Bit Origin Ltd Advances with $4 Million Funding and Expansion Plans

Strategic Funding Initiatives

Bit Origin Ltd has successfully secured nearly $4 million in gross proceeds from two private placement financings in early November 2023. These funds support the company's commitment to innovation and enhancement of its core operations. The leadership, including Chairman and CEO Lucas Wang, expresses gratitude to investors and outlines plans for further financing opportunities.

Wyoming Data Center Expansion

The company is accelerating its significant 25 MW data center project in Wyoming, marking a crucial milestone in its development strategy. Building on its existing 45 MW facility in Wyoming, Bit Origin Ltd aims to capitalize on the region's stable electricity supply and favorable climate conditions for cryptocurrency mining.

Strong Local Partnerships

Bit Origin Ltd has fostered robust relationships with local businesses in Wyoming, facilitating its expansion efforts. The company has secured an intent to lease agreement for land for an initial five-year term, with the possibility of extension. This strategic move aligns with their vision of leading the construction and operation of a new mining data center.

Project Timeline and Capacity

Preparations for the new data center, including budget finalization, project planning, and design drawing, are complete. Construction is scheduled to begin in mid-December 2023, with an expected completion in early Q2 2024. Once operational, the facility will have the capacity to host between 4,480 and 8,400 bitcoin miners, depending on the miner types.

Bit Origin Ltd's strategic advancements in financing and infrastructure underscore its commitment to growth and innovation in the cryptocurrency mining sector.