Bit Digital (BTBT) Moving Away from Bitcoin Mining, Focusing on AI, Ethereum

Core Viewpoint - Bit Digital Inc (NASDAQ:BTBT) is shifting its focus from Bitcoin mining to artificial intelligence (AI) computing and Ethereum infrastructure, citing inefficiencies in Bitcoin mining as a capital use [1][2]. Group 1: Company Strategy - The company announced the discontinuation of its Bitcoin mining operations to pursue opportunities in AI and Ethereum [1]. - Bit Digital holds over 150,000 ETH, primarily for crypto staking activities to generate additional cryptocurrencies [2]. - The company maintains a majority ownership stake in AI company WhiteFiber and will not sell any of its shares this year [2]. Group 2: Market Position - Bit Digital's decision to move away from Bitcoin is uncommon among publicly traded cryptocurrency companies, which typically focus solely on Bitcoin [2]. - The company offers cloud services for machine learning and AI, alongside its cryptocurrency mining and staking activities [3].