October 12, 2021

Bit Digital to buy 10,000 bitcoin miners from Bitmain

Bit Digital to buy 10,000 bitcoin miners from Bitmain

Nasdaq-listed Bit Digital has signed an agreement with Bitmain to acquire 10,000 Antminer bitcoin mining devices.

Bit Digital's hash rate is expected to increase by 1 EH/s once this batch of hardware is received and deployed.

CEO Brian Bullet called the deal with Bitmain "an efficient way to acquire a large number of new miners". He noted that Bit Digital will continue to differentiate its purchases through the hardware spot market.

Moved into the mining industry from the P2P lending and car rental industries in China, Bit Digital mined 1,510 BTC in 2020.

In the first quarter of 2021, the company produced 1,013 BTC. At the end of the period, Bit Digital had a fleet of 43,606 bitcoin miners, most of which were located in the PRC - 35,090 units.

The firm generated 592 BTC in the second quarter. The drop in the figure was due to the migration of mining capacity from China.

On June 21, Bit Digital halted operations in the country and began moving business to North America at an accelerated pace. The company began implementing this strategy in October 2020.

As a reminder, in June Bit Digital entered into a partnership with blockchain hosting provider Digihost Technologies to host 20MW of equipment in its data centres.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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