Business
Bit Digital, Inc. Announces Monthly Production Update for January 2023
NEW YORK, Feb. 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, Feb. 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 January 2023.\n\n \n \n \n \n \n \n\n \nCorporate Highlights for January 2023\nIn January 2023, the Company earned 134.3 bitcoins, a 3% increase compared to the prior month. The increase in production was primarily driven by a higher average active hash rate, partially offset by an increase in network difficulty.Treasury holdings of BTC and ETH were 970.6 and 10,222.3 with a fair market value of approximately $22.5 million and $16.2 million, respectively, on January 31, 2023.The BTC equivalent[1] of our digital asset holdings as of January 31, 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 1,855.7, or approximately $42.9 million.The Company had cash and cash equivalents of $28.0 million as of January 31, 2023.The Company did not purchase or sell any miners during the month.Miner Deployments \n34% of the Company's bitcoin mining fleet, or 13,065 bitcoin miners representing 1.25 EH/s, was actively hashing in North America as of January 31, 2023.\nAbout 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. In addition, our past financial performance may not b...