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

Rhea-AI Summary

Bit Digital (Nasdaq: BTBT) reported its January 2023 bitcoin production results, achieving 134.3 bitcoins, a 3% increase from the previous month. This growth was attributed to a higher average active hash rate despite an increase in network difficulty. As of January 31, 2023, the company holds 970.6 bitcoins and 10,222.3 ETH, with a total fair market value of approximately $22.5 million and $16.2 million respectively. The company's BTC equivalent digital assets totaled around 1,855.7, valued at about $42.9 million. Cash and cash equivalents stand at $28 million. No miners were purchased or sold during the month.

Positive

• 3% increase in bitcoin production to 134.3 bitcoins in January 2023.
• Cash and cash equivalents totaled $28 million as of January 31, 2023.
• Holdings of 970.6 bitcoins and 10,222.3 ETH valued at approximately $22.5 million and $16.2 million, respectively.

Negative

• Bitcoin production increase offset by higher network difficulty.
• No new miner deployments may limit future production capacity.

NEW YORK, Feb. 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 January 2023.

Corporate Highlights for January 2023

• In January 2023, the Company earned 134.3 bitcoins, a 3% increase compared to the prior month. The increase in production was primarily driven by a higher average active hash rate, partially offset by an increase in network difficulty.
• Treasury holdings of BTC and ETH were 970.6 and 10,222.3 with a fair market value of approximately $22.5 million and $16.2 million, respectively, on January 31, 2023.
• The BTC equivalent^[1] of our digital asset holdings as of January 31, 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 1,855.7, or approximately $42.9 million.
• The Company had cash and cash equivalents of $28.0 million as of January 31, 2023.
• The Company did not purchase or sell any miners during the month.

Miner Deployments

34% of the Company's bitcoin mining fleet, or 13,065 bitcoin miners representing 1.25 EH/s, was actively hashing in North America as of January 31, 2023.

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 January 31, 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 is Bit Digital's bitcoin production for January 2023?

Bit Digital produced 134.3 bitcoins in January 2023, a 3% increase from the previous month.

What is the cash position of Bit Digital as of January 31, 2023?

As of January 31, 2023, Bit Digital had cash and cash equivalents totaling $28 million.

How much BTC does Bit Digital hold?

Bit Digital holds 970.6 bitcoins with a fair market value of approximately $22.5 million as of January 31, 2023.

What are Bit Digital's total digital asset holdings in BTC equivalent?

The BTC equivalent of Bit Digital's digital asset holdings is approximately 1,855.7, valued at about $42.9 million.