Bit Origin Ltd Completes the Acquisition of 622 Miners
15 Agosto 2022 - 2:00PM
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 announced that the Company
entered into an asset purchase agreement (the “Agreement”) with
About Offshore Limited, a company engaging in the business of
trading Bitcoin mining machines, to purchase 622 Antminer S19j pro
Bitcoin Miners, which are expected to ramp up the hash rate of the
Company's miner fleet by over 62,200 TH/s.
Pursuant to the Agreement, the Company agrees to
purchase 622 S19j pro Bitcoin Miners for an aggregate value of
$3,110,000 in the form of 8,685,574 ordinary shares of the Company,
valued at $0.36 per share. These miners will be delivered to the
Company’s mining facility site in the U.S.
The purchase of 622 miners is a part of the
intended purchase plan announced through a press release on June 2,
2022. With the newly purchased miners, the Company will increase
the total number of Bitcoin Miners to 4,250, producing
approximately 403 PH/s when all miners are put in full operation.
In theory, it is expected to produce approximately 54 BTCs per
month when all miners are deployed.
Mr. Lucas Wang, Chairman and Chief Executive
Officer of the Company, commented, “We are very pleased to complete
the purchase of the 622 miners as we continue to progress toward
our goal to expand our business and increase our operational
capability. Given the situation of the current turbulent market
environment, we believe this allows us to acquire high-quality
assets with lower costs. With our vision and ability to seize the
opportunity, we are confident that the Company is on the right
track to improve profitability and create long-term value for our
shareholders.”
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 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
OfficerEmail: ir@bitorigin.io Investor Relations
Contact
Ms. Tina Xiao, PresidentAscent Investor Relations LLCPhone:
+1-917-609-0333Email: tina.xiao@ascent-ir.com
To keep updated on Bit Origin’s news releases and SEC filings,
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at https://bitorigin.io/contact
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