Business
Bit Digital, Inc. Announces First Quarter of Fiscal Year 2023 Financial Results
NEW YORK, June 12, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a digital asset mining company headquartered in New York City, today
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, June 12, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the \"Company\"), a digital asset mining company headquartered in New York City, today announced its unaudited financial results for the first quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nFinancial Highlights for the First Quarter 2023\nTotal revenue was $8.3 million for the first quarter of 2023. The majority of revenue was earned from our bitcoin mining business.The Company had cash, cash equivalents and restricted cash of $29.2 million, and total liquidity (defined as cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $71.3 million, as of March 31, 2023.Total assets were $92.2 million as of March 31, 2023. Shareholders' equity amounted to $87.0 million as of March 31, 2023.Adjusted EBITDA[1] was $1.5 million for the three-month period ended March 31, 2023.Adjusted earnings per share[2] was $0.01 for the three-month period ended March 31, 2023.Operational Highlights for the First Quarter 2023\nThe Company earned 362.0 bitcoins during the quarter. Factors impacting production included the Company's ongoing miner deployment program, curtailment activities, and growth in the overall bitcoin network hash rate.The Company paid approximately $0.046 per kilowatt hour to its hosting partners for electricity consumed during the quarter.For the three months ended March 31, 2023, we earned 8.7 ETH in native staking and 23.0 rETH-h in Portara liquid staking, respectively.Treasury holdings of BTC and ETH were 724.8 and 9,136.2, with a fair market value of approximately $20.6 million and $16.6 million on March 31, 2023, respectively.The BTC equivalent[3] of our digital asset holdings as of March 31, 2023 (defined as if all ETH, sETH-H, LsETH, and USDC holdings were converted into BTC as of that date) was approximately 1,480.0 BTC, or approximately $42.1 million.The Company owned 37,676 bitcoin miners and 730 ETH miners as of March 31, 2023, with an estimated maximum total hash rate of 2.6 EH/s and 0.3 TH/s, respectively.The Company's active hash rate of its bitcoin mining fleet was approximately 1.25 EH/s as of March 31, 2023.Approximately 85% of our fleet's run-rate electricity consumption was generated from carbon-free energy sources as of March 31, 2023. These figures are based on data provided by ou...