Bit Digital Records 39% Revenue Increase in 2023, Expands into AI and Iceland
Summary:
Bit Digital, a Nasdaq-listed Bitcoin mining company, reported a 39% increase in revenue at $44.9 million and mined 1,507.3 BTC in 2023. The company's assets were $189.3 million, and it earned $12.4 million in EBITDA. It expanded operations to Iceland for its clean energy and supportive policies. Despite market volatility, the firm aims to remain resilient, alongside expanding into Artificial Intelligence with digital infrastructure services, contributing $4 million revenue in February 2024.
Bit Digital, a Bitcoin mining company listed on Nasdaq, has reported revenues of $44.9 million in 2023, marking a 39% rise from the previous year. The firm mined 1,507.3 BTC in the same year, a 21% increase from 2022, yielding a market value of approximately $97 million. A “higher active hash rate” drove this surge, though a setback was noted due to escalated network difficulties. As of Dec 31, 2023, Bit Digital's total assets stood at $189.3 million, with shareholder equity at $152.7 million. The company's adjusted EBITDA was $12.4 million, and adjusted earnings per share were $0.12. Bit Digital implemented several modifications to its mining hosting portfolio in 2023, rounding off the year in collaboration with six hosting partners across seven sites in three different countries. One significant expansion was into Iceland due to its abundant clean energy resources and government support. Bit Digital will continue its strategy to broaden its operations into places offering cost-effective, green energy. Despite the fluctuations in the market, Bit Digital aims to remain resilient throughout the Bitcoin price cycle. The company has also forayed into the Artificial Intelligence sector, offering digital infrastructure services to its clients, including GPU rental services. The new venture was noted to have significant revenue contribution already, generating $4 million in February 2024.
Published At
3/19/2024 11:42:14 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.