Bit Digital Inc Stock Price, News & Analysis

Bit Digital, Inc. (Nasdaq: BTBT) announced its corporate and production updates for June 2022. The company mined 67.6 bitcoins and no Ethereum, with treasury holdings valued at approximately $17 million in BTC and $0.3 million in ETH as of June 30. Bit Digital owns 38,135 bitcoin miners and 731 Ethereum miners, achieving a hash rate of 2.7 EH/s and 0.3 TH/s, respectively. In June, 23% of its miner fleet was deployed in North America. Additionally, the firm has signed hash rate and hosting agreements with Riot Blockchain and Coinmint to enhance operations.

Bit Digital, Inc. (Nasdaq: BTBT) announced unaudited financial results for Q1 2022, reporting $8.0 million in Bitcoin mining revenue and $0.5 million from Ethereum. The company's cash stood at $28.1 million with total liquidity of $73.3 million. Non-GAAP net income was $2.9 million, or $0.04 per share. Bitcoin production yielded 194.48 BTC and 189.26 ETH this quarter. The company's maximum hash rate is projected to increase to 2.8 EH/s due to recent agreements with Riot Blockchain and Coinmint, enhancing its sustainable energy use.

Bit Digital, a bitcoin mining company, reported a total production of 53.4 bitcoins and 27.0 ETHs for May 2022. As of May 31, the company held 793.6 BTC and 316.1 ETH, valued at approximately $25.2 million and $0.6 million, respectively. The company owns 33,376 bitcoin miners and 731 Ethereum miners, with a maximum hash rate of 2.17 EH/s and 0.3 TH/s. As of the same date, 17.9% of its miners were deployed in North America.

Bit Digital, Inc. (Nasdaq: BTBT) announced operational updates regarding its hosting partners. Blockfusion reported an explosion and fire at its Niagara Falls facility, affecting 2,515 bitcoin and 710 ETH miners. While no major damage has been confirmed, the incident has led to significant revenue loss claims. Digihost also reported a power cut affecting 1,580 miners, awaiting regulatory approvals for restoration. Overall, these incidents have caused a 46.8% reduction in Bit Digital's operating hash rate, potentially materially impacting financial results.

Bit Digital (Nasdaq: BTBT), a bitcoin mining company, reported for April 2022 that it earned 76.23 bitcoins and 77.32 ETH. The company's treasury holdings included 754.32 BTC valued at approximately $28.4 million and 323.95 ETH valued at roughly $1.1 million. As of April 30, 2022, it owned 30,865 bitcoin miners and 731 Ethereum miners, with a total hash rate of 1.9 EH/s. Moreover, 34.7% of its miners were deployed in North America.

Bit Digital, Inc. (Nasdaq: BTBT) has reported its first-quarter results for 2022, highlighting significant bitcoin production amidst miner redeployment and market conditions. The company earned 194.48 bitcoins and 189.26 ETH during the quarter, while its treasury holdings amounted to approximately $37.9 million in BTC and $0.9 million in ETH. Notably, 67% of electricity consumption came from carbon-free sources. The company aims for further growth by deploying a total fleet expected to reach 2.67 EH/s through planned acquisitions and partnerships.

Bit Digital, has filed its annual report on Form 20-F for the fiscal year ended December 31, 2021. The report highlights significant financial growth, with bitcoin mining revenue soaring 355% to $96.1 million, and net income improving to $4.9 million from a loss of $1.9 million in 2020. Total assets also rose 351% to $179.9 million. Operationally, the company successfully migrated its entire miner fleet to North America and increased bitcoin earnings to 2,065.3 bitcoins. Looking forward, Bit Digital aims to complete its fleet deployment and enhance its sustainability efforts.

Bit Digital, Inc. (Nasdaq: BTBT) has amended its agreement with Compute North LLC, extending the hosting capacity for its bitcoin mining operations by an additional five years. The new terms provide approximately 6.5 MW for 2,000 miners, with a total expected hosting capacity of around 48 MW across Compute North's facilities in Nebraska and Texas. This upgrade includes the replacement of previously used equipment with new Bitmain Antminer S19j Pro miners, enhancing operational efficiency.

Bit Digital, Inc. (NASDAQ: BTBT) announced a Letter of Intent with BitMine Immersion Technologies, Inc. to host 7,000 ASIC miners, optimizing Bitcoin mining efficiency through immersion cooling technology. The formal agreement is set to be finalized shortly, with both companies aiming for a favorable revenue sharing model. CEO Bryan Bullett expressed enthusiasm for the partnership, highlighting the benefits of immersion technology. The delivery of miners is expected to commence soon, with full capacity anticipated by the end of August 2022.