Bit Digital Inc Stock Price, News & Analysis

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.

Bit Digital (Nasdaq: BTBT) reported significant achievements in its July 2022 production update. The company mined 142.5 bitcoins, marking an impressive 111% increase from June, and produced 0.5 ETH. As of July 31, 2022, Bit Digital held 889.1 BTC and 2,176.9 ETH, valued at approximately $20.7 million and $3.7 million, respectively. It also owns 38,135 bitcoin miners and 731 Ethereum miners with a combined hash rate of 2.7 EH/s and 0.3 TH/s. The company secured a 5 megawatt hosting agreement in Canada powered mainly by hydroelectric energy.

Bit Digital (Nasdaq: BTBT) has finalized a 5 megawatt hosting capacity agreement in Canada, primarily using hydro power to operate its miners. This facility will initially support around 650 miners and expand to accommodate 1,500 units. The agreement includes a two-year term with automatic one-year renewals. CEO Bryan Bullett highlights the importance of diversifying hosting sites to mitigate risks and enhance efficiency, aiming for a carbon-free operation while reducing power costs.

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.