Financial report shows Bit Digital to transfer 14,500 bitcoin miners from China to the US – Bitcoin News

After the Bitcoin mining crackdown in China, Nasdaq-listed Bit Digital released an update on Bitcoin production and mining operations for the second quarter, noting that the company is moving 14,500 Bitcoin miners from China to the United States . Bit Digital says the company “accelerated” its migration strategy to North America following the Chinese government’s decision to ban Bitcoin mining.

Bit Digital publishes unaudited report

On July 13, Bit Digital (Nasdaq: BTBT) announced that it was migrating 14,500 Bitcoin miners to the US following China’s latest move. The migration information comes from the unaudited report detailing the company’s bitcoin production and mining operations in the second quarter of 2021.

As of June 30, Bit Digital reported that it owned approximately 32,500 miners producing approximately 1.92 exahash per second (EH / s) hash power. Bit Digital noted that the company participated in the repositioning of the fleet in the first quarter, selling certain older mining rig models and making opportunities to purchase newer machines.

Bit Digital has made a “small profit on miner sales” and expects to spend $ 5.4 million in funding on “newer vintage miners.” Bit Digital took advantage of the spot market in the second quarter and bought 3,515 mining rigs and intends to buy more miners with additional capital.

“The company earned 562.9 Bitcoins in the second quarter of 2021,” wrote Bit Digital in the unaudited report. “The decrease from Q1 was due to the accelerated migration program, which saw more miners going to North America or being offline to install them in North America, as well as selling and divesting mines. Bitcoin treasury holdings rose to 588.4, ”adds Bit Digital’s financial report.

Bit Digital reveals the migration of 14,500 Bitcoin miners from China to the US

At the end of the report, Bit Digital explains that it has been migrating miners to North America since October 2020. “As a result, more of the company’s fleet was offline than in the previous quarter due to more miners.” On their way to North America or waiting to be installed in North America, “announced Bit Digital. The company’s statement goes on to say:

During the quarter, the company shipped 14,500 miners to the United States. The company expects to complete the migration of its remaining China-based miners to North America early in the third quarter of 2021.

The news follows the recent update of the Cambridge Bitcoin Electricity Consumption Index (CBECI) project, which shows that 46% of bitcoin hashrate is based in China. The estimate is much lower than 2020 statistics, which showed that China captured about 65% of the network hashrate. However, the CBECI Bitcoin mining card only records data through April 2021. Still, statistics clearly show, much like Bit Digital says it started migration plans in October 2020, many others seemingly did the same.

What do you think of Bit Digital migrating 14,500 bitcoin miners from China to the US? Let us know what you think on this matter in the comments below.

Tags in this story

14500 Miner, Bit Digital, Bit Digital Miners, Bitcoin (BTC), Bitcoin Mining, BTC, CBECI Bitcoin Mining Map, China, Chinese Operations, Crackdown, Crypto Mining, Migration from China, Mining, Mining Rigs, Q2, second quarter, transfer , United States, USA

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source https://bidsfor.me/financial-report-shows-bit-digital-to-transfer-14500-bitcoin-miners-from-china-to-the-us-bitcoin-news/

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