Bitcoin mining companies are making moves to expand their operations and hardware at a rapid pace.
What’s happening:
- Publicly traded Bitcoin mining companies have been accelerating their expansion plans amid the recent ascent in the price of Bitcoin
Why it matters:
- With the Bitcoin halving on the near horizon, many Bitcoin mining companies have been focused on securing the newest hardware to maximize mining efficiency as well as expanding the overall scale of their operations and megawatt capacity
Who is making moves:
- Bitfarms (NASDAQ: BITF) recently announced a new land purchase in Paraguay to begin construction of a new mining facility as well as a large new purchase of Bitmain miners
- Hut8 (NASDAQ: HUT) has begun construction of their new digital asset mining site in Culbertson County, Texas
- CleanSpark (NASDAQ: CLSK) recently completed the acquisition of new Bitcoin mining facilities in Mississippi and Georgia
- Griid Infrastructure (NASDAQ: GRDI) recently announced their plans to double the capacity of their existing Bitcoin mining operations in Lenoir City, Tennessee by building out a new facility
By the numbers:
- Marathon Digital (NASDAQ: MARA) has announced they will buy a Bitcoin mining facility from Applied Digital for $87.3M USD, which is a purchase price of approximately $437,000 USD per megawatt of capacity
- HIVE Digital Technologies (NASDAQ: HIVE) recently acquired 1,000 new Bitmain S21 Antminers to expand their Bitcoin mining hardware
Going deeper:
- CleanSpark previously launched their own Bitcoin trading arm to streamline their operations and reduce costs associated with turning their Bitcoin holdings into fiat to fund their operations
The intrigue:
- One of the newest publicly traded Bitcoin mining companies in the United States Gryphon Digital Mining (NASDAQ: GRYP) recently announced an all time high in self mining hashing power for their carbon neutral Bitcoin mining operations
