Bit Brother Limited Reaches Milestone with 140,000 TH/S Hash Rate and 2.39 BTC Mined

Bit Brother Limited (formerly known as Urban Tea, Inc.) is pleased to announce its 1,400 S19J Pro cryptocurrency mining servers have been operating with the total hash rate of 140,000 TH/S in its Texas mining farm, owned by its subsidiary Bit Brother New York Inc.^[0] The servers have mined 2.39 Bitcoin.^[1]

Cryptocurrency mining is a complex, emerging, and uncertain field with cryptocurrencies not being recognized as cash or cash equivalents and mining activities not qualifying for revenue recognition. The digital assets have no inherent value, are not legal tender recognized by any governmental entity, and might not be able to be converted into fiat currencies.^[0] Investors are advised to not rely solely on mining results and to consider other financial and non-financial metrics.^[0]

Since the start of 2023, Bitcoin (BTC-USD) has surged 37% to $22.83K and Ethereum (ETH-USD) jumped 33.6% to $1.62K.^[2] The upswings coincide with the stock market‘s (SP500) 4.8% run-up and the tech-heavy Nasdaq’s (COMP.IND) 8.7% climb, as market participants become more confident that inflation has passed its peak.^[2] On Tuesday, Bitcoin began trading with a slight boost of 2.58%, with the majority of cryptocurrencies experiencing gains, suggesting a strong recovery for these extremely speculative digital assets.^[3]

After months of little movement, Bitcoin has recently surged to its highest price in 18 weeks, nearing the 200-weekly simple moving average of approximately $24,650. New players in the crypto game such as Vespene and XcelPlus are leveraging landfill methane for the mass amounts of energy needed to find bitcoin, which vastly reduces the environmental impact crypto mining uses.^[4]

Bitcoin is up $410.24 today or 1.82% to $22988.94. The price of Bitcoin is $22,847 per coin. The range today is from $22625 to $^[5] The close the day before was $22715^[5] The change was an increase of 132,^[5]

Bit Brother Limited (the “Company,” “we”, “BTB” or “Bit Brother”) is a British Virgin Islands-incorporated company with limited liability.^[0] Its business currently consists of cryptocurrency mining in North America, and the distribution and retail of specialty tea products.^[1] For more information, please visit: www.bitbrother.com.^[1]

0. “Bit Brother Announced 2.39 Bitcoin has been Mined | Morningstar” www.morningstar.com, 24 Jan. 2023, https://www.morningstar.com/news/pr-newswire/20230123cn93800/bit-brother-announced-239-bitcoin-has-been-mined

1. “Bit Brother Limited: Bit Brother Announced 2.39 Bitcoin has been …” www.finanznachrichten.de, 24 Jan. 2023, https://www.finanznachrichten.de/nachrichten-2023-01/58124901-bit-brother-limited-bit-brother-announced-2-39-bitcoin-has-been-mined-008.htm

2. “Short-bitcoin products see largest weekly inflow since July 2022 …” www.msn.com, 24 Jan. 2023, https://www.msn.com/en-us/money/markets/short-bitcoin-products-see-largest-weekly-inflow-since-july-2022-report/ar-AA16EEDi

3. “Bitcoin, Ether Continue Upward Trajectory as Most Cryptocurrencies …” www.technologyforyou.org, 24 Jan. 2023, https://www.technologyforyou.org/bitcoin-ether-continue-upward-trajectory-as-most-cryptocurrencies-record-profits-all-details/

4. “Bitcoin Miners Turn to Landfills to Power Quest – Recyclean” www.recyclean.in, 24 Jan. 2023, https://www.recyclean.in/wp/bitcoin-miners-turn-to-landfills-to-power-quest/

5. “Bitcoin Price Prediction 2023, 2024, 2025, 2026 – Long Forecast” longforecast.com, 24 Jan. 2023, https://longforecast.com/bitcoin-price-predictions-2017-2018-2019-btc-to-usd