What's Going On With Bitcoin- And Ethereum-Related Stock Bit Digital

Bit Digital Inc BTBT shares are trading lower by 4.24% to $0.75 Wednesday afternoon. The company reported third-quarter financial results during the session.

What Happened?

Bit Digital reported quarterly losses of 5 cents per share. This is a decrease over earnings of $0.07 per share from the same period last year. The company reported $9.13 million in sales this quarter. This sales figure represents a 12% decrease over sales of $10.40 million in the same period last year.

Bit Digital says Bitcoin mining revenue was $9.1 million for the third quarter of 2022. The company says revenue from Ethereum mining was non-meaningful.

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The company earned some 429.1 bitcoins during the quarter. Factors impacting production included the pace of the company's ongoing miner deployment program, and growth in the overall bitcoin network hash rate. The company earned 0.50 ETH from proof-of-work mining during the quarter.

"We are pleased to report that Bit Digital produced 429 bitcoin during the third quarter of 2022, representing sequential growth of over 115% over the second quarter. This growth highlights our continued progress as our active hash rate increased to 1.35 EH, compared to 0.75 EH at the end of June," said Bit Digital management.

"We continue to work towards our goal of full fleet deployment; however, we will only seek to rack our miners if the economics present an acceptable return from doing so. We strive to maximize returns rather than growth, and to avoid the pitfalls of unbridled expansion that have impaired several participants across the sector," company management commented.

According to data from Benzinga Pro, BTBT has a 52-week high of $8.36 and a 52-week low of $0.73.