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Bit Digital, Inc. Announces First Quarter of Fiscal Year 2022 Financial Results


NEW YORK, June 22, 2022 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a digital asset mining company headquartered in New York, today announced its unaudited financial results for the first quarter ended March 31, 2022.


Financial Highlights for the First Quarter 2022


Bitcoin mining revenue was $8.0 million for the first quarter of 2022. Revenue from Ethereum mining was $0.5 million.


We had cash and cash equivalents of $28.1 million, and total liquidity (defined as cash and digital assets) of approximately $73.3 million, as of March 31, 2022. Total assets were $169.6 million as of March 31, 2022.


Non-GAAP income* from operations was $0.5 million. 


Non-GAAP net income** was $2.9 million, or $0.04 earnings per share.


* Non-GAAP income from operations excludes the impact of depreciation of property and equipment, and share-based compensation expense.


** Non-GAAP net income excludes depreciation of property and equipment, share-based compensation expenses, impairment of digital assets, gain from disposal of property and equipment, gain from sale of investment security and gain from sales of a subsidiary.


Operational Highlights for the First Quarter 2022


The Company earned 194.48 bitcoins and 189.26 ETH during the quarter. Factors impacting production included the Company’s ongoing miner redeployment program, growth in the overall bitcoin network hash rate, and the number of days in the quarter.


Treasury holdings of BTC and ETH were 832.14 and 266.71, with a fair market value of approximately $27.6 million and $0.6 million on March 31, 2022, respectively.


The Company owned 27,644 bitcoin miners and 731 Ethereum miners as of March 31, 2022, with an estimated maximum total hash rate of 1.6 EH/s and 0.3 TH/s, respectively. As of May 31, 2022, the Company owned 33,376 bitcoin miners with an estimated maximum total hash rate of 2.17 EH/s.


Subsequent to quarter-end, the Company signed a miner swap agreement with Riot Blockchain, Inc. (Riot), which provides for Riot to deliver miners rated at 0.625 EH/s to the Company in exchange for 0.5 EH/s delivered from the Company to Riot, a 25% boost in favor of the Company.


As of May 31, 2022, the Company had received 5,023 machines pursuant to its previously announced 10,000-unit purchase agreement with Bitmain Technologies Limited. The final installment is expected to ship in June 2022. Pro forma for these announced purchases and the miner swap with Riot, our maximum total hash rate is expected to be approximately 2.8 EH/s.


The Company purchased 706 bitcoin miners on the spot market during the first quarter, and took delivery of these machines during April 2022. The Company also sold 100 MicroBT Whatsminer M21S bitcoin miners during the quarter.


Subsequent to quarter end, the Company signed a new 20 MW hosting agreement with Coinmint LLC (“Coinmint”). Approximately half of this capacity has been delivered as of the date of this report, with the remainder scheduled for early July. The Coinmint facility utilizes power that is 90% emissions-free.


Approximately 67% of our fleet’s run-rate electricity consumption was generated from carbon-free energy sources as of March 31, 2022, based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.


Management Commentary

“The first quarter of 2022 marked the first full quarter in which 100% of our mining fleet was on North American soil. With migration complete, our focus remains deploying our fleet while remaining a leader in sustainability. We’re proud of our progress and especially our team’s rapid response to recent operational challenges. 

As previously announced, subsequent to quarter end, we faced interruptions at certain hosting partners’ sites. We quickly signed a new hosting agreement with Coinmint for 20 MW of primarily carbon-free power, more than enough to offset the effect of the interruptions. Coinmint has already fulfilled approximately half of this capacity, with the remainder scheduled for early July. Further, we signed a miner swap agreement with Riot Blockchain Inc. (“Riot”) which provides a 25% boost to our swapped hash rate; half of the swap has already been executed. The combined effect of our agreements with Coinmint and Riot is expected to roughly triple our active hash rate over the span of about one month. Finally, power has already been partially restored at our partner Digihost’s North Tonawanda, NY site, and remediation and repair work is underway at Blockfusion’s Niagara Falls, NY site.

Unsurprisingly, our first quarter results faced difficult comparisons to the prior year, when a majority of our fleet was deployed in China, and network hash rates were lower. Further, the decrease in bitcoin price since late 2021 has coincided with an increase in network hash, reducing industrywide margins and heightening competition. Our strong balance sheet positions us to successfully navigate these market headwinds. We remain debt-free, and had over $70M of cash and digital assets as of March 31, 2022. We have already paid all of our miner purchase obligations and have no other significant capital commitments as of the date of this report. Against this backdrop, we are excited for yet another transformational year for Bit Digital.”

Please click here for the full report: “Bit Digital Inc, Announces Fiscal First Quarter of 2022 Financial Earnings”


About Bit Digital

Bit Digital, Inc. is a digital assets mining company headquartered in New York City. Our mining operations are located in North America. For additional information, please contact [email protected] or visit our website at

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, 2021. 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. Additionally, all discussions of financial metrics assume mining difficulty rates as of June 2022. 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 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.

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