Bit Digital, a Bitcoin mining firm listed on the Nasdaq, has revealed its earnings for 2023, showing a 39% increase from the previous year. The company reported earnings of $44.9 million, with a total of 1,507.3 BTC mined during the year, representing a 21% increase from 2022. At current market prices, the BTC amount is valued at approximately $97 million.
The growth in earnings was attributed to a higher active hash rate, although it was partially offset by increased network difficulty. Despite this, Bit Digital reported that its total assets as of December 31, 2023, amounted to $189.3 million, with shareholders’ equity reaching $152.7 million.
In its earnings report, Bit Digital highlighted that it had made several changes to its mining hosting portfolio throughout 2023. The company concluded the year with six hosting partners and seven sites across three countries. Additionally, Bit Digital expressed its intention to continue expanding into areas that offer cost-effective and carbon-free energy sources.
The company acknowledged the volatility of the Bitcoin market but stated its goal of withstanding all phases of the price cycle. It noted that the year began with Bitcoin at cyclical lows but ended with the asset reaching new all-time highs in 2024.
Bit Digital also announced its foray into artificial intelligence technology, alongside its focus on digital assets. The company stated that its new business would provide digital infrastructure services to clients, including rental services for graphics processing units. This venture has already started generating significant revenue, with earnings of $4 million reported in February 2024.
In other news, a game firm’s stock tripled after its acquisition of Bitcoin, and Hong Kong launched an in-kind BTC ETF, according to Asia Express magazine.