NEW YORK, Aug. 19, 2024 /PRNewswire/ -- Bit Digital, Inc. (NASDAQ:BTBT) (the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City, today announced its unaudited financial results for the Second Quarter ended June 30, 2024.
Financial Highlights for the Second Quarter of 2024
Total revenue was $29.0 million for the Second Quarter of 2024, a 220% increase compared to the Second Quarter of 2023. The increase was primarily driven by the commencement of our high performance computing services ("HPC") business and by a higher realized bitcoin price.
Revenue from bitcoin mining was $16.1 million for the Second Quarter of 2024, an 80% increase compared to the prior year's quarter. The Company's HPC recognized $12.5 million of revenue during the quarter compared to nil the prior year.
The Company had cash, cash equivalents and restricted cash of $61.4 million, and total liquidity (defined as cash, cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $191.9 million[1], as of June 30, 2024.
Total assets were $315.5 million and Shareholders' Equity amounted to $295.3 million as of June 30, 2024.
Adjusted EBITDA[2] was $(3.8) million for the Second Quarter of 2024 compared to $1.9 million for the Second Quarter of 2023. Adjusted EBITDA includes an $11.5 million unrealized loss on digital assets.
GAAP loss per share was $0.09 on a fully diluted basis for the Second Quarter of 2024 compared to a loss per share of $0.03 for the Second Quarter of 2023.
Operational Highlights for the Second Quarter of 2024
The Company earned 244.2 bitcoins during the Second Quarter of 2024, a 23% decrease from the prior year. The decline was primarily driven by a reduction in block rewards following the halving event in April 2024 and by an increase in network difficulty.
The Company paid approximately $0.047 per kilowatt hour to its hosting partners for electricity consumed during the Second Quarter of 2024.
The average fleet efficiency for the active fleet was approximately 27.9 J/TH as of June 30, 2024.
The Company earned 109.4 ETH from native staking in the Second Quarter of 2024.
Treasury holdings of BTC and ETH were 585.6 and 27,226.21, respectively, with a fair market value of approximately $36.7 million and $93.5 million on June 30, 2024, respectively.
The BTC equivalent[3] of our digital asset holdings as of June 30, 2024 (defined as if all ETH and USDC holdings were converted into BTC as of that date) was approximately 2,082.1 BTC1, or approximately $130.5 million.
As of June 30, 2024, we had 50,044 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 4.3 EH/s.
The Company's active hash rate of its bitcoin mining fleet was approximately 2.6 EH/s as of June 30, 2024.
The Company purchased approximately 1,146 bitcoin mining units during the Second Quarter of 2024.
Approximately 86% of our fleet's run-rate electricity consumption was generated from carbon-free energy sources as of June 30, 2024. ...
