Business
Bit Digital, Inc. Announces Monthly Production Update for July 2024
NEW YORK, Aug. 6, 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, Aug. 6, 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 July 2024.\n\n \n \n \n \n \n \n\n \nCorporate Highlights for July 2024\nThe Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of July 31, 2024. The Company earned an estimated $4.3 million of unaudited revenue from this contract during the month of July 2024.In July 2024, the Company produced 60.5 BTC, a 1.9% decrease compared to the prior month.The Company's active hash rate was approximately 2.46 EH/s as of July 31, 2024.Treasury holdings of BTC and ETH were 641.8 and 27,274.4 with a fair market value of approximately $41.5 million and $88.1 million, respectively, on July 31, 2024.The BTC equivalent[1] of our digital asset holdings as of July 31, 2024, was approximately 2,009.0 or approximately $129.8 million.The Company had cash and cash equivalents of $82.1 million and total liquidity (defined as cash and cash equivalents, USDC, and the fair market value of digital assets) of approximately $211.9 million, as of July 31, 2024.Proof-of-Stake Highlights\nThe Company had approximately 17,184 ETH actively staked in native staking protocols as of July 31, 2024.Bit Digital earned a blended APY of approximately 3.3% on its staked ETH position for the month of July 2024.The Company earned aggregate staking rewards of approximately 47.5 ETH during July 2024.Upcoming Events\n2024 Annual Gateway Conference, San Francisco, CA on September 4-5About 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 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 conside...