Business
Bit Digital, Inc. Announces Monthly Production Update for February 2023
NEW YORK, March 6, 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, March 6, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (\"Bit Digital\" or the \"Company\"), a digital asset mining company headquartered in New York, announced its unaudited bitcoin production and corporate updates for the month of February 2023.\n\n \n \n \n \n \n \n\n \nCorporate Highlights for February 2023\nIn February 2023, the Company earned 108.2 bitcoins, a 19% decrease compared to the prior month. The decrease in production was primarily driven by fewer days during the month and an increase in network difficulty.13,645 bitcoin miners representing 1.30 EH/s, was actively hashing in North America as of February 28, 2023.Treasury holdings of BTC and ETH were 696.5 and 7,332.6 with a fair market value of approximately $16.1 million and $11.8 million, respectively, on February 28, 2023. A portion of BTC and ETH treasury holdings were sold during the month to fund strategic investments and for general corporate purposes.The BTC equivalent[1] of our digital asset holdings as of February 28, 2023 (defined as if all ETH, sETH-H, and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,441.6, or approximately $33.4 million.The Company had cash and cash equivalents of $33.6 million as of February 28, 2023.The Company did not purchase or sell any miners during the month.About Bit Digital\nBit Digital, Inc. is a bitcoin mining company headquartered in New York City. Our mining operations are located in North America. For additional information, please contact [email protected] or visit our website at www.bit-digital.com.\nInvestor Notice\nInvesting in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under \"Risk Factors\" in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. ...