New York-based mining firm Bit Digital grew its Ethereum (ETH) holdings by around 594% in July 2022, compared to June, according to its unaudited production upgrade released on August 8.
The firm increased its holdings from 313.6 ETH in June to 2,176.9 ETH in July. Consequently, the worth of its Ethereum holdings rose from simply $0.3 million in June to $3.7 million last month.
The firm likewise more than doubled its Bitcoin (BTC) production in July compared to the previous month. The firm mined 142.5 Bitcoin in July, a boost of 111% over the 67.6 BTC it produced in June.
The number of Bitcoin and Ethereum miners owned by the firm along with its mining power, nevertheless, stayed the same in July, compared to the previous month. The boost in BTC production was, for that reason, an outcome of the drop in mining problem in July. According to blockchain.com information, Bitcoin mining problem visited around 8.5% in July, compared to the previous month.
The miner likewise made 0.5 Ethereum (ETH) in July compared to no ETH production in June, the business stated.
Bit Digital revealed that it is broadening to a center in Canada that mostly utilizes hydroelectric power on August 3. The relocation will permit the firm to advance its objective of reaching carbon neutrality and reduce jurisdictional threats with the U.S. punishing crypto mining.
The firm’s Bitcoin holdings likewise increased in July to 889.1 BTC, worth around $20.7 million, from 860.7 BTC in June.