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 provided its production and operation update for July 2023.
- Operation Update
As of July 31, 2023, the total mining hash rate stands at 403 PH/s with 4,250 miners installed in the Indiana facility, representing all miners the Company has purchased.
- Bitcoin Production and Revenue
The Company mined 22.7 Bitcoins and achieved a revenue of US$681,448 in July 2023.
- Mining Sites Development
As of July 31, 2023, the Company has one hosting mining site in operation and one mining site under development. The Company ceased its operation in the mining facility in Georgia from December 31, 2022.
Site One – Marion, IN, 5.3 Megawatts (“MW”)
On June 8 and July 11, 2022, the Company announced that it entered into two hosting service agreements to increase mining capacity by 3 MW and 2.3 MW, respectively. Based on mutual understanding and arrangements, the Company further expanded its capacity in the Indiana mining facility, and as of July 31, 2023, 4,250 miners at this site have been deployed.
Site Two – Cheyenne, WY, 45MW
On June 15, 2022, the Company announced that it entered into a set of definitive agreements with a private cryptocurrency mining investment fund (the “Fund”). The Fund is investing in a mining site (the “Project”) in Wyoming, U.S. with a capacity of up to 75 MW.
Phase I of the Project of a capacity of up to 45MW for the mining facility in Wyoming was energized in March 2023. The Phase II of 25MW is undergoing engineering design process currently.
