Bit Digital, Inc. and BitMine Immersion Technologies, Inc. Sign Letter of Intent for Hosting 7,000 ASIC Mining Computers
Bit Digital, Inc. (NASDAQ: BTBT) announced a Letter of Intent with BitMine Immersion Technologies, Inc. to host 7,000 ASIC miners, optimizing Bitcoin mining efficiency through immersion cooling technology. The formal agreement is set to be finalized shortly, with both companies aiming for a favorable revenue sharing model. CEO Bryan Bullett expressed enthusiasm for the partnership, highlighting the benefits of immersion technology. The delivery of miners is expected to commence soon, with full capacity anticipated by the end of August 2022.
- Establishing a hosting agreement for 7,000 ASIC miners enhances mining efficiency.
- Utilization of immersion cooling technology may result in superior energy efficiency and output.
- Expected mutual revenue sharing from mined Bitcoin supports financial growth.
- None.
NEW YORK, April 5, 2022 /PRNewswire/ -- Bit Digital, Inc. (NASDAQ: BTBT) and BitMine Immersion Technologies, Inc. (OTC: BMNR) announce the signing of a Letter of Intent to establish a hosting relationship beginning with 7,000 current generation ASIC miners. The final agreement is expected to be completed in the coming weeks. The companies expect to primarily utilize the efficiencies of mining Bitcoin in immersion cooled containers, a process by which the servers run fully submerged in a dielectric fluid that efficiently cools the machines and allows for superior machine output and energy efficiency. The companies have agreed in principle to a mutually beneficial revenue split of the mined Bitcoin, and a multi-year term.
Bryan Bullett, CEO of Bit Digital was quoted as saying "We are happy to begin our relationship with BitMine Immersion Technologies, and have known the team for some time. As a company, we have been intrigued by mining using immersion technology, and we are happy we found an ideal hosting scenario allowing us to utilize the benefits offered by immersion cooling of our machines."
Jonathan Bates, BitMine Chairman, was quoted as saying- "We couldn't be happier. Having a marquee client like Bit Digital is exactly why we started the company. We want to serve high quality clients and offer them the best environment for their miners, as well as a superior service experience. We hope to grow this relationship moving forward. Bryan and his team are top notch professionals, and we are excited to get started."
Bit Digital and BitMine Immersion hope to begin delivery in the coming weeks and months and fill the capacity by the end of August.
BitMine Immersion Technologies, Inc. Forward-Looking Statements:
This press release contains statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine Immersion Technologies' control, including those set forth in the Risk Factors section of BitMine Immersion Technologies' Form 10-K filed with the Securities and Exchange Commission (the "SEC") on December 9, 2021 and any other SEC filings, as amended or updated from time to time. Copies of BitMine Immersion Technologies' filings with the SEC are available on the SEC's website at www.sec.gov. BitMine Immersion Technologies undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
BitMine Immersion Technologies Contact:
Jonathan Bates
Chairman
info@bitminetech.io
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company headquartered in New York City. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in Bit Digital's 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. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. Additionally, all discussions of financial metrics assume mining difficulty rates as of December 2021 except as otherwise noted. 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.
For more information, please contact: Sam Tabar, sam@bit-digital.com, +1 (917) 854-6357
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SOURCE Bit Digital, Inc.
FAQ
What is the recent partnership announced by Bit Digital (BTBT)?
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