Business
Bit Digital, Inc. Announces Monthly Production Update for June 2022
NEW YORK, July 12, 2022 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, July 12, 2022 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (\"Bit Digital\" or the \"Company\"), a digital asset mining company headquartered in New York, announced its unaudited bitcoin and Ethereum production and corporate updates for the month of June 2022.\n\n \n \n \n \n \n \n\n \nCorporate Highlights for June 2022\nIn June 2022, the Company earned 67.6 bitcoins and 0.0 ETHs.Treasury holdings of BTC and ETH were 860.7 and 313.6, with a fair market value of approximately $17.0 million and $0.3 million, respectively, on June 30, 2022.The Company owned 38,135 bitcoin miners and 731 Ethereum miners as of June 30, 2022, with an estimated maximum total hash rate of 2.7 EH/s and 0.3 TH/s, respectively.As previously announced, the Company signed a hash rate swap agreement with Riot Blockchain, Inc., (\"Riot\") on June 9, 2022, and concurrently signed a new hosting agreement with Coinmint LLC (\"Coinmint\"). Under the hash rate swap agreement, the Company received an approximate aggregate of 0.625 EH/s of hash rate from Riot, in exchange for 0.500 EH/s. The first tranche of the swap was delivered to the Company on June 17, 2022, and the final tranche was delivered on June 28, 2022. As of July 2, 2022, all of the Company's newly-acquired miners were actively deployed at the Coinmint facility.Miner Deployments \nDuring the month of June, the Company continued to work with hosting partners to deploy miners. 23% of our currently-owned fleet, or 8,990 bitcoin miners representing 0.76 Exahash (\"EH/s\"), was deployed in North America as of June 30, 2022.\n1.06 EH/s was deployed as of July 3, 2022, as a result of the aforementioned agreements with Riot and Coinmint.\nAbout Bit Digital\nBit Digital, Inc. is a bitcoin mining company headquartered in New York City. Our mining operations are located in North America. For additional information, please contact [email protected] or visit our website at www.bit-digital.com.\nInvestor Notice\nInvesting in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under \"Risk Factors\" in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or resul...