Business
Bit Origin Ltd Announces Monthly Production and Operation Update for November 2022
New York, Dec. 22, 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, Dec. 22, 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 November 2022. “Our production in November 2022 was negatively affected by the strong volatility of the bitcoin price and high energy costs. As a result, we temporarily scaled down our operations to cut down costs. We have also reached a strategic agreement with Your Choice 4 CA, Inc., the host in our Indiana site to share electricity expense, which is expected to significantly increase our profit margin. We continue adjusting our short-term strategy to optimize our operating efficiency in the current dynamic market conditions.” 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 November 30, 2022, the total mining hash rate remains at 308 PH/s with 3,190 miners installed. Bitcoin Production and Revenue The Company mined 8.59 Bitcoins and achieved a revenue of US$166,911 in November 2022, representing a decrease of 65% and 65%, respectively, compared to the previous month. Mining Sites Development As of November 30, 2022, the Company has ongoing operations in two mining sites and expects to initiate operation in December 2022 in one mining site under development. The Company is also exploring other development or acquisition opportunities for mining sites around the globe, with a primary focus on the U.S. Site One – Macon, GA, 9.49 Megawatts (“MW”) The Company is currently operating the Georgia site on a hosting basis with a mining capacity of 6.1 MW. On May 25, 2022, the Company announced that it entered into a Letter of Intent to acquire 30.62% of the Georgia site, representing 9.49 MW capacity. As the transaction proceeds, the Company will publicly disclose required information through press releases or SEC filings, as appropriate. 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 increase mining capacity by 3 MW and 2.3 MW, respectively. The deployment of 1,700 miners at this site has been completed. Site Th...