Business
Bit Digital, Inc. Announces Monthly Production Update for July 2023
NEW YORK, Aug. 4, 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, Aug. 4, 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 July 2023.\n\n \n \n \n \n \n \n\n \nCorporate Highlights for July 2023\nIn July 2023, the Company produced 133.0 BTC, a 12% 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 1.78 EH/s as of July 31, 2023.Treasury holdings of BTC and ETH were 677.0 and 12,167.2 with a fair market value of approximately $19.8 million and $22.6 million, respectively, on July 31, 2023.The BTC equivalent[1] of our digital asset holdings as of July 31, 2023 (defined as if all ETH, sETH-H, LsETH and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,617.7 or approximately $47.3 million.The Company had cash and cash equivalents of $21.9 million as of July 31, 2023.Proof-of-Stake Highlights\nThe Company had approximately 12,708 ETH actively staked in native and liquid staking protocols as of July 31, 2023. Approximately 10,304 were natively staked and 2,404 ETH were deployed in liquid staking protocols as of that date.Additionally, the Company has 576 ETH (18 Nodes) deposited but in queue to be activated on the Ethereum staking network, which are estimated to come online by the end of August 2023.Bit Digital earned a blended APY of approximately 4.5% on its staked ETH position for the month of July 2023.The Company earned aggregate staking rewards of approximately 43.8 ETH during July 2023.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, and Iceland. 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 ...