Summary by Moomoo AI
Bit Digital, Inc. (Bit Digital), a sustainable platform for digital assets and artificial intelligence (AI) infrastructure, announced its unaudited financial results for the first quarter ended March 31, 2024. The company reported a significant increase in total revenue, reaching $30.3 million, a 266% increase compared to the first quarter of 2023. This growth was primarily driven by the commencement of the Bit Digital AI business and a higher realized bitcoin price. Revenue from bitcoin mining alone was $21.9 million, marking a 166% increase from the previous year's quarter. The company's AI business, referred to as High-Performance Computing services (HPC), began generating revenue in January 2024 and recognized $8.1 million during the quarter. Bit Digital also issued a one-time service credit of $1.3 million to its HPC...Show More