Bit Digital Reports Revenues Up Nearly 40% Amid Bitcoin Mining and AI Ventures

Nasdaq-listed Bitcoin mining company Bit Digital has announced a significant increase in earnings for 2023, driven by growth in its mining operations and a venture into artificial intelligence.

Bit Digital reported earnings of $44.9 million for 2023, representing a 39% increase from the previous year. The company earned 1,507.3 BTC in 2023, a 21% increase compared to 2022, valued at around $97 million at current market prices.

The growth in earnings was attributed to a higher active hash rate, although this was partially offset by increased network difficulty. As of December 31, 2023, Bit Digital's total assets were $189.3 million, with shareholders' equity at $152.7 million.

In addition to its mining operations, Bit Digital has ventured into artificial intelligence technology, providing digital infrastructure services to clients. This includes rental services for graphics processing units (GPUs), with the new business contributing $4 million in revenue in February 2024.

Bit Digital also expanded its mining hosting portfolio in 2023, ending the year with six hosting partners and seven sites across three countries. The company's expansion into Iceland provides geographic diversification and access to abundant clean energy and supportive government policies.

Despite market volatility, Bit Digital aims to withstand all phases of the Bitcoin price cycle. The company remains focused on expanding into areas that provide cost-effective, carbon-free energy sources, ensuring its sustainability in the rapidly evolving cryptocurrency market.