Bit Digital, Inc. (Nasdaq: BTBT) has doubled down on its Bitcoin mining venture by agreeing a $14 million deal to acquire more mining equipment.
The Nasdaq-listed firm agreed a deal with unnamed investors to issue 4,344,711 ordinary shares at the price of $3.20 each, in exchange for new Whatsminer M21S Bitcoin miners.
Bit Digital Increases Bitcoin Hashrate
With Bitcoin adoption increasing along with the price, the Bitcoin mining industry is attracting more investment.
Bit Digital only started its Bitcoin mining operations in February 2020, and the public company has steadily grown its Bitcoin hashrate in an attempt to remain competitive.
Bit Digital’s new acquisition is expected to give the firm a total hashrate of 2,250 petahashes a second (PH/s). This is up from 310 PH/s when the company first launched, a 750% increase. Read More