Bit Digital, Inc. (NASDAQ: BTBT) and BitMine Immersion Technologies,
Inc. (OTC: BMNR) announce the signing of a Letter of Intent to establish
a hosting relationship beginning with 7,000 current generation ASIC
miners. The final agreement is expected to be completed in the coming
weeks. The companies expect to primarily utilize the efficiencies of
mining Bitcoin in immersion cooled containers, a process by which the
servers run fully submerged in a dielectric fluid that efficiently cools
the machines and allows for superior machine output and energy
efficiency. The companies have agreed in principle to a mutually
beneficial revenue split of the mined Bitcoin, and a multi-year term.
Bryan
Bullett, CEO of Bit Digital was quoted as saying "We are happy to begin
our relationship with BitMine Immersion Technologies, and have known
the team for some time. As a company, we have been intrigued by mining
using immersion technology, and we are happy we found an ideal hosting
scenario allowing us to utilize the benefits offered by immersion
cooling of our machines."
Jonathan Bates, BitMine Chairman, was
quoted as saying- "We couldn't be happier. Having a marquee client like
Bit Digital is exactly why we started the company. We want to serve high
quality clients and offer them the best environment for their miners,
as well as a superior service experience. We hope to grow this
relationship moving forward. Bryan and his team are top notch
professionals, and we are excited to get started."
Bit Digital
and BitMine Immersion hope to begin delivery in the coming weeks and
months and fill the capacity by the end of August.
About BitMine Immersion Technologies, Inc.:
BitMine Immersion Technologies, Inc. (OTC: BMNR) is constructing a Bitcoin hosting and mining enterprise using oil cooled immersion technology to provide a superior environment to host Bitcoin mining computers. BitMine Immersion Technologies passes through some or all of its fixed costs to hosting clients, while entering into a profit-sharing agreement to receive a percentage of the mined Bitcoins. BitMine Immersion Technologies also mines Bitcoin for its own account.
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company headquartered in New York City.
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