NEW YORK, May 9, 2023 - Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, is pleased to announce that it has finalized agreements for an aggregate of 14 megawatts ("MW") of incremental hosting capacity to power its miners.
Coinmint: Coinmint Partnership: Bit Digital has reached an agreement with Coinmint LLC ("Coinmint") to secure an additional 10 MW 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 contracted hosting capacity with Coinmint to approximately 40 MW. The agreement features an initial one-year term with automatic three-month renewals. Bit Digital intends to deliver approximately 3,600 recently purchased S19 mining units to the facility by the end of May 2023. The facility operates within an upstate New York region that is reported to generate 99% renewable energy, as stated in the New York Independent System Operator, Inc. (NYISO) Gold Book report for 2022.
Blockbreakers: Bit Digital has finalized an agreement for 4 MW of incremental hosting capacity with Blockbreakers, Inc. ("Blockbreakers"). The facility, located in Canada, utilizes an energy source that is primarily hydroelectric. This new agreement brings the Company's total contracted hosting capacity with Blockbreakers to approximately 9 MW. The agreement features an initial two-year term with automatic three-month renewals. Bit Digital plans to fill the capacity with approximately 1,230 newly purchased S19j Pro mining units which are expected to be delivered to the facility and actively hashing by July 2023. Additionally, Bit Digital has secured a side letter agreement with Blockbreakers, granting the Company the right of first refusal for any future mining hosting services offered by Blockbreakers.
Sam Tabar, Bit Digital's CEO, commented: "We are pleased to expand our relationships with two top-tier hosting partners in Coinmint and Blockbreakers. Geographic and counterparty diversification remains a key component of our hosting strategy, alongside building relationships with the most reliable and efficient partners. These agreements represent marked progress towards our objective of doubling our active hash rate in 2023. Furthermore, this growth is underpinned by sustainable energy sources and is an important step towards our goal for our mining operations to become entirely carbon-free."
About Bit Digital
Bit Digital, Inc. is a sustainability focused generator of digital assets headquartered in New York City. Our mining operations are located in North America. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
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 under "Risk Factors" in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2022. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital's production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See "Safe Harbor Statement" below.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE Bit Digital, Inc.
