Summary by Futu AI
Bit Digital, Inc. (Bit Digital), a sustainable platform for digital assets and artificial intelligence infrastructure, announced its unaudited financial results for the second quarter ended June 30, 2024. The company reported a significant increase in total revenue, reaching $29.0 million, a 220% increase compared to the same quarter in the previous year. This growth was primarily driven by the commencement of high-performance computing services and a higher realized bitcoin price. Revenue from bitcoin mining rose to $16.1 million, marking an 80% increase from the prior year's quarter. The company's high-performance computing recognized $12.5 million in revenue, compared to none in the previous year. Bit Digital's liquidity, defined as cash, cash equivalents, restricted cash, USDC, and the fair market value of digital assets...Show More