Bitcoin Miners Dump Hard Drives for Ethereum—You Won’t Believe What Happens Next! 🤯

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Well, stop the presses! Somebody tell the miners to take a coffee break—Bit Digital Inc. (BTBT), riding high with $488 million in market cap, has decided Bitcoin mining is so last year. Instead, they’re marching headfirst into the glamorous world of Ethereum staking and treasury management. Mazel tov! 🎉

On Wednesday, the company revealed it’s basically putting its Bitcoin mining biz up on Craigslist: “Bitcoin Mining Operations—slightly used, comes with free existential crisis—best offer!” Any bitcoin they scrounge up from this garage sale will be used to pump up their Ethereum staking plans. Because what’s hotter than riding a crypto rollercoaster? Swapping it for a scarier one, of course! 🤑

Their big bold plan: “We’re gonna swap all our BTC for ETH—just not all at once or anything crazy… we’re not savages.”

Turns out, these folks have been prepping the ETH dance floor since 2022, right after “the Merge” (no, not a bad wedding, but Ethereum’s move to proof-of-stake). The big idea? Stake your ETH, help run the network, and maybe score a nice 4–6.5% in annual rewards. Sounds almost respectable—if you ignore the market volatility, the tech headaches, and the occasional existential dread. 💃

As of March 31, Bit Digital’s closet holds 417.6 BTC (about $34.5 million) and 24,434.2 ETH (about $44.6 million). No rush though—they’ll just slowly trade all that Bitcoin for Ether, kind of like cleaning out the attic one shoebox at a time.

Investors heard the news and, surprise, weren’t thrilled: BTBT stock dropped 4%. It’s the Wall Street version of a spit-take. Because while Bitcoin is the heavyweight champ, Ethereum comes in at number two with $299 billion and bragging rights as “the other coin your cousin won’t shut up about at Thanksgiving.”

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2025-06-26 16:08