TechFlow news — Bitcoin mining firm Bit Digital will spend $35 million to purchase 132 FusionOne HPC units, each equipped with Nvidia's HGX H100 8-GPU, marking a strategic move to expand its AI computing power leasing business.
The equipment is expected to be delivered by year-end, with Bit Digital planning to deploy them starting January 2024. The deal is projected to generate annual revenue of at least $23 million to $27 million, supporting the company’s Bitcoin mining and Ethereum staking operations.
The company plans to finance the purchase through multiple channels, including cash, digital assets, and issuance of new shares. According to the miner, on a per-megawatt basis, its HPC and AI businesses will generate 15 times more revenue than Bitcoin mining.
Bit Digital reported approximately $9 million in revenue during its second fiscal quarter and $32 million in revenue for the 2022 fiscal year. The company currently holds $20.8 million in cash and $50.7 million in digital assets.
