Bit Origin Limited Intends to Invest in an Operator of a Cryptocurrency Mining Site in Macon
Thursday, May 26th, 2022
Bit Origin Limited, an emerging growth company engaged in crypto mining business with diversified expansion strategies, today announced that the Company has entered into a Letter of Intent to acquire 30.62% equity interest in Horizon Mining Ltd, an operator of a crypto mining site located at Macon, Georgia to further facilitate Bit Origin’s strategic development process. The potential acquisition is expected to increase the Company’s cryptocurrency mining capacity by 9.49 megawatts (“MW”) with a hash rate of 316PH/s, which represents approximately 40 Bitcoins would be mined per month at full capacity.
Pursuant to the LOI, the Company agrees to acquire 30.62% of the equity interests of HML in exchange for consideration having an aggregate value of US$4,251,281. The Company expects to enter into a definitive agreement and expects the acquisition to be completed in the coming months, subject to the customary conditions. As the transaction proceeds, the Company will publicly disclose required information either through press releases or SEC filings, as appropriate.
Chief Executive Officer of Horizon Mining Ltd commented, “We are extremely excited about the potential opportunity to collaborate with Bit Origin in our Georgia facility, as both parties share a vision for the future of Bitcoin mining in the United States. The resources Bit Origin brings, combined with our strength in mining operation, would allow us to achieve a shared growth potential.”
Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company, commented, “The acquisition proposal of HML would be one of the most significant achievements in Bit Origin’s growth to date and a solid milestone to achieve the Company’s development goal of becoming a leading Bitcoin mining company once the transaction is completed."