Business
Bit Digital, Inc. Announces Second Quarter of Fiscal Year 2023 Financial Results
NEW YORK, Aug. 15, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a digital asset mining company headquartered in New York City, today
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, Aug. 15, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the \"Company\"), a digital asset mining company headquartered in New York City, today announced its unaudited financial results for the second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nFinancial Highlights for the Second Quarter 2023\nTotal revenue was $9.0 million for the second quarter of 2023. The majority of revenue was earned from our bitcoin mining business.The Company had cash, cash equivalents and restricted cash of $19.8 million, and total liquidity (defined as cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $64.8 million, as of June 30, 2023.Total assets were $100.4 million as of June 30, 2023. Shareholders' equity amounted to $91.7 million as of June 30, 2023.Adjusted EBITDA[1] was $1.9 million for the three-month period ended June 30, 2023.Adjusted earnings per share[2] was $0.02 for the three-month period ended June 30, 2023.Operational Highlights for the Second Quarter 2023\nThe Company earned 318.4 bitcoins during the quarter. Factors impacting production included the relocation of certain miners, curtailment activities, and growth in the overall bitcoin network hash rate.The Company paid approximately $0.049 per kilowatt hour to its hosting partners for electricity consumed during the quarter.For the three months ended June 30, 2023, we earned 36.3 ETH in native staking and 31.6 ETH in liquid staking, respectively.Treasury holdings of BTC and ETH were 613.2 and 11,738.8, with a fair market value of approximately $18.7 million and $22.7 million on June 30, 2023, respectively.The BTC equivalent[3] of our digital asset holdings as of June 30, 2023 was approximately 1,573.4 BTC, or approximately $48.0 million.As of June 30, 2023, the Company had 44,886 bitcoin miners owned or operating (in Iceland) and 730 ETH miners, with an estimated maximum total hash rate of 3.4 EH/s and 0.3 TH/s, respectively.The Company's active hash rate of its bitcoin mining fleet was approximately 1.78 EH/s as of June 30, 2023.Approximately 99% of our fleet's run-rate electricity consumption was generated from carbon-free energy sources as of June 30, 2023. These figures are based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sust...