Nasdaq-listed bitcoin mining company Bit Digital has purchased 2,500 mining devices for $5 million to set up a new data center in Iceland. This was stated by the head of the company Samir Tabar in an interview with The Wall Street Journal.
Tabar explained that the expansion initiative came in response to regulatory pressure from US authorities. In particular, the problem is related to the proposed administration of President Joe Biden 30% tax on electricity for miners.
Bit Digital has shipped new devices overseas for the first time in two years, according to the statement. Approximately one-fifth of the company’s capacity is located outside the United States – in Canada and Iceland.
“In the past, we have made it so that the miners were shipped to the United States, but now we have to consider other jurisdictions instead due to instability. We need to take this seriously,” Tabar added.
The US authorities are convinced that the mining of the first cryptocurrency is associated with a high level of carbon emissions. The CEO of Bit Digital, in turn, noted that more than two-thirds of the company’s total mining operations are environmentally friendly.
According to him, the extraction of cryptocurrencies in Iceland will use hydroelectric power plants and geothermal energy sources.
Recall that in April, Bit Digital reported a profit of $32.3 million for 2022. During the reporting period, the company mined 1247.5 BTC, as well as 294.3 ETH.
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Nasdaq-listed bitcoin mining company Bit Digital has purchased 2,500 mining devices for $5 million to set up a new data center in Iceland. This was stated by the head of the company Samir Tabar in an interview with The Wall Street Journal.
Tabar explained that the expansion initiative came in response to regulatory pressure from US authorities. In particular, the problem is related to the proposed administration of President Joe Biden 30% tax on electricity for miners.
Bit Digital has shipped new devices overseas for the first time in two years, according to the statement. Approximately one-fifth of the company’s capacity is located outside the United States – in Canada and Iceland.
“In the past, we have made it so that the miners were shipped to the United States, but now we have to consider other jurisdictions instead due to instability. We need to take this seriously,” Tabar added.
The US authorities are convinced that the mining of the first cryptocurrency is associated with a high level of carbon emissions. The CEO of Bit Digital, in turn, noted that more than two-thirds of the company’s total mining operations are environmentally friendly.
According to him, the extraction of cryptocurrencies in Iceland will use hydroelectric power plants and geothermal energy sources.
Recall that in April, Bit Digital reported a profit of $32.3 million for 2022. During the reporting period, the company mined 1247.5 BTC, as well as 294.3 ETH.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
