Nasdaq-listed Bit Digital released a financial statement showing the mining company generated $32.3 million in 2022 revenue.
Bit Digital finished 2022 with:
🟢 $32.7 million in cash
🟢 $27.7 million of digital assets
🟢 Zero debt
🟢 No miner purchase obligations
🟢 No material capex commitments🔗 More info here: https://t.co/LqD5traRFF
— Bit Digital, Inc. NASDAQ:BTBT (@BitDigital_BTBT) March 25, 2023
During the reporting period, Bit Digital mined 1247.5 BTC, as well as 294.3 ETH, even before Ethereum switched to the Proof-of-Stake consensus algorithm.
At the end of the year, the company held 946.3 BTC and 8799.9 ETH in reserves. The organization estimated that the market value of the assets was approximately $15.7 million and $10.5 million, respectively.
Bit Digital’s fleet of bitcoin miners has expanded to 37,676 devices with a total hash rate of 1.23 EH/s. Approximately 85% of the electricity they consume comes from carbon-free sources. In 2021, this figure reached 67%.
Bit Digital’s net loss was $105.3 million, including $50 million from impairment of fixed assets and $24.7 from depreciation of digital assets.
On June 30, 2022, the company completed a deal to purchase 10,000 miners from Bitmain Technologies Limited.
Already in March 2023 Bit Digital announced about the strategic reorganization of its executive management. The company’s chief executive officer, Bryan Bullett, stepped down and took over as senior advisor.
In the same month, the company invested an undisclosed amount in market maker Auros.
In April, the miner entered into an agreement with Coinmint, which pledged to provide additional capacity in the amount of 10 MW.
Within a year, the company plans to double the power of its devices to 2.6 EH/s. Also, Bit Digital will block about half of the accumulated ether in staking.
Recall that Argo Blockchain reported a loss of $240 million for 2022.
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