BTC Digital Provides Updates on its Digital Currency Business for the Second Quarter of 2023

Rhea-AI Summary

BTC Digital Ltd. provides updates on its digital currency business for Q2 2023, revealing a total of 1,754 BTC miners in operation with a mining hash rate of 188PH/s and a total output of 35.07 BTC. The company has deployed 200 additional S19J PRO mining machines, increasing the mining hash rate by 22 PH/s. BTC Digital plans to acquire more BTC miners by the end of 2023 and is negotiating with potential sellers. The company also considers building its own mining machines, reducing energy costs, and developing custody business.

Positive

• BTC Digital has successfully expanded its BTC mining business with the deployment of 1,754 BTC miners and an increased mining hash rate of 22 PH/s. The company plans to acquire more mining machines and is actively seeking potential sellers. BTC Digital also has long-term goals of having 15,000 units of its own mining machines in operation and actively pursuing business opportunities to achieve this goal.

Negative

• None.

SHENZHEN, China, Sept. 5, 2023 /PRNewswire/ -- BTC Digital Ltd. (" BTC Digital" or the "Company") (NASDAQ: METX), a blockchain technology company, today provided updates on the Company's digital currency business for the second quarter of 2023.

As of June 30, 2023, BTC Digital had deployed a total of 1,754 BTC miners in operation, with a total mining hash rate of 188PH/s and a total output of 35.07 BTC.

At the beginning of August 2023, 200 S19J PRO mining machines acquired by the Company through share issuance have been deployed, and the mining hash rate has been increased by 22 PH/s.

The Company plans to acquire additional units of BTC miners by the end of 2023 through issuing shares, effecting mergers and acquisitions, or with proceeds of financings. The Company is currently negotiating with potential sellers for the acquisition of mining machines.

In the future, the Company considers building its own and/or acquiring third-party manufactured BTC miners in North America, finding probable methods to reduce energy costs, and developing custody business to meet the deployment needs of BTC Digital's own mining machines.

Alan Peng, CEO of BTC Digital, said: "As an emerging growth company engaged in cryptocurrency mining, we are pleased to see the Company's BTC mining business actively expanding, and the Company intends to take necessary measures to utilize resources to increase aggregate computing power. Our long-term goal is to have 15,000 units of our own mining machines in operation, and the Company expects to actively seize additional business opportunities in cooperating with business partners to increase the probability of achieving the long-term goal."

About BTC Digital Ltd.

BTC Digital Ltd. is a blockchain technology company, with a long-term strategy to create value across the metaverse, blockchain and cryptocurrency mining industry. The Company is committed to developing blockchain related businesses in North America, including cryptocurrency mining, mining farm construction, and mining pool and data center operation.

For more information, please visit: https://meten.investorroom.com 

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

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SOURCE BTC Digital Ltd.

FAQ

What updates did BTC Digital provide for its digital currency business in Q2 2023?

BTC Digital provided updates on its digital currency business, including the deployment of 1,754 BTC miners with a mining hash rate of 188PH/s and a total output of 35.07 BTC.

How many additional mining machines did BTC Digital deploy?

BTC Digital deployed 200 additional S19J PRO mining machines, increasing the mining hash rate by 22 PH/s.

What are BTC Digital's plans for acquiring more BTC miners?

BTC Digital plans to acquire more BTC miners by the end of 2023 through issuing shares, effecting mergers and acquisitions, or with proceeds of financings. The company is currently negotiating with potential sellers for the acquisition of mining machines.

What are BTC Digital's long-term goals?

BTC Digital aims to have 15,000 units of its own mining machines in operation and actively seeks additional business opportunities to achieve this goal.