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Bit Digital, Inc. Ordinary Shares - BTBT STOCK NEWS

Welcome to our dedicated page for Bit Digital Ordinary Shares news (Ticker: BTBT), a resource for investors and traders seeking the latest updates and insights on Bit Digital Ordinary Shares stock.

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.

News

Bit Digital, Inc. Announces Monthly Production Update for January 2024

Rhea-AI Summary
Bit Digital, Inc. (Nasdaq: BTBT) announced its unaudited digital asset production and corporate updates for January 2024. The company produced 145.7 BTC, with a 14% decrease from the prior month. The active hash rate was approximately 2.50 EH/s, and treasury holdings of BTC and ETH were $31.4 million and $41.3 million, respectively, on January 31, 2024. The Company had cash and cash equivalents of $22.6 million. Bit Digital had approximately 12,784 ETH actively staked, earning a blended APY of approximately 3.69% in January 2024. The Company earned an estimated $1.0 million of unaudited revenue from its Bit Digital AI contract during January 2024.
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Bit Digital, Inc. Announces Expansion of Mining Fleet

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Bit Digital, Inc. (BTBT) has finalized an agreement for 6 megawatts of incremental hosting capacity in Massena, New York, with a subsidiary of Coinmint LLC. The agreement brings the company's total contracted hosting capacity to approximately 46 MW. Bit Digital will fill the capacity with approximately 2,340 S19k Pro mining units that were recently purchased for approximately $3.4 million. The CEO, Sam Tabar, aims to double the active mining fleet to approximately 6.0EH/s during 2024.
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Bit Digital, Inc. Announces Commencement of Revenue Generation for Inaugural AI Contract

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Bit Digital, Inc. (Nasdaq: BTBT) has announced the commencement of revenue generation from its customer contract for its Bit Digital AI business. The contract, worth more than $50 million of annualized revenue, involves 192 servers generating revenue as of January 23, 2024, with an additional 64 servers expected to start earning revenue by the end of January 2024. Bit Digital's CEO, Sam Tabar, anticipates that this contract will strengthen the company's financial profile and enable them to double their operating fleet to approximately 6.0 EH/s during 2024.
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Bit Digital, Inc. Announces Upsized Customer Contract for Bit Digital AI

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Bit Digital, Inc. (Nasdaq: BTBT) has expanded its contract with its first customer of its Bit Digital AI business line, supplying an additional 512 GPUs for a total of 2,048 GPUs, resulting in a contract value of over $50 million of annualized revenue. The company has also executed a sale-leaseback agreement to help finance the growth of Bit Digital AI. CEO Sam Tabar is optimistic about the growth potential of the AI business and its complementary nature to the upcoming bitcoin 'halving'.
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Bit Digital, Inc. Announces Monthly Production Update for December 2023

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Bit Digital, Inc. (Nasdaq: BTBT) announced its unaudited digital asset production and corporate updates for December 2023, including a 19% increase in BTC production, active hash rate of 2.52 EH/s, treasury holdings of 642.6 BTC and 17,399.3 ETH, cash and cash equivalents of $16.9 million, and proof-of-stake highlights. The company also provided an AI update, receiving 192 AI servers with 1,536 Nvidia HGX H100 GPUs from Super Micro Computer, Inc.
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Bit Digital, Inc. Announces Doubling Size of Fleet

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Bit Digital, Inc. (Nasdaq: BTBT) aims to double its operating fleet in Bitcoin mining operations to approximately 6.0 EH/s in 2024.
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Bit Digital, Inc. Announces Receipt of First Tranche of AI Servers

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Bit Digital, Inc. (Nasdaq: BTBT) has received an initial batch of servers equipped with Nvidia HGX H100 GPUs from Super Micro Computer, Inc. The company has received 89 servers, with 103 more expected by January 2024. Bit Digital has also received a three-month prepayment from its customer.
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Bit Digital, Inc. Announces That There Have Been No Disruptions to Its Operations in Iceland

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Bit Digital, Inc. (Nasdaq: BTBT) has reported no adverse impact on its operations in Iceland following the recent volcano eruption on the Reykjanes peninsula. The company continues to monitor potential outcomes related to ongoing seismic activity in the country but expects no material impact on its bitcoin mining operations or AI infrastructure business in Iceland.
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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.
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Bit Digital, Inc. Announces Finalized AI Customer Contract Terms and Datacenter Location

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Bit Digital, Inc. (Nasdaq: BTBT) has finalized a service agreement with its first customer for its new business line, Bit Digital AI. The agreement entails supplying computational power from 1,504 GPUs for a period of three years, representing over $35 million in annualized revenue. The Company has placed a purchase order for servers from Super Micro Computer, Inc., equipped with Nvidia HGX H100 GPUs, to fulfill the contract. Bit Digital will deploy the GPUs in a seismically stable data center in northern Iceland, securing 2.5 MW of capacity for 3 years.
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FAQ

What is the current stock price of Bit Digital Ordinary Shares (BTBT)?

The current stock price of Bit Digital Ordinary Shares (BTBT) is $3.71 as of January 22, 2025.

What is the market cap of Bit Digital Ordinary Shares (BTBT)?

The market cap of Bit Digital Ordinary Shares (BTBT) is approximately 548.8M.

What is the primary business of Bit Digital, Inc.?

Bit Digital, Inc. is primarily engaged in Bitcoin mining, Ethereum staking, and specialized cloud-infrastructure services for AI applications.

Where is Bit Digital, Inc. headquartered?

Bit Digital, Inc. is headquartered in New York City.

What are the key geographic locations for Bit Digital's operations?

Bit Digital operates in the United States, Canada, and Iceland.

What is the purpose of Bit Digital's AI business line?

The Bit Digital AI business line offers specialized cloud-infrastructure services, including GPU rental services for AI applications.

How did Bit Digital perform financially in the first quarter of 2024?

In the first quarter of 2024, Bit Digital's revenue grew by more than 250%, with GAAP Net Income exceeding $50 million.

What are Bit Digital's growth targets for 2024?

Bit Digital aims to reach a bitcoin mining capacity of 6.0 EH/s and expand its AI business to achieve a $100 million annualized revenue run-rate by the end of 2024.

How does Bit Digital ensure sustainability in its operations?

Bit Digital focuses on geographic diversification into regions with clean energy sources, such as Iceland, and continuously works to improve fleet efficiency and reduce production costs.

What recent achievements has Bit Digital announced?

Recent achievements include expanding operations into Iceland, doubling the active hash rate, launching the Bit Digital AI business line, and reporting strong financial results for fiscal year 2023 and the first quarter of 2024.

How does Bit Digital generate revenue?

Bit Digital generates revenue from digital asset mining, Ethereum staking, and providing cloud-infrastructure services for AI applications through its Bit Digital AI business line.

What is the significance of Bit Digital's presence in Iceland?

Bit Digital's presence in Iceland provides access to abundant clean energy and supportive government policies, enhancing the sustainability and efficiency of its operations.
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Bit Digital, Inc. Ordinary Shares

Nasdaq:BTBT

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BTBT Stock Data

548.80M
152.51M
0.68%
38.35%
17.38%
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