Bit Digital Makes Waves in the Crypto Mining Pool
In a striking announcement that could send ripples through the crypto community, Bit Digital—a Nasdaq-listed Bitcoin mining powerhouse—has shared plans to issue approximately $13.9 million in shares. This is not just any typical business maneuver; it’s a relocation of funds directed towards acquiring more mining hardware. It seems Bit Digital is looking to amplify its footprint in the ever-competitive Bitcoin mining sector.
Securing the Future: Hardware Acquisition Deal
On November 11, Bit Digital revealed it has inked asset-purchase agreements with investors outside the U.S., planning to issue about 4,344,711 shares at a value of $3.20 each. What’s the catch? They’re trading these shares for Bitcoin miners that promise a massive combined hash power of 1,000 petahashes per second. For those keeping score, that rounds up to about 1 exahash per second—and you thought your last workout was intense!
Dramatic Growth Since Inception
Bit Digital didn’t just spring into action after this announcement. When it launched its Bitcoin mining operations back in February 2020, the company made a splash, achieving 1,250 PH/s in power by the following October. In a bid to boost its operational capabilities, the company also plans to install 2,000 MicroBT Whatsminer M21 ASIC miners by January. This additional setup is expected to yield an extra 6.2 PH/s in hashing power. Talk about a growth spurt!
Aiming for the Big Leagues
With aspirations to amplify its hashing power to exceeding 2.3 exahashes per second, Bit Digital is on the fast track to rank among North America’s elite Bitcoin miners. Just last month, Marathon Patent Group tossed its hat in the ring, announcing its intention to hit 2.56 EH/s by mid-2021. Meanwhile, Riot Blockchain is also eyeing the prize with plans for 2.3 EH/s by July next year. As these companies eye the prize, Bit Digital seems determined to join this ascendant group.
The Bigger Picture: Global Mining Landscape
The context here is crucial: the entire Bitcoin network is generating around 121 EH/s in total hashing power. With Bit Digital, Marathon, and Riot Blockchain each aiming for more than **1.9%** of this global hash rate, they’re poised to shape the future of crypto mining at a substantial level. Adding fuel to this competitive fire is Layer1 Technologies, backed by Peter Thiel, which has bold ambitions to capture a whopping 30% of the global hash rate by the end of next year. Nothing like a spirited race to raise the stakes!
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