Ethereum vault company Bit Digital, backed by Brock Pierce, will completely cease its bitcoin mining operations.

Bitjie.com reports: Sam Tabar, CEO of Bit Digital (NASDAQ: BTBT), has announced that the company will gradually cease its bitcoin mining operations and shift its focus to Ethereum staking and artificial intelligence infrastructure. The company began mining in 2020 and is currently selling assets and allowing contracts to expire. At present, Bit Digital holds 153,546 Ethereum, valued at $428.8 million, most of which has been staked. In addition, the company also holds a majority stake in its AI subsidiary, WhiteFiber. This transformation aims to prioritize capital efficiency and adopt an active yield-oriented strategy.