YORK, Jan. 6, 2023 /PRNewswire/ -- Bit Digital,
Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital
asset mining company headquartered in New
York, announced its unaudited bitcoin
production and corporate updates for the month of December 2022.
Corporate Highlights for December
- In December 2022, the Company
earned 130.0 bitcoins, a 10% decrease compared to the prior month.
The decline in production was primarily driven by planned
curtailment activities at certain hosting locations.
- Treasury holdings of BTC and ETH were 946.6 and
8,799.9 with a fair market value of approximately $15.7 million and $10.5
million, respectively, on December
- The BTC equivalent of our digital asset holdings
as of December 31, 2022 (defined as
if all ETH, sETH-H, and USDC holdings were converted
into BTC as of that date and added to our BTC holdings) was
- The Company had cash and cash equivalents of $32.7 million as of December 31, 2022.
- The Company owned 38,593 bitcoin miners and 730
Ethereum miners as of December
31, 2022, with an estimated maximum total hash rate of 2.7
Exahash ("EH/s") and 0.3 Terahash ("TH/s), respectively.
35% of the Company's bitcoin mining fleet, or
13,595 bitcoin miners representing 1.23 EH/s, was
actively hashing in North America
as of December 31, 2022.
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 firstname.lastname@example.org or visit our website
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. 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.
 "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, and USDC, were converted
into BTC as of December 31, 2022, 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.