BETS Announces Calendar Year 2023 Mining Operation Results; As Of December 31, 2023, Site 1 Has Mined ~136 Bitcoins, Generating ~$6.2M In Revenue Based On The Bitcoin Price Of Last December
Portfolio Pulse from Benzinga Newsdesk
Bit Brother Limited (BETS) reported its 2023 mining operation results, with Site 1 mining approximately 136 bitcoins, generating about $6.2M in revenue. Site 1 also saved $1M in electricity through a special agreement. Site 2 in Texas is expected to start in January 2024, aiming for a monthly production of 12 BTC. BETS has partnered with Cruxforce, LLC to potentially develop a third site with a 40MW capacity. CEO Jack Wu anticipates further expansion and improved operations in 2024. The company emphasizes the complexity of accounting for cryptocurrency mining and warns investors not to rely solely on mining results.
January 15, 2024 | 11:30 pm
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Bit Brother Limited announced positive mining results for 2023, with significant revenue and strategic expansion plans for 2024, including a new site and a consulting agreement with Cruxforce, LLC.
The positive mining results and strategic expansion plans for 2024 are likely to be viewed favorably by investors, potentially leading to a short-term increase in BETS stock price. However, the caution provided about the complexity of cryptocurrency accounting and the inherent risks may temper some of the optimism.
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