Business
Bit Digital, Inc. Announces Bitcoin Production and Mining Operations Update for the Second Quarter of 2021
NEW YORK, July 13, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a bitcoin mining company headquartered in New York,
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, July 13, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (\"Bit Digital\" or the \"Company\"), a bitcoin mining company headquartered in New York, announced its unaudited bitcoin production and mining operations update for the second quarter ended June 30, 2021.\n\nPreliminary Second Quarter 2021 Highlights\n70.8% of our miner fleet by hash rate was already deployed, in transit to or awaiting installation in North America at June 30, 2021. Following regulatory changes in China, the Company suspended mining operations there effective June 21, 2021, accelerated its migration program to North America, and anticipates completing migration of its remaining China-based fleet during the third quarter of 2021. The Company owned 32,500 miners as of June 30, 2021, with a maximum total hash rate of 1.92 EH/s. The 0.34 EH/s reduction from the first quarter was due to fleet repositioning, in which the Company sold or disposed of certain models, in anticipation of purchase opportunities for newer, more efficient machines. The Company recognized a small gain on miner sales, and expects to reinvest sale proceeds of $5.4 million into purchases of newer vintage miners. The Company purchased 3,515 miners on the spot market during the second quarter, and expects to make additional miner purchases subsequent to quarter end, potentially in significant volumes, subject to market conditions and capital availability. The Company earned 562.9 bitcoins in the second quarter of 2021. The reduction from the first quarter was due to the accelerated migration program, in which more miners were offline while in transit to or awaiting installation in North America, as well as miner sales and disposals. Treasury holdings of bitcoin increased to 588.4, with a fair market value of approximately $20.6 million as of June 30, 2021.Miner Migration Update\nFollowing the recent announcement of the Chinese government's decision to ban bitcoin mining, the Company immediately suspended its remaining mining operations in mainland China, effective June 21, 2021. Accordingly, we further accelerated our migration strategy to North America, that had been ongoing since October 2020. As a result, a greater proportion of the Company's fleet was offline than in the prior quarter, due to more miners being in transit to or awaiting installation in North America.\n\nDu...