Bit Brother increased its investments in the Blockchain field and entered into a brokerage agreement to purchase 400 mining rigs with an estimated hash rate of 40,000 TH/S

by Arthur · January 27, 2023

CHANGSHA, China, 27 January 2023 /PRNewswire/ — Bit Brother Limited (“the Company”, “we”, “BTB” or “Bit Brother”) (NASDAQ: BTB), through its subsidiary Bit Brother New York Inc (“BTB NY”), entered into a brokerage agreement with Blockworx1 , LLC to purchase 400 S19J Pro cryptocurrency mining servers. All 400 servers are expected to be delivered within 21 days. Each server has a hash rate of approximately 100 TH/S. As of today, BTB has the NY 1400 S19J Pro in operation. With the additional 400 servers, using the data from Ultimuspool, a mining pool solution provider, and the Full Pay Per Share (FPPS) settlement method, we estimate that our servers can generate a total value of 0.6065 BTC per day, thus approximately 18 .19 BTC per month, assuming all these machines work as expected.

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 today consists of distribution and retailing of specialty tea products. We have carried out research and planning of our blockchain technology and cryptocurrency mining operations since 2021. 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”, “estimates” 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.