Bit Digital, Inc. Announces Expansion of Mining Capacity in Iceland

News provided by

Jun 22, 2023, 09:05 ET

NEW YORK, June 22, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainability focused generator of digital assets headquartered in New York, is pleased to announce that it has revised an existing agreement to expand the Company's mining capacity in Iceland to approximately 10.7 megawatts ("MW").

The amended agreement provides Bit Digital with approximately 10.7 MW of hosting capacity with GreenBlocks ehf ("GreenBlocks") at the facility in Reykjanesbaer, Iceland. This represents approximately 2.5 MW of incremental hosting capacity relative to the original agreement which will be filled with approximately 800 S19j Pro+ mining units. In aggregate, there will be 2,800 S19j Pro+ units and 500 S19j units deployed at the facility under the amended contract. Approximately 2,300 miners have already been delivered to the facility, with the remaining 1,000 expected to be delivered and deployed at the facility by the end of June 2023. The aggregate purchase price was approximately $4.9 million, or approximately $12.7 per terahash/second (TH/s).

Sam Tabar, Bit Digital's CEO, commented: "We are pleased to expand our mining presence in Iceland and our relationship with the GreenBlocks team. Iceland remains at the top of our priority list as we continue to build out our active mining fleet. We see significant opportunity to further expand our presence in this region and will continue to covet locations like Iceland that have an abundance of renewable energy resources and a supportive regulatory environment."

About Bit Digital

Bit Digital, Inc. is a sustainability focused generator of digital assets headquartered in New York City. Our mining operations are located in the US, Canada, and Iceland. For additional information, please contact [email protected] or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 3.D of our Annual Report on Form 20-F for the fiscal year ended December 31, 2022. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital's production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See "Safe Harbor Statement" below.

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, 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. 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.