Business
Bit Digital, Inc. Announces Third Quarter of Fiscal Year 2023 Financial Results
NEW YORK, Nov. 14, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a sustainable digital infrastructure platform for digital assets and
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, Nov. 14, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the \"Company\"), a sustainable digital infrastructure platform for digital assets and artificial intelligence (\"AI\") headquartered in New York City, today announced its unaudited financial results for the Third Quarter ended September 30, 2023.\n\n \n \n \n \n \n \n\n \nFinancial Highlights for the Third Quarter 2023 \nTotal revenue was $11.6 million for the Third Quarter of 2023. The majority of revenue was earned from our bitcoin mining business.The Company had cash, cash equivalents and restricted cash of $22.1 million, and total liquidity (defined as cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $72.9 million, as of September 30, 2023.Total assets were $108.7 million as of September 30, 2023. Shareholders' equity amounted to $103.3 million as of September 30, 2023.Adjusted EBITDA[1] was $(2.9) million for the three-month period ended September 30, 2023.Adjusted earnings (loss) per share[2] was $(0.03) for the three-month period ended September 30, 2023.Operational Highlights for the Third Quarter 2023\nThe Company earned 403.1 bitcoins during the quarter, a 27% increase from the prior quarter. Growth was primarily driven by a higher active hash rate and partially offset by an increase in network difficulty.The Company paid approximately $0.060 per kilowatt hour to its hosting partners for electricity consumed during the quarter.The average fleet efficiency for the active fleet was approximately 29.2 J/TH during the third quarter.For the three months ended September 30, 2023, we earned 115.2 ETH in native staking and 24.1 ETH in liquid staking, respectively.Treasury holdings of BTC and ETH were 820.8 and 13,783.4, with a fair market value of approximately $22.1 million and $23.0 million on September 30, 2023, respectively.The BTC equivalent[3] of our digital asset holdings as of September 30, 2023 (defined as if all ETH, sETH-H, LsETH, and USDC holdings were converted into BTC as of that date) was approximately 1,881.3 BTC, or approximately $50.7 million.As of September 30, 2023, the Company had 46,852 bitcoin miners owned or operating (in Iceland) and 730 ETH miners, with an estimated maximum total hash rate of 3.7 EH/s and 0.3 TH/s, respectively.The Company's active hash rate of its bitcoi...