Cryptonewsbreaks Bit Digital Inc. (NASDAQ: BTBT) Releases U...| MENAFN.COM

Tuesday, 05 July 2022 09:11 GMT

Cryptonewsbreaks Bit Digital Inc. (NASDAQ: BTBT) Releases Update On Incidents Involving Hosting Partners' Operations


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Bit Digital Inc. (NASDAQ: BTBT) , a Bitcoin mining company headquartered in New York, has released information about its hosting partners operations. According to the announcement, company officials have become aware of two incidents impacting operations of its hosting partners: Blockfusion USA and Digihost Technology Inc. The company noted that Blockfusion's Niagara Falls facility was damaged by an explosion and ensuing fire. As a result, power was cut off to some 2,515 BTBT Bitcoin miners as well as an estimated 710 ETH miners that had been operating at the facility just before the explosion. Based on the update, no material damage to the mining center or the miners has been reported. The company also noted that the incident was caused by the power utility, and Blockfusion is working with National Grid to restore power, which could take several weeks. Both Blockfusion and Bit Digital plan on filing claims to seek reimbursement for lost revenue. In addition, Digihost Technology also informed Bit Digital that power had been cut to its North Tonawanda site in New York. As a result, an estimated 1,580 miners were forced offline and approvals are needed in order to restore power. Digihost has requested the necessary approvals and anticipates feedback this month. Digihost is also waiting on approval from the New York Public Service Commission before it can complete the acquisition of the site's 60MW power plant.“While we are exploring various alternatives, the above-described incidents have resulted in an approximate 46.8% reduction to our operating hash rate,” Bit Digital reported in the press release.“This is expected to have a material adverse effect on our operating results until such matters are resolved.”

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About Bit Digital Inc.

Bit Digital is a Bitcoin mining company headquartered in New York City. The company's mining operations are located in North America. For additional information about this company, visit  .

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