Bit Digital, Inc. and BitMine Immersion Technologies, Inc. announced the signing of a Letter of Intent to establish a hosting relationship beginning with 7,000 current generation ASIC miners. The final agreement is expected to be completed in the coming weeks. The companies expect to primarily utilize the efficiencies of mining Bitcoin in immersion cooled containers, a process by which the servers run fully submerged in a dielectric fluid that efficiently cools the machines and allows for superior machine output and energy efficiency.

The companies have agreed in principle to a mutually beneficial revenue split of the mined Bitcoin, and a multi-year term.