CHANGSHA, China, Aug. 10, 2022 /PRNewswire/ -- Bit Brother Limited (the "Company," "we" or "Bit Brother") (NASDAQ: BTB), through its subsidiary in New York, Bit Brother New York Inc., entered into a lease agreement with Petawatt Properties LLC, a Wyoming limited liability company ("Petawatt"), which marks the initial step for the parties to jointly develop the cryptocurrency and blockchain business in North America.
On August 2, 2022, Bit Brother New York and Petawatt entered into a lease agreement for a 22-acre plant in Carthage New York. Bit Brother New York agreed to pay Petawatt an annual rent of $1 million for a term of ten years which could be deducted from the purchase price if Bit Brother acquires majority equity interest of Petawatt. Petawatt agreed to secure power supply agreements for 62.5MW of green power by September 1, 2022. Otherwise, Bit Brother New York may terminate the lease and Petawatt shall return the $100,000 deposit it received If fully operational with 62.5...
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