Nasdaq-listed Company Invests $14M in Bitcoin Mining
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Bit Digital, Inc., a Nasdaq listed crypto-focused company, has announced a purchase of $13,9 million worth of bitcoin (EXANTE: Bitcoin) miners.

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The company said in an official announcement it plans to increase the total hash power capacity by approximately 1,000 Ph/s from 1,250 Ph/s to 2,250 Ph/s. Erke Huang, Bit Digital CFO, says the company expects a continuous increase of the revenue and the number of bitcoins earned in Q4 2020 with new mining rigs.

"The management of the company will continue to seek to expand the scale of bitcoin mining through the purchase of the most economic efficient miners and diverse our miners' geological allocations to further reduce our utility cost and increase our profit margin," Huang added.

The US market has been rapidly increasing its mining dominance over the past several months. In August, the other mining company, Marathon Patent Group Inc., announced a long term purchase contract with mining manufacturer Bitmain for the purchase of 10,500 Antminer S-19 Pro ASIC miners.

Bitcoin Mining Profitability Grows 8% in October

Marathon CEO Merrick Okamoto described the collaboration with Bitmain as "a milestone event for the company."

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