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Bit Digital Inc (NASDAQ:BTBT) is one of the best stocks under $3 to invest in. On January 29, Bit Digital Inc. (NASDAQ:BTBT) announced it will discontinue its Bitcoin mining operations and focus instead on artificial intelligence (AI) computing and Ethereum infrastructure. The company now believes that Bitcoin mining “became a less efficient use of capital relative to opportunities that allow for active participation, yield generation, and operational leverage,” as opined by Bit Digital Inc. (NASDAQ:BTBT) CEO Sam Tabar in a shareholder letter.
This is an uncommon development, as publicly traded companies that deal with cryptocurrencies typically tend to focus solely on Bitcoin, and this decision by Bit Digital Inc. (NASDAQ:BTBT) makes it one of the few companies in the cryptocurrency space that is moving away from Bitcoin. In connection with the new main points of focus for Bit Digital Inc (NASDAQ:BTBT), the company also revealed that it holds over 150,000 ETH, which is mostly being used for crypto staking activities to generate additional cryptocurrencies. Meanwhile, Bit Digital affirmed its commitment to AI company WhiteFiber, where it holds a majority ownership stake, stating it will not sell any of its WhiteFiber shares this year.
Bit Digital Inc (NASDAQ:BTBT) offers cloud services for machine learning and artificial intelligence and engages in cryptocurrency mining and staking.
While we acknowledge the potential of BTBT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.