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Listed firm sells $14M of shares for 1 EH/s in Bitcoin mining power

Listed firm sells $14M of shares for 1 EH/s in Bitcoin mining power

The Nasdaq-listed Bitcoin (BTC) mining firm Bit Digital has introduced it would problem $13.9 million in shares in trade for mining {hardware}.

In keeping with a Nov. 11 announcement, Bit Digital has inked asset-purchase agreements with non-U.S. traders to problem 4,344,711 shares valued at $3.20 every in trade for Bitcoin miners boasting a mixed hash energy of 1,00zero petahashes per second (PH/s), or 1 exahash (EH/s).

Bit Digital launched its BTC mining enterprise in February 2020, rapidly amassing 1,250 PH/s in energy by October. The extra miners will practically double Bit Digital’s operational hash energy as soon as put in.

The corporate additionally expects to put in 2,00zero beforehand bought MicroBT Whatsminer M21 ASIC miners by January 2021, including an additional 6.2 PH/s in operational hash charge.

With a projected hashing energy of greater than 2.Three exahashes per second (EH/s), Bit Digital’s resolution to trade $13.9 million in shares for miners will assist the corporate to rank alongside North America’s high mining companies by hash charge.

Final month, Nevada-based Marathon Patent Group introduced it plans to command 2.56 EH/s by July 2021. The announcement has Marathon on-track to surpass the hash-power of Riot Blockchain, which is focusing on 2.Three EH/s by July of subsequent 12 months.

With the Bitcoin community at the moment producing 121 EH/s in complete, Bit Digital, Marathon, and Riot Blockchain purpose to command greater than 1.9% of the present world hash charge every.

In February, the Peter Thiel-backed Layer1 Applied sciences additionally revealed it’s planning to safe 30% of the worldwide hash charge earlier than the top of subsequent 12 months.