BETS Announces Calendar Year 2023 Mining Operation Results; As Of December 31, 2023, Site 1 Has Mined ~136 Bitcoins, Generating ~$6.2M In Revenue Based On The Bitcoin Price Of Last December

Author: Benzinga Newsdesk | January 15, 2024 06:30pm

Bit Brother Limited (the "Company," "we", or "Bit Brother") (NASDAQ: BETS) announced its unaudited mining farm operation results for the calendar year 2023 ended December 31, 2023.

The Company currently operates two mining farms in the U.S. Site 1 at Clyde Texas started operations on January 17, 2023 and reached full 6MW capacity in last May after installing 1.5 MW miner servers. Site 2 at Abilene, Texas is expected to commence operation in mid-January 2024.

Highlights in 2023

• As of December 31, 2023, Site 1 has mined approximately 136 bitcoins, generating approximately $6.2 million in revenue based on the bitcoin price of last December.
• As of December 31, 2023, Site 1 generated approximately $1 million in electricity savings and power management profits through "Hedged Electricity Price" power supply agreement with a retail electricity provider (REP) within the jurisdiction of the Electric Reliability Council of Texas (ERCOT).

Strategic Layout for 2024

• Site 2 is anticipated to commence operation in mid-January 2024, with an estimated monthly production of 12 BTC from the initial batch of 3,300 S19 miners. Thus, Site 1 and Site 2 are expected to achieve combined monthly production of 24 BTC assuming the miners function normally.
• Bit Brother has entered into a consulting agreement with Cruxforce, LLC, aiming to find a mining farm with a maximum power supply capacity of 40MW for site 3.

"In 2024, we will further expand the scale of our mining operations and improve operating capacity and productions." CEO Jack Wu commented. "Assuming the current bitcoin price trend continues, we believe that we will attain even greater achievement in the realm of cryptocurrency through persistent innovation and strategic investments."

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

These mining results do not include any financial results of the Company and do not address the Company's other, non-mining operations, such as the business management business. 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.

Posted In: BETS