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Bit Digital Announces Expansion of Mining Fleet

Bit Digital, Inc., a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City, is pleased to announce that it has finalized an agreement for 6 megawatts of incremental hosting capacity to power its miners. The hosting facility, located in Massena, New York, is operated by a subsidiary of Coinmint LLC (“Coinmint”).

This new agreement brings the Company’s total contracted hosting capacity with Coinmint to approximately 46 MW. The agreement features an initial one-year term with automatic three-month renewals. Bit Digital will fill the capacity with approximately 2,340 S19k Pro mining units that were recently purchased for approximately $3.4 million, or approximately $13/TH. These mining units represent approximately 260PH/s with an average efficiency of 23 J/TH. The Company expects the miners to be delivered to the facility and hashing by the end of February 2024.

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Sam Tabar, Bit Digital’s CEO, commented: “We are pleased to further expand our relationship with a top-tier hosting partner in Coinmint. This agreement represents an important step towards achieving our goal of doubling our active mining fleet to approximately 6.0EH/s during 2024. We plan to achieve this growth target at a measured pace that enables opportunistic procurement decisions with the goal of enhancing both our scale and fleet efficiency.”

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About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications.

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