The listed company sells $ 14 million worth of shares for 1 EH / s in Bitcoin mining power


Nasdaq-listed Bitcoin (BTC) mining company Bit Digital has announced that it will issue $ 13.9 million in shares in exchange for mining hardware.

According to a Nov.11 announcement, Bit Digital has signed asset purchase agreements with non-U.S. Investors to issue 4,344,711 shares worth $ 3.20 each in exchange for Bitcoin miners boasting a combined hash power of 1,000 petahashs. per second (PH / s), or 1 esahash (EH / s).

Bit Digital launched its BTC mining business in February 2020, quickly accumulating 1,250 PH / s by October. The additional miners will nearly double Bit Digital’s operational hash power once installed.

The company also plans to install 2,000 previously purchased MicroBT Whatsminer M21 ASIC miners by January 2021, adding an additional 6.2 PH / s of operating hash rate.

With an expected hashing power of more than 2.3 exahashes per second (EH / s), Bit Digital’s decision to trade $ 13.9 million in mining stock will help the company position itself alongside the best mining companies in North America. per hash rate.

Last month, Nevada-based Marathon Patent Group announced that it plans to command 2.56 EH / s by July 2021. The announcement predicts Marathon will overtake Riot Blockchain’s hash power, which is targeting 2.3 EH / s. by July next year.

With the Bitcoin network currently producing 121 EH / s in total, Bit Digital, Marathon and Riot Blockchain aim to command over 1.9% of the current global hash rate each.

In February, Layer1 technologies supported by Peter Thiel also revealed that it plans to secure 30% of the global hash rate by the end of next year.