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Bit Digital, Inc. (NASDAQ: BTBT) Rallies After Expanding Cryptocurrency Mining Collaboration with Digihost Technology (OTCQB: HSSHF) (TSXV: DGHI) to Increase Combined Hashrate

by admin

July 26, 2021

in Cryptocurrency

Bit Digital NASDAQ BTBT Digihost TSXV DGHI OTCQB HSSHF Spotlight Growth

Bit Digital, Inc. (NASDAQ: BTBT) is engaged as a bitcoin mining company, which maintains one of the largest fleets currently among U.S.-listing cryptomining companies. Based out of New York, the BTC miner boasts a hashrate of 1.9 EH. Shares of the bitcoin mining company are rallying 27% through early trading on Monday, July 26, 2021. Over the past three months, Bit Digital has seen average daily volume of 2.25 million shares. However, volume of 20.57 million shares or dollar volume of $116.22 million, has already exchanged hands through early trading on Monday.

Shares of Bit Digital are climbing Monday, after the company announced that it has entered into a second strategic co-mining agreement with Digihost Technology, Inc. (OTCQB: HSSHF) (TSXV: DGHI). Under the terms of the expanded collaboration, Digihost Technology will provide additional space to Bit Digital to operate a 100 MW bitcoin mining system for a period of two years. The expanded collaboration is likely to increase the combined hashrate by ana additional 2 EH. Since initiating collaboration in early June 2021, the two firms will have seen a total approximate hashrate increase of 2.4 EH.

In exchange for Digihost’s power and management services for the mining operation, Bit Digital will launch a profit-sharing arrangement that will be based off a fixed distribution schedule. In additional, Bit Digital will pay a competitive rate for the power provided by Digihost.

Bryan Bullett, Bit Digital’s CEO, stated: “By signing this agreement,we believe that Bit Digital has secured power and hosting sufficient to complete the migration of our current fleet to North America in full, and additional capacity to accommodate expected miner purchases. As previously announced, we anticipate significant purchase activity in the coming months, due to spot market dislocation in China and our unique access to that market. This agreement with Digihost secures a key component of activating this opportunity, and is expected to enable rapid deployment of newly purchased miners. We are delighted to build on our existing collaboration with Digihost, and look forward to continued successes together.”

Disclosure: Neither Matt Rego nor Spotlight Growth have any position or relationship with any companies mentioned in this article. No payment was made to create this article. This article should not be taken as a solicitation or recommendation to buy or sell any securities. Please conduct your own research and consult your financial advisor to determine your risk tolerance and investment path. We are not licensed brokers or investment advisors.