Bit Digital, Inc. Announces Monthly Production Update for January 2025

PR Newswire

NEW YORK, Feb. 7, 2025

NEW YORK, Feb. 7, 2025 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York, announced its unaudited digital asset production, HPC services revenue, and corporate updates for the month of January 2025.

Corporate Highlights for January 2025

   -- The Company earned approximately $4.9 million of total unaudited HPC 
      revenue[1] during the month of January 2025. 
 
   -- Treasury holdings of BTC and ETH were 768.7 and 27,689.6 with a fair 
      market value of approximately $78.7 million and $91.3 million, 
      respectively, on January 31, 2025. 
 
   -- The BTC equivalent[2] of our digital asset holdings as of January 31, 
      2025, was approximately 1,663.0 or approximately $170.3 million. 
 
   -- The Company had cash and cash equivalents of $74.3 million and total 
      liquidity (defined as cash and cash equivalents, USDC, and the fair 
      market value of digital assets) of approximately $244.6 million in 
      January 2025. 

Colocation Services Revenue Highlights

   -- The Company had 14 customers actively generating revenue at its Tier-3 
      Enovum Data Center facility, as of January 31, 2025. 
 
   -- The Company's HPC data center colocation revenue was approximately CAD 
      $757.8k (approximately USD $522.9k) in January 2025. 

GPU Cloud Highlights

   -- The Company had 268 servers (2,144 GPUs) actively generating revenue from 
      its Bit Digital AI contracts, as of January 31, 2025. The Company earned 
      approximately $4.4 million of total unaudited GPU Cloud revenue during 
      the month of January 2025. In addition, the Company received $131K in 
      cash payments from its equipment leasing contract with Boosteroid during 
      the month of January 2025. 
 
   -- On January 22, Bit Digital entered into a new agreement with a key 
      customer for 464 Nvidia B200 GPUs, expanding its GPU Cloud business. This 
      new agreement replaces a prior agreement whereby the Company was to 
      provide the customer with an incremental 2,048 H100 GPUs and the Company 
      continues to explore additional GPU contracts with this customer for 
      2025. Under the terms of the agreement, Bit Digital will provide the 
      customer with 58 Nvidia B200 servers (464 GPUs) for a period of eighteen 
      months. The contract represents approximately $15 million of annualized 
      revenue for Bit Digital and features a two-month prepayment from the 
      customer. 

Digital Assets Highlights

   -- In January 2025, the Company produced 28.7 BTC, an 11.4% decrease 
      compared to the prior month. The decrease was primarily driven by a 
      change in the Company's hosting portfolio, ongoing redeployment of mining 
      assets to new sites, and the retirement of older generation miners. 
 
   -- In January 2025, the Company's active hash rate was approximately 1.6 
      EH/s, an 11.1% decrease compared to the prior month. The decrease was 
      primarily driven by a change in the Company's hosting portfolio, ongoing 
      redeployment of mining assets to new sites, and the retirement of older 
      generation miners. 
 
   -- 191 Bitmain Antminer S21 mining units were delivered to a new hosting 
      site in the month of January 2025. 
 
   -- The Company had approximately 21,568 ETH actively staked in native 
      staking protocols as of January 31, 2025. 
 
   -- Bit Digital earned a blended APY of approximately 3.6% on its staked ETH 
      position for the month of January 2025. 
 
   -- The Company earned aggregate staking rewards of approximately 65.8 ETH 
      during January 2025. 

Other Highlights

   -- As of January 1, 2025, the Company officially transitioned to domestic 
      issuer status under U.S. securities regulations. 

Upcoming Events

   -- Fireside Chat with H.C. Wainwright on February 12. 

About Bit Digital

Bit Digital, Inc. is a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York City. The Company's HPC business operates under the WhiteFiber Inc. ("WhiteFiber") brand. Our 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2023 ("Annual Report"). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: "We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on." Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. 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. See "Safe Harbor Statement" below.

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] Total HPC Revenue includes GPU Cloud revenue and Colocation services 
revenue. This figure excludes revenue from signed contracts that have not yet 
commenced. Cash payments from its equipment leasing contract with Boosteroid 
are also not included in Total HPC Revenue for accounting reasons. 
[2] "BTC equivalent" is a hypothetical illustration of the value of our 
digital asset treasury holdings in bitcoin terms. BTC equivalent is defined as 
if all non-BTC digital assets, comprised of ETH, and USDC, were converted into 
BTC as of January 31, 2025, and added to our existing BTC balance. Conversion 
values are found using the closing price on coinmarketcap.com. Our digital 
asset portfolio excludes digital assets invested in a third-party managed 
fund. 
 

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SOURCE Bit Digital, Inc.

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February 07, 2025 17:00 ET (22:00 GMT)