{"id":512220,"date":"2021-07-13T07:04:02","date_gmt":"2021-07-13T11:04:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-digital-inc-announces-bitcoin-production-and-mining-operations-update-for-the-second-quarter-of-2021\/"},"modified":"2021-07-13T07:04:02","modified_gmt":"2021-07-13T11:04:02","slug":"bit-digital-inc-announces-bitcoin-production-and-mining-operations-update-for-the-second-quarter-of-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bit-digital-inc-announces-bitcoin-production-and-mining-operations-update-for-the-second-quarter-of-2021\/","title":{"rendered":"Bit Digital, Inc. Announces Bitcoin Production and Mining Operations Update for the Second Quarter of 2021"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">July 13, 2021<\/span> \/PRNewswire\/ &#8212; Bit Digital, Inc. (Nasdaq: BTBT) (&#8220;Bit Digital&#8221; or the &#8220;Company&#8221;), a bitcoin mining company headquartered in <span class=\"xn-location\">New York<\/span>, announced its unaudited bitcoin production and mining operations update for the second quarter ended <span class=\"xn-chron\">June 30, 2021<\/span>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder5507\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1572775\/image_5006001_25287209.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1572775\/image_5006001_25287209.jpg\" title=\"\" alt=\"\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b>Preliminary Second Quarter 2021 Highlights<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>70.8% of our miner fleet by hash rate was already deployed, in transit to or awaiting installation in <span class=\"xn-location\">North America<\/span> at <span class=\"xn-chron\">June 30, 2021<\/span>. Following regulatory changes in <span class=\"xn-location\">China<\/span>, the Company suspended mining operations there effective <span class=\"xn-chron\">June 21, 2021<\/span>, accelerated its migration program to <span class=\"xn-location\">North America<\/span>, and anticipates completing migration of its remaining <span class=\"xn-location\">China<\/span>-based fleet during the third quarter of 2021. <\/li>\n<li>The Company owned 32,500 miners as of <span class=\"xn-chron\">June 30, 2021<\/span>, with a maximum total hash rate of 1.92 EH\/s. The 0.34 EH\/s reduction from the first quarter was due to fleet repositioning, in which the Company sold or disposed of certain models, in anticipation of purchase opportunities for newer, more efficient machines. The Company recognized a small gain on miner sales, and expects to reinvest sale proceeds of $<span id=\"spanHghlt3329\">5.4<\/span> million into purchases of newer vintage miners. <\/li>\n<li>The Company purchased 3,515 miners on the spot market during the second quarter, and expects to make additional miner purchases subsequent to quarter end, potentially in significant volumes, subject to market conditions and capital availability. <\/li>\n<li>The Company earned 562.9 bitcoins in the second quarter of 2021. The reduction from the first quarter was due to the accelerated migration program, in which more miners were offline while in transit to or awaiting installation in <span class=\"xn-location\">North America<\/span>, as well as miner sales and disposals. <\/li>\n<li>Treasury holdings of bitcoin increased to 588.4, with a fair market value of approximately <span class=\"xn-money\">$20.6 million<\/span> as of <span class=\"xn-chron\">June 30, 2021<\/span>.<\/li>\n<\/ul>\n<p>\n        <b>Miner Migration Update<\/b>\n      <\/p>\n<p>Following the recent announcement of the Chinese government&#8217;s decision to ban bitcoin mining, the Company immediately suspended its remaining mining operations in mainland <span class=\"xn-location\">China<\/span>, effective <span class=\"xn-chron\">June 21, 2021<\/span>. Accordingly, we further accelerated our migration strategy to <span class=\"xn-location\">North America<\/span>, that had been ongoing since <span class=\"xn-chron\">October 2020<\/span>. As a result, a greater proportion of the Company&#8217;s fleet was offline than in the prior quarter, due to more miners being in transit to or awaiting installation in <span class=\"xn-location\">North America<\/span>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder4960\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1314923\/Company_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1314923\/Company_Logo.jpg\" title=\"Company Logo (PRNewsfoto\/Bit Digital, Inc.)\" alt=\"Company Logo (PRNewsfoto\/Bit Digital, Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>During the quarter, the Company shipped 14,500 miners to <span class=\"xn-location\">the United States<\/span>. The Company expects to complete the migration of its remaining <span class=\"xn-location\">China<\/span>-based miners to <span class=\"xn-location\">North America<\/span> early in the third quarter of 2021.<\/p>\n<p>The following table represents our miners&#8217; geographic locations as of <span class=\"xn-chron\">June 30, 2021<\/span>:<\/p>\n<p>\n        <b>Miner Geographic Distribution as of <span class=\"xn-chron\">June 30, 2021<\/span><\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Location<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Number of <br \/>Miners<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Percentage <br \/>of Total <br \/>Miners<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">In transit to or awaiting installation in U.S.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">United States<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,090<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">China<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,484<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Canada<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,426<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>32,500<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>100.00<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>During the quarter, the Company signed two new hosting agreements in <span class=\"xn-location\">North America<\/span>, representing 60 megawatts of additional hosting power capacity. As of <span class=\"xn-chron\">June 30, 2021<\/span>, the Company believes it had secured the majority of hosting capacity required to complete redeployment of its remaining <span class=\"xn-location\">China<\/span>-based fleet in <span class=\"xn-location\">North America<\/span>. The Company continues to evaluate additional hosting arrangements with existing and new partners in <span class=\"xn-location\">North America<\/span>, to secure additional capacity and in anticipation of an expected increase in our spot market miner purchase activity and growth of our miner fleet in the coming months.<\/p>\n<p>\n        <b>Bitcoin Production Update<\/b>\n      <\/p>\n<p>In the second quarter of 2021, Bit Digital earned 562.9 newly minted bitcoins, a reduction from 1013.4 earned in the first quarter. The reduction was due to the aforementioned acceleration of the Company&#8217;s miner migration strategy, as well as fleet repositioning in which the Company sold or disposed of certain miners. Bitcoin production is expected to increase following completion of the migration, which is expected during the third quarter of 2021, and upon completion of anticipated miner purchase activity.<\/p>\n<p>\n        <span id=\"spanHghlta620\">The Company&#8217;s quarterly bitcoin production since commencement of our mining operations was as follows:<\/span>\n      <\/p>\n<p>\n        <b>Miner Fleet Update <\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">June 30, 2021<\/span>, the Company owned 32,500 miners, with a total maximum hash rate of 1.92 EH\/S, a decrease from 40,965 miners and 2.26 EH\/s as of <span class=\"xn-chron\">March 31, 2021<\/span>. The reduction was due to sales and disposals of certain older miners, partially offset by miner purchases, as further discussed below. The Company&#8217;s fleet of owned miners comprised the following models:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Model<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Owned as<br \/>of June 30, <br \/>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">MicroBT Whatsminer M21S<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,072<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bitmain Antminer S17+<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,955<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">MicroBT Whatsminer M20S<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,691<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">MicroBT Whatsminer M10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,190<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bitmain Antminer S17 Pro<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,259<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bitmain Antminer T3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">800<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bitmain Antminer T17<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">700<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">MicroBT Whatsminer M30S<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">261<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bitmain Antminer T17+<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">256<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bitmain Antminer S19 Pro<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">205<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bitmain Antminer S17<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">101<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bitmain Antminer S17E<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>32,500<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Miner Purchases, Sales and Disposals<\/b>\n      <\/p>\n<p>During the second quarter, we purchased 3,515 miners on the <span id=\"spanHghltc2b7\">Chinese<\/span> spot market, including 1,259 Bitmain S17Pro, 954 MicroBT M20S, 930 Bitmain S17+, 261 MicroBT M30S, 101 Bitmain S17 and 10 Bitmain S17E models. As of <span class=\"xn-chron\">July 11, 2021<\/span>, 1,678 of the newly purchased miners had already been deployed in <span class=\"xn-location\">North America<\/span> and 878 were in transit to <span class=\"xn-location\">North America<\/span>.<\/p>\n<p>The Company anticipates a significant opportunity to purchase additional miners on the Chinese spot market at attractive prices, potentially in substantial volumes, in the coming months, and continues to closely monitor market conditions for such purchase opportunities. Due to spot market disruption following the Chinese government&#8217;s ban of bitcoin mining in <span class=\"xn-chron\">June 2021<\/span>, the Company believes there have been significant spot market pricing reductions, and anticipates an opportunity to make further purchases of newer-vintage miners in the coming months, subject to market conditions and capital availability.<\/p>\n<p>During the quarter, we began to reposition our fleet by selling 11,608 miners that were deemed to have a lower expected return on invested capital than miners we anticipate purchasing in the near future, and\/or were deemed unsuitable for long-distance migration to <span class=\"xn-location\">North America<\/span>. The sold miners included 8,410 Bitmain T17, 1,525 MicroBT M21S, 1,346 MicroBT M20S, 195 Bitmain S17E, 100 MicroBT M31S and 32 Bitmain S17 Pro models. The Company recorded a small gain on these sales, in aggregate. We intend to reinvest the net sales proceeds of <span id=\"spanHghltb355\">$5.4<\/span> million into purchases of newer, more efficient models in the coming months.<\/p>\n<p>During the quarter, we abandoned 372 miners in mainland <span class=\"xn-location\">China<\/span> that were deemed to have reached the end of their useful lives, were no longer operational and\/or would have been uneconomical or impossible to repair. The disposed miners included 320 MicroBT M21S, 42 MicroBT M20S and 10 MicroBT M10 models.<\/p>\n<p>\n        <b>Management Commentary <\/b>\n      <\/p>\n<p>&#8220;Bit Digital faces an unprecedented opportunity to scale its miner fleet,&#8221; said <span class=\"xn-person\">Bryan Bullett<\/span>, Bit Digital&#8217;s CEO. &#8220;This is driven the historic disruption, in which we believe that bitcoin mining equipment is flowing onto the Chinese spot market in large volumes, in the aftermath of <span class=\"xn-location\">China&#8217;s<\/span> recent shutdown of the sector.&#8221;<\/p>\n<p>&#8220;Bit Digital is uniquely positioned to acquire these miners at scale. Headquartered in <span class=\"xn-location\">New York<\/span> and led by a primarily US-based management team, to our knowledge, Bit Digital is the only US-listed miner with deep relationships among the major former Chinese operators. Our team on the ground in <span class=\"xn-location\">China<\/span> is positioned to source equipment and transact with reputable counterparties rapidly, at scale. As illustration of this capacity, the Company grew to its current position as one of the largest US-listed miners, primarily through several large spot market purchases.&#8221;<\/p>\n<p>&#8220;We have been successfully shipping large quantities of miners purchased in <span class=\"xn-location\">China<\/span> and redeploying them in <span class=\"xn-location\">North America<\/span> since <span class=\"xn-chron\">October 2020<\/span>, and the recent regulatory change in <span class=\"xn-location\">China<\/span> served as a catalyst to significantly accelerate our miner migration program. Bit Digital is fortunate, in that we already have in-place the logistical and technical know-how and relationships that we believe will enable us to fully complete the migration in during the third quarter.&#8221;<\/p>\n<p>&#8220;We are also fortunate to have already built strong partnerships with several high-quality hosting providers in <span class=\"xn-location\">North America<\/span>. Working with these existing and new hosting partners, we secured 60 megawatts of additional capacity, which we believe represents the majority of additional hosting needed to fully accommodate our current fleet migration to <span class=\"xn-location\">North America<\/span>. We are also in discussions with multiple parties to further expand hosting capacity, and to facilitate new deployments for anticipated miner purchase activity.&#8221;<\/p>\n<p>&#8220;We also used the accelerated migration as an opportunity to reposition our miner fleet, selling machines that we deemed to represent a lower expected return on invested capital than newer-vintage machines that we anticipate purchasing in the near future, at attractive prices. As part of this repositioning, we culled the majority of our Bitmain T17 miners, which in our view was among the less desirable models in our fleet. We generated a small gain on these sales, and intend to reinvest the net proceeds into purchases of newer, more efficient models.&#8221;<\/p>\n<p>&#8220;Our co-founders had the foresight to acquire miners on the Chinese spot market at scale, assembling one of the largest US-listed miner fleets, and to begin the process of migrating those miners into <span class=\"xn-location\">North America<\/span>, well in advance of potential regulatory changes in <span class=\"xn-location\">China<\/span>. Those regulatory changes have now come to pass, and we believe that Bit Digital is now uniquely positioned to emerge as a sustained leader in the US-listed mining sector, with its operations expected to be entirely <span class=\"xn-location\">North America<\/span>-based in the near future.&#8221;<\/p>\n<p>\n        <b>About Bit Digital<\/b>\n      <\/p>\n<p>Bit Digital, Inc. is a bitcoin mining company headquartered in <span class=\"xn-location\">New York City<\/span> with one of the highest operating hash rates (or computing power) among all US listed bitcoin miners, and growing. Our operations are in the United Statesand Canada. For additional information, please contact <span class=\"xn-person\">Sam Tabar<\/span><span id=\"spanHghltd829\">at <\/span><a target=\"_blank\" href=\"mailto:sam@bit-digital.com\" rel=\"nofollow noopener\"><span id=\"spanHghltd5b5\">sam@bit-digital.com<\/span><\/a>\u00a0or visit our <a target=\"_blank\" href=\"http:\/\/www.bit-digital.com\/\" rel=\"nofollow noopener\">www.bit-digital.com<\/a>. <\/p>\n<p>\n        <b>Investor Notice<\/b>\n      <\/p>\n<p>Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under &#8220;Risk Factors&#8221; in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended <span class=\"xn-chron\">December 31, 2020<\/span>. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate may also materially affect the future performance of Bit Digital&#8217;s production of bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of <span class=\"xn-chron\">June 2021<\/span>. See &#8220;Safe Harbor Statement&#8221; below.<\/p>\n<p>\n        <b>Safe Harbor Statement<\/b>\n      <\/p>\n<p>This press release may contain certain &#8220;forward-looking statements&#8221; relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are &#8220;forward-looking statements.&#8221; These forward-looking statements are often identified by the use of forward-looking terminology such as &#8220;believes,&#8221; &#8220;expects,&#8221; or similar expressions, involving known and unknown risks and uncertainties. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company&#8217;s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company&#8217;s periodic reports that are filed with the Securities and Exchange Commission and available on its website at <a target=\"_blank\" href=\"http:\/\/www.sec.gov\/\" rel=\"nofollow noopener\">http:\/\/www.sec.gov<\/a>.\u00a0All forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the company does not assume a duty to update these forward-looking statements.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[1] Actual operating hash rate will vary depending on network difficulty rate, total hash rate of the network, the operations of our facilities and the status of our miners.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder0\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN41502&amp;sd=2021-07-13\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/bit-digital-inc-announces-bitcoin-production-and-mining-operations-update-for-the-second-quarter-of-2021-301332356.html\">https:\/\/www.prnewswire.com\/news-releases\/bit-digital-inc-announces-bitcoin-production-and-mining-operations-update-for-the-second-quarter-of-2021-301332356.html<\/a><\/p>\n<p>SOURCE  Bit Digital, Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN41502&amp;Transmission_Id=202107130700PR_NEWS_USPR_____CN41502&amp;DateId=20210713\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK, July 13, 2021 \/PRNewswire\/ &#8212; Bit Digital, Inc. (Nasdaq: BTBT) (&#8220;Bit Digital&#8221; or the &#8220;Company&#8221;), a bitcoin mining company headquartered in New York, announced its unaudited bitcoin production and mining operations update for the second quarter ended June 30, 2021. Preliminary Second Quarter 2021 Highlights 70.8% of our miner fleet by hash rate was already deployed, in transit to or awaiting installation in North America at June 30, 2021. Following regulatory changes in China, the Company suspended mining operations there effective June 21, 2021, accelerated its migration program to North America, and anticipates completing migration of its remaining China-based fleet during the third quarter of 2021. The Company owned 32,500 miners as of June 30, 2021, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bit-digital-inc-announces-bitcoin-production-and-mining-operations-update-for-the-second-quarter-of-2021\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bit Digital, Inc. Announces Bitcoin Production and Mining Operations Update for the Second Quarter of 2021&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-512220","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bit Digital, Inc. Announces Bitcoin Production and Mining Operations Update for the Second Quarter of 2021 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bit-digital-inc-announces-bitcoin-production-and-mining-operations-update-for-the-second-quarter-of-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bit Digital, Inc. Announces Bitcoin Production and Mining Operations Update for the Second Quarter of 2021 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK, July 13, 2021 \/PRNewswire\/ &#8212; Bit Digital, Inc. (Nasdaq: BTBT) (&#8220;Bit Digital&#8221; or the &#8220;Company&#8221;), a bitcoin mining company headquartered in New York, announced its unaudited bitcoin production and mining operations update for the second quarter ended June 30, 2021. Preliminary Second Quarter 2021 Highlights 70.8% of our miner fleet by hash rate was already deployed, in transit to or awaiting installation in North America at June 30, 2021. Following regulatory changes in China, the Company suspended mining operations there effective June 21, 2021, accelerated its migration program to North America, and anticipates completing migration of its remaining China-based fleet during the third quarter of 2021. The Company owned 32,500 miners as of June 30, 2021, &hellip; Continue reading &quot;Bit Digital, Inc. 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