Bitcoin Miner Bit Digital (NASDAQ: BTBT) Has Been Active Over The Past Year, Developing Key Partnerships, Expanding Operations And Diversifying Revenues

Since Dec. 30, 2022, Bit Digital BTBT’s stock price has risen over 500% (from low to high), a spectacular gain reminiscent of crypto’s “Golden Age.” The team behind the sustainable Bitcoin mining operation has been working behind the scenes to improve the company’s operations, leading to multiple recent key partnerships, expansions and revenue diversification. 

On May 9th, Bit Digital partnered with Coinmint and Blockbreakers to secure an additional 10 megawatts (MW) and 4 MW of mining capacity respectively. The partnership with Coinmint features a one-year term with automatic three-month renewals and will fill a New York facility with 3,600 S19 mining units running on 99% renewable energy. Bit Digital’s agreement with Blockbreakers will expand its mining fleet by 1,230 S19j mining units and cement its expansion into Canada. Like the units with Coinmint, the Blockbreaker fleet will run primarily on sustainable energy sources (specifically, hydroelectric). 

Continuing its expansion, Bit Digital partnered with GreenBlocks EHF to secure 8.25 MW of incremental hosting capacity at a facility in Iceland. Under the agreement, 2,000 S19j Pro+ and 500 S19 mining units will be added to the facility. Greenblocks reportedly operates in Iceland’s closed power grid, which runs on 100% renewable energy, making the expansion a sustainable operation. 

On its form 20-F for the fiscal year ended December 31, 2022, the company reported several important figures. The company achieved total revenue of $32.3 million for the fiscal year 2022. Out of this total revenue, $31.4 million is from BTC mining, and $0.9 million is from ETH mining. The company had a combined amount of $34 million in cash, cash equivalents and restricted cash, resulting in total liquidity of $62.2 million. Notably, 85% of the company's mining fleet was powered by carbon-free sources, a significant improvement from the previous year's 67% utilization rate.

Throughout the year, Bit Digital successfully mined 1,247.5 Bitcoins and 294.3 Ethereum. The company owned 37,676 Bitcoin miners and 730 Ethereum miners as of December 31, 2022, with an estimated maximum total hash rate of 2.6 EH/s and 0.3 TH/s, respectively. Thanks to recent expansions, the mining fleet has increased by at least 7,300 machines. 

The Bit Digital team’s fortifications during the bear market have well positioned the company moving forward. Learn more about Bit Digital here. 

Featured photo by Brian Wangenheim on Unsplash.

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