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

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, stood at approximately $191.9 million as of June 30, 2024. Total assets were $315.5 million, and shareholders' equity amounted to $295.3 million. However, the company reported an adjusted EBITDA of $(3.8) million for the quarter, including an $11.5 million unrealized loss on digital assets, compared to $1.9 million for the same period in 2023. The GAAP loss per share was $0.09 on a fully diluted basis, compared to a loss per share of $0.03 for the second quarter of 2023. Operational highlights included the earning of 244.2 bitcoins, a 23% decrease from the previous year, primarily due to a reduction in block rewards and an increase in network difficulty. The company also earned 109.4 ETH from native staking. Bit Digital announced a binding term sheet with Boosteroid Inc., the world's third-largest cloud gaming provider, which represents a revenue opportunity in excess of $700 million over five years. The company's management commented on the quarter as an important step in Bit Digital's evolution, highlighting the strength of the balance sheet and the challenges in mining economics. The company remains cautious about exahash growth and is focusing on high grading its existing fleet while exploring high-return opportunities.