Bit Digital, Inc. (Bit Digital), a New York-based high-performance computing (HPC) infrastructure and digital asset production company, announced its unaudited financial results for the third quarter ended September 30, 2024. The company reported a significant increase in total revenue, reaching $22.7 million, a 96% rise compared to the same period in 2023, primarily driven by the commencement of its HPC business. Despite the increase in revenue, Bit Digital experienced a net loss of $38.8 million, attributed to a $21.9 million unrealized loss on digital assets and increased operating expenses. The company's HPC business recognized $12.2 million in revenue, compared to none in the previous year, while revenue from bitcoin mining decreased by 11% to $10.1 million. The company's liquidity position was strong, with cash, cash equivalents, and restricted cash totaling approximately $105.6 million. Bit Digital also announced strategic developments, including the acquisition of Enovum Data Centers and the execution of a Master Service and Lease Agreement with Boosteroid Inc., positioning the company for potential future growth.

Bit Digital, Inc. (Bit Digital), a New York-based high-performance computing (HPC) infrastructure and digital asset production company, announced its unaudited financial results for the third quarter ended September 30, 2024. The company reported a significant increase in total revenue, reaching $22.7 million, a 96% rise compared to the same period in 2023, primarily driven by the commencement of its HPC business. Despite the increase in revenue, Bit Digital experienced a net loss of $38.8 million, attributed to a $21.9 million unrealized loss on digital assets and increased operating expenses. The company's HPC business recognized $12.2 million in revenue, compared to none in the previous year, while revenue from bitcoin mining decreased by 11% to $10.1 million. The company's liquidity position was strong, with cash, cash equivalents, and restricted cash totaling approximately $105.6 million. Bit Digital also announced strategic developments, including the acquisition of Enovum Data Centers and the execution of a Master Service and Lease Agreement with Boosteroid Inc., positioning the company for potential future growth.