Bit Digital Production Slump Continued Into Q1, Strikes Deals With Coinmint, Riot to Increase Hashrate

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Bit Digital has moved to recover its hashrate in the second quarter of the year. On June 7, it signed a colocation agreement with Coinmint, leasing hashrate for at least one year. Under the deal, Bit Digital will pay for operating costs, including electricity and a fee of 27.5% of profit to Coinmint. On June 9, it signed a hashrate swap agreement with Riot Blockchain (RIOT), under which Bit Digital’s factory-new miners were swapped for Riot’s operational machines, hosted at a Coinmint facility in Massena, New York. BTBT will receive 0.625 exahash/second (EH/s) of hashrate from Riot, in exchange for 0.500 EH/s, according to the filing.

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