BTB - Bit Brother New York Saved $200000 in Electricity Costs Through the Hedged Electricity Price Power Supply Agreement | Benzinga
CHANGSHA, China, Sept. 12, 2023 /PRNewswire/ -- In December 2022, Bit Brother Limited (the "Company," "we" or "Bit Brother") (NASDAQ:BTB), through its subsidiary in New York, Bit Brother New York Inc. ("BTB NY"), entered into a "Hedged Electricity Price" power supply agreement with a retail electricity provider (REP) within the jurisdiction of the Electric Reliability Council of Texas (ERCOT) for a term of 5 years. BTB NY's current 6 MW mine's operating power costs, which accounts for 90% of its total operating costs, will not be affected by any extreme weather conditions and/or lack of energy supply during the five-year term through the hedged electricity price power supply agreement. Meanwhile, with the Company's dedicated operation team complemented by AI technology utilizing various formulas to mitigate operational risks, it is expected that we will be able to consistently maintain a low average electricity price of approximately 5.25 cents/KWH until December 2027.
Since June 2023, the electricity price began fluctuating as usual in Texas, and BTB NY saved an aggregate of approximately $200,000 in electricity costs through the "electricity price peak adjustment" mechanism in the power supply agreement.
About Bit Brother Limited
Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in ...