Seeking Alpha • Aug 08
Bit Origin provides bitcoin mining update for July
Bit Origin (NASDAQ:BTOG) reported Monday total mining hash rate of 246 PH/s with 2,568 miners installed for the month of July, reflecting a sequential growth of 196% and 205%, respectively.
The company said it has mined 15.46 Bitcoins, representing a total revenue of US$375,915 for the three months from May to July 2022.
"Over the past three months, we focused on our expansion in the U.S. and made significant progress with 2,568 miners deployed. The number of Bitcoins mined and our revenue have increased by 71% and 50%, respectively, in July 2022 compared to the previous month,” noted Mr. Lucas Wang, Chairman and CEO at Bit Origin.
The company said it is operating the Georgia site on a hosting basis with a mining capacity of up to 6.1 MW.
Outlook: Based on the current mining site development and miner procurement plan, the company expects to deploy the remaining 1,060 purchased miners in the fourth quarter of 2022. Once all 3,628 purchased miners are deployed, the total hash rate is expected to reach 338 Ph/s.
Earlier: Bit Origin provides operation updates, future miner deployment schedule