NEW
YORK, March 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 and
corporate updates for the month of February
2024.
Corporate Highlights for February 2024
- In February 2024, the Company
produced 128.7 BTC, an 11.7% decrease compared to the prior
month.
- The Company's active hash rate was approximately 2.73 EH/s as
of February 29, 2024.
- Treasury holdings[1] of BTC and ETH
were 847.7 and 15,593.1 with a fair market value of approximately
$51.9 million and $52.1 million, respectively, on February 29, 2024.
- The BTC equivalent[2] of our digital asset holdings
as of February 29, 2024, was
approximately 1,722.3 or approximately $105.4 million.
- The Company had cash and cash equivalents of $34.3 million as of February 29, 2024.
Proof-of-Stake Highlights
- The Company had approximately 12,784 ETH actively
staked in native and liquid staking protocols as of February 29, 2024. Approximately 12,384 were
natively staked and 400 ETH were deployed in liquid
staking protocols as of that date.
- Bit Digital earned a blended APY of approximately 4.4% on its
staked ETH position for the month of February 2024.
- The Company earned aggregate staking rewards of approximately
43.4 ETH during February
2024.
Bit Digital AI Update
- As of February 29, 2024, the
Company had 251 servers actively generating revenue from its
initial Bit Digital AI contract. The Company earned an estimated
$4.0 million of unaudited revenue
from this contract during the month of February 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 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, 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] "Treasury holdings" excludes approximately
2,701 ETH that were transferred to an internally
managed fund.
[2] "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, LsETH, and
USDC, were converted into BTC as of February
29, 2024, and added to our existing BTC balance. Conversion
values are found using the closing price on coinmarketcap.com.
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SOURCE Bit Digital, Inc.