Bit Brother Announced 2.39 Bitcoin has been Mined

Rhea-AI Summary

On January 23, 2023, Bit Brother Limited (NASDAQ: BTB) announced that all 1,400 S19J Pro cryptocurrency mining servers at its Texas facility are operational, achieving a total hash rate of 140,000 TH/S and mining 2.39 Bitcoin. CEO Ralph Jones highlighted this as a significant milestone for BTB's North American blockchain business. The company aims to enhance its operations by exploring green energy sources and increasing server capacity. However, the release also cautioned that cryptocurrency mining financials are complex and should not be relied upon alone for investment decisions.

Positive

• Successful operation of 1,400 mining servers achieving 140,000 TH/S hash rate.
• Mining of 2.39 Bitcoin indicating operational success.

Negative

• Cryptocurrency mining financial reporting is complex and uncertain.
• Risks associated with regulatory oversight and cost of power could impact operations.

CHANGSHA, China, Jan. 23, 2023 /PRNewswire/ -- Bit Brother Limited (the "Company," "we", "BTB" or "Bit Brother") (NASDAQ: BTB) is pleased to announce till the time this Press Release is published, all 1,400 S19J Pro cryptocurrency mining servers have been operating with the total hash rate of 140,000 TH/S in Texas mining farm, which is owned by BTB's subsidiary Bit Brother New York Inc ("BTB NY"). And 2.39 Bitcoin has been mined.

The Company seeks to provide as much transparency about its bitcoin mining operation as possible. The link below reflects the BTC we have mined in real-time:

https://www.blockchain.com/explorer/addresses/btc/37frzvqQeAzf6hWj4J9zrEzZf4WJoo3sRR

Ralph Jones, CEO of BTB New York, commented gladly, "The operating of the 1,400 mining servers is an important step which reflects the substantial achievement of BTB's North American blockchain business, and represents that BTB's transformation into the block industry was successful. Management team of BTB will continue to explore more green power to expand the mining farms, purchase more mining servers, and devote more computing power. The Company is committed to develop its cryptocurrency and blockchain businesses to benefit the Company, as well as its shareholders."

These mining results do not include any financial results for the Company and do not address the Company's other, non-mining operations. United States generally accepted accounting principles for cryptocurrency mining are complex, emerging, and uncertain. Cryptocurrencies may not be recognized as cash or cash equivalents, and mining activities may not qualify for revenue recognition. Cryptocurrencies have no inherent value, are not legal tender recognized by any governmental entity, and might not be able to be converted into fiat currencies. Investors are advised not to place undue reliance on mining results alone, without considering other financial and non-financial metrics.

About Bit Brother Limited 

Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the British Virgin Islands as a company with limited liability on November 28, 2011. Our business currently consists of cryptocurrency mining in North America, and the distribution and retail of specialty tea products. 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 BTB 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;
• BTB's cryptocurrency mining business is still under development, with many uncertainties in the future direction and integration of BTB'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 BTB operating expenses and adversely affect demand for BTB's mining activities;
• Any significant or prolonged failure in the cryptocurrency mining facilities that BTB 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 BTB 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 BTB's SEC reports or documents filed or to be filed with the SEC by BTB.

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.

View original content:https://www.prnewswire.com/news-releases/bit-brother-announced-2-39-bitcoin-has-been-mined-301728154.html

SOURCE Bit Brother Limited

FAQ

What recent achievement did Bit Brother Limited (BTB) announce regarding its cryptocurrency mining operations?

Bit Brother Limited announced that its 1,400 S19J Pro mining servers achieved a hash rate of 140,000 TH/S and mined 2.39 Bitcoin.

How many Bitcoin has Bit Brother (BTB) mined as of January 23, 2023?

As of January 23, 2023, Bit Brother has mined 2.39 Bitcoin.

What is the current location of Bit Brother's mining operations?

Bit Brother's mining operations are located in Texas.

What challenges does Bit Brother (BTB) face in its cryptocurrency mining business?

Bit Brother faces challenges such as regulatory oversight, costs of power, and the complexity of cryptocurrency financial reporting.