Business
Bit Digital, Inc. Announces Monthly Production Update for August 2023
NEW YORK, Sept. 5, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, Sept. 5, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (\"Bit Digital\" or the \"Company\"), a digital asset mining company headquartered in New York, announced its unaudited digital asset production and corporate updates for the month of August 2023.\n\n \n \n \n \n \n \n\n \nCorporate Highlights for August 2023\nIn August 2023, the Company produced 139.9 BTC, a 5% increase compared to the prior month. The increase was primarily driven by a higher average active hash rate, partially offset by an increase in network difficulty.The Company's active hash rate was approximately 2.03 EH/s as of August 31, 2023.Treasury holdings of BTC and ETH were 758.5 and 13,002.1 with a fair market value of approximately $19.7 million and $21.4 million, respectively, on August 31, 2023.The BTC equivalent[1] of our digital asset holdings as of August 31, 2023, was approximately 1,747.0 or approximately $45.3 million.The Company had cash and cash equivalents of $24.9 million as of August 31, 2023.Proof-of-Stake Highlights\nThe Company had approximately 13,188 ETH actively staked in native and liquid staking protocols as of August 31, 2023. Approximately 10,784 were natively staked and 2,404 ETH were deployed in liquid staking protocols as of that date.Additionally, the Company has 416 ETH (13 Nodes) deposited but in queue to be activated on the Ethereum staking network, which are estimated to come online by the end of September 2023.Bit Digital earned a blended APY of approximately 4.4% on its staked ETH position for the month of August 2023.The Company earned aggregate staking rewards of approximately 46.7 ETH during August 2023.Annual General Meeting\nBit Digital will host its Annual General Meeting of the Company's shareholders at 9:00am ET on September 20, 2023. The meeting will be virtual-only. Please see here for additional information: https://www.transhare.com/bitdigital.Upcoming Conference Participation\nBit Digital will be presenting at the following conferences in September 2023:\nThe H.C. Wainwright 25th Annual Global Investment Conference in New York City on September 11-13th.The Singular Midwestern Values Conference (virtual) on September 14th.About Bit Digital\nBit Digital, Inc. is a sustainability focused generator of digital assets headquartered in New York City. Our mining operations are located in the US, Canada...