Nasdaq-listed bitcoin mining company Bit Digital (BTBT) announced the completion of an all-stock purchase of 17,996 new ASIC miners, all Antminer or Whatsminer machines, for $13.9 million, a deal first announced in early November.
- The New York-based company distributed its new miners throughout China in Xinjiang, Sichuan and Inner Mongolia provinces with full installation expected by the end of December.
- The new machines are expected to increase the company’s mining capacity by 1,003.5 petahash per second (PH/s) to a total of over 2,253.5 Ph/s, per a press release.
- Bit Digital’s utility costs will fall and its profit margins increased after the machines are fully online, according to Erke Huang, the company’s chief financial officer.
- BTBT issued 4,344,603 BTBT shares at $3.20 each to pay for the machines.
- Shares of Bit Digital have soared more than 1,800% year to date, trading around $6.42 at last check, more than double the price of the shares used to pay for the new mining machines.
- Bitcoin Miners Saw 48% Revenue Increase in November
- Hive Reports $7.4M Q2 Profit as Lower Costs More Than Offset ‘Big Spend’ on Expansion
- Riot, Marathon, Canaan See Record Monthly Share Gains as Bitcoin Clears All-Time High
- Canaan Reports $12M Q3 Loss, Says There’s ‘Rebounding Demand’ for Mining Machines
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.