CryptoNewsBreaks – Bit Digital Inc. (NASDAQ: BTBT) Begins Ethereum Staking Operations, Enters Partnership
Bit Digital Inc. (NASDAQ: BTBT), a digital asset mining company headquartered in New York, has officially begun Ethereum staking operations. The company announced that it plans to delegate, or stake, its ETH holdings to an Ethereum validator node in order to help secure and strengthen the blockchain network; the announcement also noted that stakers will be compensated for this commitment in the form of a reward of the native network token. In addition to beginning operations, the company has entered a new partnership with Blockdaemon, the leading institutional-grade blockchain infrastructure company for node management and staking. The partnership calls for Bit Digital to also participate in liquid staking via Portara, the first-of-its-kind liquid staking protocol developed by Blockdaemon and StakeWise. Liquid staking is designed to enable participants to reach greater capital efficiency by using staked ETH as collateral as well as withdraw from staked positions earlier than natively possible by trading staked ETH tokens on the secondary market. Portara ensures that users can only interact with verified counterparties. The company also reported that, as of Dec. 20, 2022, it had 7,904 ETH and 2,004 sETH-h with a combined worth of approximately $12.1 million. “We are excited to expand from our core bitcoin mining business into validating transactions on the Ethereum blockchain,” said Bit Digital CEO Bryan Bullett in the press release. “This diversification into another blue-chip digital asset ecosystem carries the goal of creating a new, predictable, and recurring stream of digital rewards. To be clear, we will continue to invest in and opportunistically expand our mining operations. Together, we believe Bitcoin mining and ETH staking are complementary business lines that will enhance our overall margin and return profiles. It’s an exciting development for Bit Digital and one that we ultimately believe will maximize value for all stakeholders.”
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About Bit Digital Inc.
Bit Digital is a bitcoin mining company headquartered in New York City. The company’s mining operations are located in North America. For additional information about this company, visit www.Bit-Digital.com.
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