Fun

Bitcoin mining firm Bit Digital reports revenues up nearly 40%

News Feed - 2024-03-19 05:03:14

Ezra Reguerra17 minutes agoBitcoin mining firm Bit Digital reports revenues up nearly 40%Bitcoin mining company Bit Digital said that its venture into artificial intelligence had already produced $4 million of revenue in February 2024.114 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksNasdaq-listed Bitcoin (BTC) mining firm Bit Digital has announced earnings of $44.9 million for 2023 — up 39% from 2022.


Bit Digital said it earned 1,507.3 BTC in 2023, which represents a 21% increase compared to 2022. The BTC amount reported by the mining firm is worth around $97 million at current market prices.


Bit Digital said this growth was driven by a “higher active hash rate” but was partially offset by increased network difficulty.Bit Digital earnings report highlights. Source:Bit Digital


The mining company added that as of Dec. 31, 2023, its total assets were $189.3 million. In addition, shareholders’ equity was $152.7 million.


Meanwhile, the company reported its adjusted earnings before interest, taxes, depreciation and amortization of $12.4 million and an adjusted earnings per share of $0.12.


The company said in the report that it had enacted many changes to its mining hosting portfolio in 2023. Bit Digital said it ended 2023 with six hosting partners and seven sites across three countries. The firm wrote:“Notably, we expanded our operations into Iceland during 2023, providing Bit Digital with geographic diversification outside of North America and into a region with abundant clean energy and supportive government policies.”


The mining firm also mentioned that it will continue to focus on expanding into areas that provide cost-effective, carbon-free energy sources.


Related:Bitcoin mining difficulty reaches new historical high as halving looms


“The year began with the price of Bitcoin near cyclical lows and ended on a trajectory that would propel the asset to new all-time highs in 2024,” they wrote. Despite the market volatility, the firm said its goal is to withstand all phases of the Bitcoin price cycle.


The company also announced its venture into artificial intelligence technology besides digital assets. Bit Digital said its new business will provide digital infrastructure services to clients.


This includes rental services for graphics processing units. The company said that the business had already started to contribute significant revenue, reporting $4 million in earnings in February 2024.


Magazine:Game firm’s stock triples after it buys Bitcoin, Hong Kong’s in-kind BTC ETF: Asia Express# Bitcoin# Mining# Bitcoin Mining# AIAdd reactionAdd reactionRead moreBitMEX whale tanks Bitcoin price to $8.9K during BTC sell-offBitcoin levels to watch next as BTC price risks sub-$60K retestWorld’s largest pension fund explores diversifying into Bitcoin

News Feed

Prashant Jha11 hours agoEU banking watchdog proposes liquidity rules for stablecoin issuersThe proposed guidelines are currently in the public consultation phase for the next three months and, if approved, will come into
Montenegrin PM among early investors in Do Kwon’s Terra (LUNA): Report
Prashant Jha13 minutes agoMontenegrin PM among early investors in Do Kwon’s Terra (LUNA): ReportSpajic was among the early investors who invested in the firm just days before its formation. Terraform Labs LTD was regis
Terraform Labs to sell 4 companies as part of wind-down
Jesse Coghlan3 hours agoTerraform Labs to sell 4 companies as part of wind-downThe bankrupt Terraform Labs is looking to sell four of its companies as it winds down operations to comply with its multi-billion SEC deal.87
Despite 23% gains, Bitcoin options traders still not bullish
Marcel Pechman4 hours agoDespite 23% gains, Bitcoin options traders still not bullishDemand for Bitcoin options has been balanced between bulls and bears, meaning whales remain unconviced.3241 Total views104 Total shares
Tristan Greene6 hours agoScientists reverse-engineered the Luna flash crash using particle physicsSome of the same techniques used to study the thermal history of the universe can be used to understand crypto crashes.239
UNI Flashes Strength After Breaking Past Key Resistance Levels, What’s Next?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Report: Syrian Central Bank Devalues Local Currency by Nearly 50%
Report: Syrian Central Bank Devalues Local Currency by Nearly 50% The Syrian central bank recently announced the nearly 50% devaluation of the Syrian pound’s exchange rate ve
A Model for the Next Generation DEX, TitanSwap Will Be a Dex With Better User Experience
A Model for the Next Generation DEX, TitanSwap Will Be a Dex With Better User ExperienceTitanSwap is using the renBTC protocol to implement cross-chain operations. Compared with the
SEC Chairman Gary Gensler Adds Crypto Adviser to Executive Staff
SEC Chairman Gary Gensler Adds Crypto Adviser to Executive Staff The U.S. Securities and Exchange Commission (SEC) has added a number of advisers to Chairman Gary Gensler’s
FTX Debtors Demand Return of Funds Given to US Politicians and Super PACs
FTX Debtors Demand Return of Funds Given to US Politicians and Super PACs FTX debtors are seeking to claw back millions of dollars given to U.S. political action committees (PACs)
Filecoin Offering: Community Alleges Token Dumping, Tron’s Justin Sun Wants the US SEC to Investigate
Filecoin Offering: Community Alleges Token Dumping, Tron"s Justin Sun Wants the US SEC to Investigate The recent Filecoin (FIL) token offering is creating contro
McAfee Catches Heat After Welshing On Famous Bitcoin Bet
McAfee Catches Heat After Welshing On Famous Bitcoin Bet Many bold predictions about bitcoin’s price have been made over the years, but tech entrepreneur John McAfee’