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Bit Digital, a Bitcoin mining company, is expanding its operations by acquiring an industrial building in Madison, North Carolina, for $53.2 million. The transaction was made through its Canadian subsidiary, Enovum Data Centers Corp., and has been filed with the U.S. Securities and Exchange Commission (SEC). The deal is expected to close on May 15.
This acquisition represents a significant step in the company’s strategy to diversify into artificial intelligence (AI) and high-performance computing. As part of this transition, Bit Digital has also committed to a $40 million upgrade of its Tier 3 data center in Quebec, which aims to support AI infrastructure for clients, including Cerebras Systems.
This acquisition heightened the trend of mining firms edging past mere crypto operations to secure long-term growth. High-performance computing and AI are viewed as more profitable ventures than traditional crypto mining. The move coincides with public miners struggling to cope with cryptocurrency price swings, which have prompted the companies to sell their Bitcoin holdings to survive.
Executive actions between China and the United States prompted global markets to enter a new phase in this trade conflict due to rising tariff rates between the two nations. On April 15, the White House announced that Chinese imports would be subject to tariffs of up to 245%, combining reciprocal duties of 125% with customs duties aimed at addressing concerns related to fentanyl. These tariff increases have already generated visible effects within the cryptocurrency and equities markets.
As the trade war intensifies, cryptocurrencies, tech stocks and other high-value assets are experiencing heightened volatility. The impact on Bitcoin and other cryptocurrencies has been significant, with analysts noting that these markets have become highly correlated with traditional equity markets. In light of the escalating tensions, analysts predict that the recovery of these markets will depend on the future direction of the tariff negotiations, with some suggesting that a resolution might not be reached until mid-2025.
Following another significant change in the tech and crypto sphere, Eliza Labs has launched a new platform, auto.fun, that lets users create, deploy, and monetise AI agents without coding knowledge. The platform seeks to bridge the gap between Web3 services and AI technologies, allowing users to develop AI agents who can interact with Decentralized Finance (DeFi) apps, social media and other Web3 services.
The platform also offers a no-code method for creating autonomous agents that can perform a range of tasks, including yield farming, social media management, and trading, even for non-technical users. Eliza Labs launched a distinctive bonding curve system to distribute tokens, providing fair opportunities to all participants. Users now have seamless access to fully integrate AI features into their Web3 environment through the new platform, which supports the current trend of simplifying access to advanced technology
