Nasdaq-listed Bit Digital mined 562.9 BTC in the second quarter

In the second quarter of 2021, Nasdaq-listed mining company Bit Digital generated 562.9 BTC (~$18 million at the exchange rate at the time of writing), according to the отчету о финансовых результатах. This was lower than the figure for the previous three months, due to migration of computing power from China.

According to the press release, on June 21 Bit Digital halted operations in China and accelerated the execution of its migration strategy to North America, implemented since October 2020.

As of June 30, the company had 32,500 miners with a combined hash rate of 1.92 EH/s, down from 2.26 EH/s in Q1. Bit Digital has sold or retired part of its equipment to purchase more efficient devices in the coming months.

In the last three months the company shipped 14,500 miners for delivery to the United States. More than 20% of devices are already based in the United States, while another 44.6% are in transit or awaiting installation.

The company signed two new hosting agreements in North America, adding 60 MW of capacity for its devices. Bit Digital stressed that this should be enough to complete the relocation of the fleet — migration is expected to be finished in the third quarter of 2021.

The majority of Bit Digital’s equipment (15,072 units) consists of MicroBT Whatsminer M21S miners. In Q2 the company purchased more than 3,500 devices, 1,678 of which were already installed in North America.

Bit Digital (BTBT) shares closed the session on July 13 at $5.28. As of writing, the stock was trading at around $5.29. Over the last month, the company’s quotes have fallen 31%.

Earlier in June, Bit Digital signed a strategic joint mining agreement in North America with Digihost Technologies. The latter will provide the partner with facilities to store and operate the cryptocurrency mining equipment with a capacity of 20 MW for two years.

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