Bit Brother Received 1,400 Mining Machines and Expect to Generate Approximate 14.15 BTC Per Month

Rhea-AI Summary

On December 22, 2022, Bit Brother Limited (NASDAQ: BTB) acquired 1,400 cryptocurrency mining servers for US$2,329,600 from Grand Flourish Inc. Each server operates at a hash rate of approximately 100 TH/s. All units have been delivered and are currently operational. Utilizing Ultimuspool's data, BTB anticipates generating about 0.4717 BTC per day, totaling roughly 14.15 BTC per month. CEO Ralph Jones hailed this event as a significant milestone for BTB's business transformation, indicating plans for broader cryptocurrency and blockchain services.

Positive

• Acquisition of 1,400 cryptocurrency mining servers, enhancing operational capacity.
• Expected generation of approximately 14.15 BTC per month, increasing potential revenue.

Negative

• Development of cryptocurrency mining business still has uncertainties.
• Risks related to local government regulation and potential operational disruptions.

CHANGSHA, China, Jan. 17, 2023 /PRNewswire/ -- On December 22, 2022, Bit Brother Limited (the "Company," "we", "BTB" or "Bit Brother") (NASDAQ: BTB), through its subsidiary Bit Brother New York Inc ("BTB NY"), purchased 1,400 S19J Pro cryptocurrency mining servers from Grand Flourish Inc. for an aggregate purchase price of US$2,329,600. Each server has a hash rate of approximate 100 TH/S. All servers are new with a warranty of 6 months. As of today all 1,400 servers have been delivered. BTB started operating these servers. By using the data from Ultimuspool, a mining pool solution, and the settlement method of Full Pay Per Share (FPPS), we estimate that our servers can generate a total value of 0.4717 BTC per day, and thus approximately 14.15 BTC per month, assuming all these machine operate as expected.

Mr. Ralph Jones, the CEO of Bit Brother New York Inc., commented, "the delivery and operation of the 1,400 servers is a milestone for Bit Brother's business transformation. BTB intends to provide various cryptocurrency and blockchain services in the future to better serve the market and its 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

What did Bit Brother Limited announce on December 22, 2022?

Bit Brother Limited announced the purchase of 1,400 cryptocurrency mining servers for US$2,329,600.

How much Bitcoin does Bit Brother expect to generate monthly from its new servers?

Bit Brother expects to generate approximately 14.15 BTC per month from the new servers.

What are the hash rates of the mining servers acquired by Bit Brother?

Each mining server has a hash rate of approximately 100 TH/s.

What risks did Bit Brother mention regarding its cryptocurrency business?

Bit Brother noted risks related to regulatory oversight, operational management, and potential power access challenges.

How does Bit Brother plan to leverage its cryptocurrency mining servers?

Bit Brother intends to provide various cryptocurrency and blockchain services in the future.