SPY391.86-16.46 -4.03%
DIA315.55-11.55 -3.53%
IXIC11,418.15-566.37 -4.73%

Bit Digital Says Earned 194.48 Bitcoins And 189.26 ETH During Q1

Bit Digital, Inc. (NASDAQ:BTBT) ("Bit Digital" or the "Company"), a bitcoin mining company headquartered in New York, announced its unaudited bitcoin production and mining operations update for the

Benzinga · 04/29/2022 08:00

Bit Digital, Inc. (NASDAQ:BTBT) ("Bit Digital" or the "Company"), a bitcoin mining company headquartered in New York, announced its unaudited bitcoin production and mining operations update for the first quarter ended March 31, 2022.

Company Logo (PRNewsfoto/Bit Digital, Inc.)

Preliminary First Quarter 2022 Highlights

  • The Company earned 194.48 bitcoins and 189.26 ETH during the quarter. Factors impacting production included the Company's ongoing miner redeployment program, growth in the overall bitcoin network hash rate, and the number of days in the quarter.



  •  
  • Treasury holdings of BTC and ETH were 832.14 and 266.71, with a fair market value of approximately $37.9 million and $0.9 million on March 31, 2022, respectively.



  •  
  • As of March 31, 2022, 36.9% of our owned fleet, or 9,748 bitcoin miners and 713 Ethereum miners representing 0.544 Exahash ("EH/s") and 0.188 Terahash ("TH/s") respectively, was deployed in North America. 27.8% of our fleet, or 7,710 bitcoin miners representing 0.457 EH/s, was deployed in North America as of December 31, 2021.



  •  
  • The Company owned 27,644 bitcoin miners and 731 Ethereum miners as of March 31, 2022, with an estimated maximum total hash rate of 1.6 EH/s and 0.3 TH/s, respectively. As of April 27, 2022, the Company owned 30,865 bitcoin miners with an estimated maximum total hash rate of 1.9 EH/s.



  •  
  • As of the date of this press release, the Company had received 2,515 machines pursuant to its previously announced 10,000-unit purchase agreement with Bitmain Technologies Limited. The final installment is expected to ship in June 2022. Pro forma for these announced purchases, our maximum total hash rate is expected to be approximately 2.67 EH/s.



  •  
  • The Company purchased 706 bitcoin miners on the spot market during the first quarter. The Company took delivery of these machines during April 2022. The Company also sold 100 MicroBT Whatsminer M21S bitcoin miners during the quarter.



  •  
  • Approximately 67% of our fleet's electricity consumption was generated from carbon-free energy sources as of March 31, 2022, based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry