NEW
YORK, June 22, 2023 /PRNewswire/ -- Bit Digital,
Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a
sustainability focused generator of digital assets headquartered in
New York, is pleased to announce
that it has revised an existing agreement to expand the Company's
mining capacity in Iceland to
approximately 10.7 megawatts ("MW").
The amended agreement provides Bit Digital with approximately
10.7 MW of hosting capacity with GreenBlocks ehf ("GreenBlocks") at
the facility in Reykjanesbaer, Iceland. This represents approximately 2.5 MW
of incremental hosting capacity relative to the original agreement
which will be filled with approximately 800 S19j Pro+ mining units.
In aggregate, there will be 2,800 S19j Pro+ units and 500 S19j
units deployed at the facility under the amended contract.
Approximately 2,300 miners have already been delivered to the
facility, with the remaining 1,000 expected to be delivered and
deployed at the facility by the end of June
2023. The aggregate purchase price was approximately
$4.9 million, or approximately
$12.7 per terahash/second (TH/s).
Sam Tabar, Bit Digital's CEO,
commented: "We are pleased to expand our mining presence in
Iceland and our relationship with
the GreenBlocks team. Iceland
remains at the top of our priority list as we continue to build out
our active mining fleet. We see significant opportunity to further
expand our presence in this region and will continue to covet
locations like Iceland that have
an abundance of renewable energy resources and a supportive
regulatory environment."
About Bit Digital
Bit Digital, Inc. is a sustainability focused generator of
digital assets headquartered in New York
City. Our mining operations are located in the US,
Canada, and Iceland. For additional information, please
contact ir@bit-digital.com or visit our website
at www.bit-digital.com.
Investor Notice
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 Annual Report on Form 20-F
for the fiscal year ended December 31,
2022. 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. Future changes in the
network-wide mining difficulty rate or bitcoin hash
rate may also materially affect the future performance of Bit
Digital's production of bitcoin. Actual operating
results will vary depending on many factors including network
difficulty rate, total hash rate of the network, the operations of
our facilities, the status of our miners, and other factors. See
"Safe Harbor Statement" below.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of Bit Digital, Inc., 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. Although the Company 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 the Company'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 the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
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SOURCE Bit Digital, Inc.