Finance

Bitcoin mining firm Bit Digital reports revenues up nearly 40%

Nasdaq-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.

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