Bit Digital plans to double its Bitcoin hash rate

Nasdaq-listed mining company Bit Digital said it intends to raise the Bitcoin network’s hash rate to around 6 EH/s during 2024.

We’ve got exciting news to share! ? $BTBT‘s #Bitcoin mining operating fleet will double in 2024 ?

? https://t.co/JQ7W8rTT6a pic.twitter.com/hchbiUtVcY

— Bit Digital, Inc. NASDAQ:BTBT (@BitDigital_BTBT) December 26, 2023

The New York–headquartered firm operates six mining data centres located in the United States, Canada and Iceland.

As of writing, the global Bitcoin hash rate stood at about 535.4 EH/s, after the maximum reached on December 25.

Bit Digital’s current share of the network’s computing power stands at around 0.6%.

The firm operates a fleet of over 44,000 miners with a total capacity of 3.4 EH/s.

The company has also created Bit Digital AI, a division that provides infrastructure services for projects in the generative AI space.

Earlier, Compass Mining noted that amid the bear market and the approaching halving, Bitcoin miners have been more actively seeking ways to diversify their income streams. One avenue has been providing computing power to AI startups.

In 2023, the average daily revenue that Bitcoin miners earned from fees exceeded $2 million, with the figure up 400% year over year.