Bitcoin miner Digihost is planning to move some of its fleet from New York to a new site in Alabama.
The company has just broken ground on the new 55-megawatt facility, according to a statement released Tuesday. The machine transfer will allow the miner to benefit from lower direct energy costs negotiated with Alabama Power.
The first 28 megawatts of energy capacity are scheduled to be ready by the end of the third quarter of 2022 and the full 55 by the first quarter of 2023.
The company said that it sold some of its bitcoin to fund energy costs.
Digihost mined 64.17 BTC in July. It had 220.09 BTC at the end of July, down from 293.30 BTC in June, which indicates that it sold about 137.38 BTC last month.
The company also held 1,000.89 ETH at the end of July. Its total digital asset holdings were valued at about $6.82 million based on current prices. Digihost also held $4.5 million in cash and $500,000 in derivatives.