Mining firm Bit Digital grows Ethereum holdings 594% sequentially in July ahead of Merge

New York-based mining firm Bit Digital grew its Ethereum (ETH) holdings by around 594% in July 2022, compared to June, according to its unaudited production update published on August 8.

The firm increased its holdings from 313.6 ETH in June to 2,176.9 ETH in July. Consequently, the value of its Ethereum holdings surged from just $0.3 million in June to $3.7 million last month.

The firm also more than doubled its Bitcoin (BTC) production in July compared to the previous month. The firm mined 142.5 Bitcoin in July, an increase of 111% over the 67.6 BTC it produced in June.

The number of Bitcoin and Ethereum miners owned by the firm as well as its mining power, however, remained unchanged in July, compared to the prior month. The increase in BTC production was, therefore, a result of the drop in mining difficulty in July. According to blockchain.com data, Bitcoin mining difficulty dropped by around 8.5% in July, compared to the prior month.

The miner also earned 0.5 Ethereum (ETH) in July compared to no ETH production in June, the company said.

Bit Digital announced that it is expanding to a facility in Canada that primarily uses hydroelectric power on August 3. The move will allow the firm to further its goal of reaching carbon neutrality and mitigate jurisdictional risks with the U.S. cracking down on crypto mining.

The firm’s Bitcoin holdings also increased in July to 889.1 BTC, worth around $20.7 million, from 860.7 BTC in June.