6-K
BIT ORIGIN Ltd (BTOG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACTOF 1934
For the month of August 2022
Commission File Number: 001-38857
BITORIGIN LTD
(Translation of registrant’s name into English)
375 park Ave, Fl 1502
New York, NY 10152
T: 347-556-4747
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F<br>x | Form 40-F<br>¨ |
|---|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Attached as Exhibit 99.1 is the registrant’s press release of August 8, 2022, entitled, “Bit Origin Ltd Announces Monthly Production and Operation Update for July 2022.”
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release - Bit Origin Ltd Announces Monthly Production and Operation<br>Update for July 2022, dated August 8, 2022 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: August 8, 2022 | BIT ORIGIN LTD | |
|---|---|---|
| By: | /s/ Lucas Wang | |
| Name: | Lucas Wang | |
| Title: | Chief Executive Officer and Chairman of the Board |
Exhibit 99.1
Bit Origin Ltd Announces Monthly Productionand Operation Update for July 2022
New York, August 8, 2022 (GLOBE NEWSWIRE) – Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today provided its monthly production and operation update for July 2022.
“We are glad to announce our first monthly production and operation update for 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,” said Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company. “We anticipate further improvement of our performance in the coming months as we come through the testing phases of our operations, and we are committed to our mission to become a leading Bitcoin mining company through innovations.”
| · | Operation Update |
|---|
Bit Origin started bitcoin mining in mining sites in Georgia and Indiana in May and June 2022, respectively. As of July 31, 2022, the total mining hash rate reached 246 PH/s with 2,568 miners installed.
| Mining Site | # of Miners Installed | Hash Rate (PH/s) |
|---|---|---|
| Georgia | 868 | 80 |
| Indiana | 1,700 | 166 |
| Total | 2,568 | 246 |
Compared with June 2022, the hash rate and the number of miners installed have increased by 196% and 205%, respectively, in July 2022, primarily attributable to the commencement of mining operations in the Indiana site.
| Operating | May 31, 2022 | June 30, 2022 | July 31, 2022 |
|---|---|---|---|
| # of Miners Installed | 868 | 868 | 2,568 |
| Hash Rate (PH/s) | 80.63 | 80.63 | 246 |
| · | Bitcoin Production and Revenue | ||
| --- | --- |
Since the Company completed its business transformation into crypto mining in early May 2022, it has mined 15.46 Bitcoins, representing a total revenue of US$375,915 for the three months from May to July 2022.
The Company mined 8.29 Bitcoins in July and achieved a revenue of US$183,564, representing an increase of 71% and 50%, respectively, compared to the previous month.
| Financials<br><br> <br>(Unaudited) | May<br><br> <br>2022 | June<br><br> <br>2022 | July<br><br> <br>2022 | Total |
|---|---|---|---|---|
| # of Bitcoins mined | 2.33 | 4.84 | 8.29 | 15.46 |
| Mining revenue (USD) | 69,962 | 122,389 | 183,564 | 375,915 |
| · | Mining Sites Development | |||
| --- | --- |
As of July 31, 2022, the Company has two hosting mining sites in operation and one mining site under development. The Company is also exploring other development opportunities for mining sites around the globe, with a primary focus on the U.S.
Site One – Macon, GA,9.49 Megawatts ("MW")
On May 25, 2022, the Company announced that it entered into a Letter of Intent to increase its mining capacity by 9.49 MW. As of July 31, 2022, due diligence and negotiations are still in the process. The Company expects to complete this transaction in the third quarter of 2022. As the transaction proceeds, the Company will publicly disclose required information through press releases or SEC filings, as appropriate.
The Company is currently operating the Georgia site on a hosting basis with a mining capacity of up to 6.1 MW.
Site Two – Marion, IN,5.3 Megawatts ("MW")
On June 8 and July 11, 2022, the Company announced that it entered two hosting service agreements to increase mining capacity by 3 MW and 2.3 MW, respectively. As of July 31, 2022, the deployment of 1,700 miners at this site has been completed.
Site Three – Agreementswith a Private Cryptocurrency Mining Investment Fund
On June 15, 2022, the Company announced that it entered into a set of definitive agreements (the "Agreements") with a private cryptocurrency mining investment fund (the "Fund"). The Fund is investing in a mining site (the “Project”) in the U.S. with a capacity of up to 75 MW. According to the Company’s press release disclosed on June 15, 2022, the Project has commenced and is expected to be completed in December 2022. In addition, steady progress in the Fund's design, planning, and electrical studies has been made to date.
The Company expects to deploy approximately 10,000 miners to the Project upon completion.
| · | Miner Procurement and Deployment Schedule |
|---|
As of July 31, 2022, the total miners purchased and deployed by the Company were 3,628 and 2,568 respectively.
Apart from the above-purchased miners, the Company entered into two Letters of Intent on June 1 and June 2, 2022, respectively, to purchase a total of 1,600 Antminer S19j Pro miners. The negotiation is still ongoing, and the Company expects to complete both transactions in the fourth quarter of 2022. As the transaction proceeds, the Company will publicly disclose required information through press releases or SEC filings, as appropriate.
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.
Additionally, the Company is monitoring the market conditions and negotiating with miner manufacturers and traders for additional miner procurement opportunities to expand its capacity.
About Bit Origin Ltd
Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in the cryptocurrency mining business. The Company is also actively deploying blockchain technologies alongside diversified expansion strategies. For more information, please visit https://bitorigin.io.
Safe Harbor Statement
This announcementcontains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-lookingstatements involve known and unknown risks and uncertainties and are based on current expectations and projections about future eventsand financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financialneeds. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-lookingstatements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Althoughthe Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that suchexpectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipatedresults.
Company Contact
Bit Origin Ltd
Mr. Lucas Wang, Chairman and Chief Executive Officer
Email: ir@bitorigin.io
Investor Relations Contact
Ms. Tina Xiao, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
To keep updated on Bit Origin’s news releases and SEC filings, please subscribe to email alerts at https://bitorigin.io/contact