Business
Bit Origin Limited to Invest in a Mining Site in Cheyenne, Wyoming with 75 Megawatts of Mining Power
New York, June 15, 2022 (GLOBE NEWSWIRE) -- Bit Origin Limited (NASDAQ: BTOG) (“Bit Origin” or the “Company”), an emerging growth company engaged in crypto
About this update from Bit Origin Limited
[{"type":"text","content":"New York, June 15, 2022 (GLOBE NEWSWIRE) -- Bit Origin Limited (NASDAQ: BTOG) (“Bit Origin” or the “Company”), an emerging growth company engaged in crypto mining business with diversified expansion strategies, today announced that the Company has entered into a set of definitive agreements (the “Agreements”) with a private cryptocurrency mining investment fund (the “Fund”), to invest US$3,000,000 in cash in exchange for 8.8235% sharing percentages of the Fund. The Fund will invest in a mining site with capacity up to 75 megawatts (“MW”) in Cheyenne, Wyoming (the “Project”). The Company and certain other strategic partners will act as anchor investors for the Project. The mining site will be one of the largest mining sites by capacity in the state of Wyoming and the first-ever cryptocurrency mining project in the city of Cheyenne. The mining site is expected to host up to 20,000 miners upon completion and create annual hosting revenue of US$55,000,000 and gross profit of US$16,200,000. Through a few rounds of asset injection plans in the next few months, Bit Origin expects to deploy approximately 10,000 self-owned miners in the mining site, ramping up the hash rate by approximately 1EH/s. The mining site is strategically located in Cheyenne, Wyoming and is surrounded by a Microsoft data center and a Walmart distribution center. The mining site is in a natural cooling environment and safe area with the lowest natural disaster risk, which is expected to reduce energy consumption and improve operation stability. A Purchasing Power Agreement with a three-year initial term with a local power company has also been signed for the Project, providing stable and low-cost electricity. The Company expects to create approximately 20 employment opportunities and bring positive economic benefits to the city of Cheyenne. Bit Origin will participate in the design and construction process of the Project. The construction will commence in July 2022, and the Project’s first phase is expected to power on and kick off the hosting operations with a capacity of 45 MW by the end of September 2022. The Project is expected to bring its total energy capacity to 75 MW and produce approximately 8.2 Bitcoins per day at full capacity when the Project is expected to be finished in December 2022. Mr. Lucas Wang, Chairman and Chief Executive Officer of the Compan...