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Bit Digital, a listed bitcoin miner, has suspended mining operations in China after issuing 562.9 Bitcoins in the second quarter, the company said in a statement

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It expects to complete the relocation of its remaining mining machines in China in the third quarter of 2021.

Bit Digital, Inc.(NASDAQ :BTBT), a publicly traded bitcoin mining company, today announced its unaudited bitcoin mining business report for the second quarter ended June 30, 2021.

The report states that as of June 30, 2021, 70.8% of mining machines had been deployed, were on their way to North America or were awaiting installation. As a result of the regulatory changes in China, the Company has suspended its mining operations in China effective June 21, 2021, accelerated its migration plan to North America, and expects to complete the migration of its remaining mining machines in China in the third quarter of 2021.

As of June 30, 2021, the company had 32,500 mining machines with a maximum total hash of 1.92 eH /s. Compared to the first quarter, there was a slight decrease due to the company selling or disposing of certain models of mining machines in anticipation of the purchase of newer, more efficient mining machines. The company has a small gain on the sale of mining machines and expects to reinvest $5.4 million of the sale proceeds into the purchase of newer mining machines.

In addition, the company purchased 3,515 mining machines on the spot market in the second quarter and expects to buy more after the end of the quarter. On the revenue front, the company reported that it sold 562.9 Bitcoins in the second quarter of 2021.