NEW
YORK, Sept. 5, 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, announced its unaudited digital asset production, HPC
services revenue, and corporate updates for the month of
August 2024.
Corporate Highlights for August
2024
- The Company had 256 servers actively generating revenue from
its initial Bit Digital AI contract, as of August 31, 2024. The Company earned approximately
$4.3 million of unaudited revenue
from this contract during the month of August 2024. A service credit of $579k related to the downtime experienced during
an equipment upgrade was issued to the client in August for the
period of February to June 2024.
- In August 2024, the Company
produced 53.4 BTC, an 11.7% decrease compared to the prior
month.
- The Company's active hash rate was approximately 2.43 EH/s as
of August 31, 2024.
- Treasury holdings of BTC and ETH were 682.4 and
27,331.0 with a fair market value of approximately $40.2 million and $68.7
million, respectively, on August 31,
2024.
- The BTC equivalent[1] of our digital asset holdings
as of August 31, 2024, was
approximately 1,858.3 or approximately $109.6 million.
- The Company had cash and cash equivalents of $106.9 million and total liquidity (defined as
cash and cash equivalents, USDC, and the fair market value of
digital assets) of approximately $216.5
million, as of August 31,
2024.
Proof-of-Stake Highlights
- The Company had approximately 21,568 ETH actively
staked in native staking protocols as of August 31, 2024.
- Bit Digital earned a blended APY of approximately 3.1% on its
staked ETH position for the month of August 2024.
- The Company earned aggregate staking rewards of approximately
56.6 ETH during August
2024.
Upcoming Events
- 2024 Annual Gateway Conference, San
Francisco, CA on September
4-5
- H.C. Wainwright 26th Annual Global Investment
Conference, New York, NY on
September 11-12
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[1] "BTC equivalent" is
a hypothetical illustration of the value of our digital asset
treasury holdings in bitcoin terms. BTC equivalent is defined as if
all non-BTC digital assets, comprised of ETH, and USDC, were
converted into BTC as of August 31, 2024, and added to our existing
BTC balance. Conversion values are found using the closing price on
coinmarketcap.com. Our digital asset portfolio excludes digital
assets invested in a third-party managed fund.
|
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 established a
business line, Bit Digital AI, that offers specialized
cloud-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 most recent Annual Report
on Form 20-F for the fiscal year ended December 31, 2023. 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.
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SOURCE Bit Digital, Inc.