Bit Digital Exits BTC Mining to Focus Solely on ETH Staking Strategy

Digital bit (BTBT) The course is changing to become a specialized ether

Determination and Treasury Operation, Company said Wednesday.

The company based in New York will leave Bitcoin

The mining trade completely transforms its assets and capital into the growing strategy of ETH.

In 2022, the company began to build its ether position and Ethereum infrastructure. Over time, he plans to convert the remaining bitcoins to ether.

For the financing of the transition, the Digital Bit has begun to sell or stretch its Bitcoin mining operations. The net proceeds will be reinvested in Ether. No specific timeline was awarded for the sale or conversion of assets.

The announcement is a significant pivot for a company that once rooted in Bitcoin mining, especially because the incredible BTC running was compared to ETH. The ETH/BTC ratio dropped by 75%since December 2021.

However, this step is not a big surprise because the hard mining industry has become since last year’s half, has reduced BTC rewards for miners and pressed profit margins, despite the Bitcoins’ prices.

The company also has notified that it will sell shares to finance the purchase of more ether and that its high -performance calculation (HPC) The subsidiary, WhiteFiber, submitted a registration letter with the Securities and Stock Exchange Commission to publish.

BTBT decreases by 3.41% in clock trading.