Bitcoin Mining Profits Decline as Mining Companies Shift to Ethereum: Liquidating BTC to Buy ETH, Betting on DeFi Yields
This mining company has raised $6 million in funding and is preparing to sell Bitcoin to support Ethereum, aiming to accumulate tens of millions of dollars in ETH reserves by the end of the year.
On July 17, the listed mining company BTC Digital (BTCT) announced a comprehensive strategic transformation towards Ethereum (ETH).
BTC Digital stated that it has secured $6 million in financing and purchased $1 million in Ethereum, while the company will also convert all existing and future Bitcoin (BTC) holdings into ETH.
BTC Digital CEO Siguang Peng pointed out in the announcement that Ethereum has become the main platform for decentralized finance (DeFi), tokenization of real-world assets (RWA), and innovation in smart contracts. He emphasized that allocating ETH allows the company to directly participate in staking, DeFi protocols, and various on-chain yield activities, which is more aligned with the diverse needs of the future blockchain economy compared to Bitcoin's inclination towards a single narrative of digital gold.
On July 17, the listed mining company BTC Digital (BTCT) announced a comprehensive strategic transformation towards Ethereum (ETH).
BTC Digital stated that it has secured $6 million in financing and purchased $1 million in Ethereum, while the company will also convert all existing and future Bitcoin (BTC) holdings into ETH.
BTC Digital CEO Siguang Peng pointed out in the announcement that Ethereum has become the main platform for decentralized finance (DeFi), tokenization of real-world assets (RWA), and innovation in smart contracts. He emphasized that allocating ETH allows the company to directly participate in staking, DeFi protocols, and various on-chain yield activities, which is more aligned with the diverse needs of the future blockchain economy compared to Bitcoin's inclination towards a single narrative of digital gold.
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