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

Rhea-AI Summary

Bit Digital, Inc. (Nasdaq: BTBT) announced its unaudited digital asset production and corporate updates for November 2023. The company produced 142.7 BTC, with an active hash rate of approximately 2.25 EH/s. Treasury holdings of BTC and ETH were 551.8 and 16,064.8, with a fair market value of approximately $20.8 million and $33.0 million, respectively, as of November 30, 2023. The BTC equivalent of digital asset holdings was approximately 1,465.1 or approximately $55.3 million. The company also had cash and cash equivalents of $14.9 million. Bit Digital had approximately 12,784 ETH actively staked in native and liquid staking protocols, earning a blended APY of approximately 4.35% and aggregate staking rewards of approximately 44.93 ETH during November 2023. Additionally, Bit Digital received a prepayment for the first month from its first customer for its Bit Digital AI business, expecting to earn between $35 million and $37 million of revenue from this contract during 2024.

NEW YORK, Dec. 5, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York, announced its unaudited digital asset production and corporate updates for the month of November 2023.

Corporate Highlights for November 2023

• In November 2023, the Company produced 142.7 BTC, a 24% increase compared to the prior month.
• The Company's active hash rate was approximately 2.25 EH/s as of November 30, 2023.
• Treasury holdings of BTC and ETH were 551.8 and 16,064.8 with a fair market value of approximately $20.8 million and $33.0 million, respectively, on November 30, 2023.
• The BTC equivalent^[1] of our digital asset holdings as of November 30, 2023, was approximately 1,465.1 or approximately $55.3 million.
• The Company had cash and cash equivalents of $14.9 million as of November 30, 2023.

Proof-of-Stake Highlights

• The Company had approximately 12,784 ETH actively staked in native and liquid staking protocols as of November 30, 2023. Approximately 12,384 were natively staked and 400 ETH were deployed in liquid staking protocols as of that date.
• Bit Digital earned a blended APY of approximately 4.35% on its staked ETH position for the month of November 2023.
• The Company earned aggregate staking rewards of approximately 44.93 ETH during November 2023.

Bit Digital AI Update

• Bit Digital received a prepayment for the first month from its first customer for its Bit Digital AI business. The Company expects to earn between $35 million and $37 million of revenue from this contract^[2] during 2024.

About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers specialized cloud-infrastructure services for artificial intelligence applications.  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, 2022. 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, LsETH, and USDC, were converted into BTC as of November 30, 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.

[2] Performance under the contract is conditioned upon reliance on third parties and other external factors outside the Company's control, which may cause actual performance and financial results pursuant to the contract to differ materially from any projections of future performance under the contract.

 

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SOURCE Bit Digital, Inc.

FAQ

How much BTC did Bit Digital produce in November 2023?

Bit Digital produced 142.7 BTC in November 2023.

What was Bit Digital's active hash rate in November 2023?

Bit Digital's active hash rate was approximately 2.25 EH/s as of November 30, 2023.

What were Bit Digital's treasury holdings of BTC and ETH in November 2023?

Bit Digital's treasury holdings of BTC and ETH were 551.8 and 16,064.8, with a fair market value of approximately $20.8 million and $33.0 million, respectively, on November 30, 2023.

How much revenue does Bit Digital expect to earn from its Bit Digital AI business contract in 2024?

Bit Digital expects to earn between $35 million and $37 million of revenue from its Bit Digital AI business contract during 2024.