Mining firm Bit Digital grows Ethereum holdings 594% sequentially in July ahead of Merge
Bit Digital, a New York-based mining company, increased its Ethereum (ETH) holdings by approximately 594% in July 2022 compared to June. Unaudited production update Released on August 8th.
The company increased its holdings from 313.6 ETH in June to 2,176.9 ETH in July. As a result, the value of his Ethereum holdings surged from just $300,000 in June to his $3.7 million last month.
The company also more than doubled its Bitcoin (BTC) production in July compared to the previous month. The company said he mined his 142.5 BTC in July and produced 67.6 BTC in June, which he outperformed by 111%.
However, the number of Bitcoin and Ethereum miners owned by the company and their mining power remained unchanged in July compared to the previous month. Bitcoin mining difficulty dropped by about 8.5% in July compared to the previous month, according to data from blockchain.com.
Miners also earned 0.5 Ethereum (ETH) in July while they did not produce 0.5 Ethereum (ETH) in June, the company said.
bit digital Expanding On August 3, it will move to a Canadian facility that uses primarily hydroelectric power. The move will allow the company to further its goals of achieving carbon neutrality and mitigating jurisdictional risk in the United States by cracking down on cryptocurrency mining.
The company’s bitcoin holdings also increased from 860.7 BTC in June to 889.1 BTC in July, worth about $20.7 million.
