Bit Brother generated over 15 Bitcoins from Texas Mining Farm since January 17, 2023

by James · February 24, 2023

CHANGSHA, China, 24 February 2023 /PRNewswire/ — Bit Brother Limited (“the Company”, “we”, “BTB” or “Bit Brother”) (NASDAQ: BTB) is pleased to announce that BTB’s Texas the mining farm has performed as expected since it started operations 17 January 2023. Per 23 February 2023the mining server has mined over 15 bitcoins, generating approx $370,000 in income based on today’s bitcoin price.

With an additional 400 S19J Pro mining servers expected to be delivered in April, assuming all mining servers perform as expected and bitcoin price remains stable, total revenue from spring Texas mining farm for the entire financial year ending 30 June 2023 expected to reach approx 1.8 million dollars.

The company seeks to provide as much transparency about its bitcoin mining as possible. The link below reflects the bitcoins we have mined in real time:
https://www.blockchain.com/explorer/addresses/btc/37frzvqQeAzf6hWj4J9zrEzZf4WJoo3sRR

BTB’s management team is committed to continuing to grow cryptocurrency and blockchain operations for the benefit of the company and its shareholders.

These mining results do not include any financial results for the company and do not address the company’s other non-mining operations. United States generally accepted accounting principles for cryptocurrency Mining operations are complex, new and uncertain. Cryptocurrencies cannot be recognized as cash or cash equivalents, and mining operations cannot qualify for revenue recognition. Cryptocurrencies have no intrinsic value, are not legal tender recognized by any governmental entity, and may not be convertible to fiat currencies. Investors are advised not to rely on mining results alone, without considering other financial and non-financial metrics.

About Bit Brother Limited

Bit Brother Limited (formerly known as Urban teaInc.) was incorporated into The British Virgin Islands as a limited liability company November 28, 2011. Our business continues today cryptocurrency mining and blockchain technology business and distribution and retail of specialty tea products. For more information, please visit: www.bitbrother.com

Forward-looking statements

This press release contains certain statements that may include “forward-looking statements.” All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes”, “expects” or similar expressions, which involve known and unknown risks and uncertainties. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not rely on these forward-looking statements, which speak only as of the date of this press release. The company’s actual results may differ materially from those expected in these forward-looking statements as a result of a number of factors. These risks and uncertainties include, but are not limited to, the risk factors described by BTB in its filings with the Securities and Exchange Commission (“SEC”). These risk factors and those identified elsewhere in this press release may cause actual results to differ materially from historical results and include, but are not limited to:

Local government guidelines and regulatory oversight with cryptocurrency mining and our other operations;
BTBs cryptocurrency Mining operations are still under development, with many uncertainties in the future direction and integration of BTB’s other business segments;
Failure to manage the newly launched cryptocurrency mining efficiently;
Failure to access a large amount of power at reasonable costs could significantly increase BTB’s operating costs and adversely affect demand for BTB’s mining activities;
Any significant or prolonged failure of cryptocurrency mining facilities that BTB operates or offers, including events beyond the company’s control, will cause significant costs and disruptions and will reduce the attractiveness of the facilities, damage the company’s reputation and have a material adverse effect on operating results;
Security breaches or alleged security breaches by us cryptocurrency mining servers may disrupt BTB operations and have a material adverse effect on its business, financial condition and results of operations; and
Swing off crypto price;
Other risks and uncertainties disclosed in BTB’s SEC reports or documents filed or to be filed with the SEC by BTB.

Accordingly, forward-looking statements should not be relied upon as representing our views at any subsequent date, and you should not rely on these forward-looking statements in deciding whether to invest in our securities. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they are made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.