NEW YORK, Oct. 12, 2021 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company” or “Bit Digital”), a bitcoin mining company headquartered in New York, today announced that it has signed agreements with Bitmain Technologies Limited (“Bitmain”) to purchase 10,000 Bitcoin mining hardware. The announced purchases are expected to increase Bit Digital’s miner fleet hash rate by over 1.0 Exahash (“EH/s”).
Bryan Bullett, Bit Digital’s CEO, stated: “By contracting for these Bitmain units, we have opened a new channel in our procurement strategy, diversifying our access to miners. While we believe we continue to enjoy differentiated access to the miner spot market, and expect to continue our ongoing spot purchases, our deal with Bitmain is an efficient means to procure a large quantum of new miners on attractive terms. This is key, as we believe that scale is paramount in importance in the bitcoin mining business. We look forward to a productive ongoing customer relationship with Bitmain.”
“Bit Digital’s purchase of our Antminer products will help solidify the company as one of the key mining businesses in North America,” said Irene Gao, Antminer Sales Director of NCSA Region, Bitmain. “The Company’s purchase of our miners will assist in promoting their long-term goals and strategy as they continue to enhance their mining operations. We look forward to building a long-standing cooperation with Bit Digital.”
About Bit Digital
Bit Digital, Inc. is a sustainability-focused bitcoin mining company. Headquartered in New York, Bit Digital’s mining operations are located in the United States and Canada.
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2020. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. There can be no assurance that miner shipments will be delivered on the expected delivery date, due to possible logistic delays or other factors beyond our control. Future changes in the network-wide mining difficulty rate or bitcoin hashrate, as well as other factors beyond our control, may also materially affect the future performance of Bit Digital’s production of bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of July 2021, where applicable. See “Safe Harbor Statement” below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, information about expectations concerning the Company’s continued geographic migration of its mining assets, acquisition of mining assets and divestiture or disposal of obsolete mining assets, hashrate expansion, procurement and delivery of power and hosting capacity, potential for Bit Digital’s growth, potential for future usage of renewable or carbon-free power sources, and the business goals and objectives of Bit Digital including, but not limited to, the Company’s operating strategies concerning the deployment of digital assets to participate in one or more decentralized finance (“DeFi”) protocols. Although Bit Digital believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Bit Digital’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to Bit Digital or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Bit Digital does not assume a duty to update these forward-looking statements.