Bitcoin mining firm Bit Digital (BTBT) now has a market value above $1 billion, up from $6.2 million a year ago.
- Shares of the New York-based company have soared nearly 7,500% in the past year, currently trading just above $25.
- Along the way, Bit Digital has worked to aggressively expand its mining operations, including a $13.9 million deal to purchase nearly 18,000 Antminer and Whatsminer machines.
- Once received and deployed, the machines will more than double Bit Digital's hash power to over 2,253 petahash per second (PH/s).
- The company's focus on increasing its mining capacity is not surprising given that mining revenues are ballooning.
- Three other public mining firms have recently joined Bit Digital as billion-dollar companies: Riot Blockchain, Marathon Patent Group and Hive Blockchain.