Meet Bit Digital! The Sustainability-Focused Generator Of Digital Assets Thats Mined 5,270+ Bitcoins
Bit Digital has expanded its Bitcoin mining fleet into Canada and Iceland, transforming it into a global, institutional grade operation. As a result, Bit Digital’s hash rate – the processing capacity of its computer fleet – has reached 2.7 exa-hash per second. One exa-hash is equivalent to one quadrillion hashes per second. The higher processing power means that Bit Digital is more likely to solve the mathematical operation required to validate a transaction, which means it’s more likely to be rewarded with Bitcoin.
Transcript
00:00 BitDigital, NASDAQ ticker BTBT, has leveraged its past success to improve its current operations
00:07 and financials.
00:09 For one, BitDigital has expanded its Bitcoin mining fleet into Canada and Iceland, transforming
00:14 it into a global, institutional-grade operation.
00:18 As a result, BitDigital's hash rate, the processing capacity of its computer fleet,
00:23 has reached 2.7 exahash per second.
00:27 Exahash is equivalent to 1 quadrillion hashes per second.
00:31 The higher processing power means that BitDigital is more likely to solve the mathematical operation
00:35 required to validate a transaction, which means it's more likely to be rewarded with
00:39 Bitcoin.
00:40 According to BitDigital, the 39,000 miners since inception have yielded over 5,270 Bitcoins,
00:47 but the company has not let its emphasis on processing power affect its sustainability
00:51 goals.
00:52 BitDigital defines itself as an "American sustainability-focused generator of digital
00:57 assets" and its actions are verifying that.
01:00 The recent mining operation in Iceland, for example, is 100% based on a combination of
01:04 geothermal and hydro energy generated from the country's closed power grid.
01:08 Additionally, the company recently introduced Ethereum staking as a complement to their
01:13 large-scale Bitcoin mining operations.
01:16 Since its pivot to a proof-of-stake consensus mechanism, Ethereum has reduced its energy
01:20 use and carbon footprint by more than 99%.
01:23 BitDigital's expansion into Ethereum staking for itself simultaneously improved the company's
01:28 sustainability practices and diversified its revenue stream.
01:32 It also gave investors access to a burgeoning blockchain economy, from which many smart
01:37 contract applications may arise.
01:39 The company says 85% of its miners run on carbon-free energy when market sentiment becomes
01:44 bullish again.
01:46 Risky assets like cryptocurrency may pique investors' interest once more.
01:50 BitDigital has a demonstrated history of large percentage returns and it has only strengthened
01:55 its operations.
01:56 For those waiting for potential opportunities in crypto, BitDigital may be one to watch.
02:00 (upbeat music)