Business
Bit Digital, Inc. Announces Monthly Production Update for November 2023
NEW YORK, Dec. 5, 2023 /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, Dec. 5, 2023 /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 November 2023.\n\n \n \n \n \n \n \n\n \nCorporate Highlights for November 2023\nIn November 2023, the Company produced 142.7 BTC, a 24% increase compared to the prior month.The Company's active hash rate was approximately 2.25 EH/s as of November 30, 2023.Treasury holdings of BTC and ETH were 551.8 and 16,064.8 with a fair market value of approximately $20.8 million and $33.0 million, respectively, on November 30, 2023.The BTC equivalent[1] of our digital asset holdings as of November 30, 2023, was approximately 1,465.1 or approximately $55.3 million.The Company had cash and cash equivalents of $14.9 million as of November 30, 2023.Proof-of-Stake Highlights\nThe Company had approximately 12,784 ETH actively staked in native and liquid staking protocols as of November 30, 2023. 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 4.35% on its staked ETH position for the month of November 2023.The Company earned aggregate staking rewards of approximately 44.93 ETH during November 2023.Bit Digital AI Update\nBit Digital received a prepayment for the first month from its first customer for its Bit Digital AI business. The Company expects to earn between $35 million and $37 million of revenue from this contract[2] during 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, uncertainties and forward-looking ...