Bit Digital announces withdrawal from Bitcoin mining, focusing on Ethereum and AI infrastructure

Bit Digital (NASDAQ: BTBT) announced that it will completely cease its Bitcoin mining business and shift towards an Ethereum infrastructure, staking, and high-performance computing (HPC/AI) strategy. CEO Sam Tabar stated that mining is no longer the most capital efficient option, and the company will concentrate its digital asset exposure on Ethereum and strengthen its AI infrastructure layout by controlling WhiteFiber. Bit Digital entered the Bitcoin mining field in 2020, and will lay out HPC/AI from 2023. It plans to transform into a "pure Ethereum vault and staking" by 2025. Its AI subsidiary WhiteFiber has completed its IPO, with Bit Digital holding approximately 27 million shares.