BTOG - Bit Origin Ltd Secures $6.74 Million Investment to Build a New Crypto Mining Data Center in the U.S. | Benzinga
- The investment will be allocated for the construction of a brand new 25 MW crypto mining data center in Cheyenne, Wyoming.
- The management anticipates the data center's completion in early Q2 2024, providing the capacity to accommodate approximately 4,480 to 8,400 bitcoin miners.
- The new cypto mining center foresees substantial revenue and cash flow generation for Bit Origin, starting in the latter half of 2024.
NEW YORK, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ:BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announces it has entered into a securities purchase agreement to sell up to $24.74 million of convertible notes ("Notes") and warrants to U.S. based institutional investor ATW Digital Asset Opportunities LLC ("ATW"). The initial commitment of $6.74 million (prior to fees and offering expenses) will fund the construction of a brand-new 25MW cryptocurrency mining data center, named as Auspice (referred to as "the Project" or "Project Auspice"). This facility is situated in Cheyenne, Wyoming, USA. Management anticipates that the project will commence producing substantial revenue and cash flow for the company starting in the second half of 2024.
Lucas Wang, Chairman and Chief Executive Officer of Bit Origin commented, "We are very pleased ...