Why Did The Bit Origin (BTOG) Stock Rise By 6% In Extended Trading?

Shares of Bit Origin Ltd. (NASD: BTOG) were up 6.39% at $0.2979 at the time of the most recent check in after-hours trading. The price of BTOG shares at the session’s end ranged from $0.28 to $0.3016.

What has BTOG shared recently?

The Bit Origin (BTOG) production and operating update for August 2022 were just released recently.

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  • In Georgia and Indiana, Bit Origin began mining bitcoin in May and June of 2022, respectively. With 3,190 installed miners, the overall mining hash rate as of August 31, 2022, was 308 PH/s.
  • The majority of the growth in BTOG’s installed miners and hash rate since July 2022 may be attributed to another shipment of 622 miners at the Georgia facility.
  • In August 2022, Bit Origin mined 21.95 Bitcoins and made US$490,749 in revenue, which is an increase of 165% and 167%, respectively, over the previous month.
  • By August 31, 2022, BTOG had two hosted mining sites that were already in use and one that was still being built.
  • With a major focus on the US, BTOG is also looking at additional mining site development options across the world.
  • By August 31st, 2022, Bit Origin had acquired and deployed a total of 4,250 and 3,190 miners, respectively.

How BTOG remained to purchase miners?

Additionally, on June 1 and June 2, 2022, the Company signed two letters of intent to buy 1,600 Antminer S19j Pro miners. As partial fulfillment of the aforementioned letters of intent, on August 15, 2022, BTOG entered into a definitive asset purchase agreement to buy 622 Antminer S19j Pro Bitcoin miners. On August 31, 2022, the 622 miners were transported to the Company’s mining facility location in the US State of Georgia. The company anticipates concluding the remaining negotiations and closing both deals in the fourth quarter of 2022. As the transaction develops, Bit Origin will make the necessary information available to the public via press releases or SEC filings, as necessary.

Was BTOG doing well?

In August 2022, BTOG mined 165% more Bitcoins and generated 167% more income than in the previous month. This accomplishment shows how BTOG’s operational efficiency is always improving. After the deployment of the 622 Antminer S19j Pro Bitcoin miners that were purchased, Bit Origin (BTOG) anticipates a considerable boost in our capacity.

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