Business
Bit Digital, Inc. Announces Fiscal Year 2023 Financial Results
NEW YORK, March 18, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a sustainable platform for digital assets and artificial
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, March 18, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the \"Company\"), a sustainable platform for digital assets and artificial intelligence (\"AI\") infrastructure headquartered in New York City, announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission (\"SEC\") on March 18, 2024.\n\n \n \n \n \n \n \n\n \nFinancial Highlights for the Fiscal Year 2023\nTotal revenue for fiscal year 2023 was $44.9 million, a 39% increase compared to the prior year. The majority of revenue was earned from our bitcoin mining business.The Company had cash, cash equivalents and restricted cash of $18.2 million, and total liquidity (defined as cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $81.2 million[1], as of December 31, 2023.Total assets were $189.3 million and Shareholders' Equity amounted to $152.7 million as of December 31, 2023.Adjusted EBITDA[2] was $12.4 million for the fiscal year 2023.Adjusted earnings per share[3] was $0.12 for fiscal year 2023.Operational Highlights for the Fiscal Year 2023\nThe Company earned 1,507.3 bitcoins during 2023, a 21% increase from the prior year. Growth was primarily driven by a higher active hash rate and partially offset by an increase in network difficulty.The Company paid approximately $0.05 per kilowatt hour to its hosting partners for electricity consumed during fiscal year 2023.The average fleet efficiency for the active fleet was approximately 28.8 J/TH as of December 31, 2023.The Company earned 287.0 ETH in native staking and 81.9 ETH in liquid staking, respectively, during fiscal year 2023.Treasury holdings of BTC and ETH were 642.6 and 15,108.0, with a fair market value of approximately $27.2 million and $34.5 million on December 31, 2023, respectively.The BTC equivalent[4] of our digital asset holdings as of December 31, 2023 (defined as if all ETH, LsETH, and USDC holdings were converted into BTC as of that date) was approximately 1,489.9 BTC, or approximately $63.0 million. This figure excludes approximately 2,701 ETH that transferred to an internally managed fund.As of December 31, 2023, we had 46,548 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 3.9 EH/S.The Company's active h...