The Firm expects to obtain 9.49 megawatts cryptocurrency mining capacity with a hash charge of 316PH/s
New York, Could 25, 2022 (GLOBE NEWSWIRE) — Bit Origin Restricted (NASDAQ: BTOG) (“Bit Origin” or the “Firm”), an rising development firm engaged in crypto mining enterprise with diversified growth methods, as we speak introduced that the Firm has entered right into a Letter of Intent (“LOI”) to amass 30.62% fairness curiosity in Horizon Mining Ltd (“HML”), an operator of a crypto mining web site positioned at Macon, Georgia to additional facilitate Bit Origin’s strategic growth course of. The potential acquisition is anticipated to extend the Firm’s cryptocurrency mining capability by 9.49 megawatts (“MW”) with a hash charge of 316PH/s, which represents roughly 40 Bitcoins could be mined per thirty days at full capability.
Pursuant to the LOI, the Firm agrees to amass 30.62% of the fairness pursuits of HML in trade for consideration having an combination worth of US$4,251,281. The Firm expects to enter right into a definitive settlement and expects the acquisition to be accomplished within the coming months, topic to the customary situations. Because the transaction proceeds, the Firm will publicly disclose required info both by means of press releases or SEC filings, as acceptable.
Chief Govt Officer of Horizon Mining Ltd commented, “We’re extraordinarily excited concerning the potential alternative to collaborate with Bit Origin in our Georgia facility, as each events share a imaginative and prescient for the way forward for Bitcoin mining in the USA. The assets Bit Origin brings, mixed with our power in mining operation, would enable us to attain a shared development potential.”
Mr. Lucas Wang, Chairman and Chief Govt Officer of the Firm, commented, “The acquisition proposal of HML could be one of the vital vital achievements in Bit Origin’s development so far and a strong milestone to attain the Firm’s growth objective of turning into a number one Bitcoin mining firm as soon as the transaction is accomplished. HML is our lengthy final strategic associate in the USA, and such an funding resolution really deepens our relationship for higher collaborations sooner or later. The belongings and complicated operation crew acquired from HML will create monetary and operational synergies and diversifies the Firm’s danger and income mannequin to grow to be a crypto mining operator and internet hosting service supplier. We’re excited to enter the mining internet hosting sector to additional improve our aggressive benefits in mining operation experience whereas increasing our panorama within the US.”
About Horizon Mining Ltd
Horizon Mining Ltd owns and operates a 31MW crypto mining web site in Macon Metropolis, Georgia. Horizon is led by an skilled administration crew and technical crew, targeted on constructing digital infrastructure and supply of best-in-class internet hosting service. Horizon Mining Ltd is a three way partnership of Horizon Mining, LLC., a privately-owned, skilled American operator of crypto mining farms websites in a number of states.
About Bit Origin Restricted
Bit Origin Restricted, previously referred to as China Xiangtai Meals Co., Ltd., is an rising development firm working in the USA and engaged in crypto mining enterprise. The Firm can also be actively deploying blockchain applied sciences, alongside diversified growth methods. For extra info, please go to https://bitorigin.io.
Secure Harbor Assertion
This announcement accommodates forward-looking statements throughout the that means of the protected harbor provisions of the Non-public Securities Litigation Reform Act of 1995. All statements apart from statements of historic truth on this announcement are forward-looking statements. These forward-looking statements contain recognized and unknown dangers and uncertainties and are primarily based on present expectations and projections about future occasions and monetary developments that the Firm believes might have an effect on its monetary situation, outcomes of operations, enterprise technique, and monetary wants. Buyers can establish these forward-looking statements by phrases or phrases corresponding to “might,” “will,” “count on,” “anticipate,” “purpose,” “estimate,” “intend,” “plan,” “consider,” “potential,” “proceed,” “is/are more likely to” or different related expressions. The Firm undertakes no obligation to replace forward-looking statements to replicate subsequent occurring occasions or circumstances or modifications in its expectations, besides as could also be required by regulation. Though the Firm believes that the expectations expressed in these forward-looking statements are affordable, it can’t guarantee you that such expectations will grow to be right, and the Firm cautions traders that precise outcomes might differ materially from the anticipated outcomes.
Firm Contact
Bit Origin Restricted
Erick W. Rengifo
Telephone: +1-347-556-4747
Electronic mail: ir@bitorigin.io
Investor Relations Contact
Ms. Tina Xiao, President
Ascent Investor Relations LLC
Telephone: +1-917-609-0333
Electronic mail: tina.xiao@ascent-ir.com