Thursday, May 13, 2021

Bit Digital Inc. (BTBT) Stock Rises 20.48% in premarket: Here is What You Need to Know

Bit Digital, Inc. (BTBT), a company that specializes in mining bitcoins stationed in New York, producing one of the maximum capacity hash rates (or computing power) amidst all US enlisted bitcoin miners, has soared 20.48% at $19.0 in premarket trading hours at last check. BTBT stock gained 0.53% to complete the last trading session at $15.28.


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BTBT recently announced the appointment of Bryan Bullett as Chief Executive Officer succeeding Min Hu, who refused to be involved in the company’s bitcoin mining business, and Sam Tabar as Chief Strategy Officer. Consultations from the newly appointed executives are predicted to benefit the company in terms of growth and financial surplus as well as allowing access to new strategic opportunities.BTB stock saw a surge premarket adjacent to the news with MrBullett, bringing over 20 years of experience in investment banks.


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“We are excited to have joined Bit Digital. Among other initiatives, we look forward to highlighting the Company’s utilization of renewable energy, and our focus on sustainable solutions to mine bitcoin going forward. The future belongs to miners who embrace sustainability while generating attractive returns for shareholders as well as all stakeholders”, stated Sam Tabar, Chief Strategy Officer.

Now What

BTBT has also completed the transaction to buy 4,871 bitcoin miners climbing the Company’s total hash rate from 2,250 Ph/s to 2,574 Ph/s, strengthening BTBT dominance in the BTC mining space. The 4,871 recently acquired miners consist of Bitmain S17+, Bitmain S17, and Bitmain S19Pro miners, which specialize in producing maximum efficiency with the highest hash rate, generating a higher profit margin for the company.

BTBTacquired the miners on the spot market, reducing the time taken for miner deliveries, with some miners currently operational in several facilities in the US.  The remaining miners are predicted to be delivered and deployed by the end of April ’21, further enhancing their hash rate and increasing their lead for the highest operating bitcoin mining hash rate among all bitcoin miners in the US.

Conclusion

BTBT Stock has increased dramatically after announcing the appointment of executives who go in line with the company’s business model for mining BTC. Furthermore, the company having the highest hash rate among its peers has peaked investor expectation for the company, with BTC value recently reaching its highest value.

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