Business
Bit Digital, Inc. Announces Second Quarter of Fiscal Year 2021 Financial Results
NEW YORK, Aug. 20, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a bitcoin mining company headquartered in New York, today announced
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, Aug. 20, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the \"Company\"), a bitcoin mining company headquartered in New York, today announced its unaudited financial results for the second quarter ended June 30, 2021.\nFinancial Highlights for the Second Quarter 2021\nRevenue from bitcoin mining was $28.3 million.The number of bitcoins earned was 562.9. 70.8% of our miner fleet was deployed, in transit to, or awaiting installation in North America at June 30, 2021. We owned 32,500 miners, with 3,515 miners acquired in the second quarter of 2021.Net loss was $1.3 million and loss per share was $0.03, compared with a net loss of $0.3 million and a loss per share of $0.01 for the same period last year. Forward Looking Statements\nThe following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere in this news release. Except for the statements of historical fact, this news release contains \"forward-looking information\" and \"forward-looking statements reflecting our current expectations that involve risks and uncertainties (collectively, \"forward-looking information\") that is based on expectations, estimates and projections as at the date of this news release. Actual results and the timing of events in this news release includes information about hash rate expansion, diversification of operations, potential further improvements to profitability and efficiency across mining operations, potential for the Company's long-term growth, and the business goals and objectives of the Company. Factors that could cause actual results, performance or achievements to differ materially from those discussed in our such forward-looking statements as a result of many factors, including, but not limited to: continued effects of the COVID19 pandemic may have a material adverse effect on the Company's performance as supply chains are disrupted and may prevent the Company from operating its assets; the ability to establish new facilities for bitcoin mining in North America; a decrease in cryptocurrency migrating and then operating its assets; a decrease in cryptocurrency pricing; volume of transaction activity or generally, the profitability of cryptocurrency mining; further improvements to profitability and e...