NEW YORK - Bit Digital, Inc. (NASDAQ:BTBT), a New York-based digital asset and artificial intelligence platform, has disclosed its March 2024 production figures, revealing a 6% rise in Bitcoin (BTC) mining output compared to the previous month.
The company, which operates bitcoin mining facilities in the United States, Canada, and Iceland, produced 136.4 BTC and reported an active hash rate of approximately 2.76 exahashes per second (EH/s) as of the end of March.
The company's treasury held 956.6 BTC and 16,032.0 Ethereum (ETH), valued at approximately $68.2 million and $58.5 million, respectively. When considering the BTC equivalent of its digital asset holdings, which includes ETH, liquid staked ETH (LsETH), and USD Coin (USDC), the total was approximately 1,790.2 BTC, or about $127.7 million. Bit Digital also reported having cash and cash equivalents of $34.9 million as of March 31, 2024.
In the realm of Proof-of-Stake (PoS), Bit Digital had approximately 3,008 ETH actively staked in native staking protocols, earning a blended annual percentage yield (APY) of approximately 2.8% for March. The company accrued roughly 29.0 ETH in staking rewards during the month.
Moreover, Bit Digital's AI business line, Bit Digital AI, which provides specialized cloud-infrastructure services for AI applications, had 251 servers actively generating revenue. From this venture, the company estimated unaudited revenue of $4.3 million for March 2024.
Investors are cautioned that investing in Bit Digital's securities carries a high degree of risk. The company's past financial performance should not be viewed as an indicator of future results, and various factors, including changes in network-wide mining difficulty and the total hash rate, could impact Bit Digital's bitcoin production performance.
This report is based on a press release statement from Bit Digital, Inc. and includes financial updates and operational highlights for the company's activities in March 2024. The company's complete financial and operational results are filed with the Securities and Exchange Commission and can be accessed on its website.
InvestingPro Insights
As Bit Digital, Inc. (NASDAQ:BTBT) continues to navigate the dynamic cryptocurrency landscape, recent data from InvestingPro underscores some critical aspects of the company's financial health and market performance.
With a market capitalization of $259.65 million and a striking revenue growth of 39.07% over the last twelve months as of Q1 2023, Bit Digital appears to be expanding its financial footprint despite the inherent volatility of the crypto market.
The company's stock price has experienced significant fluctuations, with a 3-month price total return showing a decline of 34.05%, yet over the last six months, the stock has seen a gain of 21.18%. This volatility is a factor investors may want to consider, especially in the context of the company's performance and the broader market trends.
InvestingPro Tips suggest that while Bit Digital is quickly burning through cash, which could be a concern, analysts are optimistic, predicting sales growth and net income growth for the current year. Additionally, the company is expected to become profitable this year, which could be a turning point for investors watching the company's bottom line closely.
For investors seeking a deeper dive into Bit Digital's financials and market potential, InvestingPro offers additional insights, including 11 more tips on the company's performance and prospects. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and explore the full range of expert analysis available at InvestingPro.
With the next earnings date approaching on April 25, 2024, stakeholders and potential investors may want to keep a close eye on Bit Digital's financial trajectory and operational updates to make informed decisions in this rapidly evolving sector.
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