NEW YORK, Nov. 17, 2021 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a bitcoin mining company headquartered in New York, announced its unaudited bitcoin production and mining operations update for the third quarter ended September 30, 2021.
Preliminary Third Quarter 2021 Highlights
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We completed our fleet’s exit from China. As of the date of this press release, 100% of our fleet had arrived in North America. As of September 30, 2021, we had no miners remaining in China: 79.1% of our miner fleet was already deployed or awaiting installation in North America, and 20.9% was in transit.
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The Company owned 27,744 miners as of September 30, 2021, with an estimated maximum total hash rate of 1.603 Exahash (“EH/s”). The 0.318 EH/s reduction in the third quarter was due to fleet repositioning, in which the Company sold or disposed of certain models (partially offset by purchases) in anticipation of purchase opportunities. The Company recognized a $0.375 million gain on miner sales, and the net sale proceeds had been reinvested into miner purchases as of the date of this press release.
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The Company purchased 851 miners on the spot market during the quarter.
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Subsequent to September 30, 2021, the Company signed an agreement with Bitmain Technologies Limited (“Bitmain”) to purchase 10,000 Bitcoin miners. The previously announced purchases are expected to increase Bit Digital’s maximum hash rate by approximately 1.0 EH/s. Pro forma for the announced purchases, our maximum total hash rate is expected to be approximately 2.603 EH/s.
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The Company earned 248.36 bitcoins. The reduction from the second quarter was due to the migration program, in which a higher percentage of fleet capacity was offline while in transit to, or awaiting installation in, North America, as well as miner sales and disposals.
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Treasury holdings of BTC and WBTC were 526.1 and 101.0, respectively, for a total of 627.1 BTC equivalent, with a fair market value of approximately $27.5…
