Bit Digital, Inc. Announces Monthly Production Update for September 2024

Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT) released its unaudited production update for September 2024. Key highlights include:

- 256 servers actively generating revenue from Bit Digital AI contract
- Approximately $4.2 million in unaudited revenue from AI contract
- 51.5 BTC produced, a 3.6% decrease from the previous month
- Active hash rate of 2.43 EH/s
- Treasury holdings: 731.3 BTC ($46.3 million) and 27,388.9 ETH ($71.3 million)
- Total liquidity of $222.0 million

In proof-of-stake operations, Bit Digital had 21,568 ETH staked, earning a 3.3% APY and 57.9 ETH in staking rewards for September. The company will participate in the AIM Summit Dubai Conference on October 21-22.

Positive

• $4.2 million unaudited revenue from AI contract in September
• Total liquidity of $222.0 million
• 731.3 BTC and 27,388.9 ETH in treasury holdings
• 21,568 ETH actively staked, earning 3.3% APY

Negative

• 3.6% decrease in BTC production compared to the previous month

News Market Reaction

-5.64%

1 alert

-5.64% News Effect

On the day this news was published, BTBT declined 5.64%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Oct. 4, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York, announced its unaudited digital asset production, HPC services revenue, and corporate updates for the month of September 2024.

Corporate Highlights for September 2024

• The Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of September 30, 2024. The Company earned approximately $4.2 million of unaudited revenue from this contract during the month of September 2024.
• In September 2024, the Company produced 51.5 BTC, a 3.6% decrease compared to the prior month.
• The Company's active hash rate was approximately 2.43 EH/s as of September 30, 2024.
• Treasury holdings of BTC and ETH were 731.3 and 27,388.9 with a fair market value of approximately $46.3 million and $71.3 million, respectively, on September 30, 2024.
• The BTC equivalent^[1] of our digital asset holdings as of September 30, 2024, was approximately 1,863.0 or approximately $118.0 million.
• The Company had cash and cash equivalents of $104.0 million and total liquidity (defined as cash and cash equivalents, USDC, and the fair market value of digital assets) of approximately $222.0 million, as of September 30, 2024.

Proof-of-Stake Highlights

• The Company had approximately 21,568 ETH actively staked in native staking protocols as of September 30, 2024.
• Bit Digital earned a blended APY of approximately 3.3% on its staked ETH position for the month of September 2024.
• The Company earned aggregate staking rewards of approximately 57.9 ETH during September 2024.

Upcoming Events

• AIM Summit Dubai Conference, Dubai, United Arab Emirates on October 21-22

About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has established a business line, Bit Digital AI, that offers specialized cloud-infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

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] "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 September 30, 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.

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SOURCE Bit Digital, Inc.

FAQ

How much BTC did Bit Digital (BTBT) produce in September 2024?

Bit Digital (BTBT) produced 51.5 BTC in September 2024, which was a 3.6% decrease compared to the previous month.

What was Bit Digital's (BTBT) active hash rate as of September 30, 2024?

Bit Digital's (BTBT) active hash rate was approximately 2.43 EH/s as of September 30, 2024.

How much revenue did Bit Digital (BTBT) generate from its AI contract in September 2024?

Bit Digital (BTBT) earned approximately $4.2 million of unaudited revenue from its AI contract during September 2024.

What was Bit Digital's (BTBT) total liquidity as of September 30, 2024?

Bit Digital (BTBT) reported total liquidity of approximately $222.0 million as of September 30, 2024, including cash, cash equivalents, USDC, and the fair market value of digital assets.