NEW YORK, April 6, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a bitcoin mining company headquartered in New York, announced that the Company had completed the purchase of 4,871 bitcoin miners representing a total hash rate of around 324 Ph/s in the first quarter of 2021. All of the newly purchased miners will be deployed in North America.
The purchase will increase the Company's total hash rate from 2,250 Ph/s to 2,574 Ph/s, furthering its lead as one of the highest operating bitcoin mining computing power (or hash rate) among all listed bitcoin miners.
The 4,871 newly purchased miners are primarily composed of Bitmain S17+, Bitmain S17 and Bitmain S19Pro miners, all of which provide high hash rates and high energy efficiency. The hash rates of these miners range from 60 to 110 Ph/s, and their energy efficiency ranges from 30 to 42 joules per terahash (J/TH). Since the Company purchased the miners on the spot market, some have already been delivered and are in operation in facilities in the U.S. The remaining miners are expected to be delivered and deployed by the end of April 2021.
"We are very pleased to announce the completion of these miner purchases in the first quarter of 2021," said Erke Huang, the Company's Chief Financial Officer. "With these miners installed, average utility costs should further decline, and we should see an increase in our daily bitcoin production capacity. We expect to continue to invest in miners to increase our overall hash rate capacity in the near future."
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, involve 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.