Bit Brother announced on Tuesday that it has entered into a consulting agreement with Cruxforce, LLC, as part of its strategic initiative to secure a suitable mining farm with an ample power supply for its third site. This move comes in the wake of a surge in Bitcoin prices in December 2023, reaching an impressive $45,000 per coin, sparking renewed interest and investment in the cryptocurrency market.
The stock market reaction to Bit Brother’s latest development was evident as the company’s shares opened trading at $0.013 on Tuesday, following the closing of Friday’s session at $0.010. Notably, Bit Brother’s stock is experiencing heavy trading volume, with more than 1.0 billion shares exchanging so far. This activity significantly surpassed the stock’s 100-day average volume, which stands at less than 205 million shares, according to data from Benzinga Pro.
At the time of this publication, Bit Brother Ltd stock (BETS) performance:
Bit Brother Ltd
Current Price: $0.01
Change : 0.00
Change (%): (12.15%)
Volume: 1.0B
Source: Tomorrow Events Market Data
Under the consulting agreement with Cruxforce, Bit Brother aims to identify a mining farm with a maximum power supply capacity of 40 megawatts (MW) to meet the growing demands of its mining operations. The strategic collaboration is expected to bolster Bit Brother’s performance and enable the company to expand its market share within the dynamic cryptocurrency industry.
In a press release, Bit Brother emphasized the significance of finding a satisfactory third site through this partnership. If successful, the launch of the third site is poised to be a pivotal strategic move for BETS, promising increased returns for its investors. The company’s proactive approach aligns with the recent trend of companies seizing opportunities presented by the surge in Bitcoin prices to bolster their presence in the cryptocurrency mining sector.
In addition to the consulting agreement, Bit Brother had previously disclosed its substantial investment in cryptocurrency mining equipment. In December 2023, the company committed approximately $5 million towards acquiring the necessary equipment for its mining operations. Furthermore, Bit Brother obtained a certificate of occupancy for its proposed site, signaling its readiness to commence Bitcoin mining activities in early 2024.
Bit Brother’s mining venture is set to begin with an ambitious initial monthly production goal of 12 Bitcoin. This move underscores the company’s commitment to actively participate in the cryptocurrency market and capitalize on the favorable market conditions. As the cryptocurrency landscape continues to evolve, Bit Brother’s strategic moves position it as a key player in the rapidly expanding and dynamic industry.
Investors and industry observers will undoubtedly be closely monitoring Bit Brother’s progress as it navigates the challenges and opportunities within the cryptocurrency mining sector. The consulting agreement with Cruxforce marks a crucial step in the company’s pursuit of a suitable mining farm, reflecting its strategic vision and commitment to staying at the forefront of the evolving cryptocurrency market.
