NEWS
Bit Digital, Inc. Announces Finalized Terms for Contract Expansion with Major HPC Customer; Total Contract Value Now Worth Approximately $275 Million
Bit Digital, listed on Nasdaq under BTBT, has finalized a significant contract expansion with a major High-Performance Computing (HPC) customer. The agreement involves supplying an additional 2,048 GPUs over three years, bringing the total to 4,096 GPUs for the period. This contract is valued at approximately $275 million, equating to $92 million annually.
Bit Digital has ordered 256 servers from Dell Technologies, equipped with Nvidia HGX H100 GPUs, expected to be delivered in July 2024 and operational by August 2024 in Iceland. The company plans to finance this deal through a combination of cash and digital assets. Additionally, a sale-leaseback agreement for 1,024 GPUs will reduce upfront costs, and the company is exploring further debt financing options.
This expansion aligns with Bit Digital’s goal of achieving a $100 million annualized revenue run-rate by the end of 2024, covering over 90% of this target. CEO Sam Tabar highlighted the company’s commitment to supporting customer AI ambitions and scaling the HPC segment.
Bit Digital has ordered 256 servers from Dell Technologies, equipped with Nvidia HGX H100 GPUs, expected to be delivered in July 2024 and operational by August 2024 in Iceland. The company plans to finance this deal through a combination of cash and digital assets. Additionally, a sale-leaseback agreement for 1,024 GPUs will reduce upfront costs, and the company is exploring further debt financing options.
This expansion aligns with Bit Digital’s goal of achieving a $100 million annualized revenue run-rate by the end of 2024, covering over 90% of this target. CEO Sam Tabar highlighted the company’s commitment to supporting customer AI ambitions and scaling the HPC segment.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Spread kindness and love. Life is short. Don’t let greed eat you.
1081Followers
68Following
7449Visitors
Follow