Nasdaq-listed bitcoin mining company Bit Digital (BTC) announced that it will issue $ 13.9 million in shares in exchange for the mining.

According to the November 11 announcement, Bit Digital has signed property purchase agreements with international investors to issue 4,344,711 shares of $ 3.20 each in exchange for bitcoin miners with a total hash rate of 1,000 petahs per second. Or 1 xahesh per second.

Bit Digital launched the Bitcoin mining process in February 2020 and quickly reached 1250 PH / s by October. Once installed, more miners will nearly double the power of Bit Digital.

The company also plans to install 2,000 pre-purchased MicroBT Whatsminer M21 ASIC miners by January 2021, and increase operating speeds by another 6.2 PH / s.

With a projected hash rate of over 2.3 exahish per second, Bit Digital’s decision to exchange shares for $ 13.9 million for miners will help the company become one of the leading miners in North America by hash rate.

Last month, the Nevada-based Marathon Patent Group announced plans to reach 2.56 EH / s by July 2021. According to the announcement, Marathon is on track to surpass the Riot Blockchain hashing power, which will reach 2.3 EH / s by the following July. Public. Public.

With the Bitcoin network currently producing a total of 121 EH / s, Bit Digital, Marathon, and the Riot Blockchain aim to provide over 1.9% of today’s global hash rate for each.

In February, Layer1 Technologies, with support from Peter Thiel, announced plans to introduce 30% of the global retail rate by the end of next year.

Source: CoinTelegraph

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