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How to Play the Crypto Shakeout (US: SQ)(US: OSTK)(US: ISWH)(US: BTBT)

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Bit Digital Inc. /zigman2/quotes/203221927/composite BTBT +1.98% trumpets itself as the Bitcoin company dedicated to integrating resources globally for bitcoin and bitcoin mining.

It commenced bitcoin mining in early 2020 and currently operates 2,253.5 PH/S of Bitcoin Hash Rate across the entire Bitcoin network, making it one of the largest bitcoin mining companies listed on NASDAQ.

Bit Digital Inc. /zigman2/quotes/203221927/composite BTBT +1.98% most recently announced a group of hosting partnerships that will expand its operations across North America. Compute North and Link Global Technologies /zigman2/quotes/215097618/delayed CA:LNK +1.19% are the hosting companies that are partnering with Bit Digital. This strategic move will grant Bit Digital the ability to deploy greater Bitcoin mining power to North America.

According to the release, prior to the new agreement, Bit Digital hosted 2,100 miners with Compute North. With the updated partnership, the Company will move an additional 3,000 Bitmain S17+ miners with a hashrate of 73 THs per miner during Q2-2021. This expansion is expected to bring the total hash power hosted in the U.S. with Compute North to approximately 326 PHs within Q2.

Even in light of this news, BTBT has had a rough past week of trading action, with shares sinking something like -46% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -6%.

Bit Digital Inc. (NASDAQ BTBT) recently announced revenues from bitcoin mining business was $7.91 million for the quarter ended in December 2020. In that same report, the company noted that the number of bitcoins earned from bitcoin mining business was 739.51. The net loss from discontinued operations was $0.10 million on net income of $54 and earnings per share of $0.00, compared with the net loss of $3.0 million and loss per share of $0.20 for the same period last year.

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COMTEX_381651317/2632/2021-02-24T08:25:50

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/zigman2/quotes/203221927/composite
US : U.S.: Nasdaq
$ 11.86
+0.23 +1.98%
Volume: 673,488
May 7, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$569.80 million
Rev. per Employee
$1.40M
loading...
/zigman2/quotes/203221927/composite
US : U.S.: Nasdaq
$ 11.86
+0.23 +1.98%
Volume: 673,488
May 7, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$569.80 million
Rev. per Employee
$1.40M
loading...
/zigman2/quotes/215097618/delayed
CA : Canadian Securities Exchange
$ 0.85
+0.01 +1.19%
Volume: 178,124
May 7, 2021 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$41.40 million
Rev. per Employee
N/A
loading...

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