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Bit Digital, Inc. Announces First Quarter of Fiscal Year 2022 Financial Results
NEW YORK, June 22, 2022 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a digital asset mining company headquartered in New York, today
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, June 22, 2022 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the \"Company\"), a digital asset mining company headquartered in New York, today announced its unaudited financial results for the first quarter ended March 31, 2022.\nFinancial Highlights for the First Quarter 2022\nBitcoin mining revenue was $8.0 million for the first quarter of 2022. Revenue from Ethereum mining was $0.5 million.We had cash and cash equivalents of $28.1 million, and total liquidity (defined as cash and digital assets) of approximately $73.3 million, as of March 31, 2022. Total assets were $169.6 million as of March 31, 2022.Non-GAAP income* from operations was $0.5 million.Non-GAAP net income** was $2.9 million, or $0.04 earnings per share.* Non-GAAP income from operations excludes the impact of depreciation of property and equipment, and share-based compensation expense.\n** Non-GAAP net income excludes depreciation of property and equipment, share-based compensation expenses, impairment of digital assets, gain from disposal of property and equipment, gain from sale of investment security and gain from sales of a subsidiary.\nOperational Highlights for the First Quarter 2022\nThe Company earned 194.48 bitcoins and 189.26 ETH during the quarter. Factors impacting production included the Company's ongoing miner redeployment program, growth in the overall bitcoin network hash rate, and the number of days in the quarter.Treasury holdings of BTC and ETH were 832.14 and 266.71, with a fair market value of approximately $27.6 million and $0.6 million on March 31, 2022, respectively.The Company owned 27,644 bitcoin miners and 731 Ethereum miners as of March 31, 2022, with an estimated maximum total hash rate of 1.6 EH/s and 0.3 TH/s, respectively. As of May 31, 2022, the Company owned 33,376 bitcoin miners with an estimated maximum total hash rate of 2.17 EH/s.Subsequent to quarter-end, the Company signed a miner swap agreement with Riot Blockchain, Inc. (Riot), which provides for Riot to deliver miners rated at 0.625 EH/s to the Company in exchange for 0.5 EH/s delivered from the Company to Riot, a 25% boost in favor of the Company.As of May 31, 2022, the Company had received 5,023 machines pursuant to its previously announced 10,000-unit purchase agreement with Bitmain Technologies Limited. The final installment is expected to ship in June ...