Bitcoin mining giant Bit Digital has reported a substantial increase in revenue, with its venture into artificial intelligence generating $4 million in February 2024 alone.
Bit Digital, listed on Nasdaq, revealed a revenue of $44.9 million for the year 2023, marking a remarkable 39% rise from the previous year.
The company disclosed that it earned 1,507.3 BTC in 2023, representing a 21% increase compared to 2022. At current market prices, this BTC amount equates to approximately $97 million.
Driving Factors and Expansion
The growth was attributed to a “higher active hash rate,” although it faced challenges from increased network difficulty. Despite this, Bit Digital’s total assets stood at $189.3 million by December 31, 2023, with shareholders’ equity reaching $152.7 million.
Bit Digital expanded its operations into Iceland in 2023, diversifying geographically and tapping into abundant clean energy resources. The company now operates across seven sites in three countries.
Commitment to Sustainability and Innovation
In line with its commitment to sustainability, Bit Digital aims to expand into areas offering cost-effective, carbon-free energy sources.
Despite Bitcoin’s price volatility, the company remains steadfast in its goal to navigate all phases of the price cycle.
Besides its core focus on digital assets, Bit Digital has ventured into artificial intelligence technology. The new business segment offers digital infrastructure services, including GPU rental services.
This diversification has already proven fruitful, with the AI venture contributing significantly to revenue, reporting $4 million in earnings in February 2024.
Fiscal Year 2023 Financial Highlights
🟢 Total Revenue: $44.9 million (+39%)
🟢 Total BTC Earned: 1,507.3 (+21%)
🟢 Active Hash Rate: 2.50 EH/s (+103%)
🟢 Total Liquidity: $81.2 million
🟢 Balance Sheet: 0 debt
🟢 Adjusted EBITDA: $12.4 million🔗 Read the full report:… pic.twitter.com/JMGr8jplC2
— Bit Digital, Inc. NASDAQ:BTBT (@BitDigital_BTBT) March 18, 2024
Bit Digital’s strategic expansion into AI underscores its commitment to innovation and diversification, positioning the company for sustained growth and success in the evolving landscape of digital assets and technology.
