Bit Digital, Inc. Completes the Purchase of 4,871 Bitcoin Miners with Total Hash Rate of over 324 Ph/s in the First Quarter of 2021
April 06, 2021 at 07:00 am EDT
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Bit Digital, Inc. had completed the purchase of 4,871 bitcoin miners representing a total hash rate of around 324 Ph/s in the first quarter of 2021. All of the newly purchased miners will be deployed in North America. The purchase will increase the company's total hash rate from 2,250 Ph/s to 2,574 Ph/s, furthering its lead as one of the highest operating bitcoin mining computing power (or hash rate) among all listed bitcoin miners. The 4,871 newly purchased miners are primarily composed of Bitmain S17+, Bitmain S17 and Bitmain S19Pro miners, all of which provide high hash rates and high energy efficiency. The hash rates of these miners range from 60 to 110 Ph/s, and their energy efficiency ranges from 30 to 42 joules per terahash (J/TH). Since the company purchased the miners on the spot market, some have already been delivered and are in operation in facilities in the U.S. The remaining miners are expected to be delivered and deployed by the end of April 2021.
Bit Digital, Inc. is a holding company. The Company provides a platform for digital assets and artificial intelligence (AI) infrastructure headquartered in New York City. Its bitcoin mining operations are located in the United States, Canada, and Iceland. The Companyâs business line, Bit Digital AI, offers infrastructure services for artificial intelligence applications. Its facilities and mining platform are operating with the primary intent of accumulating bitcoin, which the Company may sell for fiat currency from time to time depending on market conditions and managementâs determination of its cash flow needs. The Company conducts its business through Bit Digital U.S.A. Inc., a Delaware corporation and its operating entity in the United States; Bit Digital Canada, Inc., its operating entity in Canada; Bit Digital Singapore Pte Ltd., a Singapore company, Bit Digital Hong Kong Limited and Bit Digital Strategies Limited, Hong Kong companies, and Bit Digital AI Inc.