Bit Origin Limited Signs Letter of Intent to Purchase 750 Bitcoin Miners with Total Hash Rate of 75,000 TH/s

Rhea-AI Summary

Bit Origin Limited (NASDAQ: BTOG) has signed a Letter of Intent to acquire 750 Antminer S19j Pro Bitcoin Miners for $5.625 million. This purchase aims to enhance the Company's hash rate capacity by 75,000 TH/s, bringing the total to 4,378 miners operating at 416.2 PH/s and generating approximately 52.68 BTC monthly. The acquisition reflects Bit Origin's commitment to scaling its mining operations and business growth, with completion expected in the coming weeks. The Company plans to disclose further details via press releases or SEC filings as the transaction progresses.

Positive

• Acquisition of 750 Antminer S19j Pro miners for $5.625 million is expected to boost hash rate by 75,000 TH/s.
• Total miner count will reach 4,378, with projected output of approximately 416.2 PH/s and 52.68 BTC monthly.

Negative

• None.

New York, June 01, 2022 (GLOBE NEWSWIRE) -- Bit Origin Limited (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in crypto mining business with diversified expansion strategies, today announced that the Company has entered into a Letter of Intent (“LOI”) with an American Counterparty to purchase 750 Antminer S19j Pro (100 TH/s) Bitcoin Miners, which are expected to ramp up the hash rate of the Company's miner fleet by 75,000 TH/s. The anticipated purchase of miners will increase the Company’s Bitcoin miners to 4,378 units, producing approximately 416.2 PH/s when all miners are operating at full capacity, and it is expected to produce 52.68 BTCs per month when all miners are deployed.

Pursuant to the LOI, the Company agrees to purchase 750 Antminer S19j Pro (100 TH/s) Bitcoin Miners in an aggregate value of US$5,625,000. The Company expects to enter into a definitive agreement and expects the transaction to be completed in the coming weeks, subject to the customary conditions, and the miners are expected to be delivered to the Company’s U.S. mining facility upon assigning of the definitive agreement. As the transaction proceeds, the Company will publicly disclose required information either through press releases or SEC filings, as appropriate.

Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company, commented, “The proposed asset purchase plan from the LOI will greatly enhance our hash rate capacity, and it is another important approach in our growth strategies to expand our business since we have completed our new company name change. Under the guidance of our strong leadership, we will continue to source the best miners at competitive pricing with strong relationships in the industry. The management team of the Company is making significant efforts to scale up our mining capacity rapidly, accelerate business growth, and ultimately create long-term value for our shareholders.”

About Bit Origin Limited

Bit Origin Limited, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in crypto mining business. The Company is also actively deploying blockchain technologies, alongside diversified expansion strategies. For more information, please visit https://bitorigin.io.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

Company Contact

Bit Origin Limited
Erick W. Rengifo
Phone: +1-347-556-4747
Email: ir@bitorigin.io

Investor Relations Contact

Ms. Tina Xiao, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com

FAQ

What is Bit Origin Limited's recent acquisition involving Bitcoin miners?

Bit Origin Limited announced a Letter of Intent to purchase 750 Antminer S19j Pro Bitcoin Miners for $5.625 million.

How much will Bit Origin's hash rate increase after the acquisition of new miners?

The acquisition is expected to increase Bit Origin's hash rate by 75,000 TH/s, bringing the total to 4,378 miners.

When is Bit Origin Limited expected to complete the acquisition of the Bitcoin miners?

The transaction is expected to be completed in the coming weeks, pending customary conditions.

What will be the expected Bitcoin production from the new miners at Bit Origin?

Once operational, the new miners are projected to produce approximately 52.68 BTC per month.