Bit Origin Limited (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in crypto mining business with diversified expansion strategies, today announced that the Company has entered into a Letter of Intent (“LOI”) with certain company to purchase 850 Antminer S19j Pro (100 TH/s) Bitcoin Miners, which are expected to ramp up the hash rate of the Company's miner fleet by over 85,000 TH/s. The anticipated purchase of miners will increase the Company’s total Bitcoin miners to 5,228 units, producing approximately 501.2 PH/s when all miners are operating at full capacity, and it is expected to produce 63.45 BTCs per month when all miners are deployed.
Pursuant to the LOI, the Company agrees to purchase 850 Bitmain S19j pro Bitcoin Miners in an aggregate value of $6,375,000. The Company expects to enter into a definitive agreement and expects the transaction to be completed in the coming weeks, subject to the customary conditions, and the miners are expected to be delivered to the Company’s U.S. mining facility upon assigning of the definitive agreement. As the transaction proceeds, the Company will publicly disclose required information either through press releases or SEC filings, as appropriate.
Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company, commented, “We are very pleased to propose another asset purchase following the previous proposed purchase announced on June 1st, 2022, and continue working toward our strategic approach to accumulating miner assets. As we keep accumulating more miner assets and staying ahead of innovation, we are eyeing to become a leading bitcoin mining company through innovations.”
