Bit Digital Production Slump Continued Into Q1, Strikes Deals With Coinmint, Riot to Increase Hashrate

Bit Digital has moved to recover its hashrate in the second quarter of the year. On June 7, it signed a colocation agreement with Coinmint, leasing hashrate for at least one year. Under the deal, Bit Digital will pay for operating costs, including electricity and a fee of 27.5% of profit to Coinmint. On June 9, it signed a hashrate swap agreement with Riot Blockchain (RIOT), under which Bit Digital’s factory-new miners were swapped for Riot’s operational machines, hosted at a Coinmint facility in Massena, New York. BTBT will receive 0.625 exahash/second (EH/s) of hashrate from Riot, in exchange for 0.500 EH/s, according to the filing.