Business
Bit Digital, Inc. Announces First Quarter of Fiscal Year 2021 Financial Results
NEW YORK, May 6, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a bitcoin mining company headquartered in New York, today announced
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, May 6, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the \"Company\"), a bitcoin mining company headquartered in New York, today announced its unaudited financial results for the first quarter ended March 31, 2021.\n\nFinancial Highlights for the First Quarter 2021\nRevenue from bitcoin mining was $43.95 million. The number of bitcoins earned was 1,013.40. The Company owned 40,965 miners, with 100 miners acquired in the first quarter of 2021. Net income was $35.79 million and earnings per share was $0.74 for the first quarter 2021, compared with a net loss of $3.85 million and a loss per share of $0.25 for the same period last year.OPERATING AND FINANCIAL REVIEW AND PROSPECTS\nThe following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. See \"Disclosure Regarding Forward-Looking Statements\" for a discussion of the uncertainties, risks, and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under \"Risk Factors\" and elsewhere in our Annual Report on Form 20-F for the year ended December 31, 2020. \n\nOverview\nBitcoin Mining Business\nWe are a bitcoin mining company with operations in the United States, Canada and China. We commenced our bitcoin mining business in February 2020. Our bitcoin mining operations, hosted by third party hosting providers, use specialized computers, known as miners, to generate bitcoins, a cryptocurrency. The miners use application specific integrated circuit (\"ASIC\") chips. These chips enable the miners to apply greater computational power, or \"hash rate\", to provide transaction verification services (known as \"solving a block\") which helps support the bitcoin blockchain. For every block added, the bitcoin blockchain awards a bitcoin award equal to a set number of bitcoins per block. Miners with a greater hash rate have a higher chance of solving a block and receiving a bitcoin award.\nOur mining facilities and mining platform operate wit...