Bit Digital, Inc. Announces Monthly Production Update for May 2024
Rhea-AI Summary
Bit Digital, a sustainable platform for digital assets and AI infrastructure, reported its unaudited financial and operational results for May 2024.
The company generated $4.2 million in revenue from 256 servers under its initial Bit Digital AI contract. However, Bitcoin production dropped by 47% to 63.3 BTC, largely due to the April halving event. The active hash rate was 2.54 EH/s, impacted by voluntary curtailment.
Bit Digital's treasury holdings included 1,038.4 BTC and 20,508.3 ETH, with a fair market value totaling $147.7 million. The company maintained cash and cash equivalents of $47.3 million, and total liquidity of $195 million.
Proof-of-Stake activities yielded 45.8 ETH in rewards with a blended annual percentage yield of 3.1% on staked ETH.
Upcoming events include Bitcoin Prague 2024, Singular Research Summer Solstice Conference, and others scheduled in June.
Positive
- Generated $4.2 million in revenue from AI contract in May 2024.
- Treasury holdings had a fair market value of $147.7 million.
- Maintained cash and cash equivalents of $47.3 million.
- Total liquidity stood at $195 million.
- Earned 45.8 ETH from staking rewards with a 3.1% APY.
Negative
- Bitcoin production dropped by 47% to 63.3 BTC in May 2024.
- Active hash rate decreased to 2.54 EH/s due to voluntary curtailment.
News Market Reaction
On the day this news was published, BTBT declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Corporate Highlights for May 2024
- The Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of May 31, 2024. The Company earned an estimated
$4.2 million - In May 2024, the Company produced 63.3 BTC, a
47% decrease compared to the prior month. The decrease was predominantly due to the reduction of bitcoin block rewards following the April halving event. - The Company's active hash rate was approximately 2.54 EH/s as of May 31, 2024. The decrease from the prior month was driven by voluntary curtailment activity.
- Treasury holdings[1] of BTC and ETH were 1,038.4 and 20,508.3 with a fair market value of approximately
$70.1 million $77.1 million - The BTC equivalent[2] of our digital asset holdings as of May 31, 2024, was approximately 2,188.9, or approximately
$147.7 million - The Company had cash and cash equivalents of
$47.3 million $195.0 million
Proof-of-Stake Highlights
- The Company had approximately 17,184 ETH actively staked in native staking protocols as of May 31, 2024.
- Bit Digital earned a blended APY of approximately
3.1% on its staked ETH position for the month of May 2024. - The Company earned aggregate staking rewards of approximately 45.8 ETH during May 2024.
Upcoming Events
- Bitcoin
Prague 2024 on June 13-15th - Singular Research Summer Solstice Conference on June 20th
- Northland Growth Conference 2024 on June 25th
- Noble Capital Markets Emerging Growth Consumer / Entertainment / Media Virtual Conference on June 26-27th
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.
[1] "Treasury holdings" excludes approximately 2,701 ETH that were transferred to an internally managed fund. |
[2] "BTC equivalent" is a hypothetical illustration of the value of our digital asset portfolio 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 May 31, 2024, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/bit-digital-inc-announces-monthly-production-update-for-may-2024-302165224.html
SOURCE Bit Digital, Inc.
FAQ
What was Bit Digital's revenue from the AI contract in May 2024?
How much Bitcoin did Bit Digital produce in May 2024?
What is Bit Digital's hash rate as of May 31, 2024?
What are Bit Digital's treasury holdings as of May 31, 2024?
How much liquidity did Bit Digital have as of May 31, 2024?
What was Bit Digital's staking reward in May 2024?
