The New York-based crypto miner Bit Digital Inc. unveiled its Iceland expansion plan on April 18, 2023. The motive behind relocating its operation to Iceland is the increasing pressure from U.S. regulators.
The mining company happily agreed to sign an agreement with GreenBlocks for 8.25 megawatts of increased capacity in Iceland. The company purchased over 1980 S19j pro+ mining rigs and 500 S19 rigs to begin its operations in Iceland.
According to the agreement signed, the mining company can operate in three nations: the United States, Canada, and Iceland. The company will receive the purchased units of mining rigs by the end of May 2023.
A financial filing notes that Bit Digital has all mining rigs for around $3.6 million. A significant portion of the company’s revenue is generated from Bitcoin mining. It is important to note that Bitcoin miner is one of the major backers of Auros.
Bit Digital Partnerships in 2023
On May 9, 2023, CoinMint signed an agreement to secure 10 MW hosting capacity. CoinMint wholly operates the Massena and New York-based subsidiaries of Bit Digital.
Before its partnership with CoinMint and GreenBlocks, the hosting capacity of the crypto miner was 30MW, and after both these agreements, the hosting capacity reached 48.25 MegaWatts.
Bit Digital Inc.(NASDAQ: BTBT) Stock Moment
BTBT stock was trading at $2.45 at the press time with an average trading volume of 3.20M. Earlier on May 17, 2023, the stock was trading at $2.37, and its price skyrocketed on May 18, following 3.38% growth.
In the last year, BTBT stock jumped over 40%, and since the previous dozens of months, the stock has been constantly increasing. The overall market capitalization of Bit Digital is 202.21M U.S. Dollars.
Technical Levels
Major Support: $1.54 and $1.09
Major Resistance: $2.32 and $2.32
Multiple Crypto Miners Filed for Bankruptcy in 2022
Crypto Miners have been in trouble ever since the crypto winter began with a few capitulating. However, none of the miners went down as badly as FTX or Celsius.
In the past few months, Bit Digital, dozens of cryptocurrency companies filed for bankruptcy; many left the industry and shifted toward the traditional banking sector. Core Scientific was among the leading crypto miners in the industry who filed for bankruptcy in December 2022.
The primary reason that is troubling the companies is the fluctuating prices of cryptocurrency and the rising price of energy globally. Some companies state that mining regulations and regulatory pressure are among the most prominent reasons for quitting the sector.
According to CoinMarketCap data, the leader of all cryptocurrencies, Bitcoin, was trading at $$26,846.42 with a 24-hour trading volume of $14,433,674,255. In the last 30 days’ trading session, BTC highest traded at $$29,995.84 and lowest traded at $25,878.43.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/19/crypto-miner-bit-digital-ready-to-compete-with-miners-in-iceland/