Bit Digital, which is a NASDAQ-listed Bitcoin mining company headquartered in New York, has started several asset purchase agreements in order to acquire $13,903,088 worth of Bitcoin miners with a total hash power capacity of 1,000 Ph/s. The agreements involve an offering of 4,344,711 ordinary shares at a price of $3.20 per share too.
After this transaction closes, the total hash rate of the company will increase to 2250 ph/s. Erke Huang, the Chief Financial Officer of Bit Digital said:
“The revenue and the number of bitcoins earned of the Company are expected to have a continuous increase in 2020 Q4 with the new deployment of additional miners.”
These asset purchases come in tandem with the first batch of 2,000 M21s being shipped to the US to be installed at the hosting facility run by Compute North by the end of December this year.
Actually, more and more miners are being deployed to North American facilities to help the firm “rebalance its cost structure and miner geological allocation and further help produce more Bitcoins.”
Bit Digital isn’t the only company which is expanding mining operations in the region, however, as Vancouver-based HIVE Blockchain announced its $3.4 million purchase of M30S miners last week.
With several factors impacting the logistics and supply of miners from Asia, other geographies have ramped up their own mining operations. In fact, mining companies in parts of North America are poised to take advantage of some of the lowest Industrial Electricity rates by improving their capacities.
This chance has been sensed and realized by a few firms of late, with some like Bit Digital even selling off existing assets to expand further into mining.
Bit Digital’s CFO added:
“It is another big step for Bit Digital since the spin-off of our prior assets and to focus on our bitcoin mining business. With the extensive experience and highly effective execution under our management, the Company is growing fast and investors should have good confidence in both Bit Digital and Bitcoin Mining industry.”