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Bit Digital Completes $13.9M Deal for New Mining Machines
The company acquired nearly 18,000 new ASICs in an all-stock transaction.
By Zack Voell
Updated Mar 6, 2023, 3:14 p.m. Published Dec 7, 2020, 3:54 p.m.
Nasdaq-listed bitcoin mining company Bit Digital (BTBT)https://hashrateindex.com/stocks/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.
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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