Bit Digital, Inc. and BitMine Immersion Technologies, Inc. Sign Letter of Intent for Hosting 7,000 ASIC Mining Computers

Rhea-AI Summary

BitMine Immersion Technologies (OTC: BMNR) has signed a Letter of Intent with Bit Digital, Inc. (NASDAQ: BTBT) to commence a hosting partnership for 7,000 ASIC miners. The agreement aims to leverage immersion cooling technology for more efficient Bitcoin mining, with a mutually beneficial revenue sharing model for the mined Bitcoin. Delivery is expected in the coming weeks, with plans to utilize the full capacity by the end of August. Key executives from both companies expressed optimism about the partnership and its potential benefits.

Positive

• Signing Letter of Intent with Bit Digital to host 7,000 ASIC miners.
• Utilization of immersion cooling technology for enhanced mining efficiency.
• Agreed revenue sharing model for mined Bitcoin.
• Positive feedback from leadership indicating strong collaboration.

Negative

• None.

NEW YORK, April 05, 2022 (GLOBE NEWSWIRE) --  Bit Digital, Inc. (NASDAQ: BTBT) and BitMine Immersion Technologies, Inc. (OTC: BMNR) announce the signing of a Letter of Intent to establish a hosting relationship beginning with 7,000 current generation ASIC miners. The final agreement is expected to be completed in the coming weeks. The companies expect to primarily utilize the efficiencies of mining Bitcoin in immersion cooled containers, a process by which the servers run fully submerged in a dielectric fluid that efficiently cools the machines and allows for superior machine output and energy efficiency. The companies have agreed in principle to a mutually beneficial revenue split of the mined Bitcoin, and a multi-year term.

Bryan Bullett, CEO of Bit Digital was quoted as saying "We are happy to begin our relationship with BitMine Immersion Technologies, and have known the team for some time. As a company, we have been intrigued by mining using immersion technology, and we are happy we found an ideal hosting scenario allowing us to utilize the benefits offered by immersion cooling of our machines."

Jonathan Bates, BitMine Chairman, was quoted as saying- "We couldn't be happier. Having a marquee client like Bit Digital is exactly why we started the company. We want to serve high quality clients and offer them the best environment for their miners, as well as a superior service experience. We hope to grow this relationship moving forward. Bryan and his team are top notch professionals, and we are excited to get started."

Bit Digital and BitMine Immersion hope to begin delivery in the coming weeks and months and fill the capacity by the end of August.

BitMine Immersion Technologies, Inc. Forward-Looking Statements:

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine Immersion Technologies' control, including those set forth in the Risk Factors section of BitMine Immersion Technologies’ Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on December 9, 2021 and any other SEC filings, as amended or updated from time to time. Copies of BitMine Immersion Technologies’ filings with the SEC are available on the SEC’s website at www.sec.gov. BitMine Immersion Technologies undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

BitMine Immersion Technologies Contact:

Jonathan Bates
Chairman
info@bitminetech.io

About Bit Digital

Bit Digital, Inc. is a bitcoin mining company headquartered in New York City. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com. 

Investor Notice

Investing in Bit Digital’s 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 most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2020. 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. Additionally, all discussions of financial metrics assume mining difficulty rates as of December 2021 except as otherwise noted. 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.

FAQ

What is the significance of BitMine Immersion Technologies' Letter of Intent with Bit Digital?

The Letter of Intent establishes a partnership for hosting 7,000 ASIC miners using advanced immersion cooling technology, aimed at improving Bitcoin mining efficiency.

When is the expected delivery time for the ASIC miners?

Delivery of the ASIC miners is expected to begin in the coming weeks, with full capacity utilization planned by the end of August.

What revenue model will BitMine Immersion Technologies and Bit Digital use?

They have agreed in principle to a revenue-sharing model for the Bitcoin mined, which will benefit both companies.

What technology will be utilized for Bitcoin mining in this agreement?

The partnership will employ immersion cooling technology, allowing the ASIC miners to operate submerged in fluid for better cooling and efficiency.

Who is involved in the partnership between BitMine Immersion Technologies and Bit Digital?

The partnership involves BitMine Immersion Technologies and Bit Digital, with their respective leadership expressing enthusiasm about the collaboration.