Why Are Bitcoin Company Bit Digital Shares Shooting Higher Wednesday?

Bit Digital, Inc. BTBT shares are rising on Wednesday in the premarket session after the company said it targets doubling its operating fleet in its Bitcoin mining operations to approximately 6.0 EH/s, during 2024.

Last month, the company produced 142.7 BTC, a 24% increase compared to the prior month. The company's active hash rate was approximately 2.25 EH/s as of November 30.

On December 20, the company said it had received an initial batch of servers that are equipped with NVIDIA Corporation NVDA

HGX H100 GPUs from Super Micro Computer, Inc. SMCI.

The company has received 89 servers, which will be shipped and delivered to the datacenter in Iceland by the end of this month. Bit Digital expects to receive the remaining 103 servers by the first week of January 2024 and subsequently deploy them in Iceland during January 2024. 

The company earned aggregate staking rewards of approximately 44.93 ETH during November 2023.

Last month, Bit Digital received a prepayment for the first month from its first customer for its Bit Digital AI business. The company expects to earn between $35 million and $37 million of revenue from this contract during 2024.

Bit Digital's total revenue was $11.6 million for the third quarter of 2023. The majority of revenue was earned from its bitcoin mining business.

Read Next: "Make Long-term Investment In Core Technologies" - Can NIO's $2.2B Boost From CYVN Transform EV Landscape?

Price Action: BTBT shares are trading higher by 5% to $4.410 premarket on the last check Wednesday.

Photo via Company