Bit Digital to set up mining capacity in Iceland

Bit Digital, the Nasdaq-listed bitcoin miner, has acquired 2,500 mining rigs for $5 million to establish a new data centre in Iceland. The announcement was made by the company’s chief executive Samir Tabar in an interview with The Wall Street Journal.

Tabar explained that the expansion initiative arose in response to regulatory pressure from US authorities. In particular, the issue is tied to the proposed a 30% tax on electricity for miners.

According to the statement, Bit Digital, for the first time in two years, shipped new devices overseas. About one-fifth of the company’s capacity is located outside the United States—in Canada and Iceland.

“In the past we used to ship miners to the United States, but now instead we have to consider other jurisdictions due to instability. We must take this seriously,” added Samir Tabar.

The US authorities contend that mining the first cryptocurrency is associated with high levels of carbon emissions. Bit Digital’s CEO, in turn, noted that more than two-thirds of the company’s total mining operations are environmentally safe.

According to him, mining cryptocurrencies in Iceland will use hydroelectric power plants and geothermal energy sources.

In April, Bit Digital reported a profit of $32.3 million for 2022. During the period the company mined 1,247.5 BTC and 294.3 ETH.