Bitcoin
$63,641.73-1.74%
Ethereum
$3,043.49-1.94%
Binance Coin
$558.05-0.34%
Solana
$141.67-1.61%
XRP
$0.52349964+4.84%
Toncoin
$6.33-10.13%
Dogecoin
$0.15229033+0.09%
Cardano
$0.48660342+5.25%
Shiba Inu
$0.00002288+0.33%
Avalanche
$35.53+0.42%
Wrapped Bitcoin
$63,782.04-1.55%
Tron
$0.10941623+0.18%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
00
DAYS
10
HR
13
MIN
53
SEC
Finance

Bit Digital Partners With BitMine to Host 7K ASIC Miners

BitMine will store the machines in immersion coolers for greater efficiency.

By Brandy Betz
AccessTimeIconApr 5, 2022 at 1:44 p.m. UTC
Updated May 11, 2023 at 4:01 p.m. UTC
asics, bitcoin mining, miners
asics, bitcoin mining, miners
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto miners Bit Digital (BTBT) and BitMine Immersion Technologies have signed a letter of intent to establish a hosting relationship that will start with 7,000 current-generation ASIC miners. The move comes several months after New York-based Bit Digital fully exited the Chinese market after the mining ban, shifting its focus to North America.

  • Bit Digital and BitMine Immersion plan to begin delivery of the ASIC miners in the coming weeks and months and to be at capacity by the end of August.
  • Bitmain’s latest Antminer ASICs start at $7,500 so the agreement could be worth in the $50 million to $60 million range.
  • The companies plan to primarily mine bitcoin (BTC) in immersion-cooled containers, which keeps the machines cool and allows for higher output and better energy efficiency.
  • Bit Digital and BitMine have agreed to a revenue split of the mined bitcoin under the multi-year deal.
  • "We are happy to begin our relationship with BitMine Immersion Technologies, and have known the team for some time. As a company, we have been intrigued by mining using immersion technology, and we are happy we found an ideal hosting scenario allowing us to utilize the benefits offered by immersion cooling of our machines," said Bit Digital CEO Bryan Bullett in the press release.
VolumeMuteUnmute

World Chain Is a Blockchain 'Designed for Humans': Tools for Humanity Exec

  • Why Worldcoin Is Launching a Layer 2
    20:07
    Why Worldcoin Is Launching a Layer 2
  • Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
    02:17
    Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
  • Base Monthly Active Addresses Increased by 160% in March: Nansen
    00:50
    Base Monthly Active Addresses Increased by 160% in March: Nansen
  • Bitcoin Halving: We Answer Your Questions
    04:16
    Bitcoin Halving: We Answer Your Questions

    • Read more: Bit Digital Has Deployed 39% of Its Crypto Mining Rigs in North America

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz
    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Follow @BrandyBetz on Twitter

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.