Bit Digital Announces Bitcoin Mining Production of 424.7 Bitcoin for January 2021

Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT) announced its unaudited bitcoin production for January 2021, reporting earnings of 424.7 bitcoins valued at approximately $14.8 million. The company increased its bitcoin treasury to 488.5 bitcoins from 262.6 bitcoins in December 2020, attributed to the launch of additional mining units. Bit Digital operates 40,865 mining machines globally, contributing to around 1.4% of the total bitcoin mining capacity worldwide. This release marks the first in a series of regular updates aimed at enhancing transparency.

Positive

• Earned 424.7 bitcoins in January 2021, translating to approximately $14.8 million in revenue.
• Increased bitcoin holdings to 488.5 bitcoins from 262.6 bitcoins in December 2020.
• Launched 17,996 additional mining units, enhancing production capacity.
• Holds a global hash rate of 2,253.5 PH/s, representing ~1.4% of global bitcoin mining capacity.

Negative

• None.

NEW YORK, March 2, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT), an emerging bitcoin mining company headquartered in New York, announced its unaudited Bitcoin production data for the month ended January 31, 2021.  During the month, the company earned 424.7 bitcoins, accounting for approximately $14.8 million in revenue.  As of January 31, 2021, the company held 488.5 bitcoins in treasury, versus 262.6 bitcoins as of December 31, 2021.

The increase in mining production was primarily attributable to the launch of 17,996 additional mining units at the end of 2020.  Bit Digital currently owns 40,865 mining machines globally with a combined hash rate of 2,253.5 PH/s, representing an estimated 1.4% of global bitcoin mining network capacity, based on available data at the time of this press release.

This mining data release is the first in a series of regular updates the company will publish to promote transparency.  "Bit Digital plans to release production reports to support key milestones on a regular basis," shared interim CEO and CFO Erke Huang.  "We believe in our leadership position within the mining sector, and will strive to protect both our brand's reputation and our stakeholders' interests in Bit Digital."

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.

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SOURCE Bit Digital, Inc.

FAQ

What were Bit Digital's bitcoin production earnings for January 2021?

Bit Digital reported earnings of 424.7 bitcoins, valued at approximately $14.8 million for January 2021.

How many bitcoins does Bit Digital currently hold?

As of January 31, 2021, Bit Digital holds 488.5 bitcoins.

How many mining units does Bit Digital operate?

Bit Digital operates 40,865 mining machines globally.

What percentage of global bitcoin mining capacity does Bit Digital account for?

Bit Digital accounts for approximately 1.4% of global bitcoin mining network capacity.

When can we expect regular updates from Bit Digital?

Bit Digital plans to release regular production reports to promote transparency.