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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.
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.
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.
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 Three – Agreements with a Private Cryptocurrency Mining Investment Fund
On June 15, 2022, the Company announced that it entered into a set of definitive agreements (the "Agreements") with a private cryptocurrency mining investment fund (the "Fund"). The Fund is investing in a mining site (the “Project”) in the U.S. with a capacity of up to 75 MW. Based on the information provided to the Company, the Project has commenced and is expected to be energized in stages from January 2023.
As of November 30, 2022, the total miners delivered and deployed by the Company were 4,250 and 3,190 respectively.
Based on the current mining site development, the Company expects to deploy the remaining 1,060 miners in the first quarter of 2023. Once all 4,250 purchased miners are deployed, the total hash rate is expected to reach 403 Ph/s.
Additionally, the Company is monitoring the market conditions and negotiating with miner manufacturers and traders for additional miner procurement opportunities to expand its capacity.
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.
SafeHarborStatement
This announcement contains forward-looking statements within the meaning of the safeharborprovisions 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 forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
Company Contact
Bit Origin Ltd
Mr. Lucas Wang, Chairman and Chief Executive Officer
Email: ir@bitorigin.io
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