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Bit Digital, Inc. (NASDAQ: BTBT) is an innovative company primarily engaged in the Bitcoin mining business, Ethereum staking activities, and specialized cloud-infrastructure services for artificial intelligence (AI) applications. Headquartered in New York City, Bit Digital leverages its strategic presence in the United States, Canada, and Iceland to create a sustainable and diversified platform for digital assets and AI infrastructure.
The company operates a high-performance mining platform with the goal of accumulating Bitcoin, which may be sold for fiat currency based on favorable market conditions. Their revenue streams are generated through digital asset mining and Ethereum staking, providing a robust financial foundation for the company's operations.
In 2023, Bit Digital expanded its operations into Iceland, capitalizing on the region's abundant clean energy and supportive government policies. This geographic diversification has allowed the company to enhance its sustainability efforts significantly.
Bit Digital has also made notable strides in the AI sector with the launch of its Bit Digital AI business line. This division focuses on offering specialized cloud-infrastructure services, including GPU rental services for AI applications. The AI business line has already started contributing significant revenue, demonstrating the company’s ability to adapt and thrive in emerging markets.
Bit Digital maintains a strong financial position, ending 2023 with zero debt and a significant liquidity position. The company continuously seeks to improve its fleet efficiency and reduce production costs, positioning itself strategically for future growth.
Recent updates include the release of their fiscal year 2023 results, showcasing substantial growth in bitcoin production and a doubling of their active hash rate. The company’s First Quarter 2024 results highlighted a 250% increase in revenue and a GAAP Net Income exceeding $50 million, driven by the success of their AI business and favorable bitcoin prices.
Bit Digital remains focused on its growth strategy, aiming to reach 6.0 EH/s in bitcoin mining capacity and expanding its AI business to achieve a $100 million annualized revenue run-rate by year-end 2024. The company’s commitment to sustainability, innovation, and strategic growth positions it as a leading player in the digital asset and AI infrastructure landscape.
Bit Digital, Inc. (Nasdaq: BTBT) released its unaudited production update for September 2024. Key highlights include:
- 256 servers actively generating revenue from Bit Digital AI contract
- Approximately $4.2 million in unaudited revenue from AI contract
- 51.5 BTC produced, a 3.6% decrease from the previous month
- Active hash rate of 2.43 EH/s
- Treasury holdings: 731.3 BTC ($46.3 million) and 27,388.9 ETH ($71.3 million)
- Total liquidity of $222.0 million
In proof-of-stake operations, Bit Digital had 21,568 ETH staked, earning a 3.3% APY and 57.9 ETH in staking rewards for September. The company will participate in the AIM Summit Dubai Conference on October 21-22.
Bit Digital, Inc. (Nasdaq: BTBT), a New York-based sustainable platform for digital assets and AI infrastructure, has adjourned its 2024 Annual Meeting of Shareholders until October 2nd, 2024, at 9AM ET. The initial meeting, held on September 25, 2024, at 9AM ET, failed to meet quorum requirements, resulting in a one-week adjournment. The company is urging shareholders to vote on the proposals presented at the meeting.
Bit Digital, Inc. (Nasdaq: BTBT) has announced key appointments to bolster its high-performance computing (HPC) business. Benjamin Lamson joins as Head of Revenue, bringing expertise in scaling revenue and driving growth, notably achieving a 350% increase in topline revenue over 18 months at Paperspace. Tom Sanfilippo takes on the role of Chief Technology Officer (CTO), bringing decades of experience in systems programming and software development, including leadership in GPU Compute Cloud and AI/ML platforms.
Both executives will report directly to CEO Sam Tabar and are expected to play critical roles in the growth and development of Bit Digital's HPC business. The company has also added additional headcount across sales and AI/ML engineering roles to scale its HPC operations. These strategic hires aim to position Bit Digital as a major player in the HPC industry, focusing on delivering high-performance, reliable, and affordable solutions for AI/ML applications.
Bit Digital, Inc. (Nasdaq: BTBT) released its unaudited production update for August 2024. Key highlights include:
- $4.3 million in unaudited revenue from AI infrastructure services
- 53.4 BTC produced, an 11.7% decrease from the previous month
- Active hash rate of 2.43 EH/s as of August 31
- Treasury holdings: 682.4 BTC ($40.2M) and 27,331 ETH ($68.7M)
- Total liquidity of $216.5M, including $106.9M in cash and cash equivalents
- 21,568 ETH staked, earning a 3.1% APY and 56.6 ETH in rewards
The company issued a $579k service credit for downtime during an equipment upgrade. Bit Digital will participate in upcoming investment conferences in September.
Bit Digital (Nasdaq: BTBT) has signed a binding term sheet with Boosteroid Inc. for its high-performance computing (HPC) business. The initial agreement includes a purchase of GPU servers with a five-year service duration, expected to generate $13 million in revenue over the term. Boosteroid has options to expand up to 50,000 GPU servers, representing a potential $700 million revenue opportunity for Bit Digital. The initial deployment, featuring AMD EPYC 4th Gen CPUs and RX7900XT GPUs, is planned across 10+ data centers in the U.S. and Europe, starting within 2-3 months. This partnership aims to enhance Boosteroid's position in the global cloud gaming market while expanding Bit Digital's HPC business into new end-markets.
Bit Digital (NASDAQ: BTBT) reported its Q2 2024 financial results, showing significant growth. Total revenue increased 220% to $29.0 million, driven by the new high performance computing (HPC) services and higher bitcoin prices. Bitcoin mining revenue grew 80% to $16.1 million, while HPC services contributed $12.5 million. The company's liquidity reached $191.9 million, with total assets of $315.5 million. However, Adjusted EBITDA was $(3.8) million, including an $11.5 million unrealized loss on digital assets. GAAP loss per share was $0.09. Operationally, Bit Digital mined 244.2 bitcoins, a 23% decrease due to halving and increased network difficulty. The company maintained a strong focus on sustainable practices, with 86% of its fleet's electricity from carbon-free sources.
Bit Digital (Nasdaq: BTBT), a sustainable platform for digital assets and AI infrastructure based in New York, has announced the release date for its Second Quarter 2024 financial results. The company will publish its earnings on Monday, August 19, 2024, after the stock market closes. A live webcast and conference call with senior management to review the results is scheduled for Tuesday, August 20, 2024, at 10 a.m. ET. Investors can register for the earnings call online or join by dialing 1-800-289-0459 (passcode: 633917). The earnings press release will be available on the company's website at www.bit-digital.com prior to the conference call.
Bit Digital (Nasdaq: BTBT) released its unaudited production update for July 2024. The company's AI infrastructure generated an estimated $4.3 million in revenue from 256 active servers. Bitcoin production slightly decreased to 60.5 BTC, with an active hash rate of 2.46 EH/s. Treasury holdings included 641.8 BTC and 27,274.4 ETH, valued at $41.5 million and $88.1 million, respectively. The total liquidity stood at $211.9 million, including $82.1 million in cash and cash equivalents. In its proof-of-stake operations, Bit Digital had 17,184 ETH staked, earning a 3.3% APY and 47.5 ETH in staking rewards for July. The company is set to participate in the 2024 Annual Gateway Conference in September.
Bit Digital announced its June 2024 monthly production update, highlighting several key points. The company generated estimated unaudited revenue of $4.1 million from its initial Bit Digital AI contract, operating 256 revenue-generating servers.
Bit Digital produced 61.7 BTC, a 2.5% decrease compared to May 2024, with an active hash rate of approximately 2.57 EH/s. As of June 30, 2024, Bit Digital's treasury holdings included 585.9 BTC and 29,927.9 ETH, valued at $36.7 million and $102.7 million, respectively. The company's digital asset holdings were equivalent to approximately 2,230.5 BTC, valued at around $139.8 million.
Bit Digital reported cash and cash equivalents of $60.8 million and total liquidity of around $200.6 million. In its proof-of-stake operations, the company staked 17,184 ETH, earning a blended APY of 3.5% and generating approximately 49.8 ETH in rewards during June 2024.
Bit Digital, listed on Nasdaq under BTBT, has finalized a significant contract expansion with a major High-Performance Computing (HPC) customer. The agreement involves supplying an additional 2,048 GPUs over three years, bringing the total to 4,096 GPUs for the period. This contract is valued at approximately $275 million, equating to $92 million annually.
Bit Digital has ordered 256 servers from Dell Technologies, equipped with Nvidia HGX H100 GPUs, expected to be delivered in July 2024 and operational by August 2024 in Iceland. The company plans to finance this deal through a combination of cash and digital assets. Additionally, a sale-leaseback agreement for 1,024 GPUs will reduce upfront costs, and the company is exploring further debt financing options.
This expansion aligns with Bit Digital’s goal of achieving a $100 million annualized revenue run-rate by the end of 2024, covering over 90% of this target. CEO Sam Tabar highlighted the company’s commitment to supporting customer AI ambitions and scaling the HPC segment.
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