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Bit Digital, Inc. Announces Additional Mining Capacity with Two Hosting Partners
Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a digital asset mining company headquartered in New York, is pleased to announce that it has finalized agreements for an aggregate of 14 megawatts (“MW”) of incremental hosting capacity to power its miners.
Coinmint: Coinmint Partnership: Bit Digital has reached an agreement with Coinmint LLC (“Coinmint”) to secure an additional 10 MW of hosting capacity. The hosting facility, located in Massena, New York, is operated by a subsidiary of Coinmint. This new agreement brings the Company’s total contracted hosting capacity with Coinmint to approximately 40 MW. The agreement features an initial one-year term with automatic three-month renewals. Bit Digital intends to deliver approximately 3,600 recently purchased S19 mining units to the facility by the end of May 2023. The facility operates within an upstate New York region that is reported to generate 99% renewable energy, as stated in the New York Independent System Operator, Inc. (NYISO) Gold Book report for 2022.
Blockbreakers: Bit Digital has finalized an agreement for 4 MW of incremental hosting capacity with Blockbreakers, Inc. (“Blockbreakers”). The facility, located in Canada, utilizes an energy source that is primarily hydroelectric. This new agreement brings the Company’s total contracted hosting capacity with Blockbreakers to approximately 9 MW. The agreement features an initial two-year term with automatic three-month renewals. Bit Digital plans to fill the capacity with approximately 1,230 newly purchased S19j Pro mining units which are expected to be delivered to the facility and actively hashing by July 2023. Additionally, Bit Digital has secured a side letter agreement with Blockbreakers, granting the Company the right of first refusal for any future mining hosting services offered by Blockbreakers.
Sam Tabar, Bit Digital’s CEO, commented: “We are pleased to expand our relationships with two top-tier hosting partners in Coinmint and Blockbreakers. Geographic and counterparty diversification remains a key component of our hosting strategy, alongside building relationships with the most reliable and efficient partners. These agreements represent marked progress towards our objective of doubling our active hash rate in 2023. Furthermore, this growth is underpinned by sustainable energy sources and is an important step towards our goal for our mining operations to become entirely carbon-free.”
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