BTC Digital Ltd. (NASDAQ: BTCT), a Wall Street Bitcoin miner, announced plans to expand its operations in Arkansas, Tennessee, Georgia, and Missouri. The company is seeking opportunities to increase the scale and number of its mining facilities to meet growing demand for computational power.
BTCT is considering several strategies, including building new facilities, acquiring existing mines, and forming joint ventures with local businesses. The goal is to secure a reliable, long-term energy supply, particularly focusing on renewable energy sources and low-carbon emissions.
Southeastern US Expansion Planned
The Southeastern US region is seen as a strategic area for expansion due to its abundant energy resources, business-friendly environment, and policy support. BTCT's evaluation of local energy infrastructure and regulatory conditions will guide the selection of projects that align with global sustainability targets.
"We understand that stable, reliable, and green energy supply is the key to the future success of Bitcoin mining operations," said BTCT's CEO.
"Through this expansion plan, we aim to optimize resource allocation, improve operational efficiency, and demonstrate our unwavering confidence and commitment to long-term development to our investors and the market."
Bitcoin Miner Pursues Sustainable Growth
The company aims to strengthen its market position in Bitcoin mining while contributing to regional economic growth through job creation and collaboration with local communities.
BTCT is also focused on creating value for shareholders through innovation and economies of scale as it addresses the increasing demand for blockchain computational power.
Moving forward, BTCT plans to accelerate its global strategy, partnering with more collaborators to promote sustainable development in the Bitcoin mining industry.
Soaring Mining Costs Impact Bitcoin Profitability
Publicly listed Bitcoin miners from Wall Street are facing rising production costs, with the average expense to mine one token reaching $49,500 in the second quarter, as reported by Finance Magnates. This highlights the challenges within the cryptocurrency mining sector.
The increase in costs, largely due to higher electricity prices and record-high mining difficulty, has led many mining operations to adjust their business strategies. When factoring in depreciation and stock-based compensation, the total cost per Bitcoin rises to $96,100, putting pressure on miners' profit margins.
This article was written by Tareq Sikder at www.financemagnates.com.
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