Bit Digital Announces Expansion of Mining Operations into Iceland

  • Investing.com
Bit Digital Announces Expansion of Mining Operations into Iceland

Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, is pleased to announce that it has finalized an agreement to expand the Company's bitcoin mining presence into Iceland. This expansion will allow Bit Digital to tap into Iceland's abundant renewable energy resources and further diversify its hosting operations. Following this agreement, Bit Digital will have mining operations in three countries: the United States, Canada, and Iceland.

Bit Digital has finalized a two-year agreement with GreenBlocks ehf ("GreenBlocks") for approximately 8.25 megawatts of incremental hosting capacity at a facility in Reykjanesbaer, Iceland. The Company will fill the capacity with approximately 2,000 S19j Pro+ and 500 S19 mining units that were recently purchased for approximately $3.6 million. The mining units are expected to be delivered to the facility by the end of May 2023.

GreenBlocks, based in Iceland, focuses on the use of renewable energy in mining and validation of blockchains. GreenBlocks operates within Iceland's closed power grid, a grid that runs on 100% renewable energy with a split of approximately 85% hydro and 15% geothermal energy. GreenBlocks has managed a bitcoin mining operation located in Iceland since early 2019.

Sam Tabar, Bit Digital's CEO, commented: "We are pleased to announce our partnership with GreenBlocks and our entry into the Icelandic market. Our experience with GreenBlocks has been exceptional, and we appreciate their professionalism in facilitating our entry into the country. This partnership aligns well with our sustainability goals and our mission to diversify our hosting portfolio across different geographies and jurisdictions. Iceland's clean energy abundance and supportive government policies provide an ideal environment for our mining operations, and we anticipate a productive and successful collaboration for years to come."

Tabar continued, "This agreement marks another key step towards achieving our target to double our active hash rate through the course of 2023. Perhaps more importantly, we believe that our pro forma hosting portfolio will now be almost entirely powered by carbon-free energy sources."

Daniel Jonsson, CEO of GreenBlocks, added: "We at GreenBlocks are very proud of this new partnership and that Bit Digital has chosen us as a partner in helping them establish a presence outside of North America. In today's environment, Iceland has become a premium location for datacenter facilities, which is clearly reflected in the interest we currently see. However, just like the actual landscape of Iceland, the operational landscape can be hard to navigate, so having a local partner is crucial to success. Bit Digital's vision on the industry is very much aligned with our own, so we are excited about the future of these two companies and look forward to a fruitful partnership."

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