The Firm expects to obtain 9.49 megawatts cryptocurrency mining capacity with a hash fee of 316PH/s
New York, Could 25, 2022 (GLOBE NEWSWIRE) — Bit Origin Restricted (NASDAQ: BTOG) (“Bit Origin” or the “Firm”), an rising progress 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 website situated at Macon, Georgia to additional facilitate Bit Origin’s strategic improvement course of. The potential acquisition is predicted to extend the Firm’s cryptocurrency mining capability by 9.49 megawatts (“MW”) with a hash fee 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 change 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 data both by press releases or SEC filings, as acceptable.
Chief Government 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 america. The sources Bit Origin brings, mixed with our power in mining operation, would permit us to realize a shared progress potential.”
Mr. Lucas Wang, Chairman and Chief Government Officer of the Firm, commented, “The acquisition proposal of HML could be one of the crucial vital achievements in Bit Origin’s progress up to now and a strong milestone to realize the Firm’s improvement objective of changing into a number one Bitcoin mining firm as soon as the transaction is accomplished. HML is our lengthy final strategic accomplice in america, and such an funding choice really deepens our relationship for higher collaborations sooner or later. The belongings and complex operation group 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 website in Macon Metropolis, Georgia. Horizon is led by an skilled administration group and technical group, centered 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 often called China Xiangtai Meals Co., Ltd., is an rising progress firm working in america and engaged in crypto mining enterprise. The Firm can be actively deploying blockchain applied sciences, alongside diversified growth methods. For extra data, please go to https://bitorigin.io.
Secure Harbor Assertion
This announcement incorporates forward-looking statements inside the which means of the protected harbor provisions of the Non-public 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 Firm believes might have an effect on its monetary situation, outcomes of operations, enterprise technique, and monetary wants. Buyers can determine these forward-looking statements by phrases or phrases equivalent to “might,” “will,” “count on,” “anticipate,” “purpose,” “estimate,” “intend,” “plan,” “consider,” “potential,” “proceed,” “is/are prone to” or different comparable 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 legislation. Though the Firm believes that the expectations expressed in these forward-looking statements are affordable, it can’t guarantee you that such expectations will change into right, and the Firm cautions traders that precise outcomes might differ materially from the anticipated outcomes.
Bit Origin Restricted
Erick W. Rengifo
Electronic mail: [email protected]
Investor Relations Contact
Ms. Tina Xiao, President
Ascent Investor Relations LLC
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