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Bit Digital Inc (NASDAQ: BTBT) Announces Shifting of Quarrying Operations from China to North America

Bit Digital Inc (NASDAQ: BTBT) announced that it had started fast-tracking its shift of quarrying operations from China to North America.

Other Major Highpoints of the company’s performance

  • The company maintained 32,500 miners as of June 30, 2021, with a maximum total hash rate of 1.92 EH/s. The 0.34 EH/s decrease from the first quarter was due to fleet relocation. In addition, the company traded or positioned specific models in expectation of acquisition occasions for fresher, more well-organized apparatuses.
  • The company bought 3,515 miners on the spot market during the second quarter and anticipated making added miner acquisitions. 
  • The drop from the first quarter was due to the fast-tracked relocation program. As a result, more miners were disconnected while in shipment to or pending connection in North America and miner auctions and removals.
  • Treasury assets of bitcoin augmented to 588.4, with a fair market worth of about $20.6 million as of June 30, 2021.

Miner Relocation Apprise

  • Following the recent declaration of the Chinese government’s verdict to embargo bitcoin mining, the company instantly deferred its outstanding mining processes in mainland China, actual June 21, 2021. Therefore, it further augmented its relocation strategy to North America that had been continuing since October 2020. Consequently, a greater quantity of the company’s fleet was disconnected than in the prior quarter due to more miners being transported to or pending connection in North America.
  • During the quarter, the company dispatched 14,500 miners to the United States. The company supposes to finalize its remaining China-based miners to North America in the third quarter of 2021.
  • During the quarter, the company contracted two new presenting agreements in North America, signifying 60 megawatts of added hosting power volume. As a result, as of June 30, 2021, the company trusts it had fortified the mainstream hosting capacity necessary to complete the redistribution of its remaining China-based fleet in North America.

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