Bit Digital stock rises 2% after bitcoin co-mining agreement with Blockfusion

Bit Digital (NASDAQ:BTBT) stock gains 2.4% in premarket trading after inking a co-mining agreement, in which Blockfusion USA will provide certain premises and services to Bit Digital for operating a 35 MW bitcoin mining system. The energy used by the mining system is expected to be generated primarily from zero carbon emission sources. The agreement's term is for two years with automatic one-year renewals. Bit Digital (BTBT) expects the partnership to help boost its hashrate by up to ~1.2 exahash and sees the first of four phases of miner equipment deliveries for installation on or about Sept. 15, 2021. The company currently owns fleets among U.S.-listed bitcoin miners at over 1.9 EH. Under the agreement, Bit Digital (BTBT) advanced Blockfusion $3.75M, or an average of $107K per megawatt across the entire 35 MW agreement, in respect of actual bona fide expenses incurred in the development of certain infrastructure related to the mining system.