Bit Brother Generated over 15 Bitcoins from Texas Mining Farm Since Jan 17, 2023

Rhea-AI Summary

Bit Brother Limited (BTB) announced that its Texas mining farm has successfully operated since January 17, 2023, generating over 15 bitcoins, which equates to approximately $370,000 in revenue as of February 23, 2023. The company expects total revenue from the farm to reach around $1.8 million for the fiscal year ending June 30, 2023, with 400 additional mining servers anticipated in April. However, BTB cautions investors that mining results do not reflect overall financial performance and include risks related to regulatory oversight, power costs, operational disruptions, and cryptocurrency price fluctuations.

Positive

• Texas mining farm has generated over 15 bitcoins since January 17, 2023.
• Revenue from mining operations is approximately $370,000 as of February 23, 2023.
• Projected total revenue of $1.8 million for the fiscal year ending June 30, 2023.

Negative

• Mining results do not reflect overall financial performance.
• Cryptocurrency mining operations face regulatory and operational risks.
• Potential increases in operating expenses due to power costs.

CHANGSHA, China, Feb. 24, 2023 /PRNewswire/ -- Bit Brother Limited (the "Company," "we", "BTB" or "Bit Brother") (NASDAQ: BTB) is pleased to announce that BTB's Texas mining farm has been operating as expected since it started operations on January 17, 2023. As of February 23, 2023, the mining server has mined over 15 bitcoins, generating approximately $370,000 in revenue based on the current bitcoin price.

With another 400 S19J Pro mining servers delivering expected in April, assuming that all mining servers are operating as expected and the bitcoin price remain stable, total revenue from our Texas mining farm for the full fiscal year ending June 30, 2023 is expected to reach approximately $1.8 million.

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

BTB's management team is committed to continue to grow its cryptocurrency and blockchain business for the benefit of the company and 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 cryptocurrency mining and blockchain technology business 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.

Related Links
www.bitbrother.com

View original content:https://www.prnewswire.com/news-releases/bit-brother-generated-over-15-bitcoins-from-texas-mining-farm-since-jan-17-2023-301755168.html

SOURCE Bit Brother Limited

FAQ

What financial results has Bit Brother (BTB) reported from its Texas mining farm?

As of February 23, 2023, Bit Brother's Texas mining farm generated approximately $370,000 from mining over 15 bitcoins.

What is the expected revenue for Bit Brother (BTB) from its mining operations for the fiscal year 2023?

Bit Brother expects total revenue from its Texas mining farm to reach around $1.8 million for the fiscal year ending June 30, 2023.

When did Bit Brother (BTB) commence operations at its Texas mining farm?

Bit Brother began operations at its Texas mining farm on January 17, 2023.

What risks are associated with Bit Brother's (BTB) cryptocurrency mining operations?

Bit Brother's mining operations face risks such as regulatory oversight, power cost fluctuations, and potential operational disruptions.