Bit Digital (NASDAQ: BTBT), an Ethereum treasury company, announced plans to completely stop its Bitcoin mining business and instead focus on Ethereum infrastructure, staking, and high-performance computing (HPC/AI) strategies.
CEO Sam Tabar said in a letter to shareholders that as the market changes, mining is no longer the most capital-efficient option, and the company is concentrating its digital asset exposure to Ethereum and strengthening its AI infrastructure layout through its holding of WhiteFiber to achieve long-term growth that is operational, monetizable, and compound.
Bit Digital has been in the Bitcoin mining field since 2020 and started ETH accumulation and staking around Ethereum’s transition to PoS in 2022. The company has taken the lead in deploying HPC/AI since 2023, and will clearly transform to “pure Ethereum vaults and staking” in mid-2025, gradually selling mining machines, terminating custody contracts, and eliminating old equipment. Its AI subsidiary, WhiteFiber, completed its IPO last year, and Bit Digital currently holds about 27 million shares.
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