Bit Origin Ltd completes the acquisition of 622 miners | Nation/World

New York, Aug. 15, 2022 (GLOBE NEWSWIRE) — Bit Origin Ltd (NASDAQ: BTOG) (“Bit Origin” or the “Company”), an emerging growth company engaged in the cryptocurrency mining industry with strategies expansion, today announced that the Company has entered into an asset purchase agreement (the “Agreement”) with About Offshore Limited, a company engaged in the trading of Bitcoin mining machinery, to purchase 622 Antminer S19j pro Bitcoin miners, which are expected to accelerate the hash rate of the Company’s mining fleet by over 62,200 TH/s.

Pursuant to the agreement, the company agrees to purchase 622 S19j pro Bitcoin Miners for an aggregate value of $3,110,000 in the form of 8,685,574 common shares of the company, valued at $0.36 per share. These miners will be delivered to the site of the company’s mining facility in the United States

The purchase of 622 miners is part of the planned purchase plan announced through a press release on June 2, 2022. With the newly purchased miners, the company will increase the total number of Bitcoin miners to 4,250, producing approximately 403 PH/s when all miners are put into full operation. In theory, it should produce around 54 BTC per month when all miners are deployed.

Mr. Lucas Wang, President and CEO of the company, said, “We are very pleased to have completed the purchase of the 622 miners as we continue to make progress towards our goal of expanding our business and growing our business. increase our operational capacity. Given the situation in the current turbulent market environment, we believe this allows us to acquire high quality assets at lower cost. Thanks to our vision and our ability to seize the opportunity, we are convinced that the Company is on the right track to improve its profitability and create long-term value for our shareholders.

About Bit Origin Ltd

Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States engaged in the cryptocurrency 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.research 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 Ltd

Mr. Lucas Wang, President and CEO

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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