Bit Digital, Inc. Announces Incremental Hosting Capacity In Canada
Bit Digital (Nasdaq: BTBT) has finalized a 5 megawatt hosting capacity agreement in Canada, primarily using hydro power to operate its miners. This facility will initially support around 650 miners and expand to accommodate 1,500 units. The agreement includes a two-year term with automatic one-year renewals. CEO Bryan Bullett highlights the importance of diversifying hosting sites to mitigate risks and enhance efficiency, aiming for a carbon-free operation while reducing power costs.
- Finalized a 5 megawatt hosting capacity agreement in Canada.
- Facility will support approximately 1,500 miners in the future.
- Utilizes primarily hydro power, aligning with carbon-free goals.
- Expected cost reduction in power expenses.
- None.
NEW YORK, Aug. 3, 2022 /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 5 megawatts of incremental hosting capacity to power its miners. The facility is located in Canada and utilizes an energy source that is primarily hydro power operated. The facility currently powers approximately 650 of the Company's miners and is expected to accommodate 1,500 units over the coming months. The agreement features an initial two-year term with automatic one-year renewals.
Bryan Bullett, Bit Digital's CEO, commented: "We are pleased to further diversify our hosting portfolio with this primarily hydro powered site. We continue to believe that a diversity of hosting sites mitigates risk and enhances operational efficiency. This new agreement not only advances our goal of becoming entirely carbon-free but does so at an attractive cost that is expected to help reduce our weighted average power cost."
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company 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. Additionally, all discussions of financial metrics assume mining difficulty rates as of August 2022. 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.
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