The adoption of cryptocurrency keeps increasing exponentially, as we have seen in the cryptocurrency trading market cap. Last week, we reported that the overall cryptocurrency market value reached $1 trillion on Thursday — thanks to the increase in the price of most Altcoins in the industry.
Just as expected, many digital exchange platforms, investors, and Bitcoin mining firms are equally benefiting from the newfound fame. New York-based Bitcoin mining firm Bit Digital (BTBT) is the latest company to share its success story.
Bit Digital Reaches A New $1 billion market value
Bit Digital, also known as BTBT, disclosed it has a market value of more than $1 billion due to a recent increase in investors and shareholders’ turn-up. This is a huge increment to the company’s financial worth, which was just a little bit above $6.2 million 12 months ago.
Aside from its overall market price, BTBT also saw a huge increase in its shares as it rises by 7,500% within 12 months. The shares more trade a bit above $25. The success stories currently enjoyed by Bit Digital could be traced to the $13.9 million investment made by the company a few years back.
As part of its desire to enlarge its mining prowess and productivity, close to 18,000 mining machines were added to its operations bringing its hash power to more than 2,253 Peta hash in a second. The decision to invest big in its mining power didn’t surprise many crypto enthusiasts who believe the company has foreseen a brighter future for the crypto space.
Bit Digital joined by Riot Blockchain for better service delivery
Despite the latest Landmark achievement, the mining company isn’t resting on its laurels just yet. BTBT’s focus has reportedly shifted its attention to becoming the biggest, most successful mining firm in the world.
To achieve this task, the company is joined by three big mining companies, including Riot Blockchain, Marathon Patent Group, and Hive Blockchain. They all will work together to provide quality service to their clients, thereby helping to sustain the industry’s fast-paced growth.
Riot Blockchain hasn’t been faring too well in the industry after losing most of its users to competitors. It was tipped to a breakdown in the nearest future following its recent struggles. However, joining BTBT won’t only save the company from crumbling but also provide it a route to succeed in the long run. Since joining forces with the Bit Digital firm, the Riot Blockchain has been doing impressively.
Last year, we reported that the Bitcoin mining firm purchased at least 15,000 mining machines as part of its plans to improve its hash rate. In other crypto news making headlines in the early hours of Monday, the U.S. government has once again taken disciplinary action against another digital exchange platform. This time, Bitgo is on the receiving end of the U.S. government as it was slammed with a $98,830 fine for allowing users from restricted countries to use its wallets.
According to a statement released by The U.S. Department of the Treasury, the Office of Foreign Assets Control (OFAC) frowned upon Bitgo’s inability to stop users located in sanctioned countries from trading and depositing digital assets via the platform. Bitgo hasn’t reacted to the sanction as at the time of this report, but that’s expected to change any time soon.