BTC Digital Ltd. reported Q2 2024 revenue of $2.3 million, down 63.5% year-over-year, with a net loss of $704,000. The revenue decline was primarily attributed to reduced bitcoin mining and machine resale activities, partially offset by growth in mining machine rental business. The company mined 16.45 bitcoins during H1 2024, generating $0.94 million in mining revenue.The company expanded its mining fleet to 2,021 machines with a total hash rate of 213PH/S, operating at a facility in Tennessee. Capital expenditures increased significantly to $4.0 million in H1 2024, mainly for purchasing new mining equipment. The company maintained $287,000 in cash and cash equivalents as of June 30, 2024, up from $43,000 at year-end 2023.Looking ahead, BTC Digital plans to continue investing in research and development through its joint venture, focusing on mining equipment and infrastructure development. The company has also entered into an agreement to acquire a new Bitcoin mining facility for $1.99 million, demonstrating its commitment to expanding operations despite near-term market challenges from the Bitcoin halving event.

BTC Digital Ltd. reported Q2 2024 revenue of $2.3 million, down 63.5% year-over-year, with a net loss of $704,000. The revenue decline was primarily attributed to reduced bitcoin mining and machine resale activities, partially offset by growth in mining machine rental business. The company mined 16.45 bitcoins during H1 2024, generating $0.94 million in mining revenue.The company expanded its mining fleet to 2,021 machines with a total hash rate of 213PH/S, operating at a facility in Tennessee. Capital expenditures increased significantly to $4.0 million in H1 2024, mainly for purchasing new mining equipment. The company maintained $287,000 in cash and cash equivalents as of June 30, 2024, up from $43,000 at year-end 2023.Looking ahead, BTC Digital plans to continue investing in research and development through its joint venture, focusing on mining equipment and infrastructure development. The company has also entered into an agreement to acquire a new Bitcoin mining facility for $1.99 million, demonstrating its commitment to expanding operations despite near-term market challenges from the Bitcoin halving event.