Bit Digital, Inc. Announces Additional Mining Capacity with Two Host Partners

Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a digital asset mining company headquartered in New York, is pleased to announce that it has finalized agreements for a total of 14 megawatts (“MW “) “) of incremental host capacity to run its miners.

Coinmint: Coinmint Partnership: Bit Digital has entered into an agreement with Coinmint LLC (“Coinmint”) to secure an additional 10 MW of hosting capacity. The hosting facility, located in Massena, New York, is operated by a subsidiary of Coinmint. This new agreement brings the company’s total contracted hosting capacity with Coinmint to approximately 40 MW. The agreement has an initial one-year period with automatic three-month renewals. Bit Digital intends to deliver approximately 3,600 newly acquired S19 mining units to the facility by the end of May 2023. The facility operates in an upstate New York region that is reported to generate 99% renewable energy, as stated by the New York Independent System Operator , Inc. (NYISO) 2022 Gold Book Report.

Blockbreakers: Bit Digital has finalized an agreement for 4 MW of incremental hosting capacity with Blockbreakers, Inc. (“Blockbreakers”). The plant, located in Canada, uses an energy source that is mainly hydropower. This new agreement brings the company’s total contracted hosting capacity with Blockbreakers to approximately 9 MW. The agreement has an initial two-year period with automatic three-month renewals. Bit Digital plans to fill capacity with approximately 1,230 newly purchased S19j Pro mining units expected to be delivered to the facility and actively hashing by July 2023. In addition, Bit Digital has secured a side letter agreement with Blockbreakers, which gives the company the rights of first refusal for any future mining hosting services offered by Blockbreakers.

Sam Tabar, Bit Digital’s CEO, commented: “We are excited to expand our relationships with two top-tier hosting partners in Coinmint and Blockbreakers. Geographic and counterparty diversification remains a key component of our hosting strategy, along with building relationships with the most reliable and efficient partners. These agreements represent significant progress towards our goal of doubling our active hash rate by 2023. Furthermore, this growth is underpinned by sustainable energy sources and is an important step towards our goal of making our mining operations completely carbon-free.”