Bit Digital Exits Bitcoin Mining, Pivots to Ethereum Staking
Bit Digital Inc. (NASDAQ: BTBT), an openly traded digital asset company, has announced a major pivot away from its Bitcoin mining operations to become a fully Ethereum-focused staking and treasury firm. Originally launched as a Bitcoin mining business, Bit Digital began developing out Ethereum staking abilities in 2022. By leveraging Ethereum’s staking model, Bit Digital aims to run as a leaner, more capital-efficient organization, complimentary from the hardware, electricity, and operational expenses tied to conventional crypto mining. Bit Digital’s pivot may serve as a plan for other mining companies looking to adjust to the changing landscape of Web3 infrastructure and yield-generating digital assets.
