Bitcoin Mining company Bit Digital reached a market capitalization of more than $1 billion amid the unstoppable Bitcoin rally in the past few weeks. As demand for Bitcoin rises, Bitcoin trading volumes touched an all-time high this week, boosting the bitcoin mining industry.
Many mining firms, including Bit Digital, Riot, and Hive, have recently reached $1 Billion market cap.
Bit Digital Reaches $1 Billion in Market Capitalization
The shares of New York-based Bitcoin mining firm Bit Digital have increased more than 7500 percent in the last year. Bit Digital increased its mining operations to leverage the highly bullish Bitcoin markets. The firm is set to procure 18,000 Ant miner and Whatsminer machines through a $13.9 million deal. The new mining machines would increase the mining capacity of Bit Digital to 1003.5 petahash per second and help the firm to decrease the utility costs to increase the overall profit margins.
As per the reports, the company issues around 4344603 shares of BTBT for $3,20 to buy the machines. Currently, the shares of BTBT are trading above $25. As the Bitcoin mining industry is growing exponentially, Bit Digital is looking to expand its mining capacity to lead the market.
Another Bitcoin mining company, Hive Blockchain, surpassed $1 Billion in market cap two days ago, with its share skyrocketing amid Bitcoin escalation. Hive is based in Vancouver, Canada, with a current market cap of $1.17 billion.
Riot Blockchain also reached a similar $1 Billion market cap in late December 2020 when the price of Bitcoin began to show upward trends. Marathon Patent Group (a digital asset technology company that mines cryptocurrency) shares also soared, and the company reached the $1 billion market cap in January. Bitcoin mining revenue has increased by almost three times in the last three months. Measured in dollars per tera hash per second, the Bitcoin mining revenue has tripled amid the highly bullish run of Bitcoin and another cryptocurrency. as per CoinDesk report, more than 265 percent increase is recorded in Mining revenue. Data from Luxor Technologies also reveal that due to a shortage in the supply of mining machines and equipment, the miners are now resorting to secondary markets to get bitcoin mining machines.
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