Nasdaq-listed bitcoin mining company Bit Digital (BTBT) announced the completion of an all-stock purchase of 17,996 new ASIC miners, all Antminer or Whatsminer machines, for $13.9 million, a deal first announced in early November.
- The New York-based company distributed its new miners throughout China in Xinjiang, Sichuan and Inner Mongolia provinces with full installation expected by the end of December.
- The new machines are expected to increase the company’s mining capacity by 1,003.5 petahash per second (PH/s) to a total of over 2,253.5 Ph/s, per a press release.
- Bit Digital’s utility costs will fall and its profit margins increased after the machines are fully online, according to Erke Huang, the company’s chief financial officer.
- BTBT issued 4,344,603 BTBT shares at $3.20 each to pay for the machines.
- Shares of Bit Digital have soared more than 1,800% year to date, trading around $6.42 at last check, more than double the price of the shares used to pay for the new mining machines.