NEW YORK, April 29, 2022 /PRNewswire/ — Bit Digital, Inc.
36.9% of our currently-owned fleet, or 9,748 bitcoin miners and 713 Ethereum miners representing 0.544 Exahash respectively, was deployed in North America as of March 31, 2022.
During the year ended December 31, 2021, we also purchased 731 A10 miners for ETH mining, 700 of which were deployed in North America in January 2022.
As previously announced, during the quarter we signed a renewal hosting agreement extending the term of a prior agreement for an additional 5 years for approximately 6.5 MW of our total hosting capacity with Compute North.
Our facility with Blockfusion USA in Niagara Falls, New York currently provides approximately 9.4 MW to power our miners.
Additionally, Digihost has informed us that they continue to work to identify a location to fulfill the remaining 100 MW of contracted hosting capacity pursuant to our agreements.
The companies expect to primarily utilize the efficiencies of mining bitcoin in immersion cooled containers, a process by which the servers run fully submerged in a dielectric fluid that efficiently cools the machines and allows for superior machine output and energy efficiency.
Approximately 83% of our signed hosting contracts feature fixed power pricing, with approximately 17% variable based on market pricing; the foregoing base power rate therefore relies on certain assumptions, including estimates regarding future energy procurement, and excludes profit sharing arrangements.
Factors impacting production included the Company’s ongoing miner redeployment program, growth in the overall bitcoin network hash rate, and number of days in the quarter.
In total the Company acquired 706 bitcoin miners on the spot market during the quarter, including 184 S19 JPRO miners; 197 S19 miners; 197 S19 miners; and 128 S19/S19 Pro miners, respectively.
“During the first quarter of 2022, we achieved marked progress, with our deployed mining fleet growing over 35% sequentially.
Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021.
The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov.