NEW
YORK, May 3, 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 April 2023.
Corporate Highlights for April
2023
- In April 2023, the Company earned
86.1 bitcoins, a 28% decrease compared to the prior month. The
decrease in production was primarily driven by the relocation of
approximately 6,500 mining units from facilities previously
operated by Compute North to different hosting sites that commenced
during the month, and to a lesser extent, an increase in the
bitcoin network difficulty.
- 11,513 bitcoin miners representing 1.20 EH/s, was
actively hashing in North America
as of April 30, 2023.
- Treasury holdings of BTC and ETH were 553.2 and
9,900.9 with a fair market value of approximately $16.2 million and $18.6
million, respectively, on April 30,
2023.
- The BTC equivalent[1] of our digital asset holdings
as of April 30, 2023 (defined as if
all ETH, sETH-H, LsETH and USDC holdings were
converted into BTC as of that date and added to our BTC holdings)
was approximately 1,558.3, or approximately $45.5 million.
- The Company had cash and cash equivalents of $21.9 million as of April
30, 2023.
- As of April 30, 2023, the Company
held approximately $6.2 million in
USDC, up from approximately $0.5
million of March 31,
2023.
- During the month of April 2023,
the Company finalized an agreement to purchase 3,600 factory-new
S19 mining units with a total maximum hash rate of approximately
324 PH/s. The agreement represents an average purchase price of
approximately $8.5 per
terahash/second (TH/s). The mining units are expected to be
delivered by the end of May
2023.
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, 2022. 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, LsETH, and USDC, were
converted into BTC as of April 30,
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bit-digital-inc-announces-monthly-production-update-for-april-2023-301815129.html
SOURCE Bit Digital, Inc.