Mining Company Bit Digital Increases Ethereum Holds To 594% In July

New York-based mining firm Bit Digital increased its Ethereum (ETH) holdings by around 594% in July 2022, compared to June, according to an update published on August 8.

The company increased its holdings from 313.6 ETH in June to 2,176.9 ETH in July. As a result, the value of its Ethereum holdings increased from just $0.3 million in June to $3.7 million last month.

Bit Digital also more than doubled Bitcoin (BTC) production in July compared to the previous month. The company mined 142.5 BTC in July, up 111% from the 67.6 BTC it produced in June.

However, the number of Bitcoin and Ethereum miners owned by the company, as well as its mining power, were unchanged in July from the previous month. Therefore, the increase in BTC production is the result of the decrease in mining difficulty in July.

According to blockchain.com data, Bitcoin mining difficulty has decreased by about 8.5% in July compared to the previous month.

Bit Digital announced that it is expanding to a facility in Canada that is primarily hydroelectric power on August 3. The move will allow the company to further achieve its carbon neutrality goal. and mitigate regulatory risks with the United States blocking cryptocurrency mining.

The company’s Bitcoin holdings also increased in July to 889.1 BTC, worth about $20.7 million, from 860.7 BTC in June.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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