Tag: Bit Digital

Bit Digital Signs Partnership with BitMine to Host 7,000 ASIC Miners

by Blockchain News

Bit Digital, a Bitcoin mining firm headquartered in New York, announced on Tuesday that it has signed a letter of intent with BitMine Immersion Technologies, a digital asset mining firm based in Georgia, that the two cryptocurrency mining firms to develop a hosting relationship that will begin with 7,000 current-generation ASIC miners.

Bit Digital and BitMine stated that they plan to begin shipping ASIC miners in the coming weeks and months, with a capacity to be reached by the end of August.

The two companies expect to ship ASIC miners from Bitmain. Currently, the price of Bitmain’s Antminer ASICs starts at $7,500. Therefore, the purchase agreement between the two firms could be worth between a range of $50 million and $60 million.

Bit Digital and BitMine plan to mainly mine Bitcoin in immersion-cooled containers, which keep the machines cool and allow for better energy efficiency and higher production.

Under the multi-year deal, the two firms have agreed to split revenues generated from mined Bitcoin.

Bryan Bullett, the CEO of Bit Digital, talked about the development and said: “We are happy to begin our relationship with BitMine Immersion Technologies and have known the team for some time. As a company, we have been intrigued by mining using immersion technology, and we are happy we found an ideal hosting scenario allowing us to utilize the benefits offered by immersion cooling of our machines.”

Expanding Mining Capacity

The move comes several months after Bit Digital completely exited its business operations in the China market after the mining ban and therefore shifted its focus to North America.

Bit Digital aims to develop into the largest digital asset mining platform in the global markets. The firm currently owns a fleet of almost 40,000 miners and operates an institutional scale digital asset portfolio across five sites in Canada and the US.

Bit Digital continues to increase the number of Bitcoins mined, reaching 3,335 in Q3 2021 versus 814 in Q3 2020. The firm has hired an experienced leadership team with strong expertise in the digital assets and mining space to bring proven institutional capabilities and access to strategic opportunities in the North American market.

The firm continues to strengthen its strategic commitment to sustainability, with about half of its operations running on carbon-free energy sources. The company maximizes return on equity (ROE) by leveraging strategic partnerships to access physical infrastructure and low-cost energy and focusing investment on mining assets.

 

Image source: Shutterstock

Source

Tagged : / / / /

New Wave of Green Energy Programs Influence Crypto Mining Sector

by Blockchain News

Since the mass exodus of crypto mining operations out of China based on intensified crackdowns has triggered the urge for sustainable and environmentally friendly mining activities. 

This is founded on ongoing projects by Bit Digital, Bitfarms, Marathon Digital Holdings, Riot Blockchain Inc., and EV Battery Technologies.  

With 27,744 crypto miners under its watch, The U.S.-based Bitcoin mining company is eyeing zero-carbon emission sources in its mining system. 

On the other hand, EV Battery Technologies, a blockchain and battery tech company, recently launched a commercial emission-free crypto mining solution dubbed Daymak Solar Tree. Furthermore, it collaborated with the Renewable Obligation Base energy economy for environmentally friendly initiatives in cryptocurrency mining.

Riot Blockchain Inc., another large-scale American Bitcoin mining company, also joined a controllable load resource program by the Electric Reliability Council of Texas, the state’s grid operator, to make mining sustainable. 

In Central America, El Salvador’s decision to use volcano power to mine Bitcoin (BTC) was propelling the leading cryptocurrency’s quest to accelerate renewable energy development.

This move showcased that Bitcoin can act as an accelerant to renewable energy development. Geothermal energy is renewable, clean, and in some places, it makes use of a previously untapped resource.

Meanwhile, Bitcoin miners have been able to dust themselves off from the Chinese government’s suppression because the hashrate recently reached historic highs. 

This has been made possible because the miners relocated to other areas like the United States, Kazakhstan, and Iraq. 

Therefore, American miners have emerged among the largest beneficiaries, given that US-based pool Foundry recently generated the biggest share of issued Bitcoin. 

With clean energy programs being rolled out, this approach enhances the narrative of making crypto mining green. 

Image source: Shutterstock

Source

Tagged : / / / / / / /

New Wave of Clean Energy Programs Ripple Crypto Mining Sector

by Blockchain News

The mass exodus of crypto mining operations out of China based on intensified crackdowns has triggered the urge for sustainable and environmentally friendly mining activities. 

This is founded on ongoing projects by Bit Digital, Bitfarms, Marathon Digital Holdings, Riot Blockchain Inc., and EV Battery Technologies.  

With 27,744 crypto miners under its watch, The U.S.-based Bitcoin mining company is eyeing zero-carbon emission sources in its mining system. 

On the other hand, EV Battery Technologies, a blockchain and battery tech company, recently launched a commercial emission-free crypto mining solution dubbed Daymak Solar Tree. Furthermore, it collaborated with the Renewable Obligation Base energy economy for environmentally friendly initiatives in cryptocurrency mining.

Riot Blockchain Inc., another large-scale American Bitcoin mining company, also joined a controllable load resource program by the Electric Reliability Council of Texas, the state’s grid operator, to make mining sustainable. 

In Central America, El Salvador’s decision to use volcano power to mine Bitcoin (BTC) was propelling the leading cryptocurrency’s quest to accelerate renewable energy development.

This move showcased that Bitcoin can act as an accelerant to renewable energy development. Geothermal energy is renewable, clean, and in some places, it makes use of a previously untapped resource.

Meanwhile, Bitcoin miners have been able to dust themselves off from the Chinese government’s suppression because the hashrate recently reached historic highs. 

This has been made possible because the miners relocated to other areas like the United States, Kazakhstan, and Iraq. 

Therefore, American miners have emerged among the largest beneficiaries, given that US-based pool Foundry recently generated the biggest share of issued Bitcoin. 

With clean energy programs being rolled out, this approach enhances the narrative of making crypto mining green. 

Image source: Shutterstock

Source

Tagged : / / / / / / /

Bit Digital Brings 5,679 Bitcoin Miners, 280 PH/s To Foundry USA Pool

by Bitcoin Magazine

Bit Digital, a Bitcoin mining company based in New York and owned by Digital Currency Group (DCG), is now mining bitcoin as part of Foundry USA Pool, adding some 5,679 mining rigs and 280 peta hashes per second to the pool.

Foundry USA Pool, which is also a subsidiary of DCG, is currently ranked within the top 10 of all mining pools in the world by hash rate, per BTC.com, contributing 6.74 exa hashes per second with a 3.98% network share. It is often the highest-ranked pool based in the U.S. and the addition of Bit Digital’s capacity is a move to raise its status in the global rankings.

“With Bit Digital’s addition, Foundry USA Pool is now a step closer to Foundry’s ultimate aim of securing a permanent spot among the world’s top five Bitcoin mining pools,” according to a press release shared with Bitcoin Magazine.

Earlier this month, Bit Digital began colocating in facilities operated by Compute North, which can switch between power sources and offer more flexibility to grids and better leverage renewable energy sources.

Meanwhile, Foundry USA has been focused on onboarding more institutional clients, announcing the addition of Blockap, Inc in March. Later that month Hut 8 Mining Corp. joined the pool and then, in April, Bitfarms did likewise.

This recent series of additions to Foundry USA Pool certainly position it to be the biggest contributor of Bitcoin hash rate from North America, as well as one of the biggest in the world. 

Source

Tagged : / / / / /

Bit Digital, Compute North Partner To Drive Sustainable Bitcoin Mining

by Bitcoin Magazine

Bit Digital, one of the largest bitcoin mining companies in North America by hash rate, is expanding its operations by colocating in Compute North facilities, adding an additional 40 megawatts of hashing power with 13,000 new ASIC miners to its arsenal, according to a press release.

Nasdaq-listed Bit Digital (BTBT), headquartered in New York, positioned the partnership as one that ups its ability to meet increasing demand from investors for sustainable bitcoin mining.

“The move accelerates Bit Digital’s expansion strategy in North America, and highlights its focus on sustainability,” per the release.

Compute North, a data center and bitcoin mining giant headquartered in Minnesota, with operations in Texas, South Dakota, and Nebraska, recently expanded with the help of Foundry Digital. It uses a data center design that lets it throttle power demand at each of its facilities as needed so it can offer better stability as local power grids onboard more renewable energy sources.

“Compute North serves an important role in providing low-cost computing for customers like Bit Digital, while filling an important need for our energy partners,” said Compute North founder and chairman PJ Lee in the release.

Compute North’s (and now Bit Digital’s) approach is to establish a facility that serves as a counterpart to renewable energy use. If wind or solar are not available, the company can switch to other power sources.During the recent ice storms in Texas, for instance, some miners were able to send energy directly to the grid to compensate for damage to wind and solar installations.

Bit Digital is seeing a sea change coming to the mining industry as investment firms set up committees to vet for sustainability and companies like Square promote and support miners in integrating green energy technologies.

“On the energy supply side, we are evaluating new renewable sources to complement our existing renewables-based mining,” Bit Digital CEO Bryan Bullett said in the release. “On the demand side, we are embracing demand response programs like Compute North’s. We refer to this as ‘Mining 2.0’ – a multi-pronged strategy to activate our ability to dynamically manage power usage, both to manage costs, and to accelerate adoption of renewable energy sources for mining, and for the grid generally.”

The amalgamation of Bit Digital and Compute North’s mining equipment is expected to be completed this summer.

Source

Tagged : / / / / / /

Class Action Filed Against Listed Bitcoin Miner Bit Digital Over Fraud Allegations

by Coindesk

A class-action lawsuit has been filed against Nasdaq-listed bitcoin mining company Bit Digital following recent allegations of fraud.

According to a court document filed in the Southern District Court of New York on Thursday, the class action seeks to recover damages for Bit Digital investors who made stock purchases between Dec. 21, 2020 and Jan. 8, 2021.

Defendants allege the mining company made false and/or misleading statements and failed to disclose the true extent of its mining operations, which it said had 22,869 bitcoin machines in China, per the filing.

On Tuesday, Bit Digital denied allegations of fraud brought against it by J Capital Research in a report that claimed the company has “tried to downplay the criminality” of its actions.

J Capital also alleged that the large number of mining machines reported by the company was “simply not possible” after reportedly checking with its government contacts in China.

“Defendants’ [Bit Digital] positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis,” the court filing reads.

Bit Digital said Tuesday that its mainland China mining operations are managed by XMAX Hong Kong, and all “utility bills and other expenses” are paid to Hong Kong suppliers.

Bit Digital must respond within a 60-day period; failing to do so would bring about a default judgement for relief.

The firm’s shares (BTBT) have declined 2.15% Friday and are currently down 45% year to date.

Disclosure

Source

Tagged : / / / / / /

Bitcoin Miner Bit Digital Hits Back at ‘False Accusations’ of Fraud

by Coindesk

Nasdaq-listed bitcoin mining company Bit Digital (BTBT) dismissed allegations of fraud against the company made in a recently published report by J Capital Research.

Without specifically naming the report, a press release from the mining company responded to “false accusations” about its business. It repeated financial disclosures from Q3 2020 on the size and scale of its operations, noting that “an overview of our bitcoin mining operations” is all publicly available on the U.S. Securities and Exchange Commission’s (SEC) website. 

Among other allegations, the report from J Capital called Bit Digital’s filings, which showed it operates nearly 23,000 bitcoin mining machines in China, “simply a lie.” 

In December, Bit Digital announced a $13.9 million agreement to buy nearly 18,000 Whatsminer and Antminer ASICs. Whatsminer manufacturer MicroBT did not respond to a request for comment from CoinDesk. 

J Capital also called Bit Digital a “sham bitcoin business,” claiming to have verified with local Chinese government officials that Bit Digital has “no bitcoin miners” there, casting doubt over the legitimacy of its Asia-based mining operations in China. 

Bit Digital said all of its mainland China mining operations are managed by XMAX Hong Kong, and all “utility bills and other expenses” are paid to Hong Kong suppliers.

The company’s stock soared over 400% between Dec. 28, 2020, to Jan. 4, 2021, peaking above $32 and pushing the company above a $1 billion market value. J Capital published its report one week later on Jan. 11. Since then, Bit Digital shares have dropped over 35% to around $16. 

Bit Digital responded to none of CoinDesk’s emails seeking comment. CoinDesk was also unable to contact facility managers of Bit Digital’s Asia-based mining operations. 

The company also mines in the U.S., however. In Texas and Nebraska, Bit Digital owns a total of 2,100 machines in facilities managed by Minnesota-based mining infrastructure company Compute North. 

Compute North CEO Dave Perrill told CoinDesk his company has always had a “very healthy partnership” with Bit Digital, confirming the 2,000 machines in Nebraska and 100 in Texas that his company manages.  

On a phone call, Perrill said his team is also “in talks about significantly scaling up operations” with Bit Digital. He said he could not speak to his client’s Asian mining facilities. 

Bit Digital started mining bitcoin in February 2020.

Disclosure

Source

Tagged : / / / / / /
Bitcoin (BTC) $ 26,293.04 0.82%
Ethereum (ETH) $ 1,587.87 0.12%
Litecoin (LTC) $ 64.28 0.10%
Bitcoin Cash (BCH) $ 210.17 1.26%