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Bitcoin Miner Bit Digital Passes $1B Market Cap


www.coindesk.com 2021-01-11 21:50
Reading time: ~1 m

Bitcoin mining firm Bit Digital (BTBT) now has a market value above $1 billion, up from $6.2 million a year ago.

  • Shares of the New York-based company have soared nearly 7,500% in the past year, currently trading just above $25.
  • Along the way, Bit Digital has worked to aggressively expand its mining operations, including a $13.9 million deal to purchase nearly 18,000 Antminer and Whatsminer machines.
  • Once received and deployed, the machines will more than double Bit Digital's hashpower to over 2,253 petahash per second (PH/s).
  • The company's focus on increasing its mining capacity is not surprising given that mining revenues are ballooning.
  • Three other public mining firms have recently joined Bit Digital as billion-dollar companies: Riot Blockchain, Marathon Patent Group, and Hive Blockchain.

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