Bit Digital Becomes Signatory to Crypto Climate Accord

Rhea-AI Summary

Bit Digital, a leading Bitcoin mining company, has signed the Crypto Climate Accord to commit to achieving net-zero emissions from its operations by 2030. This initiative focuses on transitioning the crypto sector to renewable energy. The company currently powers its mining fleet with a majority of carbon-free energy and aims to expand its clean power use. Additionally, it is the first US-listed miner to undergo an independent environmental review. This emphasizes its leadership in sustainable crypto mining.

Positive

• Joined the Crypto Climate Accord, committing to net-zero emissions by 2030.
• Currently operating its fleet on a majority carbon-free power.
• First US-listed miner to announce an independent environmental review.
• Engaged in sustainability initiatives, including energy curtailment programs.

Negative

• None.

NEW YORK, June 24, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), one of the largest publicly-listed Bitcoin miners globally, today announced it has signed the Crypto Climate Accord.

The Crypto Climate Accord (CCA) is a private sector-led initiative to decarbonize the crypto and blockchain sector. The CCA brings together organizations that inform, develop, test, and implement new solutions that accelerate crypto's transition to renewable energy. The Accord provides an open space to address challenges, gather requirements, showcase solutions, share learnings, and promote best industry practices.

By becoming a CCA Signatory, Bit Digital is making an important public commitment in addition to supporting the development of digital solutions that #MakeCryptoGreen. As a CCA Signatory, Bit Digital has committed to achieve net-zero emissions from the electricity consumption associated with all of its respective crypto-related operations by 2030 and to report progress toward this net-zero emissions target using best industry practices."BTC miners like Bit Digital are critical to helping make Bitcoin 100% renewable. We are excited to welcome them to the Accord and, in partnership with a growing list of CCA-committed miners, begin to prove the case for green crypto," said Jesse Morris, CEO of Energy Web.

"To date, Bit Digital has taken major steps to ensure sustainability of our mining operations, and by signing the CCA we have emphasized our commitment to decarbonization," said Bryan Bullett, CEO of Bit Digital. "As of our most recent quarterly reporting, our fleet was running on a majority carbon-free power. We also participate in sustainability initiatives such as a previously announced demand-response energy curtailment program. Going forward, we intend to expand our use of clean power as we scale."

"Bit Digital is serious about its leadership in decarbonizing crypto mining", says Sam Tabar Chief Strategist of Bit Digital. "Not only are we committing to the CCA, but we have become the first US-listed miner to announce an independent environmental review and rating from a leading ESG consulting firm."

About Bit Digital

Bit Digital, Inc. is a Bitcoin mining company headquartered in New York with one of the highest operating hash rates (or computing power) among all US listed Bitcoin miners and expanding. The current operations are in the United States, Canada and China. For additional information, please contact Sam Tabar at sam@bit-digital.com or visit www.bit-digital.com.

Investor Notice

Investing in our 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. Additionally, all discussions of financial metrics assume mining difficulty rates as of May 2021. 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.

View original content:http://www.prnewswire.com/news-releases/bit-digital-becomes-signatory-to-crypto-climate-accord-301319094.html

SOURCE Bit Digital, Inc.

FAQ

What is Bit Digital's commitment to the Crypto Climate Accord?

Bit Digital has committed to achieving net-zero emissions from its electricity consumption associated with crypto operations by 2030.

When did Bit Digital sign the Crypto Climate Accord?

Bit Digital signed the Crypto Climate Accord on June 24, 2021.

What percentage of Bit Digital's energy consumption is carbon-free?

As of the latest quarterly reporting, Bit Digital's fleet was running on a majority carbon-free power.

How does Bit Digital plan to expand its clean power usage?

The company intends to further increase its use of clean power as it scales its mining operations.

Is Bit Digital the first miner to engage in an independent environmental review?

Yes, Bit Digital is the first US-listed miner to announce an independent environmental review and rating.