Market Globalist

Bit Digital Inc. (BTBT) stock plunges during the current market trading session. What is happening?

Bit Digital Inc. (NASDAQ: BTBT) stock declined by -1.43% in the current market trading as of this writing. Bit Digital, Inc. is a Bitcoin mining firm based in New York that has one of the highest running hash rates of all US-listed Bitcoin miners and is still growing. BTBT’s present activities are in the US, Canada, and China.

Significant Development

Digihost Technology Inc. is happy to announce that it has reached a deal with Bit Digital USA, Inc. for strategic co-mining. According to the provisions of the Agreement, Digihost Technology will supply BTBT with specified premises for the operation and storage of a 20 MW Bitcoin mining system that BTBT will supply, as well as services to manage the Premises for a two-year period. The agreement between Digihost and BTBT is projected to result in a 400 percent increase in hashrate between the two organizations.

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Following the conditions of the deal, Digihost will provide electricity for the Miners’ operation as well as administrative services to ensure that the Miners have a 95% uptime. After paying Digihost a very substantial rate for power, Digihost and BTBT will join in a profit sharing agreement based on a predetermined distribution formula in exchange for these services. The Miners are anticipated to be supplied and deployed in the fourth quarter of this year.

Bryan Bullett, BTBT’s CEO, commented:

BTBT is ecstatic about this strategic partnership with Digihost, which signals their further development in North America as they transfer their mining fleet here. To provide efficient access to electricity and hosting, the business plan continues to include development through the growth of strategic alliances with institutional-quality hosting providers with aligned economic objectives. BTBT is looking forward to a fruitful collaboration with Digihost.

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