NEW
YORK, Jan. 23, 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 that its
customer contract for its Bit Digital AI business has commenced
revenue generation as of the date of this report. 192 servers,
representing 1,536 GPUs, began generating revenue on January 23, 2024. An additional 64 servers,
representing 512 GPUs, are expected to start earning revenue by the
end of January 2024. The total
contract value for 2,048 GPUs is worth more than $50 million of annualized revenue to Bit
Digital.
Sam Tabar, Bit Digital's CEO,
commented: "We are excited to begin earning revenue from our
inaugural contract for our Bit Digital AI business. We expect that
the steady revenue and strong margin contribution from this
contract will strengthen our overall financial profile and make us
more resilient to potential downswings in the price of
bitcoin. Additionally, we believe the steady cash
flows from this contract will enable us to opportunistically
acquire new bitcoin mining rigs as we strive towards
our goal of doubling our operating fleet to approximately 6.0 EH/s
during 2024."
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.
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SOURCE Bit Digital, Inc.