The acquisition comes just days after the company purchased 5,117 BTC.

The move aims to strengthen Bitmain’s presence in North America, which now accounts for nearly half of the global Bitcoin hash rate.

Over 30% of Bitcoin miners are merge-mining with Fractal, while transactions on the Bitcoin sidechain have skyrocketed by 20,000%.

March recorded the highest miner revenue in the last 12 months, peaking at $2 billion.

BTC miners are asking whether they should transition their energy assets into something more profitable, said Nick Hansen, CEO of mining firm Luxor.

The ongoing crypto selloff comes as miners are still feeling the pinch from the Bitcoin halving in April.

The price of Bitcoin hashrate is also at the lowest it's been in more than four years.

Alameda Research, the sister trading firm of the failed FTX exchange, invested $1.15 billion in Genesis Digital.

The news coincides with miners offloading $2 billion worth of BTC in June so far.

Trump met with Bitcoin mining execs at the former president’s Mar-a-Lago resort on June 11.