Bit Digital Announces Monthly Production Update for April

Bit Digital Announces Monthly Production Update for April

Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, announced its unaudited bitcoin production and corporate updates for the month of April 2023.

Corporate Highlights for April 2023

  • In April 2023, the Company earned 86.1 bitcoins, a 28% decrease compared to the prior month. The decrease in production was primarily driven by the relocation of approximately 6,500 mining units from facilities previously operated by Compute North to different hosting sites that commenced during the month, and to a lesser extent, an increase in the bitcoin network difficulty.
  • 11,513 bitcoin miners representing 1.20 EH/s, was actively hashing in North America as of April 30, 2023.
  • Treasury holdings of BTC and ETH were 553.2 and 9,900.9 with a fair market value of approximately $16.2 million and $18.6 million, respectively, on April 30, 2023.
  • The BTC equivalent[1] of our digital asset holdings as of April 30, 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 1,558.3, or approximately $45.5 million.
  • The Company had cash and cash equivalents of $21.9 million as of April 30, 2023.
  • As of April 30, 2023, the Company held approximately $6.2 million in USDC, up from approximately $0.5 million of March 31, 2023.
  • During the month of April 2023, the Company finalized an agreement to purchase 3,600 factory-new S19 mining units with a total maximum hash rate of approximately 324 PH/s. The agreement represents an average purchase price of approximately $8.5 per terahash/second (TH/s). The mining units are expected to be delivered by the end of May 2023.

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