Bit Digital to Expand Partnership with Digihost to Boost Hash Rate

The Nasdaq-listed mining company Bit Digital and infrastructure-solutions provider Digihost Technology have signed a second strategic agreement. It envisages hosting ASIC devices at a data centre in the United States with a capacity of 100 MW.

According to the press release, implementation of the initiative is expected over the next two years. Equipment installation is expected to begin in January 2022.

As a result of the partnership, the combined hash rate of the two firms will rise by 2 EH/s in addition to the 0.4 EH/s generated by the first agreement signed in June first agreement.

After electricity costs are paid, profits from the joint venture will be distributed according to a fixed formula.

Bit Digital CEO Brian Bullitt said that the current arrangements would enable the migration to North America to be completed. The company expects to strengthen its market position amid events in China.

In its first-quarter 2021 financial report, Bit Digital indicated that at that time, of its 43,000 active miners, 35,000 were in China, while the remainder were on farms in the United States and Canada.

In 2020, the company mined 1,510.2 BTC.

In the first three months of 2021, Bit Digital mined 1,013.4 BTC, and in the following period 562.9 BTC.

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