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Bit Digital (Nasdaq: BTBT) announced its unaudited financial results for Q1 FY2024, ending March 31, 2024. Key highlights include a 266% revenue increase to $30.3M, driven by its new AI business and higher bitcoin prices. Bitcoin mining revenue surged 166% to $21.9M, while the AI segment earned $8.1M. A $1.3M service credit was issued for decreased AI utilization. Adjusted EBITDA rose to $58.5M from $1.5M YoY, and GAAP EPS was $0.43 compared to a loss of $0.03. The company mined 410.7 bitcoins and 111.1 ETH, with total liquidity of $163.2M. Operationally, the active hash rate was 2.76 EH/s, and 48,898 miners were active. 85% of electricity was carbon-free. Management highlighted ongoing growth strategies and post-halving readiness.
Bit Digital, Inc. announced the release date for its First Quarter 2024 financial results and conference call. The results will be disclosed on May 15, 2024, with a live webcast and conference call hosted by senior management on May 16, 2024. Participants can register for the earnings call and join via dial-in. The press release will be available on the company's website.
Bit Digital, Inc. announced its unaudited digital asset production and corporate updates for April 2024. The company produced 119.3 BTC, a 12.5% decrease from the prior month, mainly due to reduction in block rewards post-halving. The active hash rate was 2.76 EH/s, with BTC and ETH holdings valued at $60.2 million and $61.0 million, respectively. Cash equivalents stood at $43.7 million. Bit Digital AI had 251 revenue-generating servers, earning $4.1 million in revenue. The company staked 17,184 ETH with a 1.0% APY and earned 13.9 ETH in rewards.