Business
Bit Origin Ltd Announces Production and Operation Update for August 2023
NEW YORK, Sept. 05, 2023 (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. 05, 2023 (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 production and operation update for August 2023. Operation Update As of August 31, 2023, the total mining hash rate stands at 403 PH/s with 4,250 miners installed in the Indiana facility, representing all miners the Company has purchased. Bitcoin Production and Revenue The Company mined 23.5 Bitcoins and achieved a revenue of US$655,647 in August 2023. Mining Sites Development As of August 31, 2023, the Company has one hosting mining site in operation and one mining site under development. The Company ceased its operation in the mining facility in Georgia from December 31, 2022. Site One – Marion, IN, 5.3 Megawatts (“MW”)On June 8 and July 11, 2022, the Company announced that it entered into two hosting service agreements to increase mining capacity by 3 MW and 2.3 MW, respectively. Based on mutual understanding and arrangements, the Company further expanded its capacity in the Indiana mining facility, and as of August 31, 2023, 4,250 miners at this site have been deployed. Site Two – Cheyenne, WY, 45MW On June 15, 2022, the Company announced that it entered into a set of definitive agreements with a private cryptocurrency mining investment fund (the \"Fund\"). The Fund is investing in a mining site (the “Project”) in Wyoming, U.S. with a capacity of up to 75 MW. Phase I of the Project of a capacity of up to 45MW for the mining facility in Wyoming was energized in March 2023. The Phase II of 25MW is undergoing engineering design process currently. About Bit Origin Ltd Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in the cryptocurrency mining business. The Company is also actively deploying blockchain technologies alongside diversified expansion strategies. For more information, please visit https://bitorigin.io. Safe Harbor Statement This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forw...