24 September 2023

Digital Technology Guru

Digital Technology Guru Reviews

Bit Digital Announces Q2 2023 Financial and Operational Results

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Bit Digital Announces Q2 2023 Financial and Operational Results

Bit Digital, a digital asset mining company, has released its unaudited financial and operational results for the second quarter of 2023. With a focus on bitcoin mining, the company reported total revenue of $9.0 million for the quarter. It earned 318.4 bitcoins and had 36.3 ETH in native staking and 31.6 ETH in liquid staking during the quarter.

The company’s cash, cash equivalents, and restricted cash stood at $19.8 million, with total liquidity of approximately $64.8 million as of June 30, 2023. Bit Digital reported total assets of $100.4 million and shareholders’ equity of $91.7 million for the same period. Adjusted EBITDA was $1.9 million, and adjusted earnings per share were $0.02.

In terms of operational highlights, Bit Digital had approximately 44,886 bitcoin miners and 730 ETH miners in operation as of June 30, 2023. The company’s active hash rate for its bitcoin mining fleet was approximately 1.78 EH/s. It also highlighted its commitment to sustainability, with approximately 99% of its fleet’s run-rate electricity consumption generated from carbon-free energy sources.

During the quarter, Bit Digital entered into various agreements to expand its mining capacity. These included amended hosting agreements with Coinmint and Blockbreakers, as well as a Computation Capacity Services Agreement Amendment with GreenBlocks. Furthermore, the company collateralized BTC with Auros Global Limited to support yield optimization strategies.

Bit Digital’s management commented on the quarter, stating that it was a transitional period as the company exited legacy hosting relationships and formed new partnerships. They highlighted their focus on environmental sustainability and their goal to become entirely carbon-free. The company also expressed its plans for future growth, aiming to reach 2.6 EH/s for its active fleet the end of October 2023 and 3.5 EH/s the end of December 2023.

Overall, Bit Digital’s financial and operational results for the second quarter of 2023 demonstrate steady growth and a commitment to environmental sustainability in the digital asset mining industry.

– Bit Digital Announces Second Quarter 2023 Financial Results. PR Newswire.