Trade Bit Digital, Inc. - BTBT CFD

Bit Digital Inc. Company profile

Bit Digital (BTBT) is a bitcoin (BTC) mining company headquartered in New York, US. The company is listed on the Nasdaq Stock Exchange under the ticker BTBT.

Bit Digital was founded in February 2020 and the company filed for its initial public offering (IPO) in July 2021. According to its IPO filing, the company’s bitcoin mining operations are hosted by third-party suppliers known as miners who use application-specific integrated-circuit (ASIC) chips to generate bitcoin tokens by providing transaction verification services to the Bitcoin blockchain network. 

Bit Digital’s operating fleet is spread across US and Canada, with about 28,745 mining assets under its network as of April 2022, according to the company’s website. By the end of 2021, Bit Digital earned 3,575 BTC from its mining operations since the company’s inception.

The company’s mining facilities are maintained by third-party hosting service providers who carry out functions such as installing mining rigs, IT consultation, and maintenance and repair work. Its facilities in Texas and Nebraska are maintained by Compute North, while its facilities in Canada are maintained by Link Global Technologies.

The company was previously operating in China before cryptocurrency mining was banned in the Asian nation. In November 2021, Bit Digital completed full migration of its mining fleet to North America. Currently, 39% of Bit Digital’s miners are located in the US states of Texas, Nebraska and Georgia, with the rest in Canada. 

According to the company’s website, its operations across the US offer affordable access to clean energy, including hydro, solar and wind to mitigate the environmental impact of its operations. Bit Digital claims 67% of its mining operations are carbon-free, with a 24/7 interruptible energy load; considering bitcoin’s extensive electricity consumption, it says it seeks to improve its percentage of ‘green electricity’. 

Bryan Bullett is Bit Digital’s CEO and Erke Huang is the company’s chief financial officer and director.