Bit Origin Ltd (OQ:BTOG)

Business Focus: N/A

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Sector: Technology	Industry: N/A

Company Contact

Address:	27F, Samsung Hub, 3 Church Street NEW YORK NY 049483
Tel:	N/A
Website:	https://bitorigin.io
IR:	See website

Key People

N/A

Business Overview

Bit Origin Ltd, through its subsidiary, SonicHash LLC (SonicHash US), is engaged in Bitcoin mining in the United States. The Company specializes in computers, known as miners, to generate Bitcoins, a digital asset (also known as a cryptocurrency). It is focused on existing layouts and mining sites in the United States, and other types of expansion and exploration have been suspended. The Company does not have miners for cryptocurrencies other than Bitcoin. SonicHash US owns approximately 4,250 Bitcoin miners, including 2,638 units of Koi C16 and 1,612 units of Bitmain Antminer S19j pro. SonicHash US has 3,200 miners, representing a hash power of 304.8 petahash per second (PH/s), deployed in a mining facility in Cheyenne, Wyoming, and has delivered 1,050 miners, representing a hash power of 99.1 PH/s, to the same mining facility in Cheyenne, Wyoming. The Company does not have any cryptocurrency operations in China. Its subsidiaries also include SonicHash Inc, and SonicHash Pte. Ltd.

Financial Overview

For the fiscal year ended 30 June 2023, Bit Origin Ltd revenues increased from $192K to $6.3M. Net loss before extraordinary items totaled $28.2M vs. income of $62K. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net loss reflects Gain on debt settlements decrease from $824K (income) to $0K, Other finance expenses increase from $3K to $360K (expense).

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