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NetworkNewsBreaks – Bit Digital Inc. (NASDAQ: BTBT) Announces Q3 2022 Financial Results

Company: Bit Digital Inc. (BTBT)
Category: News

Bit Digital (NASDAQ: BTBT), a digital asset mining company headquartered in New York City, has announced its unaudited financial results for the third quarter ended Sept. 30, 2022. Among the highlights, the company reported $9.1 million in bitcoin mining revenue for the third quarter and $164.7 million in total assets as of Sept. 30, 2022. “We are pleased to report that Bit Digital produced 429 bitcoin during the third quarter of 2022, representing sequential growth of over 115% over the second quarter. This growth highlights our continued progress as our active hash rate increased to 1.35 EH, compared to 0.75 EH at the end of June. We continue to work towards our goal of full fleet deployment; however, we will only seek to rack our miners if the economics present an acceptable return from doing so. We strive to maximize returns rather than growth, and to avoid the pitfalls of unbridled expansion that have impaired several participants across the sector,” Bit Digital management was quoted as saying in the press release. “Our hosting portfolio expanded during the quarter with the addition of a new 5 MW hosting agreement with a provider in Canada at a location that is primarily hydro powered. Securing the most economic and ecofriendly hosting remains a top priority for the company. We are actively evaluating several new hosting opportunities and continue to strategically target smaller sites to minimize both site and counterparty risk.”

To view the full news release, visit https://nnw.fm/CfDZ9

About Bit Digital Inc.

Bit Digital is a bitcoin mining company headquartered in New York City with operations located in North America. For additional information, please contact IR@bit-digital.com or visit the company’s website at www.Bit-Digital.com.

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