The AI venture of Bitcoin mining company Bit Digital generated $4 million in revenue as of February 2024, according to the company.
Bit Digital, a Bitcoin mining company listed on the Nasdaq, has reported 40 percent higher earnings of $44.9 million in 2023 compared to 2022.
Bit Digital reported that it amassed 1,507.3 BTC in 2023, an increase of 21% over the previous year, 2022. The amount of Bitcoin disclosed by the mining company is valued at approximately $97 million in accordance with prevailing market conditions.
According to Bit Digital, this growth was propelled by a “higher active hash rate” but was mitigated in part by heightened network complexity.
The mining company further disclosed that its total assets stood at $189.3 million as of December 31, 2023. The shareholders’ equity amounted to $152.7 million as well.
In the interim, the organization disclosed its adjusted earnings per share of $0.12, before interest, taxes, depreciation, and amortization of $12.4 million.
According to the report, the organization implemented numerous modifications to its mining hosting portfolio in 2023. Bit Digital reported having seven sites and six hosting partners in three nations at the end of 2023. The firm stated:
“Notably, we expanded our operations into Iceland during 2023, providing Bit Digital with geographic diversification outside of North America and into a region with abundant clean energy and supportive government policies.”
Additionally, the mining company stated that it will maintain its emphasis on venturing into regions that offer environmentally friendly and economical energy alternatives.
They wrote, “Bitcoin’s price began the year near cyclical lows and concluded on a trajectory that would propel the asset to all-time highs in 2024.” The company stated that, notwithstanding the market’s volatility, it intends to endure every stage of the Bitcoin price cycle.
Additionally, the organization disclosed its foray into the field of artificial intelligence technology and digital assets. Bit Digital announced that its new enterprise will provide clients with digital infrastructure services.
This includes graphics processing unit rental services. The organization stated that the enterprise had commenced generating substantial profits, disclosing earnings of $4 million in February 2024.
