth operation experience accumulated by Site 1, it is expected that the initial batch of 1368 S19 miners in Site 2 will produce 3 BTC per month. Thus, Site 1 and Site 2 are expected to achieve combined monthly production of 7 BTC assuming all the miners function normally. The simultaneous operations of these two sites will take Bit Brother's mining operating capacity to the next level.

It is precisely that we have found the investment and construction cycle of Bitcoin mining farm is long and there are too many uncertainties, the management team is studying and evaluating a better way for Site 3, such as the trusteeship model.

In 2024, Bit Brother's cryptocurrency mining cluster will be reaching an important development milestone, it is expected to generate explosive revenues as the Bitcoin sparked remarkable surge and it will lay a solid foundation of future development of the Company and create more returns for all investors.

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 Disclaimer 

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, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (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 risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact:
kim@bitbrother.com 

 

View original content:https://www.prnewswire.com/news-releases/betsf-announces-commencement-of-operations-of-the-second-mining-farm-302176932.html

SOURCE Bit Brother Limited

FAQ

When did Bit Brother's second mining farm start operations?

Bit Brother's second mining farm began operations on June 8, 2024.

How much Bitcoin is expected to be produced monthly by the new mining farm?

The new mining farm is expected to produce 3 BTC monthly.

What is the combined Bitcoin production of Bit Brother's mining farms?

The combined Bitcoin production is projected to reach 7 BTC per month.

What is the stock symbol for Bit Brother ?

The stock symbol for Bit Brother is BETSF.

Where is Bit Brother’s second cryptocurrency mining farm located?

Bit Brother's second cryptocurrency mining farm is located in Abilene, Texas.

What future expansion model is Bit Brother evaluating for Site 3?

Bit Brother is evaluating a trusteeship model for Site 3.

Why does Bit Brother anticipate significant revenue growth in 2024?

Bit Brother anticipates significant revenue growth due to the rising value of Bitcoin.