Bit Digital’s Q3 revenue surged 96% YoY to $22.7M, driven by its new high-performance computing (HPC) business, which generated $12.2M.
Following a robust performance in its recently launched high-performance computing division, Bit Digital, a bitcoin mining firm, reported a 96% increase in revenue year-over-year in its Q3 earnings report, with $22.7 million in revenue.
According to a press release issued on November 18, Bit Digital’s HPC operation has generated $12.2 million in revenue, a significant increase from the zero generated in Q3 2023. The firm’s total revenue increased as its HPC operations gained traction, despite an 11% year-over-year decrease in Bitcoin mining revenue to $10.1 million.
According to the company’s management, the maturation of the HPC business was a “defining theme this quarter” as Bit Digital expanded its GPU cloud client base with the addition of Boosteroid and strengthened its team with “critical hires.”
Bit Digital perceives HPC as having the “most potential”
“Unrealized loss on digital assets” was the primary factor contributing to the $21.8 million loss reported by the New York-based company for the quarter. Bit Digital emphasizes HPC as its “greatest potential for long-term value creation,” despite this, and remains optimistic about the future.
As of September 30, the company reported a total liquidity of $223.6 million, which included cash, Circle’s USD Coin (USDC), and other cryptocurrencies.
The total assets and shareholders’ equity on its balance sheet amounted to $376 million and $315 million, respectively. Bit Digital reiterated its objective to achieve a $100 million run-rate revenue target for HPC by the conclusion of 2024.
