Bit Digital Announces May 2024 Production Update

PRNewswireJune 6, 20245 min

Bit Digital, Inc., a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York, announced its unaudited digital asset production and corporate updates for the month of¬†May 2024.

Corporate Highlights for May 2024

  • The Company had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of¬†May 31, 2024. The Company earned an estimated¬†$4.2 million¬†of unaudited revenue from this contract during the month of¬†May 2024.
  • In¬†May 2024, the Company produced 63.3¬†BTC, a 47% decrease compared to the prior month. The decrease was predominantly due to the reduction of¬†bitcoin¬†block rewards following the April halving event.
  • The Company’s active hash rate was approximately 2.54 EH/s as of¬†May 31, 2024. The decrease from the prior month was driven by voluntary curtailment activity.
  • Treasury holdings[1]¬†of¬†BTC and¬†ETH¬†were 1,038.4 and 20,508.3 with a fair market value of approximately¬†$70.1 million¬†and¬†$77.1 million, respectively, on¬†May 31, 2024.
  • The¬†BTC equivalent[2]¬†of our digital asset holdings as of¬†May 31, 2024, was approximately 2,188.9, or approximately¬†$147.7 million.
  • The Company had cash and cash equivalents of¬†$47.3 million, and total liquidity (defined as cash and cash equivalents, USDC, and the fair market value of digital assets) of approximately¬†$195.0 million,¬†as of¬†May 31, 2024.

Proof-of-Stake Highlights

  • The Company had approximately 17,184¬†ETH¬†actively staked in native staking protocols as of¬†May 31, 2024.
  • Bit Digital earned a blended¬†APY of approximately 3.1% on its staked¬†ETH¬†position for the month of¬†May 2024.
  • The Company earned aggregate staking rewards of approximately 45.8¬†ETH¬†during¬†May 2024.

Upcoming Events

  • Bitcoin¬†Prague¬†2024 on¬†June 13-15th
  • Singular Research Summer Solstice Conference on¬†June 20th
  • Northland Growth Conference 2024 on¬†June 25th
  • Noble Capital Markets Emerging Growth Consumer / Entertainment / Media Virtual Conference on¬†June 26-27th

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