Bit Origin Limited, an emerging publicly traded (ticker BTOG), growth company engaged in crypto mining business with diversified expansion strategies, announced that it intends to acquire 30.62% equity interest in Horizon Mining Ltd, an operator of a crypto mining site located in Macon, Georgia to further facilitate Bit Origin’s strategic development process. The potential acquisition is expected to increase the Company’s cryptocurrency mining capacity by 9.49 megawatts with a hash rate of 316PH/s, which represents approximately 40 Bitcoins that would be mined per month at full capacity.
Pursuant to the letter of intent, Bit Origin agrees to acquire 30.62% of the equity interests of HML in exchange for over $4 million dollars. The Company expects to enter into a definitive agreement and expects the acquisition to be completed in the coming months, subject to the customary conditions.
Chief Executive Officer of Horizon Mining Ltd commented in a press statement, “We are extremely excited about the potential opportunity to collaborate with Bit Origin in our Georgia facility, as both parties share a vision for the future of Bitcoin mining in the United States. The resources Bit Origin brings, combined with our strength in mining operation, would allow us to achieve shared growth potential.”
Mr. Lucas Wang, Chairman and Chief Executive Officer of Bit Origins commented in a statement, “The acquisition proposal of HML would be one of the most significant achievements in Bit Origin’s growth to date and a solid milestone to achieve the Company’s development goal of becoming a leading Bitcoin mining company once the transaction is completed. HML is our long last strategic partner in the United States, and such an investment decision truly deepens our relationship for better collaborations in the future. The assets and sophisticated operation team acquired from HML will create financial and operational synergies and diversifies the Company’s risk and revenue model to become a crypto mining operator and hosting service provider. We are excited to enter the mining hosting sector to further enhance our competitive advantages in mining operation expertise while expanding our landscape in the US.”