Mining company Bit Digital plans to completely cease its Bitcoin mining operations. Instead, it will focus on investments in ETH and AI-related strategies, according to The Block.
“Mining was effective under our previous business strategy, but over time it has become a less profitable way to utilize capital compared to opportunities that allow us to actively participate, generate income, and apply operational leverage,” wrote CEO Sam Tabar.
He added that the company has consolidated its digital assets into Ethereum and is focusing on AI infrastructure through its stake in WhiteFiber.
“These decisions have redirected Bit Digital into a space we can exploit, monetize, and scale over time,” noted Tabar.
Bit Digital began Bitcoin mining in 2020. In 2022, it briefly mined Ethereum before the network's transition to a Proof-of-Stake consensus algorithm. At that time, the company began accumulating and staking the second-largest cryptocurrency.