What's Going On With Shares Of Bitcoin Miner Bit Digital Wednesday?

Shares of Bitcoin BTC/USD miner Bit Digital Inc BTBT are trading higher Wednesday after the company announced a production update for November. 

What Happened: Bit Digital said it produced 142.7 Bitcoin last month, up 24% compared to October. As of Nov. 30, the company had an active hash rate of 2.25 EH/s.

Bit Digital now owns a total of 551.8 Bitcoin. The company also owns 16,064.8 Ethereum ETH/USD. Bit Digital ended the month with $14.9 million in cash and equivalents.

Bit Digital also announced that it has received a prepayment from its first customer for its Bit Digital AI business. The company expects to earn between $35 million and $37 million in revenue in 2024 from its first AI contract.

Bit Digital shares may also be getting a boost from strength in the price of Bitcoin. Bitcoin crossed the $40,000 level over the weekend and has continued to trend higher this week. It was last up about 4.9% over a 24-hour period at $43,990. 

Check This Out: Bitcoin, Ethereum, Dogecoin Surge As 162M Shorts Wiped Out In A Day: Analyst Says King Crypto May Slide Back To $38K Before Continuing Upward Trajectory

BTBT Price Action: Bit Digital shares were up 2.71% at $3.41 at the time of publication, according to Benzinga Pro.

Photo: Miloslav Hamřík from Pixabay.