Bit Digital Complete Mining (“Bit Digital” or the “Company”), a New York-based digital asset mining company, is please to announce that it has enter into agreements for a 14 megawatt (“MW” generating set) ) of incremental hosting capacity to power your miners.
Coinmint Partnership Bit Digital has reached an agreement with Coinmint LLC (“Coinmint”) to secure an additional 10MW of hosting capacity. The hosting facility, located in Massena, New York, is operated by a subsidiary of Coinmint. This new agreement brings the company’s total contractual hosting capacity with Coinmint to approximately 40 MW. The agreement provides for an initial term of one year with automatic renewals of three months. Bit Digital plans to deliver approximately 3,600 recently purchased S19 mining units to the facility by the end of May 2023. The facility operates in a region of New York State that generates 99 percent renewable energy, as listed in the New York Independent System Operator, Inc Gold Book Report (NYISO) for 2022.
Blockbreakers Bit Digital Complete Mining Incremental Hosting Capacity
Bit Digital has signed an agreement for 4MW of incremental hosting capacity with Blockbreakers, Inc. (“Block Breakers”). The factory, located in Canada, mainly uses hydroelectric power sources. This new agreement brings the Company’s total contractual hosting capacity with Blockbreakers to approximately 9 MW. The agreement provides for an initial term of two years with automatic renewals of three months.
S19j Pro Mining Units Bit Digital Expects to Fill the Capacity
Bit Digital expects to fill the capacity with approximately 1,230 newly purchased S19j Pro mining units that are expected to delivered to the facility by July 2023 and actively hashed. In addition, Bit Digital has entered into a side letter agreement with Blockbreakers, granting the company a pre-emption right for future mining hosting services offered by Blockbreakers.
Sam Tabar, CEO of Bit Digital, commented, “We are excited to expand our relationship with two premier hosting partners in Coinmint and Blockbreakers. Geographic and counterparty diversification remains an important part of our hosting strategy, along with building relationships with the most reliable and efficient partners. These deals represent significant progress towards our goal of doubling our active hash rate by 2023. In addition, this growth is supported by renewable energy sources and is an important step towards our goal of fully decarbonising our mining operations.”
Bit Digital, Inc. is a sustainability-focused digital asset generator based in New York City. Our mining operations are based in North America.
Notice to Investors
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 in the “Risk Factors” section in item 3.D of our most recent Annual Report.
If a material risk were to materialize, it would likely affect our business, financial condition or results of operations. In this case, the value of our securities may fall and you may lose all or part of your investment.
Risk and Business Operations
The risks and uncertainties we describe are not the only ones we face. Other risks that are currently unknown to us or that we currently do not consider material may also affect our business operations. In addition, our past financial performance may not a reliable indicator of future performance and historical trends should not used to predict future results.
Future changes in network-wide mining difficulty or bitcoin hash rate could also materially affect the future performance of Bit Digital’s bitcoin production. Actual operating results depend on many factors. Including network difficulty, total network hash rate, our facility operations, but the health of our miners, and other factors. See “Safe Harbor Statement” below.
Safe Harbor Statement Bit Digital Complete Mining
This press release may contain certain “forward-looking statements” relating to Bit Digital, Inc.’s business. and its subsidiaries. All statements, other than statements of historical fact contained herein, are “forward-looking statements”. These forward-looking statements are often identified through the use of forward-looking terminology such as “believes”, “expects” or similar expressions. Which involve known and unknown risks and uncertainties.
Company Believes Expectations
Although the Company believes the expectations expressed in these forward-looking statements are reasonable. They involve assumptions.While risks and uncertainties and those expectations could prove to be untrue. Investors should not rely excessively on these forward-looking statements. So which are effective only as of the date of this press release.
Company’s Periodic Reports Filed Result
The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. So including those discussed in the Company’s periodic reports filed with the Securities and Exchange Commission. All forward-looking statements relating to the Company or persons acting on. Its behalf are expressly qualified in their entirety by these factors. Except as required by securities laws, Company assumes no obligation to update these forward-looking statements.