Bit Digital, Inc. Announces 2020 Financial Highlights

About this update from Bit Digital, Inc.

[{"type":"text","content":"NEW YORK, April 1, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the \"Company\"), a bitcoin mining company headquartered in New York, announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the U.S. Securities and Exchange Commission (\"SEC\") on March 30, 2021. The annual report, which contains its audited financial statements, can be accessed on the SEC's website at http://www.sec.gov as well as on the Company's investor relations website at http://www.bit-digital.com. \n\n \n \n \n \n \n \n\n \nFull Year 2020 Highlights\nBitcoin mining revenue was $21.07 million. We earned 1,510.20 bitcoins from our bitcoin mining business; 695.97 bitcoin earned during the fourth quarter. Net income from continuing operations was $1.92 million, derived entirely from our bitcoin mining business, compared with net loss of $2.00 million from continuing operations in 2019 Total assets of $39.89 million, representing an increase of 783.28% compared with that of at the end of 2019. We owned 40,865 miners for a total hash of 2,253.5 PH/s, all of which were acquired during 2020.Management Commentary\n\"2020 was an extraordinary year, as Bit Digital successfully entered and rapidly scaled its bitcoin mining business, and today enjoys one of the highest operating hash rates of any U.S. listed bitcoin mining company at 2,253.5 Petahash\" said Erke Huang, Bit Digital's CFO. \"As of December 31, 2020, we owned a total of 40,865 miners, encompassing one of the largest operating fleets of any U.S. publicly listed bitcoin miner.\"\n\"We achieved this growth through our efficient sourcing of miners, and entry into partnerships with valued hosting providers, which secure us access to electricity and facilities at affordable rates. We took advantage of opportunities to migrate miners on a seasonal basis and to opportunistically access lower-cost power, a portion of which comes from renewable sources. We recently commenced the internationalization of our business, deploying miners in the United States, where as of March 26, 2021, we deployed 5,281 miners, with an additional 3,300 newly purchased miners expected to be launched in the U.S. by the end of April 2021. Going forward, we expect a growing portion of our fleet to be in North America.\"\n\"Finally, we completed the disposition of our legacy busines...

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