BTC Digital Provides Updates on its Digital Currency Business for the Second Quarter of 2023

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Sep 05, 2023, 08:30 ET

SHENZHEN, China, Sept. 5, 2023 /PRNewswire/ -- BTC Digital Ltd. (" BTC Digital" or the "Company") (NASDAQ: METX), a blockchain technology company, today provided updates on the Company's digital currency business for the second quarter of 2023.

As of June 30, 2023, BTC Digital had deployed a total of 1,754 BTC miners in operation, with a total mining hash rate of 188PH/s and a total output of 35.07 BTC.

At the beginning of August 2023, 200 S19J PRO mining machines acquired by the Company through share issuance have been deployed, and the mining hash rate has been increased by 22 PH/s.

The Company plans to acquire additional units of BTC miners by the end of 2023 through issuing shares, effecting mergers and acquisitions, or with proceeds of financings. The Company is currently negotiating with potential sellers for the acquisition of mining machines.

In the future, the Company considers building its own and/or acquiring third-party manufactured BTC miners in North America, finding probable methods to reduce energy costs, and developing custody business to meet the deployment needs of BTC Digital's own mining machines.

Alan Peng, CEO of BTC Digital, said: "As an emerging growth company engaged in cryptocurrency mining, we are pleased to see the Company's BTC mining business actively expanding, and the Company intends to take necessary measures to utilize resources to increase aggregate computing power. Our long-term goal is to have 15,000 units of our own mining machines in operation, and the Company expects to actively seize additional business opportunities in cooperating with business partners to increase the probability of achieving the long-term goal."

About BTC Digital Ltd.

BTC Digital Ltd. is a blockchain technology company, with a long-term strategy to create value across the metaverse, blockchain and cryptocurrency mining industry. The Company is committed to developing blockchain related businesses in North America, including cryptocurrency mining, mining farm construction, and mining pool and data center operation.

For more information, please visit: https://meten.investorroom.com

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

SOURCE BTC Digital Ltd.