Bit Digital, Inc., a sustainable platform for digital assets and artificial intelligence (AI) infrastructure, has reported its financial performance and business developments for the year ending December 31, 2023. The company engages in digital asset mining, Ethereum staking, and specialized cloud-infrastructure services for AI applications. Bit Digital's mining operations span the United States, Canada, and Iceland, focusing on accumulating digital assets like Bitcoin and Ethereum, which may be sold or exchanged depending on market conditions and cash flow needs. The company's mining strategy aims to mine as many bitcoins as possible before the fixed supply runs out. Bit Digital has signed service agreements with third-party hosting partners in North America and Iceland to operate specialized mining data centers...Show More

Bit Digital, Inc., a sustainable platform for digital assets and artificial intelligence (AI) infrastructure, has reported its financial performance and business developments for the year ending December 31, 2023. The company engages in digital asset mining, Ethereum staking, and specialized cloud-infrastructure services for AI applications. Bit Digital's mining operations span the United States, Canada, and Iceland, focusing on accumulating digital assets like Bitcoin and Ethereum, which may be sold or exchanged depending on market conditions and cash flow needs. The company's mining strategy aims to mine as many bitcoins as possible before the fixed supply runs out. Bit Digital has signed service agreements with third-party hosting partners in North America and Iceland to operate specialized mining data centers. The company is committed to sustainability, having signed the Crypto Climate Accord and joined the Bitcoin Mining Council to promote transparency and best practices. For the year ending December 31, 2023, Bit Digital reported a net loss of $13.9 million, which included a $6.6 million impairment of digital assets due to the decline in value of Bitcoin and Ethereum. The company ended the year with $16.9 million in cash and cash equivalents, over $56.3 million in working capital, zero debt, and no outstanding obligations under any miner purchase agreements. Bit Digital's Ethereum staking business has expanded, with the company actively staking Ethereum to generate yields and diversify operations. The company's AI business line commenced operations in January 2024, offering specialized cloud infrastructure services. Bit Digital's financial statements have been audited by Audit Alliance LLP, with an unqualified opinion on the company's internal control over financial reporting.