Bit Brother Limited (the “Company,” “we” or “Bit Brother”) (NASDAQ: BTB), through its subsidiary in New York, Bit Brother New York Inc., entered into a lease agreement with Petawatt Properties LLC, a Wyoming limited liability company (“Petawatt”), which marks the initial step for the parties to jointly develop the cryptocurrency and blockchain business in North America.
On August 2, 2022, Bit Brother New York and Petawatt entered into a lease agreement for a 22-acre plant in Carthage New York. Bit Brother New York agreed to pay Petawatt an annual rent of $1 million for a term of ten years which could be deducted from the purchase price if Bit Brother acquires majority equity interest of Petawatt. Petawatt agreed to secure power supply agreements for 62.5MW of green power by September 1, 2022. Otherwise, Bit Brother New York may terminate the lease and Petawatt shall return the $100,000 deposit it received If fully operational with 62.5 MWs of power supply, the plant is expected to host 17,800 mining rigs with the hash rate of 110TH assuming average hash power of 3.5kw/h per miner.
Mr. Ralph Jones, the CEO of Bit Brother New York, commented, “This partnership with Petawatt is a significant step for Bit Brother’s advancement in the blockchain industry. As a vertically integrated energy, facilities and service provider with access to significant green power resources in North America, Petawatt’s choice to partner with Bit Brother also proves its confidence in Bit Brother. Securing the property in North America is a key milestone in our globalization strategy. We are committed to moving forward with our plan to launch blockchain operations in the US and create value for our investors in the cryptocurrency and blockchain field gradually.” In addition, Mr. Jones emphasized that Bit Brother’s future global blockchain presence is expected to be as green as possible, thus contributing to the development of a low-carbon economy.
About Petawatt Properties LLC
Petawatt, incorporated in the State of Wyoming and headquartered at Watertown, New York, is a vertically integrated energy, facilities and service provider to high demand energy consumers, such as blockchain crypto-miners, hydroponic operators and data centers.
About Bit Brother Limited
Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the British Virgin Islands as a company with limited liability on November 28, 2011. Our business currently consists of the distribution and retail of specialty tea products. We have conducted research and planning of our blockchain technology and cryptocurrency mining business since 2021. For more information, please visit: http://www.bitbrother.com/