Bit Digital, Acquires $13,902,742 Worth of Bitcoin Miners

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Bit Digital, Inc., a Nasdaq listed Bitcoin mining company headquartered in New York announced, it has completed the acquisition of $13,902,742 worth of bitcoin miners with a total hash rate of 1,003.5 Ph/s with certain non-U.S. investors in exchange for an aggregate of 4,344,603 ordinary shares at the price of $3.20 per share when the purchases were negotiated.

Bit Digital, Inc. (Nasdaq: BTBT)

The closing of the acquisition represents the total hash rate of the Company increase by approximately 1,003.5 Ph/s from 1,250 Ph/s to 2,253.5 Ph/s.

The total 17,996 miners acquired include 7,025 Antminer S17+, 9,110 Antminer T17, 195 Antminer S17E, 32 Antminer S17Pro, 105 Antminer S19Pro, 1,429 Whatsminer M20S, 100 Whatsminer M31S. The average energy efficiency of these miners is 47.45 (+/-5%) joules per terahash (J/TH).

With these miners being deployed, the total energy efficiency will be decreased from 61.88 (+/-5%) J/TH to 55.33 (+/-5%) by 10.59%. These miners are distributed in Xinjiang, Sichuan, and Inner Mongolia Provinces PRC and are expected to be fully installed before the end of December 2020.

“We are very pleased to announce the completion of the transaction and to issue our shares in exchange for bitcoin miners,” Erke Huang, the Chief Financial Officer of the Company said. “Also, with these miners installed, the utility cost will be further decreased and increase our profit margin.”