NEW
YORK, March 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 February 2023.
Corporate Highlights for February
2023
- In February 2023, the Company
earned 108.2 bitcoins, a 19% decrease compared to the prior month.
The decrease in production was primarily driven by fewer days
during the month and an increase in network difficulty.
- 13,645 bitcoin miners representing 1.30 EH/s, was
actively hashing in North America
as of February 28, 2023.
- Treasury holdings of BTC and ETH were 696.5 and
7,332.6 with a fair market value of approximately $16.1 million and $11.8
million, respectively, on February
28, 2023. A portion of BTC and ETH treasury
holdings were sold during the month to fund strategic investments
and for general corporate purposes.
- The BTC equivalent[1] of our digital asset
holdings as of February 28, 2023
(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 approximately 1,441.6, or approximately
$33.4 million.
- The Company had cash and cash equivalents of $33.6 million as of February 28, 2023.
- The Company did not purchase or sell any miners during the
month.
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.
Investor Notice
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.
[1] "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 February 28, 2023, 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.