Bit Digital Announces Monthly Cryptocurrency Production Update for August 2022

  • Last month, Bit Digital purchased 561 M30s miners and sold 103 M21 miners.
  • Bit Digital’s ETH miners remain offline reportedly due to previously announced interruptions to certain hosting partners’ operations.
  • Cryptocurrency mining companies that focus on Ethereum are at the precipice of transitioning their operations due to the incoming Merge event. 

Bit Digital Inc. ( Nasdaq: BTBT), a digital asset mining company headquartered in New York, has announced its unaudited Bitcoin (Btc) and Ethereum (ETH ) production and corporate updates for August 2022.

Reportedly, the company earned approximately 145 units of Bitcoin last month, representing a 2 percent increment compared to the prior month. However, Bit Digital announced that it did not produce any ETH last month, compared to 0.5 in July.

Treasury holdings of BTC and ETH were 919.2 and 3,684.0 with a fair market value of approximately $18.4 million and $5.7 million, respectively, on August 31, 2022.

At the end of last month, Bit Digital reported a total of 38,594 Bitcoin miners and 731 Ethereum miners. Thereby representing a total hash rate of 2.7 Exahash (“EH/s”) in Btc miners and 0.3 Terahash (“TH/s) in ETH miners.

Last month, Bit Digital purchased 561 M30s miners and sold 103 M21 miners.

Bit Digital and the Crypto Mining Industry 

According to the recent announcement, the company installed 11,545 Bitcoin miners representing 1.04 EH/s in North America last month. Reportedly, Bit Digital’s ETH miners remain offline due to previously announced interruptions to certain hosting partners’ operations.

Last week, the company announced its second-quarter earnings results that ended on June 30, 2022. According to the report, the company reported a Bitcoin mining revenue of $6.5 million for the second quarter of 2022. Additionally, the company noted that revenue from Ethereum mining was $0.3 million during the second quarter.

The cryptocurrency winter has seen companies struggling with poor balance sheets get liquidated. Bitmain, a manufacturer of crypto miner equipment, has had to slash prices by more than half. Consequently, crypto mining firms with deep liquidity are purchasing the latest equipment to widen their pool. 

For instance, CleanSpark purchased 10,000 units of  Bitmain S19j pro model for approximately $28.00 per TH/s. Interestingly, the same equipment sold for $116 back in January. 

Notably, Bit Digital received the previously announced 10,000 crypto miners from Bitmain by the end of June. On the other hand, Bit Digital announced that it sold 903 MicroBT Whatsminer M21S bitcoin miners and 9 MicroBT Whatsminer M20S bitcoin miners during the second quarter.

Cryptocurrency mining companies that focus on Ethereum are at the precipice of transitioning their operations due to the incoming Merge event. 

Notably, the Ethereum network is preparing to transition towards the Proof-of-Stake (PoS) consensus algorithm. With the PoS system, one can become a validator by staking 32 Eths.

Side Notes 

Bitcoin’s current hashrate stands at around 196.40 EH/s according to data provided by Coinwarz. While Bitcoin’s price trades below $20k, the total hash rate is scaling to its ATH. 

According to our data, Bitcoin is exchanging hands at $20,165.55, while Ethereum is trading at .

Rebecca Davidson Verified

Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”

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