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Following the crackdown on bitcoin mining in China, Nasdaq-listed company Bit Digital released an update on bitcoin production and mining in the second quarter and noted that the company was transferring 14,500 bitcoin miners from China to the United States. Bit Digital says that after the Chinese government’s decision to ban bitcoin mining, the company “accelerated” its migration strategy to North America.
Bit Digital publishes unaudited report
On July 13, the company Bit Digital (Nasdaq: BTBT) revealed that it was migrating 14,500 bitcoin miners to the United States after the recent Chinese crackdown. The information on the migration comes from its unaudited report which explains the company’s bitcoin production and mining operations during the second quarter of 2021.
As of June 30, Bit Digital reported that it has around 32,500 miners that produce around 1.92 exahash per second (EH / s) of hash power. Bit Digital pointed out that during the first quarter, the company participated in the repositioning of the fleet and sold specific models of older mining rigs, and seized opportunities to purchase newer machines.
Bit Digital has made a “small gain on sales of miners” and plans to raise $ 5.4 million in funds for “new vintage miners.” Using the spot market in the second quarter, Bit Digital bought 3,515 mining rigs and aims to buy more miners with additional capital.
“The company earned 562.9 bitcoins in the second quarter of 2021,” Bit Digital wrote in the unaudited report. “The reduction from Q1 is due to the Fast Track Migration Program, where more miners were offline while in transit or awaiting installation in North America, as well as sales and divestitures of minors. Bitcoin treasury holdings rose to 588.4, ”Bit Digital’s financial report added.
Bit Digital Dislcoses Migrating 14,500 Bitcoin Miners From China To The United States
At the end of the report, Bit Digital explains that it has been migrating miners to North America since October 2020. “As a result, a greater proportion of the company’s fleet was offline than in the previous quarter. , due to more minors. being in transit or awaiting installation in North America, ”Bit Digital revealed. The company’s statement continued:
During the quarter, the company shipped 14,500 miners to the United States. The company plans to complete the migration of its other 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 the Bitcoin hashrate resides in China. The estimate is far lower than statistics from 2020 which showed China captured around 65% of the network’s hashrate. The CBECI bitcoin mining card, however, only records data until April 2021. Nonetheless, the statistics clearly show, just like Bit Digital saying it started migration plans in October 2020, a lot of others apparently did the same.
What do you think of Bit Digital migrating 14,500 bitcoin miners from China to the United States? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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