NEW
YORK, Sept. 5, 2023 /PRNewswire/ -- Bit Digital,
Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital
asset mining company headquartered in New
York, announced its unaudited digital asset production and
corporate updates for the month of August
2023.
Corporate Highlights for August
2023
- In August 2023, the Company
produced 139.9 BTC, a 5% increase compared to the prior month. The
increase was primarily driven by a higher average active hash rate,
partially offset by an increase in network difficulty.
- The Company's active hash rate was approximately 2.03 EH/s as
of August 31, 2023.
- Treasury holdings of BTC and ETH were 758.5 and
13,002.1 with a fair market value of approximately $19.7 million and $21.4
million, respectively, on August 31,
2023.
- The BTC equivalent[1] of our digital asset holdings
as of August 31, 2023, was
approximately 1,747.0 or approximately $45.3
million.
- The Company had cash and cash equivalents of $24.9 million as of August
31, 2023.
Proof-of-Stake Highlights
- The Company had approximately 13,188 ETH actively
staked in native and liquid staking protocols as of August 31, 2023. Approximately 10,784 were
natively staked and 2,404 ETH were deployed in liquid
staking protocols as of that date.
- Additionally, the Company has 416 ETH (13 Nodes)
deposited but in queue to be activated on the Ethereum
staking network, which are estimated to come online by the end of
September 2023.
- Bit Digital earned a blended APY of approximately 4.4% on its
staked ETH position for the month of August 2023.
- The Company earned aggregate staking rewards of approximately
46.7 ETH during August
2023.
Annual General Meeting
- Bit Digital will host its Annual General Meeting of the
Company's shareholders at 9:00am ET
on September 20, 2023. The meeting
will be virtual-only. Please see here for additional
information: https://www.transhare.com/bitdigital.
Upcoming Conference Participation
Bit Digital will be presenting at the following conferences in
September 2023:
- The H.C. Wainwright 25th Annual Global Investment Conference in
New York City on September 11-13th.
- The Singular Midwestern Values Conference (virtual) on
September 14th.
About Bit Digital
Bit Digital, Inc. is a sustainability focused generator of
digital assets headquartered in New York
City. Our mining operations are located in the US,
Canada, and Iceland. For additional information, please
contact ir@bit-digital.com or visit our website
at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk.
Before making an investment decision, you should carefully consider
the risks, uncertainties and forward-looking statements described
under "Risk Factors" in Item 3.D of our most recent Annual Report
on Form 20-F for the fiscal year ended December 31, 2022. If any material risk was to
occur, our business, financial condition or results of operations
would likely suffer. In that event, the value of our securities
could decline and you could lose part or all of your investment.
The risks and uncertainties we describe are not the only ones
facing us. Additional risks not presently known to us or that we
currently deem immaterial may also impair our business operations.
In addition, our past financial performance may not be a reliable
indicator of future performance, and historical trends should not
be used to anticipate results in the future. Future changes in the
network-wide mining difficulty rate or bitcoin hash
rate may also materially affect the future performance of Bit
Digital's production of bitcoin. Actual operating
results will vary depending on many factors including network
difficulty rate, total hash rate of the network, the operations of
our facilities, the status of our miners, and other factors.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of Bit Digital, Inc., and its
subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects," or
similar expressions, involving known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that
are filed with the Securities and Exchange Commission and available
on its website at http://www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
[1] "BTC equivalent" is
a hypothetical illustration of the value of our digital asset
portfolio in bitcoin terms. BTC equivalent is defined as if all
non-BTC digital assets, comprised of ETH, sETH-h, LsETH, and USDC,
were converted into BTC as of August 31, 2023, and added to our
existing BTC balance. Conversion values are found using the closing
price on coinmarketcap.com. The closing price of ETH is used as a
proxy for the price of sETH-H (receipt token) on a 1:1
basis.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bit-digital-inc-announces-monthly-production-update-for-august-2023-301918060.html
SOURCE Bit Digital, Inc.