Business
Bit Digital, Inc. Announces the First Half of Fiscal Year 2020 Financial Results
NEW YORK, Oct. 19, 2020 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), an emerging bitcoin mining company headquartered in New York, U.S.
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, Oct. 19, 2020 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the \"Company\"), an emerging bitcoin mining company headquartered in New York, U.S. today announced its unaudited financial results for the six months ended June 30, 2020.\n\nThe above table presents the number of bitcoins received from the mining pool operator on a monthly basis:\n\"We commenced our bitcoin mining business in February 2020. By now, our hash rate capacity reached 1,250 Peta-hash per second (\"Ph/s\"), and the management has determined that the Company, in terms of the operating hash rate capacity, is the first among NASDAQ listed companies in bitcoin mining industry.\" said Mr. Hong Yu, the Chief Strategy Officer of the Company. \"We are and we will make continuous investments in improving our hash rate capacity to keep our competitiveness in the industry.\"\n\n\"The bitcoin mining business is a challenge and an opportunity to the Company. We performed comprehensive evaluation, planning and design on the new business before we got started.\" said Mr. Erke Huang, the Chief Financial Officer of the Company. \"For the first half 2020, we had revenue of $0.69 million from our bitcoin mining business with hash rate capacity of 310 Ph/s. With the deployment of additional miners, we expect to make a dramatic increase in revenues in the second half 2020 with our continuous investments in miners and hash rate.\"\nFinancial Highlights for the First Half 2020\nRevenue from bitcoin mining business was $0.69 million. The number of bitcoins earned from bitcoin mining business was 74.72. The number of miners was 6,004 MicroBT M21S, of which 3,429 and 2,575 miners were acquired in May and June 2020, respectively. The net loss from continuing operations of $0.37 million was all from bitcoin mining business, compared to $nil for the first half 2019. The net loss from discontinued operations was $3.73 million for the first half 2020, as we provided full impairment on assets for our discontinued peer-to-peer and car rental business in the PRC, compared with the net loss from discontinued operations of $6.46 million for the first half 2019. The net loss was $4.10 million and the loss per share was $0.24 for the first half 2020, compared with $6.46 million and $0.43 for the same period last year.Business developments\nOn April 8, 2020, we acquired the XMAX Cha...