Business
Bit Digital, Inc. Announces Expansion of Mining Capacity
NEW YORK, April 26, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, April 26, 2023 /PRNewswire/ -- 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 an agreement for 10 megawatts of incremental hosting capacity to power its miners. The hosting facility, located in Plattsburgh, New York, is operated by a subsidiary of Coinmint LLC (\"Coinmint\").\n\n \n \n \n \n \n \n\n \nThis new agreement brings the Company's total contracted hosting capacity with Coinmint to approximately 30 MW. The agreement features an initial two-year term with automatic three-month renewals. Bit Digital intends to deliver approximately 3,100 miners to the facility, which contemplates the purchase of approximately 2,000 new generation miners to fill the capacity. The Company expects the first tranche of miners to be delivered to the facility and hashing by the end of April 2023, and the second tranche to be delivered and hashing by the end of July 2023.\nSam Tabar, Bit Digital's CEO, commented: \"We are pleased to expand our relationship with a top-tier hosting partner in Coinmint. Our hosting strategy continues to prioritize both geographic and counterparty diversification, while also placing a strong emphasis on cultivating relationships with the most reliable and efficient hosting partners. This agreement marks an important step towards our goal of approximately doubling our active hash rate through the course of 2023. The Coinmint hosting facility also utilizes energy in a zone that is predominantly hydro powered and should advance our goal for our mining operations to become entirely carbon-free.\"\nAbout Bit Digital\nBit 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 [email protected] or visit our website at www.bit-digital.com.\nInvestor Notice\nInvesting 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, 2021. If any material risk was to occur, our business, financial condition or results...