Wall Street Bitcoin Miner BTC Digital Focuses on Renewable Energy for Mining

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.