Bit Digital reports drop in BTC production for February

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Written By Pinang Driod

© Reuters.

NEW YORK – Bit Digital, Inc. (NASDAQ: BTBT), a New York-based digital asset and artificial intelligence infrastructure company, has released its unaudited digital asset production figures for February 2024, revealing a decrease in (BTC) production and providing an update on its treasury holdings and AI operations.

The company reported producing 128.7 BTC in February, marking an 11.7% reduction from the previous month. Despite the decline, Bit Digital’s active hash rate stood at approximately 2.73 EH/s as of February 29, 2024.

Bit Digital’s treasury holdings included 847.7 BTC and 15,593.1 (ETH), with respective fair market values of roughly $51.9 million and $52.1 million as of the end of February. The BTC equivalent of the company’s digital asset holdings was approximately 1,722.3, valued at about $105.4 million. Additionally, the firm had cash and cash equivalents totaling $34.3 million.

In the realm of Proof-of-Stake assets, Bit Digital had around 12,784 ETH actively staked in various protocols, with an estimated annual percentage yield (APY) of 4.4% for February. The company earned staking rewards of approximately 43.4 ETH during the month.

On the AI front, Bit Digital had 251 servers actively generating revenue, with an estimated $4.0 million in unaudited revenue from its initial AI contract in February.

Bit Digital, Inc. operates its bitcoin mining activities across the United States, Canada, and Iceland and has also established Bit Digital AI, a business line offering cloud-infrastructure services for AI applications.

Investors are reminded that investing in Bit Digital’s securities involves significant risks. The company advises referring to the “Risk Factors” detailed in its latest Annual Report on Form 20-F for the fiscal year ended December 31, 2023, and to be aware that past financial performance may not be indicative of future results. The company’s actual outcomes could differ due to various factors, including changes in network-wide mining difficulty rate or bitcoin hash rate.

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