Nasdaq listed crypto mining firm Bit Digital (Nasdaq: BTBT) has acquired an additional 4,871 bitcoin miners in Q1 2021. According to the firm’s press statement, the miners represent a total hash rate of around 324 Ph/s.
With the addition of new miner, Bit Digital’s hash rate will increase from 2,250 Ph/s to 2,574 Ph/s.
Bit Digital’s Chief Financial Officer Erke Huang confirmed the purchase of new miners while explaining the acquisition’s importance. According to Huang:
“We are very pleased to announce the completion of these miner purchases in the first quarter of 2021. With these miners installed, average utility costs should further decline, and we should see an increase in our daily bitcoin production capacity. We expect to continue to invest in miners to increase our overall hash rate capacity in the near future.”
New miners to leverage on bitcoin’s rising value
The New York-based company will deploy the miners in North America to increase its bitcoin production capability. Bit Digital seeks to utilize the rising bitcoin rally that has the asset experience four major price movements in 2021.
The statement adds that some miners have already been delivered and deployed in various United States facilities.
There are the Bitmain S17+, Bitmain S17, and Bitmain S19Pro miners under the new catalog of new miners. The firm has been focusing on purchasing miners which provide high hash rates and high energy efficiency.