Business
Bit Digital, Inc. Announces Monthly Production Update for May 2023
NEW YORK, June 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, June 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 May 2023.\n\n \n \n \n \n \n \n\n \nCorporate Highlights for May 2023\nIn May 2023, the Company produced 113.2 BTC, a 31% increase compared to the prior month. The increase in production was primarily driven by a higher average active hash rate and an increase in transaction fees during the month, which was partially offset by an increase in the bitcoin network difficulty.The Company had a deployed fleet of 11,513 active bitcoin miners as of May 31, 2023. The Company's active hash rate was approximately 1.20 EH/s as of that date.Treasury holdings of BTC and ETH were 453.6 and 10,996.0 with a fair market value of approximately $12.3 million and $20.6 million, respectively, on May 31, 2023.The BTC equivalent[1] of our digital asset holdings as of May 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 1,418.4, or approximately $38.6 million.During the month, Bit Digital transferred 129 BTC to its strategic partner, Auros Global Limited, as collateral for yield optimization strategies connected to 430 BTC that Auros is conducting on behalf of Bit Digital. This allocation relates to the Company's broader objective to enhance its overall treasury management solutions.The Company had cash and cash equivalents of $15.4 million as of May 31, 2023.During the month of May 2023, the Company finalized agreements to purchase 6,600 new mining units with a total maximum hash rate of approximately 680 PH/s. These figures do not include the Company's operations in Iceland in which the Company extended credit to its partner for the purchase of 2,500 mining units to operate on the Company's behalf.Proof-of-Stake Highlights\nThe Company had approximately 6,692 ETH actively staked in native and liquid staking protocols as of May 31, 2023. Approximately 4,288 were natively staked and 2,404 ETH were deployed in liquid staking protocols as of that date.Additionally, The Company has 5,024 ETH (157 Nodes) deposited but in queue to be activated on the Ethereum staking network, which are estimated to come...