Business
Bit Digital, Inc. Announces Monthly Production Update for February 2024
NEW YORK, March 5, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable platform for digital assets and
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, March 5, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (\"Bit Digital\" or the \"Company\"), a sustainable platform for digital assets and artificial intelligence (\"AI\") infrastructure headquartered in New York, announced its unaudited digital asset production and corporate updates for the month of February 2024.\n\n \n \n \n \n \n \n\n \n Corporate Highlights for February 2024\nIn February 2024, the Company produced 128.7 BTC, an 11.7% decrease compared to the prior month.The Company's active hash rate was approximately 2.73 EH/s as of February 29, 2024.Treasury holdings[1] of BTC and ETH were 847.7 and 15,593.1 with a fair market value of approximately $51.9 million and $52.1 million, respectively, on February 29, 2024.The BTC equivalent[2] of our digital asset holdings as of February 29, 2024, was approximately 1,722.3 or approximately $105.4 million.The Company had cash and cash equivalents of $34.3 million as of February 29, 2024.Proof-of-Stake Highlights\nThe Company had approximately 12,784 ETH actively staked in native and liquid staking protocols as of February 29, 2024. Approximately 12,384 were natively staked and 400 ETH were deployed in liquid staking protocols as of that date.Bit Digital earned a blended APY of approximately 4.4% on its staked ETH position for the month of February 2024.The Company earned aggregate staking rewards of approximately 43.4 ETH during February 2024.Bit Digital AI Update\nAs of February 29, 2024, the Company had 251 servers actively generating revenue from its initial Bit Digital AI contract. The Company earned an estimated $4.0 million of unaudited revenue from this contract during the month of February 2024.About Bit Digital\nBit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (\"AI\") infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers specialized cloud-infrastructure services for artificial intelligence applications. 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, uncer...