Bit Digital, a Bitcoin mining firm, has just entered into an agreement with foreign investors for Bitcoin mining hardware. It is revealed that the firm has announced to issue $13.9 million in shares for mining hardware. This has been revealed through an announcement by the firm on November 11, 2020.
Bit Digital has started its Bitcoin mining business in February 2020 and by the end of October, it can provide a hash power of 1,250 PH/s. Now it is believed that with the addition of all these new mining hardware, the firm will be able to double the operational hash power.
Along with the addition of the new mining hardware, it is also revealed that Bit Digital might also install 2,000 MicroBT Whatsminer M21. These were purchased by the firm earlier, and it is now planning to install them by the starting of 2021. This will also add, 6.2 PH/s operational hash power to the existing one.
The firm is also hoping that this exchange of $13.9 million shares for miners will help the firm to get ranked on the top mining firms by the hash rate in North America. This is going to be one of the milestones achieved kind of things for Bit Digital which will determine the company’s success over the next few years.
Different mining firms are now in a kind of race to provide a better hash rate than what other firms are providing. In October 2020, Marathon Patent Group has also announced to give 2.56 EH/s by mid-2021. Through this, the firm is aiming to surpass the hash power by Riot Blockchain as they are aiming to provide 2.3 EH/s by the same time next year. Bit Digital is on the same ground as other prominent mining firms at the moment.