Bit Digital, Inc. Announces Revised Hosting Agreement and Equipment Upgrade with Compute North

Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT) has amended its agreement with Compute North LLC, extending the hosting capacity for its bitcoin mining operations by an additional five years. The new terms provide approximately 6.5 MW for 2,000 miners, with a total expected hosting capacity of around 48 MW across Compute North's facilities in Nebraska and Texas. This upgrade includes the replacement of previously used equipment with new Bitmain Antminer S19j Pro miners, enhancing operational efficiency.

Positive

• Revised agreement extends hosting capacity for an additional 5 years.
• New agreement provides approximately 6.5 MW of hosting capacity for 2,000 miners.
• Upgrade to new Bitmain Antminer S19j Pro miners enhances operational efficiency.
• Total expected hosting capacity with Compute North is around 48 MW.

Negative

• None.

NEW YORK, April 7, 2022 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a bitcoin mining company headquartered in New York, today announced a revised agreement with hosting partner Compute North LLC ("Compute North"). The revised agreement replaces and extends the term of a previous agreement for an additional 5 years and provides for approximately 6.5 MW of hosting capacity for 2,000 miners. The previously hosted equipment will be upgraded to new Bitmain Antminer S19j Pro miners. 

Compute North's facilities in Nebraska and Texas currently provide approximately 20 MW to power our miners. Our overall expected hosting capacity with Compute North is approximately 48 MW.  

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, 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: ir@bit-digital.com, +1 (212) 463-5121

View original content to download multimedia:https://www.prnewswire.com/news-releases/bit-digital-inc-announces-revised-hosting-agreement-and-equipment-upgrade-with-compute-north-301519611.html

SOURCE Bit Digital, Inc.

FAQ

What is the recent agreement update for Bit Digital (BTBT)?

Bit Digital revised its hosting agreement with Compute North, extending it for five more years and adding approximately 6.5 MW of hosting capacity.

How many miners will Bit Digital host under the new agreement?

The new agreement allows Bit Digital to host 2,000 miners.

What upgrades will Bit Digital implement in its mining operations?

Bit Digital will upgrade its existing mining equipment to new Bitmain Antminer S19j Pro miners.

What is the total expected hosting capacity for Bit Digital after the agreement?

After the new agreement, Bit Digital's total expected hosting capacity with Compute North will be approximately 48 MW.