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

Rhea-AI Summary

Bit Digital, Inc. announced its unaudited digital asset production and corporate updates for October 2023. The company produced 111.6 BTC, a 14% decrease compared to the prior month. The active hash rate was approximately 2.0 EH/s. Treasury holdings of BTC and ETH were valued at $17.7 million and $29.1 million, respectively. The company had cash and cash equivalents of $24.4 million. Bit Digital had approximately 12,752 ETH staked with a blended APY of 4.25% and earned 46.08 ETH in staking rewards.

NEW YORK, Nov. 6, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable digital infrastructure platform for digital assets and cloud computing services, headquartered in New York City, announced its unaudited digital asset production and corporate updates for the month of October 2023.

Corporate Highlights for October 2023

• In October 2023, the Company produced 111.6 BTC, a 14% decrease compared to the prior month. The decrease was primarily driven by an increase in network difficulty, a power utility mandated maintenance outage that temporarily reduced operating hash rate at one location, and the relocation of miners from one hosting location following the conclusion of that hosting agreement.
• The Company's active hash rate was approximately 2.0 EH/s as of October 31, 2023.
• Treasury holdings of BTC and ETH were 511.1 and 16,022.5 with a fair market value of approximately $17.7 million and $29.1 million, respectively, on October 31, 2023.
• The BTC equivalent^[1] of our digital asset holdings as of October 31, 2023, was approximately 1,394.4 or approximately $48.3 million.
• The Company had cash and cash equivalents of $24.4 million as of October 31, 2023.

Proof-of-Stake Highlights

• The Company had approximately 12,752 ETH actively staked in native and liquid staking protocols as of October 31, 2023. Approximately 12,352 were natively staked and 400 ETH were deployed in liquid staking protocols as of that date.
• Bit Digital earned a blended APY of approximately 4.25% on its staked ETH position for the month of October 2023.
• The Company earned aggregate staking rewards of approximately 46.08 ETH during October 2023.

About Bit Digital

Bit Digital, Inc. is a sustainable digital infrastructure platform for digital assets and cloud computing services 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 October 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 did Bit Digital announce for October 2023?

Bit Digital announced its unaudited digital asset production and corporate updates for October 2023.

How much BTC did Bit Digital produce in October 2023?

Bit Digital produced 111.6 BTC in October 2023, a 14% decrease compared to the prior month.

What was Bit Digital's active hash rate as of October 31, 2023?

Bit Digital's active hash rate was approximately 2.0 EH/s as of October 31, 2023.

What were Bit Digital's treasury holdings of BTC and ETH on October 31, 2023?

Bit Digital had treasury holdings of 511.1 BTC and 16,022.5 ETH with a fair market value of approximately $17.7 million and $29.1 million, respectively, on October 31, 2023.

How much cash and cash equivalents did Bit Digital have on October 31, 2023?

Bit Digital had cash and cash equivalents of $24.4 million as of October 31, 2023.

How much ETH did Bit Digital have staked as of October 31, 2023?

Bit Digital had approximately 12,752 ETH actively staked in native and liquid staking protocols as of October 31, 2023.

What was the blended APY on Bit Digital's staked ETH position for October 2023?

Bit Digital earned a blended APY of approximately 4.25% on its staked ETH position for October 2023.

How much staking rewards did Bit Digital earn in October 2023?

Bit Digital earned aggregate staking rewards of approximately 46.08 ETH during October 2023.