Bit Digital, a Bitcoin mining company listed on Nasdaq, has disclosed its earnings for 2023, revealing a 39% increase compared to the previous year. The firm reported earnings of $44.9 million, with 1,507.3 BTC earned, representing a 21% growth. At current market prices, the BTC amount is valued at approximately $97 million. The company attributed this growth to a higher active hash rate, although it was partially offset by increased network difficulty.
In terms of financials, Bit Digital stated that its total assets as of December 31, 2023, amounted to $189.3 million, while shareholders’ equity stood at $152.7 million. The company also reported adjusted earnings before interest, taxes, depreciation, and amortization of $12.4 million, along with an adjusted earnings per share of $0.12.
Bit Digital highlighted changes made to its mining hosting portfolio in 2023, with the company concluding the year with six hosting partners and seven sites across three countries. The firm emphasized its focus on expanding into areas where cost-effective and carbon-free energy sources are available.
Despite market volatility, Bit Digital expressed its commitment to weathering all phases of the Bitcoin price cycle. The company acknowledged that the year began with Bitcoin at low prices but ended with the asset reaching new all-time highs in 2024.
Furthermore, Bit Digital announced its venture into artificial intelligence technology and digital infrastructure services. The company stated that it will provide rental services for graphics processing units, which has already generated significant revenue, reporting earnings of $4 million in February 2024.
In related news, a game firm’s stock tripled after it purchased Bitcoin, and Hong Kong introduced an in-kind BTC ETF.