Bit Digital Inc (NASDAQ: BTBT) stock had a 110% increase on Monday. At the same time, the price of Bitcoin also hit a new six-week high. One of the reasons for Bitcoin's rise is due to the rumor that Amazon may start accepting the cryptocurrency at the end of this year. So, is BTBT stock worth buying now?
Bit Digital is a bitcoin mining company with one of the largest currently-owned fleets among US-listed bitcoin miners at over 1.9 EH. The company announced on Monday that it has entered into a second strategic co-mining agreement with Digihost Technology Inc. Digihost is currently hashing at a rate of 200PH with plans to expand to a hashrate of 3.6 EH by the end of the first half of 2022.
Digihost will help Bit Digital to have a 100 MW Bitcoin mining system in its operation in two years. Bit Digital said that this expanded collaboration between Digihost and Bit Digital is expected to facilitate an additional increase in hashrate of approximately 2 EH between the companies.
Anyway, the company is advancing its productive forces to gain more bitcoins. It had 588.4 bitcoins, with a fair market value of approximately $20.6 million as of June 30, 2021. If the rumor which previously mentioned is true, the stock will have the reason to rise further. Therefore, BTBT stock is worth watching closely.
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