Business
Bit Origin Ltd Provides Operation Updates and Future Miner Deployment Schedule
New York, July 19, 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, July 19, 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 operation updates and future miner deployment schedule. \"We have reached significant milestones in the past two months after our new management team took office at the end of April 2022. We completed the installations of our first batch of miners, mined our first bitcoin, and started critical developments of our mining sites,\" said Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company. \"With over eight years of experience in crypto mining operation, our management team witnessed several boom and bust cycles of bitcoin, and we remain confident about the potential in the blockchain and cryptocurrency industry. Therefore, we are positioned well to address the opportunities in the cryptocurrency market and prepared to expand our business rapidly.\" Business Transition Following the approved resolutions announced at the Special Meeting of Shareholders on April 26, 2022, Bit Origin finished its name change and business transition into crypto mining in early May 2022. In addition, the Company announced a series of strategic purchases and investments related to bitcoin mining following the business transition. Operation Update Bit Origin started bitcoin mining in mining sites in Georgia and Indiana in May and June 2022, respectively. As of July 19, 2022, the total mining hash rate reached 176 PH/s. Mining Site# of Miners InstalledHash Rate (PH/s)Georgia86878Indiana1,00098Total1,868176 The audited financial result of the mining business for May and June 2022 will be disclosed in the Company's annual report, which is expected to be released in August 2022. The Company also intends to provide monthly unaudited production and mining operation updates to keep its shareholders apprised. The Company expects to provide and report its first production and mining operation update for July 2022 in August 2022. Mining Sites Development 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 the date of this announcement, due diligence and negotiations are still in the process. The Comp...