Bit Digital Has Deployed 39% of Its Crypto Mining Rigs in North America
The firm has shipped all of its machines out of China, but is waiting on hosting capacity to be completed.
Mar 16, 2022 at 11:37 a.m. UTCUpdated May 11, 2023 at 4:05 p.m. UTC
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Crypto miner Bit Digital (BTBT) has deployed 39.2% of its total crypto mining rigs in North America a few months after completely moving out from China.
- As of Tuesday, 10,462 bitcoin miners and 712 Ethereum miners have been deployed in the firm's North America sites, which equate to 0.511 exahash/second (EH/s) and 0.188 terahash/second (TH/s) of computing power respectively. All of its rigs have been in North America since November, but it takes a while to secure electricity and develop the facilities to house them, the miner said in a press release.
- In total, the firm held 27,744 bitcoin miners and 731 Ethereum miners at the end of 2021. It also placed an order for 10,000 machines with Bitmain last October, for a maximum price of $65 million, the firm said in the press release.
- Bit Digital mined 240.57 bitcoins (BTC) in the fourth quarter of last year, a substantial fall from the 695.96 BTC mined in the fourth quarter of 2020. The drop was primarily due to the migration and redeployment of the mining machines, the firm said.
- All in all, Bit Digital expects 103 megawatts (MW) of hosting capacity for its mining rigs to be ready by the end of the year, paying a base fee for power and hosting of $0.037 per kilowatt-hour on average across different contracts.
- Compute North is providing around 20 MW to Bit Digital's mining sites in Nebraska and Texas, and will deliver another 28 MW of hosting capacity to the miner during the last two quarters of this year, according to the press release.
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Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.