New York, June 06, 2022 (GLOBE NEWSWIRE) -- Bit Origin Limited (NASDAQ:BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in crypto mining business with diversified expansion strategies, today announced that the Company has entered into a Letter of Intent ("LOI") with Your Choice 4 CA, Inc.("YCI"), a U.S. based data center operator managed by 1024 Capital LLC ("1024 Capital"), to lease 1,000 mining spots with three Megawatts("MW") of mining power in Marion, Indiana. The potential lease agreement is expected to increase productivity of approximately 12.66 BTCs per month for the Company when all miners are deployed in mid-June 2022 as scheduled.

Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company, commented, "1024 Capital is an industry leader in data center operation, and we are excited to expand our Bitcoin mining capacity with this strategic partner. The LOI marks the first step of our cooperation. Leveraging their deep expertise in data center operation and our extensive mining resources worldwide, we expect to further explore cooperation opportunities with 1024 Capital in the future and look forward to establishing a miner alliance in North America."

Bit Origin Limited, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in crypto mining business. The Company is also actively deploying blockchain technologies, alongside diversified expansion strategies. For more information, please visit https://bitorigin.io.

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. 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-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.