.bitdigital_btbt saw its bitcoin production slump for the fourth quarter in a row in the first quarter of 2022, but it signed two deals in June to increase its hashrate. egreechee reports
and a subsequent fire at a facility in Niagara Falls, New York, hosted by Blockfusion. In the same month, a mine in North Tonawanda, also in upstate New York and hosted by Digihost , had its power cut off because local authorities said it required additional permitting. Out of 1,580 rigs of Bit Digital's that were offline in North Tonawanda, 470 have been brought back online as per the Wednesday filing.
Bit Digital has moved to recover its hashrate in the second quarter of the year. On June 7, it signed a colocation agreement with Coinmint, leasing hashrate for at least one year. Under the deal, Bit Digital will pay for operating costs, including electricity and a fee of 27.5% of profit to Coinmint.
Recently, bitcoin miners have had to sell off their bitcoin holdings to pay for running costs and debt,. To weather the storm, at the end of Q1, Bit Digital had $28.1 million in cash and digital assets holdings of 832.14 BTC and 266.71 ETH, worth about $17.4 million at today's prices.
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