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: [email protected], +86-0731-82290658
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SOURCE Bit Brother Limited