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Bit Digital Inc. Monthly Production Update for November 2024

Bit Digital, Inc. (Nasdaq: BTBT), a prominent provider of high-performance computing (HPC) infrastructure and digital asset production, recently disclosed its financial performance and operations for November 2024. With headquarters in New York, the company's report highlights significant developments in revenue generation and digital asset holdings.

Corporate Performance

As of the end of November 2024, Bit Digital had a total of 266 servers equipped with 2,128 GPUs actively producing revenue through various contracts. The company successfully generated roughly $4.3 million in unaudited GPU cloud revenues for the month. This notable achievement speaks to the growing demand for digital solutions and the efficiency of Bit Digital’s AI-oriented contracts.

Moreover, Bit Digital's treasury holdings included 813 BTC and over 27,500 ETH, amounting to a fair market value of approximately $78.4 million for BTC and $102.1 million for ETH. The cumulative worth of these assets in Bitcoin equivalent reached around $181.2 million.

In terms of liquidity, Bit Digital had cash reserves of $151.3 million and a total liquidity of approximately $332.5 million, which underscores the company’s robust financial standing and readiness for future investments or operational expansions.

Data Center and HPC Highlights

At the company’s Tier-3 Enovum Data Center, there were 13 customers actively generating revenue as of November 30, 2024. It is worth noting that the colocation revenue from this data center reached approximately CAD 705.2k, translating to about USD 503.5k, a boost in the overall financial performance of the company.

GPU Cloud Developments

The month witnessed promising developments in partnerships for GPU cloud computing as well. On November 14, 2024, Bit Digital secured contracts to supply a new customer with 512 H200 GPUs for a minimum duration of six months; this contract carries an estimated value of $5.0 million. Furthermore, a separate contract for 576 H200 GPUs over a year was signed, with a total value projected at $10.1 million. Initial deployments have already commenced, with revenue generation initiated on both contracts.

Another significant development occurred the same day when Bit Digital executed an MSA with yet another new client for 64 H200 GPUs on a month-to-month basis, followed by a purchase order for 128 additional GPUs. This deployment commenced shortly thereafter, further enhancing diversity in revenue streams.

Digital Asset Production

In terms of digital asset production, Bit Digital recorded the mining of 44.9 BTC in November 2024, representing a 14.0% decline compared to the previous month. However, the company's active hash rate increased to approximately 2.51 EH/s, up 3.3% from the previous month.

Additionally, the company had around 21,568 ETH actively staked in native protocols, earning an average annual percentage yield (APY) of about 3.4%. Total staking rewards amounted to approximately 59.9 ETH for the month of November, reinforcing Bit Digital's capacity to leverage digital assets effectively.

Final Thoughts

As Bit Digital advances towards December, it is set to participate in the Northland Growth Conference on December 12, showcasing its future prospects and innovative AI infrastructure services. The firm’s consistent revenue generation, growing digital asset portfolio, and strategic partnerships position it as a key player in the high-performance computing landscape.

In conclusion, Bit Digital, Inc. is on a robust trajectory for growth, driven by its assertive investments in technology and innovative solutions in the digital asset realm, promising exciting developments in the coming months.