NEW
YORK, Feb. 12, 2024 /PRNewswire/ -- Bit Digital,
Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable
platform for digital assets and artificial intelligence ("AI")
infrastructure headquartered in New York
City, is pleased to announce its strategic priorities for
2024.
"Our strategic priorities for 2024 are the cornerstone of our
success, embodying five essential pillars that will guide Bit
Digital's focus and direction," said Sam
Tabar, CEO of Bit Digital. "Together, these priorities form
the blueprint that should set the stage for a year of
groundbreaking achievements."
The following priorities are subject to change based on market
conditions and other factors and are not necessarily presented
based on priority ranking.
- Expand the active bitcoin mining fleet
- Diversify and grow Bit Digital AI
- Maintain a strong and flexible balance sheet
- Increase our treasury holdings of staked ETH
with retained earnings
- Continued focus on sustainability
Expand the active bitcoin mining
fleet
The Company targets doubling the size of its active
bitcoin mining fleet to approximately 6.0 EH/s during
2024. The Company anticipates a significant portion of the growth
will be executed following the bitcoin 'halving'
(expected in April 2024) when it
anticipates attractive procurement opportunities for mining
equipment. In expanding the mining fleet, Bit Digital also aims to
increase its overall fleet efficiency and lower its marginal
production cost by procuring high-efficiency machines.
Diversify and grow Bit Digital AI
The Company's Bit Digital AI business currently has an
approximate $50 million annualized
revenue run-rate with its anchor customer contract. The Company
aims to increase the revenue run-rate of this business materially
in 2024 through both expanding the scope of its existing contract
and by onboarding new customers. The Company is targeting
$100m of run-rate AI revenue by
year-end 2024.
Maintain a strong and flexible balance sheet
As of January 31, 2024, Bit
Digital had approximately $23 million
of cash, approximately $74 million
worth of digital assets, and zero debt. A strong balance sheet has
been instrumental in enabling the Company to withstand downturns in
bitcoin pricing and act opportunistically when
equipment market falls to attractive levels. While the Company's
growth plans for 2024 will require capital to achieve, Bit Digital
intends to pursue growth with prudent management of its balance
sheet.
Increase our treasury holdings of staked ETH
with retained earnings
Bit Digital remains optimistic on the future of the
Ethereum network and will continue to systematically
convert a portion of its mined bitcoin into
ETH for the purpose of staking ETH to
generate yield. The Company had approximately
12,752 ETH actively staked in native and liquid
staking protocols as of December 31,
2023.
Continued focus on sustainability
Approximately 99% of our fleet's run-rate electricity
consumption was generated from carbon-free energy sources as of
September 30, 2023[1], highlighting our commitment
to sustainable practices in the digital asset mining industry. Bit
Digital aims to continue leading by example as it pertains to
sustainably mining bitcoin and ultimately aims for its
mining operations to become entirely carbon-free.
"As we navigate through 2024, our mission at Bit Digital is
clear and ambitious," mentioned Tabar. "We are set to double our
hashrate in 2024 while simultaneously our Bit Digital AI business
line is on a path to expand its partnerships and forge new ones.
Sustainability remains at the core of our operations, as we expect
to maintain our green mining operation. Additionally, we're
continuing our Proof-of-Stake endeavors, all while maintaining a
robust and flexible financial foundation. This is more than growth;
it's a commitment to innovation, sustainability, and financial
prudence."
About Bit Digital
Bit Digital, Inc. is a sustainable platform for digital assets
and artificial intelligence ("AI") infrastructure headquartered in
New York City. Our
bitcoin mining operations are located in the US,
Canada, and Iceland. The Company has also established a
business line, Bit Digital AI, that offers infrastructure services
for artificial intelligence applications. 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 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. See
"Safe Harbor Statement" below.
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] 99% carbon-free figure is based on data provided by our
hosts, publicly available sources, and internal estimates.
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SOURCE Bit Digital, Inc.