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Bit Digital, Inc. and BitMine Immersion Technologies, Inc. Sign Letter of Intent for Hosting 7,000 ASIC Mining Computers
NEW YORK, April 05, 2022 (GLOBE NEWSWIRE) -- Bit Digital, Inc. (NASDAQ: BTBT) and BitMine Immersion Technologies, Inc. (OTC: BMNR) announce the signing of a
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, April 05, 2022 (GLOBE NEWSWIRE) -- Bit Digital, Inc. (NASDAQ: BTBT) and BitMine Immersion Technologies, Inc. (OTC: BMNR) announce the signing of a Letter of Intent to establish a hosting relationship beginning with 7,000 current generation ASIC miners. The final agreement is expected to be completed in the coming weeks. The companies expect to primarily utilize the efficiencies of mining Bitcoin in immersion cooled containers, a process by which the servers run fully submerged in a dielectric fluid that efficiently cools the machines and allows for superior machine output and energy efficiency. The companies have agreed in principle to a mutually beneficial revenue split of the mined Bitcoin, and a multi-year term.Bryan Bullett, CEO of Bit Digital was quoted as saying \"We are happy to begin our relationship with BitMine Immersion Technologies, and have known the team for some time. As a company, we have been intrigued by mining using immersion technology, and we are happy we found an ideal hosting scenario allowing us to utilize the benefits offered by immersion cooling of our machines.\"Jonathan Bates, BitMine Chairman, was quoted as saying- \"We couldn't be happier. Having a marquee client like Bit Digital is exactly why we started the company. We want to serve high quality clients and offer them the best environment for their miners, as well as a superior service experience. We hope to grow this relationship moving forward. Bryan and his team are top notch professionals, and we are excited to get started.\"Bit Digital and BitMine Immersion hope to begin delivery in the coming weeks and months and fill the capacity by the end of August. BitMine Immersion Technologies, Inc. Forward-Looking Statements: This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine Immersion Technologies' control, including those set forth in the Risk Factors section of BitMine Immersion Technologies’ Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on December 9, 2021 and any other SEC filings, as amended or updated from time to time. Copies of BitMine Immersion Technologies’ filings with the SEC are available on the SEC’s website at www.sec.gov. BitMine Immersion Technologies undertakes no oblig...