Bit Origin Ltd September 2023 Operational Update

Operational Transition

Bit Origin Ltd, a prominent player in the cryptocurrency mining industry, has recently shifted its operational focus. In September 2023, the company ceased its Indiana facility operations, moving its activities to the Wyoming facility. This strategic move enhances operational efficiency and aligns with their broader expansion strategies.

Mining Capacity and Deployment

By the end of September, Bit Origin's Wyoming facility boasted an impressive mining hash rate of 320 PH/s, supported by 3,200 active miners. An additional 1,050 miners are poised for deployment, signaling the company's commitment to scaling its operations and increasing its Bitcoin production capabilities.

Bitcoin Production and Financial Performance

In September 2023, Bit Origin successfully mined 15.9 Bitcoins, generating a revenue of $416,444. This achievement reflects their robust mining infrastructure and strategic operational decisions.

Development of Wyoming Mining Site

Bit Origin is actively expanding its presence in Wyoming, a key site for their operations. The company is an investor in a mining data center project with a potential capacity of up to 75 MW. Phase I of this project, with a capacity of 45 MW, became operational in March 2023. Phase II, adding an additional 25 MW, is currently in the engineering design phase, underscoring the company's growth ambitions.

About Bit Origin Ltd

Formerly known as China Xiangtai Food Co., Ltd., Bit Origin Ltd is an emerging growth company in the United States focusing on cryptocurrency mining. The company is committed to deploying blockchain technologies and pursuing diversified expansion strategies to enhance its market position.

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