Business
Bit Origin Ltd Announces Monthly Production and Operation Update for August 2022
New York, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto
About this update from Bit Origin Limited
[{"type":"text","content":"New York, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) (\"Bit Origin\" or the \"Company\"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today provided its monthly production and operation update for August 2022. “We are very glad to announce that the number of Bitcoins mined and our revenue in August 2022 grew 165% and 167% respectively compared to the previous month. This achievement has demonstrated the continuous improvement of our operational efficiency. We expect to see a significant increase in our capacity once the purchase of 622 Antminer S19j Pro Bitcoin miners are deployed.” said Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company. Operation Update Bit Origin started bitcoin mining in mining sites in Georgia and Indiana in May and June 2022, respectively. As of August 31, 2022, the total mining hash rate reached 308 PH/s with 3,190 miners installed. Compared with July 2022, the number of miners installed and the hash rate have increased by 24% and 25%, respectively, primarily attributable to another instalment of 622 miners in Georgia site. Bitcoin Production and Revenue The Company mined 21.95 Bitcoins in August, 2022 and achieved a revenue of US$490,749, representing an increase of 165% and 167%, respectively, compared to the previous month. Mining Sites Development As of August 31, 2022, the Company has two hosting mining sites in operation and one mining site under development. The Company is also exploring other development opportunities for mining sites around the globe, with a primary focus on the U.S. Site One – Macon, GA, 9.49 Megawatts (\"MW\") On May 25, 2022, the Company announced that it entered into a Letter of Intent to increase its mining capacity by 9.49 MW. As of August 31, 2022, due diligence and negotiations are still in the process. The Company expects to complete this transaction in the fourth quarter of 2022. As the transaction proceeds, the Company will publicly disclose required information through press releases or SEC filings, as appropriate. The Company is currently operating the Georgia site on a hosting basis with a mining capacity of up to 6.1 MW. Site Two – Marion, IN, 5.3 Megawatts (\"MW\") On June 8 and July 11, 2022, the Company announced that it entered two hosting service agreements to in...