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Bit Digital | 6-K: Bit Digital Announces Upsized Customer Contract for Bit Digital AI and Commencement of Revenue Generation for Inaugural AI Contract

SEC announcement · Jan 24 16:37

BTBT +2.33%

Summary by Moomoo AI

Bit Digital, Inc., a New York-based company specializing in digital assets and artificial intelligence (AI) infrastructure, has expanded its Master Services Agreement (MSA) with its first customer, as announced in a press release on January 10, 2024. The amendment, known as the Novation Agreement, was entered into on December 12, 2023, and increases the computational power supplied to the customer by an additional 512 GPUs, bringing the total to 2,048 GPUs over a three-year period. This expansion is expected to generate over $50 million in annualized revenue for Bit Digital. To meet the requirements of the upsized contract, Bit Digital placed an order for 64 servers equipped with Nvidia HGX H100 GPUs from Super Micro Computer, Inc. These servers are being deployed in Iceland, where 192 AI servers have already been installed and commenced revenue generation as of January 23, 2024. The company also entered into a sale-leaseback agreement for 96 AI servers, which will be leased back for three years. The CEO of Bit Digital, Samir Tabar, expressed optimism about the growth of Bit Digital AI and the complementary nature of the AI and bitcoin mining operations.

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