Bit Brother Limited (the “Company,” “we”, “BTB” or “Bit Brother”) (NASDAQ:BTB) is pleased to announce that BTB’s Texas mining farm has been operating as expected since it started operations on January 17, 2023. As of February 23, 2023, the mining server has mined over 15 bitcoins, generating approximately $370,000 in revenue based on the current bitcoin price.
With another 400 S19J Pro mining servers delivering expected in April, assuming that all mining servers are operating as expected and the bitcoin price remain stable, total revenue from our Texas mining farm for the full fiscal year ending June 30, 2023 is expected to reach approximately $1.8 million.
The Company seeks to provide as much transparency about its bitcoin mining operation as possible. The link below reflects bitcoins we have mined in real-time:
https://www.blockchain.com/explorer/addresses/btc/37frzvqQeAzf6hWj4J9zrEzZf4WJoo3sRR
BTB’s management team is committed to continue to grow its cryptocurrency and blockchain business for the benefit of the company and its shareholders.
These mining results do not include any financial results for the Company and do not address the Company’s other, non-mining operations. United States generally accepted accounting principles for cryptocurrency mining are complex, emerging, and uncertain. Cryptocurrencies may not be recognized as cash or cash equivalents, and mining activities may not qualify for revenue recognition. Cryptocurrencies have no inherent value, are not legal tender recognized by any governmental entity, and might not be able to be converted into fiat currencies. Investors are advised not to place undue reliance on mining results alone, without considering other financial and non-financial metrics.
