Moxian, a bitcoin mining company, reported a net loss of $21.5 million for fiscal year 2022 due to the write-off of certain mining assets. Despite the difficult year, the company remains positive about the industry's long-term potential and has acquired land in Tennessee to build a 10-Megawatt mining center. They have also ordered new mining equipment and hired a General Manager for North America. With the recent increase in bitcoin prices, the company is optimistic about the future.
九月. 14, 2023 03:11

Moxian (BVI) Inc ("Moxian" or the "Company") (NASDAQ: MOXC) has released its earnings report for fiscal year 2022, revealing a net loss of $21.5 million. This loss was largely due to a one-time charge of $11.9 million for the write-off of certain mining assets. CEO and Director, Mr. Forrest Deng, acknowledged the challenging year for the industry, with electricity prices surging due to the Ukraine war and bitcoin prices tumbling. The Company made the decision to take the one-time charge in light of the dim outlook for the industry.

Despite the difficulties faced, the directors of Moxian remain positive about the long-term potential of the industry. They took advantage of the prevailing poor sentiment and placed an order for 1,140 units of Hydro S19XP supercomputing servers at attractive prices in November 2022. The Company also acquired a piece of land in Duff, near the city of La Follette in Tennessee, where construction has begun for a 10-Megawatt permanent site. The new miners will be progressively delivered from July, adding to the Company's existing fleet with an estimated hash rate of 285,000 TH/s. Additionally, the Company has purchased hydro containers and entered into a Memorandum of Understanding with the local utility board for a 10MW power supply.

The Company recently welcomed Mr. Phil Hicks as the General Manager for North America. Hicks brings thirty years of business experience in the electronics and data center industry, previously working for companies such as Panasonic Corporation and KEMET Electronics. He joined Bitmain in 2018 and later transitioned to Bitdeer Corporation, serving in various management roles. Hicks completed his studies at Lincoln Memorial University, specializing in Business Management, with an emphasis in Economics.

With the recent upturn in bitcoin prices, Moxian looks ahead with optimism as their self-mining and data center in Tennessee is set to begin operations in August 2023. The Company is also exploring other business opportunities in the United States and elsewhere, having ceased all operations in China.

Moxian (BVI) Inc, the surviving company following its merger with Moxian, Inc. in August 2021, operates in the United States through its wholly-owned subsidiary, ABit USA, Inc. The Company is focused on the bitcoin mining and related services industry.

This announcement contains forward-looking statements, which are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may include terms such as "will," "expect," "anticipate," and "estimate." The Company cautions that actual results may differ materially from these forward-looking statements due to various factors and risks, including industry competition, financial status, and operating results. More detailed information can be found in the Company's filings with the Securities and Exchange Commission.

For further information, please contact:
Wanhong Tan
Chief Financial Officer