NEW YORK, June 5, 2023 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a digital asset mining company headquartered in New York, announced its unaudited digital asset production and corporate updates for the month of May 2023.
Corporate Highlights for May 2023
- In May 2023, the Company produced 113.2 BTC, a 31% increase compared to the prior month. The increase in production was primarily driven by a higher average active hash rate and an increase in transaction fees during the month, which was partially offset by an increase in the bitcoin network difficulty.
- The Company had a deployed fleet of 11,513 active bitcoin miners as of May 31, 2023. The Company’s active hash rate was approximately 1.20 EH/s as of that date.
- Treasury holdings of BTC and ETH were 453.6 and 10,996.0 with a fair market value of approximately $12.3 million and $20.6 million, respectively, on May 31, 2023.
- The BTC equivalent* of our digital asset holdings as of May 31, 2023 (defined as if all ETH, sETH-H, LsETH and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,418.4, or approximately $38.6 million.
- During the month, Bit Digital transferred 129 BTC to its strategic partner, Auros Global Limited, as collateral for yield optimization strategies connected to 430 BTC that Auros is conducting on behalf of Bit Digital. This allocation relates to the Company’s broader objective to enhance its overall treasury management solutions.
- The Company had cash and cash equivalents of $15.4 million as of May 31, 2023.
- During the month of May 2023, the Company finalized agreements to purchase 6,600 new mining units with a total maximum hash rate of approximately 680 PH/s. These figures do not include the Company’s operations in Iceland in which the Company extended credit to its partner for the purchase of 2,500 mining units to operate on the Company’s behalf.
- The Company had approximately 6,692 ETH actively staked in native and liquid staking protocols as of May 31, 2023. Approximately 4,288 were natively staked and 2,404 ETH were deployed in liquid staking protocols as of that date.
- Additionally, The Company has 5,024 ETH (157 Nodes) deposited but in queue to be activated on the Ethereum staking network, which are estimated to come online by the end of June 2023.
- Bit Digital earned a blended APY of approximately 6% on its staked ETH position for the month of May 2023.
- The Company earned aggregate staking rewards of approximately 21 ETH during May 2023.
About Bit Digital
Bit Digital, Inc. is a sustainability focused generator of digital assets headquartered in New York City. Our mining operations are located in the US, Canada, and Iceland. For additional information, please contact [email protected] or visit our website at www.bit-digital.com.
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, 2022. 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.
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.
*“BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, sETH-h, LsETH, and USDC, were converted into BTC as of May 31, 2023, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. The closing price of ETH is used as a proxy for the price of sETH-H (receipt token) on a 1:1 basis.