Bit Origin Limited (BTOG) Completes the Acquisition of 622 Miners
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Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announced that the Company entered into an asset purchase agreement (the “Agreement”) with About Offshore Limited, a company engaging in the business of trading Bitcoin mining machines, to purchase 622 Antminer S19j pro Bitcoin Miners, which are expected to ramp up the hash rate of the Company's miner 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 ordinary shares of the Company, valued at $0.36 per share. These miners will be delivered to the Company’s mining facility site in the U.S.
The purchase of 622 miners is a part of the intended 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 in full operation. In theory, it is expected to produce approximately 54 BTCs per month when all miners are deployed.
Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company, commented, “We are very pleased to complete the purchase of the 622 miners as we continue to progress toward our goal to expand our business and increase our operational capability. Given the situation of the current turbulent market environment, we believe this allows us to acquire high-quality assets with lower costs. With our vision and ability to seize the opportunity, we are confident that the Company is on the right track to improve profitability and create long-term value for our shareholders.”
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