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[1] 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.
Proof-of-Stake Highlights
- 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 ir@bit-digital.com or visit our website
at www.bit-digital.com.
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, 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.
[1] "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.
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SOURCE Bit Digital, Inc.