NEW
YORK, Oct. 4, 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 September
2023.
Corporate Highlights for September
2023
- In September 2023, the Company
produced 130.2 BTC, a 7% decrease compared to the prior month. The
decrease was primarily driven by an increase in network difficulty
and a reduction in active hash rate that occurred towards the end
of the month.
- The Company's active hash rate was approximately 1.19 EH/s as
of September 30, 2023. Approximately
600 PH/s of miners went offline due to a power utility mandated
maintenance outage from September 26,
2023, to October 6, 2023.
Additionally, approximately 250 PH/s of miners went offline towards
the end of the month following the conclusion of a hosting contract
at one facility. The Company is in the process of relocating those
miners to alternative hosting sites.
- Treasury holdings of BTC and ETH were 821.1 and
13,783.4 with a fair market value of approximately $22.1 million and $23.0
million, respectively, on September
30, 2023.
- The BTC equivalent[1] of our digital asset holdings
as of September 30, 2023, was
approximately 1,881.6 or approximately $50.7
million.
- The Company had cash and cash equivalents of $20.8 million as of September 30, 2023.
Proof-of-Stake Highlights
- The Company had approximately 13,594 ETH actively
staked in native and liquid staking protocols as of September 30, 2023. Approximately 11,200 were
natively staked and 2,394 ETH were deployed in liquid
staking protocols as of that date.
- Additionally, the Company has 512 ETH (16 Nodes)
deposited but in queue to be activated on the Ethereum
staking network, which are estimated to come online by the end of
October 2023.
- Bit Digital earned a blended APY of approximately 4.1% on its
staked ETH position for the month of September 2023.
- The Company earned aggregate staking rewards of approximately
44.9 ETH during September
2023.
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 September 30, 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.
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SOURCE Bit Digital, Inc.