New York, June 15, 2022 (GLOBE NEWSWIRE) — Bit Origin Limited ( BTOG) (“Bit Origin” or the “Company”), an rising progress firm engaged in crypto mining enterprise with diversified growth methods, at present introduced that the Company has entered right into a set of definitive agreements (the “Agreements”) with a non-public cryptocurrency mining funding fund (the “Fund”), to take a position US$3,000,000 in money in trade for 8.8235% sharing percentages of the Fund. The Fund will spend money on a mining website with capability as much as 75 megawatts (“MW”) in Cheyenne, Wyoming (the “Project”). The Company and sure different strategic companions will act as anchor buyers for the Project.
The mining website shall be one of many largest mining websites by capability within the state of Wyoming and the first-ever cryptocurrency mining mission within the metropolis of Cheyenne. The mining website is predicted to host as much as 20,000 miners upon completion and create annual internet hosting income of US$55,000,000 and gross revenue of US$16,200,000. Through just a few rounds of asset injection plans within the subsequent few months, Bit Origin expects to deploy roughly 10,000 self-owned miners within the mining website, ramping up the hash price by roughly 1EH/s.
The mining website is strategically situated in Cheyenne, Wyoming and is surrounded by a Microsoft knowledge middle and a Walmart distribution middle. The mining website is in a pure cooling surroundings and protected space with the bottom pure catastrophe threat, which is predicted to scale back power consumption and enhance operation stability. A Purchasing Power Agreement with a three-year preliminary time period with an area energy firm has additionally been signed for the Project, offering steady and low-cost electrical energy. The Company expects to create roughly 20 employment alternatives and convey optimistic financial advantages to the town of Cheyenne.
Bit Origin will take part within the design and building means of the Project. The building will start in July 2022, and the Project’s first section is predicted to energy on and kick off the internet hosting operations with a capability of 45 MW by the tip of September 2022. The Project is predicted to convey its complete power capability to 75 MW and produce roughly 8.2 Bitcoins per day at full capability when the Project is predicted to be completed in December 2022.
Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company, commented, “We are very excited about the opportunity to participate in the fund to develop one of the largest cryptocurrency mining sites in the state of Wyoming. The Project marks the first-ever self-built mining site Bit Origin participates in the U.S., which will feature our operational know-how, and experience of cryptocurrency mining for over 8 years. This is a significant testimonial of our commitment to building and operating an industrial-scale mining infrastructure to achieve a high-standard mining operation, provide the best hosting service to our clients, and benefit the local community as our long-term goal. This move is one of the most significant achievements in Bit Origin’s growth to date and we look forward to further expanding our footprints worldwide.”
About Bit Origin Limited
Bit Origin Limited, previously referred to as China Xiangtai Food Co., Ltd., is an rising progress firm working within the United States and engaged in crypto mining enterprise. The Company can be actively deploying blockchain applied sciences, alongside diversified growth methods. For extra data, please go to https://bitorigin.io.
Safe Harbor Statement
This announcement incorporates forward-looking statements inside the which means of the protected harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements aside from statements of historic reality on this announcement are forward-looking statements. These forward-looking statements contain identified and unknown dangers and uncertainties and are primarily based on present expectations and projections about future occasions and monetary traits that the Company believes might have an effect on its monetary situation, outcomes of operations, enterprise technique, and monetary wants. Investors can establish these forward-looking statements by phrases or phrases resembling “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or different related expressions. The Company undertakes no obligation to replace forward-looking statements to mirror subsequent occurring occasions or circumstances or adjustments in its expectations, besides as could also be required by legislation. Although the Company believes that the expectations expressed in these forward-looking statements are affordable, it can’t guarantee you that such expectations will transform right, and the Company cautions buyers that precise outcomes might differ materially from the anticipated outcomes.
Bit Origin Limited
Erick W. Rengifo
Email: [email protected]
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