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NEW YORK, Jan. 24, 2025 ~ New York-based company Bit Digital, Inc. (Nasdaq: BTBT) has announced a new agreement with one of its key customers, expanding its GPU Cloud business. The customer has agreed to purchase 464 Nvidia B200 GPUs from Bit Digital, replacing a previous agreement for 2,048 H100 GPUs.
Under the terms of the new agreement, Bit Digital will provide the customer with 58 Nvidia B200 servers for a period of eighteen months. This contract is expected to generate approximately $15 million in annualized revenue for Bit Digital and includes a two-month prepayment from the customer. However, the customer has the option to deduct 100% of the service fees from a $30 million non-refundable deposit previously paid to the company.
The contract is set to commence on June 30th, 2025 and the GPUs will be deployed in Iceland. To fulfill this agreement, Bit Digital has already placed an order for 58 Nvidia B200 servers at a cost of approximately $21 million. The company plans to finance this purchase with cash and customer deposits and will retain complete ownership of the servers.
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Bit Digital's CEO Sam Tabar expressed his satisfaction with this new agreement, stating that it will result in improved margins compared to their original plan which included a sale-leaseback agreement for part of the deployment. He also mentioned that they are looking forward to exploring additional business opportunities with this customer in 2025 while remaining focused on execution.
Bit Digital is a global platform for high-performance computing infrastructure and digital asset production with operations in the US, Canada, and Iceland. For more information about the company, interested parties can visit their website at www.bit-digital.com.
However, potential investors should be aware that investing in Bit Digital's securities involves a high degree of risk. The company advises individuals to carefully consider all risks, uncertainties and other factors before making any investment decisions.
Under the terms of the new agreement, Bit Digital will provide the customer with 58 Nvidia B200 servers for a period of eighteen months. This contract is expected to generate approximately $15 million in annualized revenue for Bit Digital and includes a two-month prepayment from the customer. However, the customer has the option to deduct 100% of the service fees from a $30 million non-refundable deposit previously paid to the company.
The contract is set to commence on June 30th, 2025 and the GPUs will be deployed in Iceland. To fulfill this agreement, Bit Digital has already placed an order for 58 Nvidia B200 servers at a cost of approximately $21 million. The company plans to finance this purchase with cash and customer deposits and will retain complete ownership of the servers.
More on Nyenta.com
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Bit Digital's CEO Sam Tabar expressed his satisfaction with this new agreement, stating that it will result in improved margins compared to their original plan which included a sale-leaseback agreement for part of the deployment. He also mentioned that they are looking forward to exploring additional business opportunities with this customer in 2025 while remaining focused on execution.
Bit Digital is a global platform for high-performance computing infrastructure and digital asset production with operations in the US, Canada, and Iceland. For more information about the company, interested parties can visit their website at www.bit-digital.com.
However, potential investors should be aware that investing in Bit Digital's securities involves a high degree of risk. The company advises individuals to carefully consider all risks, uncertainties and other factors before making any investment decisions.
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