SAI.TECH Announces Purchasing of 420 Whatsminer Bitcoin Mining Machines

Rhea-AI Summary

SAI.TECH Global Corporation (NASDAQ: SAI) has announced a purchase order for 420 Whatsminer M30s++ bitcoin mining machines for $633,360, approximately $14.50 per terahash. This acquisition is part of its strategy to expand operations in 2023, despite the ongoing bear market in bitcoin. The new miners are expected to increase the company's hash rate capacity by 43.68 PH/s while consuming only 1.35 MW of power, taking advantage of their high efficiency of 31W/T. The company aims to enhance its bitcoin mining operations and support sustainable energy practices.

Positive

• Acquisition of 420 Whatsminer M30s++ miners improves operational capacity by 43.68 PH/s.
• Increased hash rate with only 1.35 MW power consumption demonstrates efficiency.
• Strategic purchase at a low price during a bear market is beneficial for liquidity.

Negative

• None.

SINGAPORE, Feb. 10, 2023 (GLOBE NEWSWIRE) -- SAI.TECH Global Corporation ("SAI.TECH" OR "SAI," NASDAQ: SAI), a global energy-saving bitcoin mining operator and a clean-tech company that integrates bitcoin mining, heating, and power industries, today announced that its subsidiary has entered into a purchase order of 420 Whatsminer M30s++ bitcoin mining machines for $633,360.

Sustainable Available Innovative Limited, a British Virgin Islands company, a subsidiary indirectly owned by SAI.TECH Global Corporation, has entered into a purchase order with Cloud Ridge Technology Limited (the “Purchase Order”) to purchase 420 Whatsminer M30s++ bitcoin mining machines for $633,360, or approximately $14.50 per terahash for self-mining utility. All these 420 mining machines were received by the company during the first week of February.

After the full deployment of the 420 Whatsminer M30s++ miners, SAI.TECH estimates its total operational hash rate capacity will increase by 43.68 PH/s but will only load approximately 1.35 MW of power thanks to the machines' extraordinary power efficiency of 31W/T.

“The deployment of these 420 miners is not only a major progress of our bitcoin mining business but also our first step of expansion in 2023,” said Arthur Lee, Founder and CEO of SAI.TECH, “As the bitcoin market still stands in its bear market, expanding bitcoin mining hash rate at a low market price is an optimal decision for the company with favourable liquidity. We are pleased to finalize this purchase order for energy-efficient miners at a reasonable price. This strategic deployment also gives us confidence in confirmedly supporting bitcoin mining operations with superior advantages through the entire bitcoin mining cycle."

About SAI.TECH

SAI.TECH is an energy-saving bitcoin mining operator and a clean-tech company that integrates the bitcoin mining, power, and heating industries. SAI.TECH uses proprietary liquid cooling and waste heat recovery technology for its digital asset mining machines, utilizing waste heat to provide recycled energy and heating to potential customers while lowering mining operating costs. SAI.TECH strives to become the most cost-efficient digital asset mining operations company globally while simultaneously promoting the clean transition of the bitcoin mining, power, and heating industries.

In May 2022, SAI became a publicly trading company under the new ticker symbol “SAI” on the Nasdaq Stock Market (NASDAQ) through a merger with TradeUP Global Corporation ("TradeUP").

For more information on SAI.TECH, please visit https://sai.tech/.

Media Contact

pr@sai.tech

Investor Relations Contact

ir@sai.tech  

FAQ

What is the recent purchase order announced by SAI.TECH?

SAI.TECH announced a purchase order for 420 Whatsminer M30s++ bitcoin mining machines for $633,360.

How much will SAI.TECH's hash rate increase after the new purchase?

The hash rate is expected to increase by 43.68 PH/s after deploying the new miners.

What is the power consumption of the new bitcoin mining machines?

The new miners will consume approximately 1.35 MW of power.

What is the price per terahash for the new mining machines?

The price per terahash for the new mining machines is approximately $14.50.

What significant step is SAI.TECH taking in 2023?

SAI.TECH is expanding its bitcoin mining operations as part of its growth strategy in 2023.