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Bitcoin Miner Bit Digital Passes $1B Market Cap
The company had a total value of $6.2 million a year ago.
Bitcoin mining firm Bit Digital (BTBT)https://hashrateindex.com/stocks/btbt now has a market value above $1 billion, up from $6.2 million a year ago.
- Shares of the New York-based company have soared nearly 7,500% in the past year, currently trading just above $25.
- Along the way, Bit Digital has worked to aggressively expand its mining operations, including a $13.9 million deal to purchase nearly 18,000 Antminer and Whatsminer machines.
- Once received and deployed, the machines will more than double Bit Digital's hash power to over 2,253 petahash per second (PH/s).
- The company's focus on increasing its mining capacity is not surprising given that mining revenues are ballooning.
- Three other public mining firms have recently joined Bit Digital as billion-dollar companies: Riot Blockchain, Marathon Patent Group and Hive Blockchain.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
