Bit Origin secures $6.74M investment to build mining data center in U.S.

Bit Origin has entered into a securities purchase agreement to sell up to $24.74 million of convertible notes and warrants to U.S. based institutional investor ATW Digital Asset Opportunities. The initial commitment of $6.74 million will fund the construction of a brand-new 25MW cryptocurrency mining data center, named as 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. The Project Auspice is a 25 MW crypto mining data center located in Cheyenne Wyoming, where electricity supply is abundant as well as stable and the weather condition is favourable to crypto mining. The Company owns 55% interests of the Project Auspice with the remaining interests owned by ATW and certain other investor. The Project adopts advanced immersion cooling technology, which has low noise, low energy consumption and strong heat dissipation capacity. The Project Auspice will also have a professional team to provide operation and maintenance technical services to ensure the stable operation of the data center. The Company has finalized the budget preparation, project plans, and design drawings of the project. The Company expects to complete it in early Q2 2024. Upon completion, the project can host around 4,480 to 8,400 bitcoin miners depending on the types of the miners.