Bit Origin Limited to Add 1,000 Mining Spots with Three Megawatts of Mining Power

Rhea-AI Summary

Bit Origin Limited (NASDAQ: BTOG) announced the completion of due diligence and a strategic hosting service agreement with Your Choice 4 CA, Inc. to lease 1,000 mining spots in Marion, Indiana. This agreement is expected to generate about 12.66 BTC per month when fully operational in mid-June 2022. The hosting capacity includes approximately 100 PH/s of mining power. The agreement, effective June 8, 2022, is valid for one year with an option for renewal.

Positive

• Completion of due diligence and strategic hosting agreement with Your Choice 4 CA, Inc.
• Expected monthly production of approximately 12.66 BTCs when fully operational.
• Hosting agreement provides significant mining capacity of about 100 PH/s.

Negative

• None.

New York, June 08, 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 finished all due diligence work and entered into a strategic hosting service agreement ("Agreement") with Your Choice 4 CA, Inc.(“YCI”), a U.S. based data center operator managed by 1024 Capital LLC(“1024 Capital”), to lease 1,000 mining spots with three Megawatts(“MW”) of mining power in Marion, Indiana. It is expected to produce approximately 12.66 BTCs per month for the Company when all miners are deployed in mid-June 2022 as scheduled.

Pursuant to the Agreement, YCI agrees to provide Bit Origin with 1,000 hosting spots, providing approximately 100 PH/s at full capacity. The Agreement is effective as of June 8, 2022, and shall remain in force for one year. YCI also agrees to offer the Company renewal option to extend the term of the Agreement to a new specific date upon written mutual agreement.

Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company, commented, “Following our update of the signing of the Letter of Intent on June 6, we are very pleased to enter into the hosting service agreement with YCI. We are making great efforts to ensure the timely deployment of the 1,000 miners in about 10 days and enhance our productivity immediately.”

About Your Choice 4 CA, Inc. and 1024 Capital LLC

Your Choice 4 CA, Inc. is a US based data center operator managed by 1024 Capital LLC. 1024 Capital LLC is a US based integrated service provider covering energy development, mining site construction, operation & maintenance, founded by a professional team featuring seasoned crypto mining operator and venture capitalist.

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 the recent hosting service agreement announced by Bit Origin Limited (BTOG)?

Bit Origin Limited announced a hosting service agreement with Your Choice 4 CA, Inc. to lease 1,000 mining spots, expected to produce around 12.66 BTC per month.

When will Bit Origin Limited's new mining operations begin?

The new mining operations are expected to be fully operational by mid-June 2022.

How many mining spots is Bit Origin Limited leasing from Your Choice 4 CA, Inc.?

Bit Origin Limited is leasing 1,000 mining spots.

What is the expected hashing power under the agreement for Bit Origin Limited (BTOG)?

The agreement provides Bit Origin Limited with approximately 100 PH/s of mining power.

What is the duration of the hosting service agreement for Bit Origin Limited (BTOG)?

The hosting service agreement is effective for one year from June 8, 2022.