Financial Report Shows Bit Digital Is Transferring 14,500 Bitcoin Miners From China to the US

The company bit Digital (Nasdaq : BTBT), announced that it was moving 14,500 bitcoin miners from China to the U.S. on July 13. This information is based on an unaudited report that explains the company’s bitcoin production and mining activities during Q2 2021.

Bit Digital reported that the company owned 32,500 miners, which produce approximately 1.92 Exahash per Second (EH/s), of hashpower. Bit Digital highlighted that the company participated in fleet positioning and sold certain older mining rig models. It also offered opportunities to purchase newer machines.

Bit Digital saw a small increase in miner sales and plans to use $5.4 million of funds to purchase ‘newer vintage miners’. Bit Digital bought 3,515 mining equipment through the spot market in Q2 and plans to purchase more with additional capital.

Bit Digital stated in an unaudited report that the company earned 562.9 Bitcoins in the second quarter 2021. The accelerated migration program resulted in a decrease in the number of miners being offline during transit to North America or awaiting installation. Also, miner sales and dispositions contributed to the reduction in the quarter. Bit Digital’s finance report states that bitcoin’s Treasury holdings increased to 588.4.

Bit Digital Dislcoses Moves 14,500 Bitcoin Miners from China to the US

Bit Digital states at the end that Bit Digital has been migrating miners from North America since October 2020. Bit Digital stated that a larger percentage of the company’s fleet was offline in this quarter than the previous quarter due to more miners in transit to North America or awaiting installation there. According to Bit Digital, the statement continued:

The company sent 14,500 miners to America during the quarter. The company plans to finish the migration of its remaining China-based miners into North America in the third quarter 2021.

This news comes following the latest update of the Cambridge Bitcoin Electricity Consumption Indice (CBECI). It shows that 46% of Bitcoin hashrate is located in China. This estimate is lower than the 2020 statistics which had indicated that China captured approximately 65% of network hashrate. However, the CBECI bitcoin mining map only records data until April 2021. Statistics clearly demonstrate that, although Bit Digital stated it began migration plans in October 2020 and many other companies did the same.