Brock Pierce-backed Ethereum treasury firm Bit Digital to fully wind down bitcoin mining operations
Bit Digital is ceasing all Bitcoin mining to focus capital on Ethereum staking and AI infrastructure via its WhiteFiber subsidiary.Summary
Bit Digital (Nasdaq: BTBT), a firm backed by Brock Pierce, announced it will fully wind down its Bitcoin mining operations to concentrate resources on Ethereum treasury strategies and AI infrastructure investments. CEO Sam Tabar stated that mining became an inefficient use of capital compared to opportunities in active participation, yield generation, and operational leverage. The company has consolidated its digital asset exposure into Ethereum and prioritized AI infrastructure through its majority stake in WhiteFiber, which recently raised nearly $160 million in an IPO. Bit Digital currently holds 153,546 ETH, valued at $428.8 million, much of which is staked. This strategic pivot aligns with a market preference for productive, durable infrastructure, moving away from traditional mining.
(Source：The Block)