Bit Digital has entered into a strategic agreement to jointly mine in North America with Digihost Technologies.
According to a press release, Digithost will provide the partner with storage and operation facilities for 20MW of cryptocurrency mining equipment for a period of two years. The firms' combined hash rate is expected to increase by around 400 PH/s as a result of the collaboration.
Under the terms of the agreement, Digithost will provide the power and management services for the miners required to maintain 95% uptime of the devices.
After paying for the power, the profit from the joint venture will be shared by the partners according to a fixed formula.
The miners are scheduled to be delivered and installed in the fourth quarter of 2021.
Bit Digital CEO Brian Bullett said the partnership marks the firm's continued expansion in North America.
In its financial report for the first quarter of 2021, the company indicated that 35,000 of its 43,000 working miners are in China. The rest are already installed on farms in the US and Canada, where new shipments of equipment are arriving.
As a reminder, the company, which went into the mining business at the beginning of 2020, mined 1,510.2 BTC for the entire year.
In the first three months of 2021, the firm has mined 1,013.4 BTC.
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