Bit Digital, a Bitcoin mining firm listed on Nasdaq, has reported earnings of $44.9 million for the year 2023, marking a 39% increase from the previous year. The company disclosed that it earned 1,507.3 BTC in 2023, a 21% rise compared to 2022. At the current market prices, this BTC amount is valued at approximately $97 million.
The growth in earnings was primarily attributed to a higher active hash rate, although it was partially offset by increased network difficulty. Bit Digital’s total assets as of December 31, 2023, amounted to $189.3 million, with shareholders’ equity reaching $152.7 million.
Furthermore, the company reported adjusted earnings before interest, taxes, depreciation, and amortization of $12.4 million, along with an adjusted earnings per share of $0.12.
In its earnings report, Bit Digital highlighted the changes it made to its mining hosting portfolio in 2023. The company concluded the year with six hosting partners and seven sites across three countries. It emphasized its commitment to expanding into areas that offer cost-effective and environmentally friendly energy sources.
Despite the market volatility, Bit Digital acknowledged the Bitcoin price cycle and expressed its determination to withstand all phases of it. The company remarked that the year began with Bitcoin at low prices but ended with the asset reaching new all-time highs in 2024.
Additionally, Bit Digital revealed its entry into the field of artificial intelligence technology, alongside digital assets. The company stated that its new business would provide digital infrastructure services to clients, including rental services for graphics processing units. In February 2024, this new venture contributed significant revenue, reporting earnings of $4 million.
In related news, a game firm’s stock tripled after it acquired Bitcoin, and Hong Kong launched its in-kind BTC ETF.