Bit Digital Expands North American Bitcoin Hosting Partnerships with Compute North and Link Global Technologies

Rhea-AI Summary

Bit Digital (BTBT), a Bitcoin mining company based in New York, has announced significant partnerships with Compute North and Link Global Technologies to expand its North American operations. This strategic collaboration will enhance its mining capacity by deploying an additional 3,000 miners with a hashrate of 73 THs per unit, aiming for a total of approximately 326 PHs hosted in the U.S. by Q2 2021. This move aligns with Bit Digital's goal of increasing its Bitcoin production and operational efficiency across North America.

Positive

• Expanded partnership with Compute North increases total U.S. hash power to approximately 326 PHs.
• Addition of 3,000 Bitmain S17+ miners enhances operational capacity.
• Strategic partnership with Link Global Technologies supports further growth in Canada.

Negative

• None.

NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT), an emerging Bitcoin mining company headquartered in New York, announced today a group of hosting partnerships that will expand its operations across North America. Compute North and Link Global Technologies (CNSX: LNK) are the hosting companies that are partnering with Bit Digital. This strategic move will grant Bit Digital the ability to deploy greater Bitcoin mining power to North America.

Prior to the new agreement, Bit Digital hosted 2,100 miners with Compute North. With the updated partnership, the Company will move an additional 3,000 Bitmain S17+ miners with a hashrate of 73 THs per miner during Q2-2021. This expansion is expected to bring the total hash power hosted in the U.S. with Compute North to approximately 326 PHs within Q2.

Additionally, Bit Digital's partnership with Link Global Technologies (CSE:LNK), one of Canada's leading Bitcoin mining hosting providers, will allow the Company to place 1,000 miners on their premises. This deal will be finalized through Bit Digital's in formation Canadian subsidiary.

"Working with the best Bitcoin companies in the industry is key to our North American operations, and we're proud to continue installing bitcoin miners with these exceptional partners," shared Bit Digital interim CEO, Erke Huang. "The partnerships built in 2021 are intended to allow Bit Digital to quickly expand U.S.-based bitcoin production while maintaining the miners' operational performance."

To date, Bit Digital owns 40,865 mining machines and is deploying its miners to North America throughout 2021. As existing miners come online, Bit Digital expects these partnerships to expand even further.

Bit Digital will provide ongoing updates on new developments including Bitcoin production through its global mining operations as they become available.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the company does not assume a duty to update these forward-looking statements.

 

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SOURCE Bit Digital, Inc.

FAQ

What is the significance of Bit Digital's new partnerships with Compute North and Link Global Technologies?

Bit Digital's partnerships aim to significantly increase its Bitcoin mining capacity in North America, expanding its operational reach and efficiency.

How many miners is Bit Digital adding under its new partnership?

Bit Digital plans to add 3,000 miners with a hashrate of 73 THs each under its new partnership with Compute North.

What will be the total hash power for Bit Digital after these expansions?

The total hash power hosted in the U.S. with Compute North is expected to reach approximately 326 PHs by Q2 2021.

Where is Bit Digital headquartered?

Bit Digital is headquartered in New York.

When will Bit Digital's new mining capacity become operational?

The additional mining capacity is expected to be operational during Q2 2021.