Bit Brother Announces Delivery of Another 400 S19J Pro Mining Servers
Bit Brother Limited (BTB) announced the delivery of 400 additional S19J Pro Mining Servers to its Texas mining farm on February 3, 2023. This brings the total to 1,400 servers, projecting an aggregate hash rate of 180,000 TH/S. As of now, approximately 9 Bitcoins have been mined. CEO Ralph Jones stated that the expansion aims to generate more cash flow and improve shareholder returns. However, the company is still developing its cryptocurrency mining business, facing several risks including regulatory oversight, operational issues, and power cost fluctuations.
- Delivery of 400 additional S19J Pro Mining Servers enhances mining capacity.
- Total of 1,400 servers expected to reach a hash rate of 180,000 TH/S.
- Approximately 9 Bitcoins mined so far, indicating ongoing production.
- Cryptocurrency mining business is still under development with uncertainties.
- Risks include regulatory oversight and power cost fluctuations.
- Potential operational issues could disrupt mining activities and affect reputation.
CHANGSHA, China, Feb. 7, 2023 /PRNewswire/ -- Bit Brother Limited (the "Company," "we", "BTB" or "Bit Brother") (NASDAQ: BTB) is pleased to announce that additional 400 S19J Pro Mining Servers purchased from Blockworx1 LLC were delivered to the Company's Texas mining farm on February 3, 2023, and are expected to be fully installed and operating by April 2023. As of today, a total of 1,400 of the Company's S19J Pro servers are in operation. With the additional 400 servers, an aggregate hash rate of 180,000 TH/S will be reached, assuming all the rigs operate as expected.
Approximately 9 Bitcoins have been mined by the Company's mining servers at the Texas mining farm. 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
Mr. Ralph Jones, the CEO of Bit Brother New York Inc., BTB's subsidiary, commented, "we are on the path to gradually expand our crypto mining business. With deliveries of additional mining servers, more cash flow is generated. We intend to provide various cryptocurrency and blockchain services in the future to better serve the market and provide higher return to our shareholders."
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 the distribution and retail of specialty tea products. We have conducted research and planning of our blockchain technology and cryptocurrency mining business since 2021. 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.
Related Links
www.bitbrother.com
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SOURCE Bit Brother Limited
FAQ
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