Nasdaq-listed Bit Digital подписала agreement with Bitmain to purchase 10,000 Antminer devices for Bitcoin mining.
The company expects that after receipt and deployment of this batch of equipment Bit Digital’s hash rate will increase by 1 EH/s.
The CEO Bryan Bullet called the Bitmain deal “an efficient way to acquire a large number of new miners”. He noted that Bit Digital would continue to diversify its procurement through the spot market for equipment.
Bit Digital mined 1,510 BTC in 2020, having moved into the mining industry from P2P lending and car rental in China.
In Q1 2021, the company mined 1,013 BTC. By the end of the period, Bit Digital’s fleet stood at 43,606 Bitcoin miners, the majority of which were in China — 35,090 units.
In Q2, the firm generated 592 BTC. The decline in the metric was linked to the migration of mining capacity out of China.
On June 21, Bit Digital halted operations in China and accelerated its move to relocate the business to North America. The company began pursuing this strategy in October 2020.
In June, Bit Digital partnered with blockchain-hosting provider Digihost Technologies to host in its data centres equipment with a capacity of 20 MW.
In July, the firms expanded their cooperation and agreed to host Bit Digital’s miners with a capacity of 100 MW.
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