Wednesday, June 7, 2023

Bit Digital expands to Iceland, shares rise

Bit Digital (NASDAQ:BTBT), a major bitcoin mining company, is working to expand its operations in Iceland as the situation in the US continues to worsen.

The company’s CEO Sameer Tabar said in a statement that the regulatory situation in the US forced the firm to look for alternatives. He added that the company has already acquired 2,500 bitcoin mining machines and has them hosted in Iceland. He bought the machines for $5 million. They said :

“What we’ve done in the past is have the machines come to the United States, but instead of doing that now, we have to look in different jurisdictions because of the volatility. We have to take that seriously.”

Bit Digital made contingency plans due to changes proposed by the Joe Biden administration. The government, which is focused on tackling climate change, has proposed a tax on bitcoin mining companies.

The administration has also said that mining companies drive up the cost of electricity on the shared network and increase emissions. Therefore, the government has proposed to increase the tax on BTC mining companies to 30% of the cost of electricity.

The US is also adopting a more aggressive policy against crypto companies following the collapse of FTX. For example, the Securities and Exchange Commission (SEC) warned Coinbase not to offer staking products. It fined Kraken over $40 million for these staking products.

The SEC is also fighting other companies in the crypto industry. For example, you are fighting against Ripple Labs, which created XRP. As we wrote in this article, Ripple’s CEO warned that confusing regulations are driving many companies in the industry away from the US.

The majority of Bit Digital’s miners will be located in Canada and Iceland, with a few in the United States.

Bit Digital’s BTBT share price has performed well this year. It has risen to $2.50, up 376% from its December low last year.

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Nation World News Desk
Nation World News Desk
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