Bit Digital Announces Expansion of Mining Capacity in Iceland

  • Investing.com
Bit Digital Announces Expansion of Mining Capacity in Iceland

Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainability focused generator of digital assets headquartered in New York, is pleased to announce that it has revised an existing agreement to expand the Company's mining capacity in Iceland to approximately 10.7 megawatts ("MW").

The amended agreement provides Bit Digital with approximately 10.7 MW of hosting capacity with GreenBlocks ehf ("GreenBlocks") at the facility in Reykjanesbaer, Iceland. This represents approximately 2.5 MW of incremental hosting capacity relative to the original agreement which will be filled with approximately 800 S19j Pro+ mining units. In aggregate, there will be 2,800 S19j Pro+ units and 500 S19j units deployed at the facility under the amended contract. Approximately 2,300 miners have already been delivered to the facility, with the remaining 1,000 expected to be delivered and deployed at the facility by the end of June 2023. The aggregate purchase price was approximately $4.9 million, or approximately $12.7 per terahash/second (TH/s).

Sam Tabar, Bit Digital's CEO, commented: "We are pleased to expand our mining presence in Iceland and our relationship with the GreenBlocks team. Iceland remains at the top of our priority list as we continue to build out our active mining fleet. We see significant opportunity to further expand our presence in this region and will continue to covet locations like Iceland that have an abundance of renewable energy resources and a supportive regulatory environment."

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