YORK, April 15, 2022 /PRNewswire/ -- Bit
Digital, Inc. (Nasdaq: BTBT) (the "Company"), a bitcoin mining
company headquartered in New York,
announced that it filed its annual report on Form 20-F for the
fiscal year ended December 31, 2021
with the U.S. Securities and Exchange Commission ("SEC") on
April 15, 2021.
Fiscal Year 2021 Financial Highlights
- Bitcoin mining revenue increased to $96.1 million from $21.1
million in fiscal year 2020, an increase of 355% year over
- Net income increased to $4.9
million in fiscal year of 2021, compared to a net loss of
$1.9 million in fiscal year
- Total assets increased to $179.9
million as of December 31,
2021 from $39.9 million as of
December 31, 2020, an increase of
351% year over year.
- Non-GAAP income* from operations increased to $48.1 million from $4.9
million in fiscal year 2020.
- Non-GAAP net income** increased to $52.7
million, or $0.96 earnings per
share, compared to $1.9 million, or
$0.06 earnings per share in fiscal
- We had cash and cash equivalents of $42.4 million, and total liquidity (defined as
cash and digital assets) of approximately $93.5 million, as of December 31, 2021.
- Successfully raised $118.8
million of gross proceeds from various private placement
transactions and issuance of convertible notes.
* Non-GAAP income from operations excludes the impact of
depreciation of property and equipment, and share-based
** Non-GAAP net income excludes the impact of depreciation of
property and equipment, impairment on digital assets, loss from
disposal of property and equipment, and share-based compensation
Fiscal Year 2021 Operational Highlights
- The Company completed the migration of its miner fleet to
North America. 100% of our fleet
had exited China as of
September 30, 2021 and arrived in
North America as of November 17, 2021.
- Earned 2,065.3 bitcoins from our bitcoin mining business,
compared to 1,510.2 bitcoins earned in fiscal year 2020
- Treasury holdings were 802.23 bitcoins as of December 31, 2021, compared to 262.62 bitcoins as
of December 31, 2020.
- The Company owned 27,744 bitcoin miners and 731 Ethereum miners
as of December 31, 2021, with an
estimated maximum total hash rate of 1.6 EH/s and 0.3 TH/s,
- On October 7, 2021, we contracted
to purchase an additional 10,000 Antminers from Bitmain under a
Sales and Purchase Agreement (the "SPA") at an estimated cost of
$65 million. These miners are
expected to be fully installed by June
2022 and to increase the Company's miner hash rate by
approximately 1.0 Exahash ("EH/s").
- As a result of the hosting agreements signed as of December 31, 2021, the Company had secured
hosting capacity sufficient to complete the redeployment of its
fleet in North America, with
additional signed capacity to facilitate future fleet growth.
- On December 7, 2021, the Company
became a member of the Bitcoin Mining Council ("BMC"), joining
MicroStrategy and other founding members to promote transparency,
share best practices, and educate the public on the benefits of
bitcoin and bitcoin mining.
- Approximately 67% of our fleet's run-rate electricity
consumption was generated from carbon-free energy sources as of
December 31, 2021, based on data
provided by our hosts, publicly available sources, and internal
estimates, demonstrating our commitment to sustainable practices in
the digital asset mining industry.
- Successfully complete full deployment of currently-owned fleet
and announced miner purchases
- Continue progress towards our carbon-free goal and overall
- Monitor and execute on attractive miner procurement
- Evaluate and execute on new growth opportunities
"In 2021, Bit Digital geographically relocated its entire
bitcoin mining operation to North
America, the only public miner we know of to have achieved
this logistical feat. As of March 15,
2022, we had deployed approximately 39% of our fleet here in
the U.S. We and our hosting partners remain focused on completing
100% redeployment, which we target for the second half of 2022.
During the year, we showed our differentiated access to
procurement, securing miners both through the spot market and
direct channels. Further, amidst a tight market for data center
rack space, we secured a robust power pipeline to facilitate
growth, with over 200 MW contracted – enough to roughly double our
fleet size. We did this while continuing to demonstrate our
commitment to sustainability.
Non-GAAP Income from Operations of $48.1
million increased nearly 900% year-on-year, illustrating the
growth potential of our business. That this was achieved against
the backdrop of fleet migration, with many miners offline, is
Bit Digital is excited for the year ahead, as our team explores
pioneering new opportunities and continues its focus on
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company headquartered in
New York City. Our mining
operations are located in North
America. For additional information, please contact
IR@bit-digital.com or visit our website at www.bit-digital.com.
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, 2021 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. Additionally, all discussions of financial
metrics assume mining difficulty rates as of December 2021. See "Safe Harbor Statement"
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
Note: Actual operating hash rate will vary depending on network
difficulty rate, total hash rate of the network, the operations of
our facilities and the status of our miners.
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SOURCE Bit Digital, Inc.