Bit Digital, Inc. Announces New Hosting Location

Rhea-AI Summary

Bit Digital announces agreement with Soluna Computing for additional hosting capacity at Project Sophie in Kentucky. The company expects miners to be actively hashing by early-November, 2023.

Positive

• Bit Digital finalizes agreement with Soluna Computing for 4.4 MW of hosting capacity at Project Sophie in Kentucky. The capacity will be filled with existing miners, enhancing operational flexibility. Miners expected to be active by early-November.

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• None.

NEW YORK, Oct. 25, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable digital infrastructure platform for digital assets and cloud computing services, headquartered in New York, is pleased to announce that it has finalized an agreement with Soluna Computing, Inc ("Soluna") for 4.4 megawatts of incremental hosting capacity at Project Sophie in Kentucky to power its miners for an initial contract term of twelve months. The company will fill the capacity with existing miners from its fleet and expects the miners to be actively hashing by early-November, 2023.

Sam Tabar, Bit Digital's CEO, commented: "We are pleased to enter into this agreement and further diversify our hosting portfolio both geographically and across counterparties. We believe this contract is structured in such way to provide us with enhanced operational flexibility through the 'halving' scheduled for 2024."

About Bit Digital

Bit Digital, Inc. is a sustainable digital infrastructure platform for digital assets and cloud computing services 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 specialized cloud-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, 2022. 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 agreement between Bit Digital and Soluna Computing?

Bit Digital has finalized an agreement with Soluna Computing for 4.4 MW of hosting capacity at Project Sophie in Kentucky.

When will the miners be actively hashing?

The miners are expected to be actively hashing by early-November, 2023.

How will the agreement enhance Bit Digital's operational flexibility?

The agreement will allow Bit Digital to diversify its hosting portfolio both geographically and across counterparties, providing enhanced operational flexibility.

What is the 'halving' scheduled for 2024 mentioned by Bit Digital's CEO?

The 'halving' refers to a reduction in the reward given to miners on the Bitcoin network. Bit Digital believes the contract structure will provide them with enhanced operational flexibility during this event.