CHANGSHA, China, Jan. 15, 2024 /PRNewswire/ -- Bit Brother Limited
(the "Company," "we", or "Bit Brother") (NASDAQ: BETS)
announced its unaudited mining farm operation results for the
calendar year 2023 ended December 31,
2023.
The Company currently operates two mining farms in the U.S. Site
1 at Clyde Texas started
operations on January 17, 2023 and
reached full 6MW capacity in last May after installing 1.5 MW miner
servers. Site 2 at Abilene, Texas
is expected to commence operation in mid-January 2024.
Highlights in 2023
- As of December 31, 2023, Site 1
has mined approximately 136 bitcoins, generating
approximately $6.2 million in
revenue based on the bitcoin price of last December.
- As of December 31, 2023, Site 1
generated approximately $1
million in electricity savings and power management
profits through "Hedged Electricity Price" power supply agreement
with a retail electricity provider (REP) within the jurisdiction of
the Electric Reliability Council of Texas (ERCOT).
Strategic Layout for 2024
- Site 2 is anticipated to commence operation in mid-January 2024, with an estimated monthly
production of 12 BTC from the initial batch of 3,300 S19 miners.
Thus, Site 1 and Site 2 are expected to achieve combined monthly
production of 24 BTC assuming the miners function normally.
- Bit Brother has entered into a consulting agreement with
Cruxforce, LLC, aiming to find a mining farm with a maximum power
supply capacity of 40MW for site 3.
"In 2024, we will further expand the scale of our mining
operations and improve operating capacity and
productions." CEO Jack Wu commented. "Assuming the
current bitcoin price trend continues, we believe that we will
attain even greater achievement in the realm of cryptocurrency
through persistent innovation and strategic investments."
The Company seeks to provide as much transparency about
its bitcoin mining operation as possible. The link
below reflects bitcoins we have mined in real-time:
https://www.blockchain.com/explorer/addresses/btc/37frzvqQeAzf6hWj4J9zrEzZf4WJoo3sRR
These mining results do not include any financial results of the
Company and do not address the Company's other, non-mining
operations, such as the business management business. United States generally accepted accounting
principles for cryptocurrency mining are complex, emerging and
uncertain. Cryptocurrencies may not be recognized as cash or cash
equivalents, and mining activities may not qualify for revenue
recognition. Cryptocurrencies have no inherent value, are not legal
tender recognized by any governmental entity, and might not be able
to be converted into fiat currencies. Investors are advised not to
place undue reliance on mining results alone, without considering
other financial and non-financial metrics.
About Bit Brother Limited
Bit Brother Ltd is a multifaceted corporation with operations
spanning business management in China and blockchain
and cryptocurrency ventures in the United
States. Within the U.S. jurisdiction, the company strategically
manages and integrates cryptocurrency mining facilities.
With a dedicated team of specialists, company is currently
operating two mining farms in the U.S. and is committed to further
growth of its blockchain and cryptocurrency operations. . For more
information, please visit: www.bitbrother.com.
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements." 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. You 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. These risks and uncertainties include, but not are limited
to, the risk factors described by BETS in its filings with the
Securities and Exchange Commission ("SEC"). 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:
- Local government's policies and regulatory oversight
of cryptocurrency mining operations and our other
operations;
- BETS's cryptocurrency mining business is still under
development, with many uncertainties in the future direction and
integration of BETS's other business segments;
- Failure to manage the newly
launched cryptocurrency mining business effectively;
- Failure to access a large quantity of power at reasonable costs
could significantly increase BETS operating expenses and adversely
affect demand for BETS's mining activities;
- Any significant or prolonged failure in
the cryptocurrency mining facilities that BETS operates
or services it provides, including events beyond its control, would
lead to significant costs and disruptions and would reduce the
attractiveness of its facilities, harm its business reputation and
have a material adverse effect on its results of operation;
- Security breaches or alleged security breaches of
our cryptocurrency mining servers could disrupt BETS
operations and have a material adverse effect on its business,
financial condition and results of operation; and
- Fluctuation of the crypto price;
- Other risks and uncertainties indicated in BETS's SEC reports
or documents filed or to be filed with the SEC by BETS.
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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