Author: Ezra Reguerra, CoinTelegraph; Compiled by: Deng Tong, Golden Finance
Bit Digital, a Bitcoin mining company listed on Nasdaq, announced that its profit in 2023 will be US$44.9 million, which is 44.9 million US dollars. Growth of 39% in the previous year.
Bit Digital said it earned 1,507.3 BTC in 2023, a 21% increase from 2022. The mining company’s reported amount of BTC is worth approximately $97 million at current market prices.
Bit Digital said the increase was driven by "higher active hash rates" but was partially offset by an increase in network difficulty.
Bit Digital financial report highlights. Source: Bit Digital
The mining company added that its total assets as of December 31, 2023 were US$189.3 million. Additionally, stockholders' equity was $152.7 million.
Meanwhile, the company reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $12.4 million, or adjusted earnings per share of $0.12.
The company said in the report that it has made a number of adjustments to its mining hosting product portfolio in 2023. Bit Digital said that as of 2023, the company has six hosting partners and seven sites in three countries. The company wrote:
“Notably, our expansion into Iceland in 2023 provides Bit Digital with geographic diversification beyond North America into a country with abundant clean energy and supportive government policies. regions.”
The mining company also mentioned that it will continue to focus on expanding into areas that provide cost-effective carbon-free energy.
“Bitcoin’s price started the year near cyclical lows and ended on a trajectory that will propel the asset to all-time highs in 2024,” they wrote. Despite market volatility, the firm said it aimed to is to withstand all phases of the Bitcoin price cycle.
In addition to digital assets, the company also announced its foray into artificial intelligence (AI) technology. Bit Digital said its new business will provide digital infrastructure services to customers.
This includes rental services for graphics processing units (GPUs). The business has started to contribute significant revenue, reporting $4 million in revenue in February 2024, the company said.
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