Business
Bit Digital, Inc. Responds to False Accusations
NEW YORK, Jan. 19, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT), (the "Company"), an emerging bitcoin mining company headquartered in New York is
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, Jan. 19, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT), (the \"Company\"), an emerging bitcoin mining company headquartered in New York is responding to false accusations given to the marketplace. As a result of the recent dramatic rise in the price of bitcoin, with the corresponding increase in our stock price, Management is compelled to refute certain false accusations about the Company and provide an overview of our bitcoin mining operations all of which is publicly available at the SEC's website www.sec.gov. Information is being provided so that our bitcoin mining operations can be better understood and independently verified. Our auditors have begun field work for our December 31, 2020 audit, which is expected to be filed well in advance of the April 30, 2021 due date for our Form 20-F.\n\n \n \n \n \n \n \n\n \nAbout bitcoin mining operations of the Company\nThe Company has actively sought to disclose the most updated operations data to our public investors and regulators.\nAs disclosed in third quarter financial results on December 18, 2020, the Company owns a total of 40,865 miners, including 7,025 Antminer S17+, 195 Antminer S17E, 32 Antminer S17Pro, 105 Antminer S19Pro, 800 Antminer T3, 9,110 Antminer T17, 256 Antminer T17+, 2,200 Whatsminer M10, 4,125 Whatsminer M20S, 16,917 Whatsminer M21S and 100 Whatsminer M31S, spread over PRC and Texas and Nebraska in the United States.\nAs of January 15, 2021, in Xinjiang Province we had 14,639 bitcoin miners; in Inner Mongolia Province we had 17,926 miners; in Sichuan Province we had 1,650 miners; in Yunnan Province we had 4,550 miners; in Nebraska we had 2,000 miners and in Texas we had 100 miners. However, as a common practice in the mining industry in China we may migrate our miners within the above locations on a seasonal basis depending on water and electricity availability and cost.\nAs disclosed on Form 6-K filed on October 19, 2020, announcing first half of fiscal year 2020 financial results, during the second and third quarters of 2020, the Company had purchased 22,869 second-hand bitcoin miners from non-affiliated persons for aggregate consideration of $18,759,770. As disclosed on Form 6-K filed on December 4. 2020, the Company purchased 17,996 second-hand miners from non-affiliated persons in exchange for an aggregate of 4,344,603 restricted ordinar...