Bit Digital Expands North American Footprint with New 40MW Agreement with Compute North

Leading the way with sustainable cryptocurrency mining.

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Apr 21, 2021, 08:00 ET

NEW YORK, April 21, 2021 /PRNewswire/ -- Compute North and Bit Digital, Inc. (Nasdaq: BTBT), are pleased to announce an additional 40MW hosting agreement for the expansion of Bit Digital's bitcoin mining operations in North America, with an important sustainability feature. As part of the agreement, Bit Digital, one of the largest US-listed bitcoin miners by operating hash rate, will deploy an additional 13,000 ASIC miners at Compute North facilities in the United States. The move accelerates Bit Digital's expansion strategy in North America, and highlights its focus on sustainability.

Compute North, an industry leader in economical, large-scale computing and cryptocurrency mining infrastructure, is responding to growing demand for sustainable solutions for the grid, rather than being a mere consumer of power. To enable intermittent supply from wind and solar, such sources must be balanced with intermittent energy demand. Cryptocurrency mining, which may be curtailed or taken offline in periods of low supply or peak demand, presents an ideal counterpart for renewables.

To activate this potential, Compute North has entered into demand response programs with its energy suppliers. Compute North's load is fully interruptible 24x7, and may be rapidly curtailed to dispatch power to mission critical customers, such as hospitals.

"Compute North serves an important role in providing low-cost computing for customers like Bit Digital, while filling an important need for our energy partners," commented PJ Lee, co-founder and Chairman at Compute North. "The company's pioneering TIER 0™ data center design creates cost efficiencies and the flexibility to throttle power demand at each facility as required, making it a critical partner to the overall stability of local power grids as they bring more renewables online."

This type of strategy is exactly what Bit Digital was seeking in a hosting provider. While focused on rapid growth and shareholder value, the company also aims to play a leadership role in the transition to sustainable energy infrastructure. Bit Digital's participation in Compute North's demand response program gives the grid more flexibility to incorporate intermittent supply from wind and solar.

"Bit Digital is focused on growing our mining operations, while selecting strategic partners that enable the transition to sustainable bitcoin mining," said Bryan Bullett, CEO at Bit Digital. "On the energy supply side, we are evaluating new renewable sources to complement our existing renewables-based mining. On the demand side, we are embracing demand response programs like Compute North's. We refer to this as "Mining 2.0" – a multi-pronged strategy to activate our ability to dynamically manage power usage, both to manage costs, and to accelerate adoption of renewable energy sources for mining, and for the grid generally."

Bit Digital's next phase of hardware deployment with Compute North has already begun,and is expected to be completed this summer.

About Compute North

Compute North is the North American leader in TIER 0™ computing. The company provides efficient, low-cost, and highly scalable infrastructure for clients in the blockchain, cryptocurrency mining and the high-performance computing space. With operations in Texas, South Dakota, and Nebraska, Compute North brings a unique combination of data center, energy, and computing expertise to deliver the lowest cost computing in the world. For additional information, please visit www.computenorth.com.

About Bit Digital

Bit Digital, Inc is a bitcoin mining company headquartered in New York with one of the highest operating hash rates (or computing power) among all US listed bitcoin miners and expanding. The current operations are in the United States, Canada and China. For additional information, please visit www.bit-digital.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. 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, involve 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. Investors 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, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

SOURCE Bit Digital, Inc.