Mining operations are accelerating shortly before Ethereum Merge. Recent ETH issuances also increased in July. Mining firm Bit Digital also increased Bitcoin production by 111% month-on-month in July, while mining power remained stable.
New York-based mining firm Bit Digital grew Ethereum (ETH) holdings by approximately 594% in July 2022 compared to June, according to the unaudited production update released on August 8.
The firm increased its holdings from 313.6 ETH in June to 2,176.9 ETH in July. As a result, the value of Ethereum assets rose from just $0.3 million in June to $3.7 million last month.
The company has doubled its BTC production alongside Ethereum
The firm also doubled its Bitcoin (BTC) production in July compared to the previous month. The firm mined 142.5 Bitcoins in July, an increase of 111% compared to the 67.6 BTC it produced in June.
However, the number of Bitcoin and Ethereum miners owned by the firm and its mining power remained unchanged in July compared to the previous month. Therefore, the increase in BTC production was a result of the decrease in mining difficulty in July. According to Blockchain.com data, Bitcoin mining difficulty fell by about 8.5% in July compared to the previous month. The company said that the miner earned 0.5 Ethereum (ETH) in July compared to no ETH production in June.
Bit Digital announced on August 3 that it is expanding to a facility in Canada that primarily uses hydroelectric power. The move will allow the company to further its goal of achieving carbon neutrality and mitigate risks in the jurisdiction as the US cracks down on crypto mining. The firm's Bitcoin holdings also rose from 860.7 BTC in June to 889.1 BTC (about $20.7 million) in July.