Hong Kong, May 17, 2023 (GLOBE NEWSWIRE) -- Moxian (BVI) Inc ("Moxian" or the "Company") (NASDAQ: MOXC), a company engaged in bitcoin mining and related services, today released its earnings report for fiscal year 2022. Net loss amounted to $21.5 million, following a one-time charge of $11.9 million for the write-off of certain mining assets. Commenting on its results, Chief Executive Officer and Director, Mr. Forrest Deng, remarked “The Company, like the rest of the industry, experienced a very difficult year in 2022 with electricity prices surging with the outbreak of the Ukraine war. Bitcoin prices tumbled throughout the year, from the $40,000 level to hover just about $15,000 by the last quarter of the year. Mining equipment, which had been purchased at the turn of the previous year, fell in tandem with the dim outlook of the industry and the Company felt prudent to take the one-time charge.”
The directors of the Company, however, remain positive on the longer-term potential of the industry and taking advantage of the prevailing poor sentiment, placed an order for 1,140 units of Hydro S19XP (20.8J/T) supercomputing servers, at highly attractive prices in November 2022. The Company further underlined their commitment to the business by acquiring a piece of land in Duff, near the city of La Follette in the State of Tennessee where construction has begun for the completion of a 10-Megawatt permanent site by August 2023. “The new miners will be progressively delivered from July and form a formidable addition to the Company’s existing fleet, with its estimated hash rate of 285,000 TH/s. The Company has also purchased six sets of hydro containers (Antspace HK3) along with the hydrominers and these are on transit and expected to arrive on the site by the end of June. The Company has entered into a Memorandum of Understanding with the local utility board for a 10MW power supply at highly competitive rates.
“I am also pleased to announce that Mr. Phil Hicks has joined the Company as the General Manager for North America. Phil has thirty years of business experience in the electronics and data center industry working for large global companies, such as Panasonic Corporation and KEMET Electronics, before joining Bitmain in 2018. While with Bitmain (later transitioning to Bitdeer Corporation), he served as the Construction Management and Site Manager, before being promoted to Director of Operations for North America. In 2021, Phil joined Griid Infrastructure as the Director of Site Planning & Development and Operations.”
Mr. Hicks completed his studies at Lincoln Memorial University graduating with a degree in Business Management, with an emphasis in Economics. Over the years, he has continued his education, completed coursework in Planning & Scheduling, Project Management, Lean Six Sigma, and Global Supply Chain.
With the recent upturn in bitcoin prices, the Company looks ahead with optimism as the self-mining and data center in Tennessee should start to operate in August 2023. The Company continues to explore other business opportunities in the United States and elsewhere, having ceased all operations in the People’s Republic of China.
About Moxian (BVI) Inc
Moxian (BVI) Inc, a company incorporated in the British Virgin Islands in May 2021, is the surviving company following its merger with Moxian, Inc. in August 2021. Moxian (BVI) Inc operates in the United States through its wholly-owned subsidiary, ABit USA, Inc which is incorporated in the State of Delaware.
Forward-Looking Statements This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be governed by terms such as "will," "expect," "anticipate," "future," "intend," "plan," Believe, "estimate", "potential", "continue", "in progress", "goal", "guidance expectations" and similar statements are identified. The company may also include in its periodic reports to the US Securities and Exchange Commission ("SEC"), annual reports to shareholders, press releases, and other written materials, as well as oral statements from third parties to the company's management, directors, or employees. Any statements that are not historical facts, including statements about the company's philosophy and expectations, are forward-looking statements that involve factors, risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors and risks include but are not limited to, the following: the company's goals and strategies; future business development; financial status and operating results; expected growth of the bitcoin mining industry and Internet media marketing industry; demand and acceptance of the company's products and services; the relationship between the company and strategic partners; industry competition; and policies and regulations related to the company's structure, business and industry. More detailed information about these and other risks and uncertainties is included in the company's filings with the Securities and Exchange Commission. All information provided in the company's introduction is the latest information as of the date of publication of the company. Except as provided by applicable law, the company is not obligated to update such information
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Wanhong Tan
Chief Financial Officer
