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US Mining Firm Entered Agreement to Issue $14M of shares for 1 EH/s in Bitcoin Mining Power

By Emily Rys | November 13, 2020

A mining company from the US has reportedly forged an alliance with offshore investors, to finalize the issuance of $13.9 million in shares, in return for Bitcoin miners pushing 1 EH/s in hash power.

Specifically, Bit Digital has reportedly put its signature in asset-purchase agreements with foreign investors, to carry out the issuance for 4,344,711 shares – with value equivalent to $3.20 each – in exchange for Bitcoin miners promoting a combined hash power of 1,000 petahashes per second (PH/s), or 1 exahash (EH/s).

Bit Digital reportedly released its BTC mining service in February this year, amassing 1,250 PH/s in power in a short amount of time, up to October 2020. The added miners will bring Bit Digital’s operational hash power up two times, when installation is completed. 

The firm further looks to finalize the installation process for 2,000 previously bought MicroBT Whatsminer M21 ASIC miners, with the deadline being January next year, putting in a further 6.2 PH/s in operational hash rate.

With a projected hashing power of over 2.3 exahashes every second, (EH/s), Bit Digital plans to conduct $13.9 million in shares for miners will reportedly rank the firm equal to North America’s major mining companies, in terms of hash rate.

In October, Nevada-headquartered Marathon Patent Group reportedly revealed its initiative to command 2.56 EH/s by July 2021. The announcement reportedly looks to put Marathon ahead of the hash-power of Riot Blockchain, which is aiming for 2.3 EH/s by July of 2021.

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