NEW
YORK, Jan. 8, 2025 /PRNewswire/ -- Bit
Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a
global platform for high-performance computing ("HPC")
infrastructure and digital asset production headquartered in
New York, announced its unaudited
digital asset production, HPC services revenue, and corporate
updates for the month of December
2024.
Corporate Highlights for December 2024
- The Company had 266 servers (2,128 GPUs) actively generating
revenue from its Bit Digital AI contracts, as of December 31, 2024. The Company earned
approximately $4.5 million of total
unaudited GPU Cloud revenue during the month of December 2024. In addition, the Company received
$177K in cash payments from its
equipment leasing contract with Boosteroid during the month of
December 2024.
- Treasury holdings of BTC and ETH were 742.1 and
27,623.9 with a fair market value of approximately $69.3 million and $92.1
million, respectively, on December
31, 2024.
- The BTC equivalent[1] of our digital asset holdings
as of December 31, 2024, was
approximately 1,731.8 or approximately $161.8 million.
- The Company had cash and cash equivalents of $98.6 million and total liquidity (defined as
cash and cash equivalents, USDC, and the fair market value of
digital assets) of approximately $260.4
million in December 2024.
Colocation Services Revenue Highlights
- The Company had 14 customers actively generating revenue at its
Tier-3 Enovum Data Center facility, as of December 31, 2024.
- The Company's HPC data center colocation revenue was
approximately CAD $757.8k
(approximately USD $528.1k) in
December 2024.
- On December 27, 2024, the Company
acquired the real estate and building for a build-to-suit 5MW Tier
3 data center expansion project in Montreal, Canada. The Company purchased the
site ("MTL2") for CAD $33.5 million (approximately USD $23.3MM assuming a CAD/USD exchange rate of 0.70)
excluding fees. This acquisition is part of the Company's strategy
to expand its HPC data center footprint to 32MW during 2025. This
site also comprises part of Bit Digital's 288MW proprietary
pipeline announced earlier this year. The Company expects to spend
approximately CAD $27.6 million
(approx.USD $19.3MM) to develop the
site to Tier-3 standards with an initial gross load of 5MW. The
site is expected to be completed and operational by May 2025.
GPU Cloud Highlights
- On December 31, 2024, Bit Digital
AI entered into a Master Service Agreement and associated purchase
order with a new customer, an AI Compute Fund managed by DNA
Holdings Venture Inc. The purchase order provides for services
utilizing a total of 576 H200 GPUs over a twenty-five (25)
month period, terminable by either party upon at least 90 days'
written notice prior to any renewal date. It represents an
aggregate revenue opportunity of approximately $20.2 million.
Digital Assets Highlights
- In December 2024, the Company
produced 32.4 BTC, a 27.8% decrease compared to the prior month.
The decrease was primarily driven by a change in the Company's
hosting portfolio, ongoing redeployment of mining assets to new
sites, and the retirement of older generation miners.
- In December 2024, the Company's
active hash rate was approximately 1.8 EH/s, a 28% decrease
compared to the prior month. The decrease was primarily driven by a
change in the Company's hosting portfolio, ongoing redeployment of
mining assets to new sites, and the retirement of older generation
miners.
- The Company purchased 941 S21 mining units for approximately
$3.2 million during the month of
December 2024.
- The Company sold 4,506 S19 mining units for approximately
$836.6k during the month of
December 2024.
- The Company had approximately 21,568 ETH actively
staked in native staking protocols as of December 31, 2024.
- Bit Digital earned a blended APY of approximately 3.3% on its
staked ETH position for the month of December 2024.
- The Company earned aggregate staking rewards of approximately
60.6 ETH during December
2024.
About Bit Digital
Bit Digital, Inc. is a global platform for high-performance
computing ("HPC") infrastructure and digital asset production
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 infrastructure services
for artificial intelligence applications. For additional
information, please contact ir@bit-digital.com or visit our
website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk.
Before making an investment decision, you should carefully consider
the risks, uncertainties and forward-looking statements described
under "Risk Factors" in Item 3.D of our Annual Report on Form 20-F
for the fiscal year ended December 31,
2023 ("Annual Report"). Notwithstanding the fact that Bit
Digital Inc. has not conducted operations in the PRC since
September 30, 2021 we have previously
disclosed under Risk Factors in our Annual Report: "We may be
subject to fines and penalties for any noncompliance with or any
liabilities in our former business in China in a certain period from now on."
Although the statute of limitations for non-compliance by our
former business in the PRC is generally two years and the Company
has been out of the PRC, for more than two years, the Authority may
still find its prior bitcoin mining operations
involved a threat to financial security. In such event, the
two-year period would be extended to five years. If any material
risk was to occur, our business, financial condition or results of
operations would likely suffer. In that event, the value of our
securities could decline and you could lose part or all of your
investment. The risks and uncertainties we describe are not the
only ones facing us. Additional risks not presently known to us or
that we currently deem immaterial may also impair our business
operations. In addition, our past financial performance may not be
a reliable indicator of future performance, and historical trends
should not be used to anticipate results in the future. Future
changes in the network-wide mining difficulty rate or
bitcoin hash rate may also materially affect the
future performance of Bit Digital's production of
bitcoin. Actual operating results will vary depending
on many factors including network difficulty rate, total hash rate
of the network, the operations of our facilities, the status of our
miners, and other factors. See "Safe Harbor Statement" below.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of Bit Digital, Inc., and its
subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects," or
similar expressions, involving known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that
are filed with the Securities and Exchange Commission and available
on its website at http://www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
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[1] "BTC equivalent" is
a hypothetical illustration of the value of our digital asset
treasury holdings in bitcoin terms. BTC equivalent is defined as if
all non-BTC digital assets, comprised of ETH, and USDC, were
converted into BTC as of December 31, 2024, and added to our
existing BTC balance. Conversion values are found using the closing
price on coinmarketcap.com. Our digital asset portfolio excludes
digital assets invested in a third-party managed fund.
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SOURCE Bit Digital, Inc.
