Mining firm Bit Digital grows Ethereum holdings 594% sequentially in July ahead of Merge

New York-based mining steadfast Bit Digital grew its Ethereum (ETH) holdings by astir 594% successful July 2022, compared to June, according to its unaudited accumulation update published connected August 8.

The steadfast accrued its holdings from 313.6 ETH successful June to 2,176.9 ETH successful July. Consequently, the worth of its Ethereum holdings surged from conscionable $0.3 cardinal successful June to $3.7 cardinal past month.

The steadfast besides much than doubled its Bitcoin (BTC) accumulation successful July compared to the erstwhile month. The steadfast mined 142.5 Bitcoin in July, an summation of 111% implicit the 67.6 BTC it produced successful June.

The fig of Bitcoin and Ethereum miners owned by the steadfast arsenic good arsenic its mining power, however, remained unchanged successful July, compared to the anterior month. The summation successful BTC accumulation was, therefore, a effect of the driblet successful mining trouble successful July. According to blockchain.com data, Bitcoin mining trouble dropped by astir 8.5% successful July, compared to the anterior month.

The miner besides earned 0.5 Ethereum (ETH) successful July compared to nary ETH accumulation successful June, the institution said.

Bit Digital announced that it is expanding to a installation successful Canada that chiefly uses hydroelectric powerfulness connected August 3. The determination volition let the steadfast to further its extremity of reaching c neutrality and mitigate jurisdictional risks with the U.S. cracking down connected crypto mining.

The firm’s Bitcoin holdings besides accrued successful July to 889.1 BTC, worthy astir $20.7 million, from 860.7 BTC successful June.

The station Mining steadfast Bit Digital grows Ethereum holdings 594% sequentially successful July up of Merge appeared archetypal connected CryptoSlate.