The Company is waiting a obtain 9.49 megavatios ccryptocurrency mining capacite with a hash rate of 316PH / s
New York, May 25, 2022 (GLOBE NEWSWIRE) – Bit Origin Limited (BTOG) (“Bit Origin” or “Company”), an emerging growth company dedicated to the cryptographic mining business with diversified expansion strategies, announced today that the Company entered into a Letter of Intent (“LOI”) to acquire a 30.62% stake in Horizon Mining Ltd (“HML”), an operator of a cryptographic mining site located in Macon, Georgia to further facilitate the process of strategic development of Bit Origin. The potential acquisition is expected to increase the Company’s cryptocurrency mining capacity by 9.49 megawatts (“MW”) with a hash rate of 316PH / s, representing approximately 40 Bitcoins mined per month at full capacity.
In accordance with the LOI, the Company agrees to acquire a 30.62% stake in HML in exchange for a value-added consideration of USD 4,251,281. The Company expects to enter into a final agreement and expects the acquisition to be completed in the coming months, subject to the usual conditions. As the transaction progresses, the Company will publicly disclose the required information through press releases or submissions to the SEC, as appropriate.
Horizon Mining Ltd CEO commented: “We are very excited about the potential opportunity to partner with Bit Origin at our Georgia facility, as both sides share a vision for the future of Bitcoin mining in the United States. Bit Origin, combined with our strength in mining, would allow us to achieve shared growth potential.
Mr. Lucas Wang, President and CEO of the Company, commented: “The proposed acquisition of HML would be one of the most significant achievements in the growth of Bit Origin to date and a solid milestone in achieving the Company’s development goal of becoming a leader. Bitcoin mining company once the transaction is complete. HML is our latest strategic partner in the U.S., and that investment decision really deepens our relationship for better partnerships in the future. financial and operational synergies and will diversify the Company’s risk and revenue model to become a cryptographic mining operator and hosting service provider.We are excited to enter the mining hosting industry to further enhance our competitive advantage in mining operations experience. at the same time we are expanding our panorama in the US.
About Horizon Mining Ltd
Horizon Mining Ltd owns and operates a 31 MW cryptographic mining site in Macon City, Georgia. Horizon is led by an experienced management team and a technical team, focused on building digital infrastructure and delivering the best hosting service in its class. Horizon Mining Ltd. is a joint venture of Horizon Mining, LLC., An experienced and privately owned U.S. operator of cryptographic mining sites in several states.
About Bit Origin Limited
Bit Origin Limited, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in cryptographic mining. The company is also actively implementing blockchain technologies, along with diversified expansion strategies. For more information, visit https://bitorigin.io.
Declaration of safe harbor
This notice contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, except for statements of historical facts, in this notice are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial position, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements with words or phrases such as “can”, “go”, “expect”, “anticipate”, “aspire”, “estimate”, “pretend”, “plan”, “believe”. “potential”, “continue”, “likely” or other similar expressions. The Company does not undertake to update any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, unless required by law. While the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot be assured that such expectations will be met and the Company warns investors that actual results may differ materially from expected results.
Bit Origin Limited
Erick W. Rengifo
Phone: + 1-347-556-4747
E-mail: [email protected]
Investor Relations Contact
By Tina Xiao, President
Ascent Investor Relations LLC
Phone: + 1-917-609-0333
E-mail: [email protected]