Bit Digital, Inc. Announces Monthly Production Update for October 2024
Bit Digital (Nasdaq: BTBT) reported its October 2024 operational updates. The company earned $4.3 million in unaudited revenue from its AI contract with 256 active servers. Bitcoin production increased by 1.4% to 52.2 BTC, with an active hash rate of 2.43 EH/s. Treasury holdings included 781.2 BTC and 27,503.4 ETH, valued at $54.8 million and $69.2 million respectively. The company maintained strong liquidity of $203.9 million, including $79.8 million in cash. In proof-of-stake operations, Bit Digital staked 21,568 ETH, earning a 3.4% APY and approximately 62.2 ETH in staking rewards.
Bit Digital (Nasdaq: BTBT) ha riportato gli aggiornamenti operativi di ottobre 2024. L'azienda ha guadagnato 4,3 milioni di dollari in ricavi non verificati dal suo contratto di intelligenza artificiale con 256 server attivi. La produzione di Bitcoin è aumentata del 1,4% a 52,2 BTC, con un tasso di hash attivo di 2,43 EH/s. Le riserve di tesoreria includevano 781,2 BTC e 27.503,4 ETH, valutati rispettivamente 54,8 milioni di dollari e 69,2 milioni di dollari. L'azienda ha mantenuto una forte liquidità di 203,9 milioni di dollari, di cui 79,8 milioni di dollari in contante. Nelle operazioni di proof-of-stake, Bit Digital ha messo in staking 21.568 ETH, guadagnando un 3,4% APY e circa 62,2 ETH in ricompense da staking.
Bit Digital (Nasdaq: BTBT) informó sus actualizaciones operativas de octubre de 2024. La empresa generó 4,3 millones de dólares en ingresos no auditados por su contrato de IA con 256 servidores activos. La producción de Bitcoin aumentó un 1,4% a 52,2 BTC, con una tasa de hash activa de 2,43 EH/s. Las tenencias de tesorería incluían 781,2 BTC y 27.503,4 ETH, valorados en 54,8 millones de dólares y 69,2 millones de dólares respectivamente. La empresa mantuvo una fuerte liquidez de 203,9 millones de dólares, incluidos 79,8 millones de dólares en efectivo. En las operaciones de prueba de participación, Bit Digital apostó 21.568 ETH, ganando un 3,4% APY y aproximadamente 62,2 ETH en recompensas por staking.
Bit Digital (Nasdaq: BTBT)는 2024년 10월 운영 업데이트를 보고했습니다. 회사는 256개의 활성 서버와의 AI 계약에서 430만 달러의 감사되지 않은 수익을 올렸습니다. 비트코인 생산량은 1.4% 증가하여 52.2 BTC에 도달하였으며, 활성 해시레이트는 2.43 EH/s였습니다. 재무 보유에는 각각 5480만 달러와 6920만 달러로 평가된 781.2 BTC와 27,503.4 ETH가 포함되었습니다. 회사는 2억 390만 달러의 강력한 유동성을 유지하며, 이 중 7980만 달러가 현금으로 보유되었습니다. 스테이킹 운영에서 Bit Digital은 21,568 ETH를 스테이킹하여 3.4% APY를 얻었고, 약 62.2 ETH의 스테이킹 보상을 받았습니다.
Bit Digital (Nasdaq: BTBT) a publié ses mises à jour opérationnelles d'octobre 2024. L'entreprise a généré 4,3 millions de dollars de revenus non audités grâce à son contrat d'IA avec 256 serveurs actifs. La production de Bitcoin a augmenté de 1,4% pour atteindre 52,2 BTC, avec un taux de hachage actif de 2,43 EH/s. Les avoirs de la trésorerie comprenaient 781,2 BTC et 27.503,4 ETH, évalués respectivement à 54,8 millions de dollars et 69,2 millions de dollars. L'entreprise a maintenu une forte liquidité de 203,9 millions de dollars, dont 79,8 millions de dollars en espèces. Dans les opérations de preuve de participation, Bit Digital a mis en jeu 21.568 ETH, gagnant un 3,4% APY et environ 62,2 ETH en récompenses de staking.
Bit Digital (Nasdaq: BTBT) hat seine operativen Updates für Oktober 2024 berichtet. Das Unternehmen erzielte 4,3 Millionen Dollar an nicht geprüften Einnahmen aus seinem KI-Vertrag mit 256 aktiven Servern. Die Bitcoin-Produktion stieg um 1,4% auf 52,2 BTC, mit einer aktiven Hashrate von 2,43 EH/s. Die Treasury-Bestände umfassten 781,2 BTC und 27.503,4 ETH, die jeweils mit 54,8 Millionen Dollar und 69,2 Millionen Dollar bewertet wurden. Das Unternehmen hielt eine starke Liquidität von 203,9 Millionen Dollar, einschließlich 79,8 Millionen Dollar in bar. In den Proof-of-Stake-Operationen hat Bit Digital 21.568 ETH gestakt und dabei 3,4% APY erwirtschaftet sowie ungefähr 62,2 ETH an Staking-Belohnungen erhalten.
- Generated $4.3 million revenue from AI contract
- 1.4% increase in monthly Bitcoin production to 52.2 BTC
- Strong liquidity position of $203.9 million
- Substantial digital asset holdings valued at $124.2 million
- Active staking operations generating 3.4% APY on 21,568 ETH
- None.
Insights
The October update reveals significant operational metrics for Bit Digital. The company's
The company's digital asset holdings, valued at
The operational metrics show a well-balanced digital asset strategy. The combination of Bitcoin mining and Ethereum staking demonstrates strategic diversification. The 256 servers dedicated to AI contracts represent a forward-thinking expansion beyond traditional crypto mining. The staking of 21,568 ETH with 62.2 ETH monthly rewards indicates effective yield generation, while maintaining a significant position in both major cryptocurrencies (781.2 BTC and 27,503.4 ETH) provides strong exposure to the crypto market's potential upside.
Corporate Highlights for October 2024
- The Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of October 31, 2024. The Company earned approximately
$4.3 million - In October 2024, the Company produced 52.2 BTC, a
1.4% increase compared to the prior month. - The Company's active hash rate was approximately 2.43 EH/s as of October 31, 2024.
- Treasury holdings of BTC and ETH were 781.2 and 27,503.4 with a fair market value of approximately
$54.8 million $69.2 million - The BTC equivalent[1] of our digital asset holdings as of October 31, 2024, was approximately 1,768.6 or approximately
$124.2 million - The Company had cash and cash equivalents of
$79.8 million $203.9 million
Proof-of-Stake Highlights
- The Company had approximately 21,568 ETH actively staked in native staking protocols as of October 31, 2024.
- Bit Digital earned a blended APY of approximately
3.4% on its staked ETH position for the month of October 2024. - The Company earned aggregate staking rewards of approximately 62.2 ETH during October 2024.
Upcoming Events
- Roth Technology Equities Conference,
New York, NY on November 19-20 - NDR with H.C. Wainwright,
San Francisco, CA on November 21-22 - Noble Capital Markets NobleCon20 Emerging Growth Equity Conference,
Boca Raton, FL on December 3-4 - B. Riley Energy Convergence Conference,
New York, NY on December 4
About Bit Digital
Bit Digital, Inc. is a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in
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, 2023. 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 treasury holdings in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, and USDC, were converted into BTC as of October 31, 2024, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. Our digital asset portfolio excludes digital assets invested in a third-party managed fund.
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SOURCE Bit Digital, Inc.
FAQ
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