Bit Digital Inc Stock Price, News & Analysis

Bit Digital (Nasdaq: BTBT) has officially launched its Ethereum staking operations aimed at securing the blockchain network. This expansion complements its core Bitcoin mining business and is anticipated to generate revenue through validator rewards. The company has partnered with Blockdaemon to provide institutional-grade infrastructure for its staking activities. As of December 20, Bit Digital holds 7,904 ETH, worth approximately $12.1 million, with 2,164 ETH actively staked. CEO Bryan Bullett believes this move diversifies their revenue streams while maintaining a strong focus on Bitcoin.

Bit Digital, Inc. (Nasdaq: BTBT) reported its third quarter financial results for 2022, revealing Bitcoin mining revenue of $9.1 million. As of September 30, 2022, the company held $33.6 million in cash and total liquidity of $68 million. Adjusted EBITDA was $(4.3 million), translating to a loss per share of $0.05. The company produced 429.1 bitcoins during the quarter, a sequential increase of over 115%. Furthermore, it has initiated Ethereum staking operations to enhance its investment profile.

Bit Digital, Inc. (BTBT) reported its November 2022 bitcoin production, revealing 144.1 bitcoins were mined, marking a 5% decrease from the previous month due to increased network difficulty. As of November 30, the company's treasury held 950.3 BTC and 7,064.7 ETH, valued at approximately $16.3 million and $9.2 million, respectively. The total BTC equivalent of all digital assets was around 1,679.9 BTC, with 38,593 bitcoin miners yielding a maximum hash rate of 2.7 EH/s.

Bit Digital (Nasdaq: BTBT) reported its bitcoin production for October 2022, achieving a total of 152.5 bitcoins, representing an 8% increase from the previous month. This rise was attributed to a higher active hash rate, though it was offset by an increase in the overall bitcoin network hash rate. As of October 31, 2022, the company held 980 BTC and 6,868 ETH valued at approximately $20.1 million and $10.8 million respectively. Bit Digital operated 38,593 bitcoin miners, with 14,604 actively hashing in North America.

Bit Digital, Inc. (Nasdaq: BTBT) reported a 3% decrease in bitcoin production for September 2022, earning 141.3 bitcoins due to increased network hash rate. The company holds 943.3 BTC and 5,261.7 ETH valued at approximately $18.3 million and $7.0 million, respectively. As of September 30, 2022, Bit Digital operated 38,594 bitcoin miners and 730 Ethereum miners with a hash rate of 2.7 EH/s for BTC. The company is reviewing its relationship with Compute North, which filed for Chapter 11 bankruptcy, but does not expect immediate impact on mining operations.

Bit Digital, Inc. (Nasdaq: BTBT), a digital asset mining firm, announced operations updates on October 7, 2022. The City of Niagara Falls issued a cease and desist notice on October 4, 2022, to its hosting partner Blockfusion USA, halting cryptocurrency mining activities until compliance with local ordinances. Approximately 17% of Bit Digital's mining fleet, totaling 13,980 units, is at this facility. Blockfusion is applying for new permits after a recent moratorium expired. Bit Digital management is closely monitoring the situation.

Bit Digital, Inc. (Nasdaq: BTBT) reported its August 2022 production figures, achieving a total of 145.3 bitcoins, a 2% increase from July. However, the company produced no Ethereum, contrasting with 0.5 ETH the previous month. As of August 31, 2022, Bit Digital held 919.2 BTC and 3,684 ETH in treasury, valued at approximately $18.4 million and $5.7 million, respectively. The company owns 38,594 bitcoin miners and 731 Ethereum miners, with 29% of its bitcoin miners deployed in North America. Challenges remain as Ethereum miners are currently offline.

Bit Digital, Inc. (Nasdaq: BTBT) reported its unaudited financial results for Q2 2022, showing Bitcoin mining revenue of $6.5 million and Ethereum mining revenue of $0.3 million. The company holds $45.6 million in cash and a total liquidity of approximately $72.6 million. Non-GAAP net income was $0.1 million, translating to $0.00 per share. Despite production challenges, Bitcoin production slightly increased, aided by new hosting agreements and a hash rate swap. The company focuses on sustainable mining, with 69% of electricity from carbon-free sources.

Bit Digital (Nasdaq: BTBT), a digital asset mining company based in New York, has partnered with Nine Blocks Capital Management to enhance its treasury management. The collaboration includes a direct investment in Nine Blocks' Master Fund, which employs market neutral strategies. Nine Blocks manages over $1 billion in assets and is registered with the Cayman Islands Monetary Authority. This partnership aims to maximize risk-adjusted returns and aligns with Bit Digital's objectives amidst market volatility. The Chief Strategy Officer expressed optimism about long-term value creation through this strategic alliance.