Bit Digital, Inc. Announces Monthly Production Update for February 2023

Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT) reported a 19% decrease in bitcoin production for February 2023, earning 108.2 bitcoins compared to the previous month. The decline was mainly attributed to fewer days in February and increased network difficulty. As of February 28, 2023, Bit Digital operated 13,645 bitcoin miners with a hashing capacity of 1.30 EH/s in North America. Their treasury holdings included approximately $16.1 million in bitcoin and $11.8 million in Ethereum. The total BTC equivalent of digital assets is valued at around $33.4 million, with cash and cash equivalents of $33.6 million.

Positive

• Treasury holdings of BTC valued at approximately $16.1 million.
• Cash and cash equivalents totaled $33.6 million.
• Total BTC equivalent holdings valued at about $33.4 million.

Negative

• February 2023 bitcoin production decreased by 19% compared to January.
• Production drop attributed to fewer days and increased network difficulty.

NEW YORK, March 6, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, announced its unaudited bitcoin production and corporate updates for the month of February 2023.

Corporate Highlights for February 2023

• In February 2023, the Company earned 108.2 bitcoins, a 19% decrease compared to the prior month. The decrease in production was primarily driven by fewer days during the month and an increase in network difficulty.
  
  
• 13,645 bitcoin miners representing 1.30 EH/s, was actively hashing in North America as of February 28, 2023.
  
  
• Treasury holdings of BTC and ETH were 696.5 and 7,332.6 with a fair market value of approximately $16.1 million and $11.8 million, respectively, on February 28, 2023. A portion of BTC and ETH treasury holdings were sold during the month to fund strategic investments and for general corporate purposes.
  
  
• The BTC equivalent^[1] of our digital asset holdings as of February 28, 2023 (defined as if all ETH, sETH-H, and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,441.6, or approximately $33.4 million.
  
  
• The Company had cash and cash equivalents of $33.6 million as of February 28, 2023.
  
  
• The Company did not purchase or sell any miners during the month.

About Bit Digital

Bit Digital, Inc. is a bitcoin mining company headquartered in New York City. Our mining operations are located in North America. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital's production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.

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.

[1] "BTC equivalent" is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, sETH-H, and USDC, were converted into BTC as of February 28, 2023, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. The closing price of ETH is used as a proxy for the price of sETH-H (receipt token) on a 1:1 basis.

 

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SOURCE Bit Digital, Inc.

FAQ

What were the bitcoin production figures for Bit Digital in February 2023?

Bit Digital produced 108.2 bitcoins in February 2023, which is a 19% decrease from January.

How many bitcoin miners does Bit Digital have as of February 2023?

As of February 28, 2023, Bit Digital had 13,645 bitcoin miners with a hashing capacity of 1.30 EH/s.

What is the current value of Bit Digital's treasury holdings?

As of February 28, 2023, Bit Digital's treasury holdings include approximately $16.1 million in bitcoin and $11.8 million in Ethereum.

What is the BTC equivalent of Bit Digital's digital asset holdings?

The BTC equivalent of Bit Digital's digital asset holdings was approximately $33.4 million as of February 28, 2023.

What cash reserves does Bit Digital have?

Bit Digital reported cash and cash equivalents of $33.6 million as of February 28, 2023.