Bit Origin, an emerging growth company engaged in the crypto mining business with diversified expansion strategies, has entered into a securities purchase agreement to sell up to $24.74 million of convertible notes and warrants to U.S. based institutional investor ATW Digital Asset Opportunities LLC. The initial commitment of $6.74 million (prior to fees and offering expenses) will fund the construction of a brand-new 25MW cryptocurrency mining data centre, named as Auspice. This facility is situated in Cheyenne, Wyoming, USA.
Lucas Wang, Chairman and Chief Executive Officer of Bit Origin commented, “We are very pleased to partner with ATW again, and this new financing is a critical component to fund our new Auspice Project. We are excited that the Auspice Project will adopt eco-friendly immersion cooling technology and we are honoured to have ATW to support our vision.”
The Project Auspice is a 25 MW crypto mining data centre located in Cheyenne Wyoming, where electricity supply is abundant as well as stable and the weather condition is favourable to crypto mining. The Company owns 55% interests of the Project Auspice with the remaining interests owned by ATW and certain other investor.
The Project adopts advanced immersion cooling technology, which has low noise, low energy consumption and strong heat dissipation capacity. The Project Auspice will also have a professional team to provide operation and maintenance technical services to ensure the stable operation of the data centre. The Company has finalised the budget preparation, project plans, and design drawings of the project. The Company expects to complete it in early Q2 2024. Upon completion, the project can host around 4,480 to 8,400 bitcoin miners depending on the types of the miners.