Bit Origin Limited to invest in mining site in Cheyenne, Wyoming with 75 megawatts of mining power

Bit Origin Limited

New York, June 15, 2022 (GLOBE NEWSWIRE) — Bit Origin Limited (NASDAQ: BTOG) (“Bit Origin” or the “Company”), an emerging growth company engaged in the cryptocurrency mining industry with strategies expansion plans, today announced that the Company has entered into a set of definitive agreements (the “Agreements”) with a private cryptocurrency mining investment fund (the “Fund”), to invest $3,000 000 USD in cash in exchange for 8.8235% Fund share percentages. The Fund will invest in a mine site with a capacity of up to 75 megawatts (“MW”) in Cheyenne, Wyoming (the “Project”). The Company and certain other strategic partners will act as lead investors for the Project.

The mining site will be one of the largest mining sites by capacity in the state of Wyoming and the first-ever cryptocurrency mining project in the city of Cheyenne. The mine site is expected to accommodate up to 20,000 miners upon completion and generate annual accommodation revenue of US$55,000,000 and gross profit of US$16,200,000. Through a few rounds of asset injection plans over the next few months, Bit Origin plans to deploy around 10,000 autonomous miners to the mine site, increasing the hash rate by around 1EH/s.

The mine site is strategically located in Cheyenne, Wyoming and is surrounded by a Microsoft data center and a Walmart distribution center. The mine site is in a natural cooling environment and a safe area with the lowest risk of natural disaster, which is expected to reduce energy consumption and improve operation stability. A purchasing power agreement with an initial term of three years with a local electricity company has also been signed for the project, providing stable and low-cost electricity. The Company expects to create approximately 20 job opportunities and bring positive economic benefits to the town of Cheyenne.

Bit Origin will participate in the design and construction process of the project. Construction will begin in July 2022 and the first phase of the project is expected to power up and start operations hosting 45 MW capacity by the end of September 2022. The project is expected to bring its total energy capacity to 75 MW. and produce around 8.2 Bitcoins per day at full capacity when the project is expected to be completed in December 2022.

Mr. Lucas Wang, Chairman and CEO of the company, said, “We are very excited to have the opportunity to participate in the fund to develop one of the largest cryptocurrency mining sites in the world. State of Wyoming. The project marks the first-ever self-built mining site Bit Origin is participating in in the United States, which will feature our operational know-how and cryptocurrency mining experience for over 8 years. This is a significant testament to our commitment to build and operate industrial-scale mining infrastructure to achieve high-level mining, provide the best hosting service to our customers and benefit the local community. as our long-term goal. This decision is one of the most significant achievements in Bit Origin’s growth to date and we look forward to further expanding our presence in the world.

About Bit Origin Limited

Bit Origin Limited, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in the crypto mining industry. The Company is also actively deploying blockchain technologies, alongside diversified expansion strategies. For more information, visit https://bitorigin.io.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections regarding future events and financial trends that the Company believes could affect its financial condition, results of operations, business strategy and his financial needs. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “has intention to”, “plans”, “believes”, “potential”, “continues”, “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from anticipated results.

Company details

Bit Origin Limited
Erick W. Rengifo
Phone: +1-347-556-4747
Email: [email protected]

Investor Relations

Ms. Tina Xiao, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: [email protected]

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