Summary by Moomoo AI
Bit Digital reported Q2 2024 revenue of $29.0 million, up 220% YoY, driven by its new high-performance computing (HPC) services and higher bitcoin prices. Bitcoin mining revenue rose 80% to $16.1 million while HPC services contributed $12.5 million. The company held digital assets worth $191.9 million in total liquidity as of June 30.The company's active bitcoin mining hash rate reached 2.6 EH/s, with operations across North America and Iceland. Despite post-halving challenges, the company maintained 86% carbon-free energy usage. The HPC business showed strong momentum with the existing customer making a $30 million non-refundable prepayment in August.In a significant development, Bit Digital signed a binding term sheet with Boosteroid, the world's third-largest cloud gaming provider, representing a potential $700 million revenue opportunity over five years. The initial deployment is expected to generate approximately $13 million in revenue over the five-year term.
