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BIT DIGITAL, INC.

(BTBT)
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Bit Digital Shares Rise 30% After Bitcoin Mining Deal With Digihost

07/26/2021 | 10:47am EDT

By Chris Wack

Bit Digital Inc. shares were up 30% to $5.52 after the company said it and Digihost Technology Inc. have entered into a second strategic co-mining agreement where Digihost will provide certain premises to Bit Digital for the operation of a 100 megawatt bitcoin-mining system for a term of two years.

Volume for the stock was 26.3 million shares at 12:25 p.m. ET, compared to its 65-day average volume of 2.2 million shares. The stock hit its 52-week high of $33 on Jan. 4.

Bit Digital said the expanded collaboration is expected to enable an additional increase in hashrate of 2 exahashes between the companies, and a total increase in hashrate between the two companies of 2.4 EH including the initial collaboration agreement that was previously reported June 10.

Digihost would provide power and management services for the operation of the miners. In consideration for these services, after paying Digihost a competitive rate for power, Digihost and Bit Digital would participate in a profit-sharing arrangement based on a fixed distribution formula. It is expected that the miners would be delivered and installed beginning in January 2022.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

07-26-21 1247ET

Stocks mentioned in the article
ChangeLast1st jan.
BIT DIGITAL, INC. -3.33% 9.86 Delayed Quote.-55.00%
DIGIHOST TECHNOLOGY INC. -5.37% 1.94 Delayed Quote.95.96%
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Financials (USD)
Sales 2020 21,1  - -
Net income 2020 -1,91 M - -
Net cash 2020 0,07 M - -
P/E ratio 2020 -351x
Yield 2020 -
Capitalization 542 M 542 M -
EV / Sales 2019 -
EV / Sales 2020 49 967 498x
Nbr of Employees 6
Free-Float 79,6%
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Managers and Directors
Zhaohui Deng Chairman & Chief Executive Officer
Erke Huang Chief Financial Officer & Director
Min Hu Independent Director
Xiong Yan Independent Director
Ichi Shih Independent Director
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