Bit Digital, Inc. Announces Monthly Production Update for August 2024
Rhea-AI Summary
Bit Digital, Inc. (Nasdaq: BTBT) released its unaudited production update for August 2024. Key highlights include:
- $4.3 million in unaudited revenue from AI infrastructure services
- 53.4 BTC produced, an 11.7% decrease from the previous month
- Active hash rate of 2.43 EH/s as of August 31
- Treasury holdings: 682.4 BTC ($40.2M) and 27,331 ETH ($68.7M)
- Total liquidity of $216.5M, including $106.9M in cash and cash equivalents
- 21,568 ETH staked, earning a 3.1% APY and 56.6 ETH in rewards
The company issued a $579k service credit for downtime during an equipment upgrade. Bit Digital will participate in upcoming investment conferences in September.
Positive
- $4.3 million in unaudited revenue from AI infrastructure services in August 2024
- Active hash rate of 2.43 EH/s as of August 31, 2024
- Substantial digital asset holdings: 682.4 BTC ($40.2M) and 27,331 ETH ($68.7M)
- Strong liquidity position with $216.5 million, including $106.9M in cash
- 21,568 ETH actively staked, earning 3.1% APY and 56.6 ETH in rewards for August
Negative
- 11.7% decrease in BTC production compared to the previous month (53.4 BTC in August)
- $579k service credit issued for downtime during equipment upgrade
News Market Reaction
On the day this news was published, BTBT declined 7.49%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Corporate Highlights for August 2024
- The Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of August 31, 2024. The Company earned approximately
$4.3 million $579 k - In August 2024, the Company produced 53.4 BTC, an
11.7% decrease compared to the prior month. - The Company's active hash rate was approximately 2.43 EH/s as of August 31, 2024.
- Treasury holdings of BTC and ETH were 682.4 and 27,331.0 with a fair market value of approximately
$40.2 million $68.7 million - The BTC equivalent[1] of our digital asset holdings as of August 31, 2024, was approximately 1,858.3 or approximately
$109.6 million - The Company had cash and cash equivalents of
$106.9 million $216.5 million
Proof-of-Stake Highlights
- The Company had approximately 21,568 ETH actively staked in native staking protocols as of August 31, 2024.
- Bit Digital earned a blended APY of approximately
3.1% on its staked ETH position for the month of August 2024. - The Company earned aggregate staking rewards of approximately 56.6 ETH during August 2024.
Upcoming Events
- 2024 Annual Gateway Conference,
San Francisco, CA on September 4-5 - H.C. Wainwright 26th Annual Global Investment Conference,
New York, NY on September 11-12
[1] "BTC equivalent" is a hypothetical illustration of the value of our digital asset treasury holdings in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, and USDC, were converted into BTC as of August 31, 2024, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. Our digital asset portfolio excludes digital assets invested in a third-party managed fund. |
About Bit Digital
Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2023. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital's production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE Bit Digital, Inc.
FAQ
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