Nasdaq-listed bitcoin mining company Bit Digital (BTBT) announced the completion of an all-stock purchase of 17,996 new ASIC miners, all Antminer or Whatsminer machines, for $13.9 million, a deal announced in early November.Â
The New York-based company distributed its new miners throughout China in Xinjiang, Sichuan and Inner Mongolia provinces with full installation expected by the end of December.
The new machines are expected to increase the companyâs mining capacity by 1,003.5 petahash per second (PH/s) to a total of over 2,253.5 Ph/s, per a press release.
Bit Digitalâs utility costs will fall and its profit margins increased after the machines are fully online, according to Erke Huang, the companyâs chief financial officer.
BTBT issued 4,344,603 BTBT shares at $3.20 each to pay for the machines.
Shares of Bit Digital have soared more than 1,800% year to date, trading around $6.42 at last check, more than double the price of the shares used to pay for the new mining machines.
