#United States #AI #New York #Bit Digital #HPC

Bit Digital, Inc. Monthly Production Update for December 2024

Bit Digital, Inc. (Nasdaq: BTBT), a leading global platform specializing in high-performance computing (HPC) infrastructure and digital asset production, has provided an extensive update regarding its unaudited operational performance for December 2024. The report highlights key metrics including revenue generated from GPU cloud services, updates on digital assets, and significant corporate developments.

Corporate Performance Overview

As of December 31, 2024, Bit Digital had 266 active servers configured with 2,128 GPUs actively generating revenue through various contracts. In December alone, the total unaudited revenue from GPU cloud services appreciated to approximately $4.5 million. Notably, the Company also secured $177,000 in cash from its equipment leasing partnership with Boosteroid.

The Company's treasury holdings included 742.1 BTC and 27,623.9 ETH, collectively valued at approximately $161.8 million. Furthermore, the total liquidity available to Bit Digital hovered around $260.4 million, encompassing cash, equivalents, digital assets, and USDC as of the end of the month.

Colocation Services Revenue

In terms of colocation services, the Company reported 14 clients generating revenues at its Tier-3 Enovum Data Center. The revenue achieved from colocation services reached approximately CAD $757.8k (around USD $528.1k) in December 2024. This success follows the Company’s significant real estate investment in a 5MW tier-3 data center expansion project based in Montreal, Canada, amounting to CAD $33.5 million (approximately USD $23.3 million). This strategic acquisition aligns with Bit Digital's mission to amplify its HPC data center capacity to 32MW in 2025.

GPU Cloud Agreement

On December 31, the Company secured a Master Service Agreement with an AI Compute Fund managed by DNA Holdings Venture Inc., allowing for the use of 576 H200 GPUs over a 25-month period. This deal presents a revenue opportunity nearing $20.2 million.

Digital Asset Production

In December, Bit Digital produced 32.4 BTC, reflecting a 27.8% decrease from the previous month, primarily impacted by adjustments within its hosting portfolio, asset redeployment, and the elimination of older mining equipment. The operational hash rate dipped to approximately 1.8 EH/s, marking a 28% decline attributable to similar factors.

During the month, the Company made significant acquisitions, including 941 S21 mining units for around $3.2 million and sold off 4,506 S19 units for approximately $836.6k. As of the end of December, approximately 21,568 ETH were actively staked in native protocols, yielding around 60.6 ETH as staking rewards.

Conclusion

Bit Digital, Inc. remains proactive in its business strategy, focusing on enhancing its HPC capabilities while navigating the dynamic landscape of digital assets. As it ventures into 2025, the Company's commitment to growth, investment in innovative technologies, and expansion into new markets solidifies its position in a competitive sector. For more information, interested parties can visit the official website or reach out for direct inquiries.

About Bit Digital

Founded and headquartered in New York City, Bit Digital, Inc. operates globally, with assets spread across the US, Canada, and Iceland. The Company also maintains a dedicated business arm, Bit Digital AI, which provides services tailored for artificial intelligence applications. Investors are encouraged to consider potential risks associated with their securities due to market volatility and operational uncertainties. More details about the company's moves and standings are available through their latest reports filed with the Securities and Exchange Commission.

For further information, please visit Bit Digital's official website.