Bit Digital, Inc. Announces Customer Proposal to Expand Existing Agreement by an Additional 2,048 GPUs

Rhea-AI Summary

Bit Digital, Inc. (BTBT) announces a proposal from an existing customer to expand Bit Digital AI's scope by adding 2,048 GPUs, totaling 4,096 GPUs. The company aims to achieve a $100 million run-rate for annualized revenue through this agreement.

NEW YORK, March 26, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City, is pleased to announce that it has received a proposal from its existing customer for Bit Digital AI to significantly expand the scope of its existing agreement. The proposal calls for an additional 2,048 GPUs, amounting to a total of 4,096 GPUs under the amended agreement. Bit Digital intends to accept the customer proposal, subject to agreement on certain terms and conditions, at which point it would help the Company towards achieving its goal for its Bit Digital AI business to reach a $100 million run-rate for annualized revenue.

Sam Tabar, Bit Digital's CEO, commented: "We are pleased to announce another major growth milestone for our bourgeoning Bit Digital AI business. This further commitment from our customer is a testament to our execution in rapidly supplying them with mission critical GPU capacity. Our focus remains on fulfilling our current customer needs and onboarding new customers as we aim to significantly and rapidly scale this business line."

About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2023. 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. 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.

 

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SOURCE Bit Digital, Inc.

FAQ

What is the recent proposal announced by Bit Digital, Inc. (BTBT)?

Bit Digital, Inc. (BTBT) has received a proposal from an existing customer to significantly expand the scope of its Bit Digital AI business by adding 2,048 GPUs, totaling 4,096 GPUs.

What is the goal of Bit Digital, Inc. (BTBT) with this proposal?

The goal of Bit Digital, Inc. (BTBT) with this proposal is to achieve a $100 million run-rate for annualized revenue for its Bit Digital AI business.

Who commented on the recent growth milestone for Bit Digital, Inc. (BTBT)?

Sam Tabar, Bit Digital's CEO, commented on the recent growth milestone for Bit Digital, Inc. (BTBT).

How does Bit Digital, Inc. (BTBT) plan to scale its Bit Digital AI business?

Bit Digital, Inc. (BTBT) plans to scale its Bit Digital AI business by fulfilling current customer needs and onboarding new customers.