Bit Digital, Inc. Announces Expansion of Mining Operations into Iceland

NEW YORK, May 18, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, is pleased to announce that it has finalized an agreement to expand the Company's bitcoin mining presence into Iceland. This expansion will allow Bit Digital to tap into Iceland's abundant renewable energy resources and further diversify its hosting operations. Following this agreement, Bit Digital will have mining operations in three countries: the United States, Canada, and Iceland.

Bit Digital has finalized a two-year agreement with GreenBlocks ehf ("GreenBlocks") for approximately 8.25 megawatts of incremental hosting capacity at a facility in Reykjanesbaer, Iceland. The Company will fill the capacity with approximately 2,000 S19j Pro+ and 500 S19 mining units that were recently purchased for approximately $3.6 million. The mining units are expected to be delivered to the facility by the end of May 2023.

GreenBlocks, based in Iceland, focuses on the use of renewable energy in mining and validation of blockchains. GreenBlocks operates within Iceland's closed power grid, a grid that runs on 100% renewable energy with a split of approximately 85% hydro and 15% geothermal energy. GreenBlocks has managed a bitcoin mining operation located in Iceland since early 2019.

Sam Tabar, Bit Digital's CEO, commented: "We are pleased to announce our partnership with GreenBlocks and our entry into the Icelandic market. Our experience with GreenBlocks has been exceptional, and we appreciate their professionalism in facilitating our entry into the country. This partnership aligns well with our sustainability goals and our mission to diversify our hosting portfolio across different geographies and jurisdictions. Iceland's clean energy abundance and supportive government policies provide an ideal environment for our mining operations, and we anticipate a productive and successful collaboration for years to come."

Tabar continued, "This agreement marks another key step towards achieving our target to double our active hash rate through the course of 2023. Perhaps more importantly, we believe that our pro forma hosting portfolio will now be almost entirely powered by carbon-free energy sources."

Daniel Jonsson, CEO of GreenBlocks, added: "We at GreenBlocks are very proud of this new partnership and that Bit Digital has chosen us as a partner in helping them establish a presence outside of North America. In today's environment, Iceland has become a premium location for datacenter facilities, which is clearly reflected in the interest we currently see. However, just like the actual landscape of Iceland, the operational landscape can be hard to navigate, so having a local partner is crucial to success. Bit Digital's vision on the industry is very much aligned with our own, so we are excited about the future of these two companies and look forward to a fruitful partnership."

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 most recent 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.