CHANGSHA, China, Sept. 12,
2023 /PRNewswire/ -- In December 2022, Bit Brother Limited (the
"Company," "we" or "Bit Brother") (NASDAQ: BTB), through its
subsidiary in New York, Bit
Brother New York Inc. ("BTB NY"), entered into a "Hedged
Electricity Price" power supply agreement with a retail
electricity provider (REP) within the jurisdiction of the Electric
Reliability Council of Texas
(ERCOT) for a term of 5 years. BTB NY's current 6 MW
mine's operating power costs, which accounts for 90% of its total
operating costs, will not be affected by any extreme weather
conditions and/or lack of energy supply during the five-year term
through the hedged electricity price power supply agreement.
Meanwhile, with the Company's dedicated operation team complemented
by AI technology utilizing various formulas to mitigate operational
risks, it is expected that we will be able to consistently maintain
a low average electricity price of approximately 5.25 cents/KWH until December 2027.
Since June 2023, the electricity
price began fluctuating as usual in Texas, and BTB NY saved an aggregate of
approximately $200,000 in
electricity costs through the "electricity price peak adjustment"
mechanism in the power supply agreement.
About Bit Brother Limited
Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the
British Virgin Islands as a
company with limited liability on November
28, 2011. Our business currently consists of the
distribution and retail of specialty tea products. We started our
cryptocurrency mining business since December 2022. For more information, please
visit: http: www.bitbrother.com.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the federal
securities laws, including, but not limited to, our expectations
for future financial performance, business strategies or
expectations for our business. These statements constitute
projections, forecasts and forward-looking statements, and are not
guarantees of performance. The Company cautions that
forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. Words such as
"may," "can," "should," "will," "estimate," "plan," "project,"
"forecast," "intend," "expect," "anticipate," "believe," "seek,"
"target," "look" or similar expressions may identify
forward-looking statements. Specifically, forward-looking
statements may include statements relating to the Company's:
- ability to have the 6 MW mine plant fully operational as a
crypto hosting center;
- ability to secure the "Hedged electricity price" power supply
over next 5 years at terms acceptable to the Company;
- expected hash rate for the mining rigs to be hosted at the
plant;
- ability to execute its business plan;
- expansion plans and opportunities.
These forward-looking statements are based on information
available as of the date of this press release and our management's
current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements.
Certain risks and uncertainties include, but not are limited to,
the risk factors described by Bit Brother in its filings with the
Securities and Exchange Commission ("SEC"), which are available on
the SEC's website (http://www.sec.gov). These risk factors and
those identified elsewhere in this press release, among others,
could cause actual results to differ materially from historical
performance and include, but are not limited to:
- Bit Brother's blockchain technology and
cryptocurrency mining business are still under
development, with many uncertainties in the execution of its
business plan;
- failure to access a large quantity of power at reasonable costs
could significantly increase the Company's operating expenses;
- federal and state government's policies and regulatory
oversight of crypto currency mining operation;
- other risks and uncertainties indicated in Bit Brother's SEC
reports or documents filed or to be filed with the SEC by Bit
Brother.
Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and you
should not place undue reliance on these forward-looking statements
in deciding whether to invest in our securities. We do not
undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
Contact: contactus@bitbrother.com, +86-0731-82290658
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SOURCE Bit Brother Limited
