NEW YORK, April 26, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, is pleased to announce that it has finalized an agreement for 10 megawatts of incremental hosting capacity to power its miners. The hosting facility, located in Plattsburgh, New York, is operated by a subsidiary of Coinmint LLC ("Coinmint").
This new agreement brings the Company's total contracted hosting capacity with Coinmint to approximately 30 MW. The agreement features an initial two-year term with automatic three-month renewals. Bit Digital intends to deliver approximately 3,100 miners to the facility, which contemplates the purchase of approximately 2,000 new generation miners to fill the capacity. The Company expects the first tranche of miners to be delivered to the facility and hashing by the end of April 2023, and the second tranche to be delivered and hashing by the end of July 2023.
Sam Tabar, Bit Digital's CEO, commented: "We are pleased to expand our relationship with a top-tier hosting partner in Coinmint. Our hosting strategy continues to prioritize both geographic and counterparty diversification, while also placing a strong emphasis on cultivating relationships with the most reliable and efficient hosting partners. This agreement marks an important step towards our goal of approximately doubling our active hash rate through the course of 2023. The Coinmint hosting facility also utilizes energy in a zone that is predominantly hydro powered and should advance our goal for our mining operations to become entirely carbon-free."
About Bit Digital
Bit Digital, Inc. is a sustainability focused generator of digital assets headquartered in New York City. Our mining operations are located in North America. 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 most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/bit-digital-inc-announces-expansion-of-mining-capacity-301808538.html
SOURCE Bit Digital, Inc.
