New YorkAnd April 29, 2022 /PRNewswire/ – Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a Bitcoin mining company headquartered in New Yorkon an unaudited update of Bitcoin production and mining operations for the first quarter ending March 31, 2022.
Highlights of the first quarter of 2022
- The company earned 194.48 Bitcoin and 189.26 Ethereum during the quarter. Factors affecting production included the company’s ongoing program to redeploy miners, the growth in the overall Bitcoin network hash rate, and the number of days in the quarter.
- Treasury holdings of BTC and ETH stood at 832.14 and 266.71, with a fair market value of approx. $37.9 million And $0.9 million employment March 31, 2022Straight.
- From March 31, 202236.9% 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, are deployed in North Amarica. 27.8% of our fleet, or 7,710 bitcoin miners representing 0.457 EH/s, are deployed in North Amarica From December 31, 2021.
- The company owns 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. From April 27 2022The company owns 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 has received 2,515 devices under a previously announced 10,000-unit purchase agreement with Bitmain Technologies Limited. The last batch is expected to be shipped June 2022. Initial figure for these announced purchases, our maximum total hash rate is expected to be around 2.67 EH/s.
- The company purchased 706 bitcoin miners on the spot market during the first quarter. The company received these machines during April 2022. The company also sold 100 MicroBT Whatsminer M21S Bitcoin miners during the quarter.
- Approximately 67% of the electricity consumption in our fleet was generated from zero-carbon energy sources as of March 31, 2022based on data provided by our hosts, publicly available sources and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.
During the quarter, the company continued to work with our hosting partners to redeploy its miners North Amarica. Currently, 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, are deployed in North Amarica From March 31, 2022. 27.8% of our fleet or 7,710 bitcoin miners representing 0.457 EH/s are deployed in North Amarica From December 312021.
During the past year December 31, 2021We also purchased 731 A10 miners for ETH mining, 700 of which are deployed in North Amarica at January 2022. From March 31, 2022713 ETH miners are deployed with our hosting partners.
Power & Hosting Updates
Through the quarter and year-end following, the company’s hosting partners continued to set up sites to deliver contracted hosting capacity, providing additional online power to our miners.
Compute North currently provides approximately 20 megawatts of capacity to our miners. The expected total future hosting capacity with Compute North is approximately 48 MW. We anticipate that approximately 28 MW of remaining anticipated hosting deployments will commence following our delivery of related equipment in the second half of 2022. As previously announced, during the quarter we signed a renewal hosting agreement to extend the term of the prior agreement for an additional 5 years for approximately 6.5 MW of our total hosting capacity with Compute North.
Our facility with Blockfusion United States of America at Niagara Falls, New York It currently provides approximately 9.4 megawatts of power to power our miners. Upon completion, this facility is expected to produce a total of 35 megawatts to power our miners. It is currently expected to be completed during the second half of 2022.
Our new facility with Digihost Technology Inc. (“Digihost”) in North Tonawanda And Buffalo, New York It currently provides approximately 7 megawatts of power to power our miners. Upon completion, these combined facilities are expected to provide a total of 20 megawatts to power our miners. It is currently expected to be completed in the coming weeks. In addition, Digihost has informed us that they are continuing to work to locate a site to meet the remaining 100 megawatts of contracted hosting capacity in accordance with our agreements.
Our facility with Core Scientific in Georgia It currently provides approximately 0.3 megawatts to power our miners.
After the quarter ended, the company announced the signing of a letter of intent to establish a hosting relationship with BitMine Immersion Technologies, Inc. Starting with 7,000 current generation ASIC miners. Companies expect to primarily benefit from the efficiency of immersion-refrigerated bitcoin mining, a process by which servers are completely immersed in a dielectric fluid that efficiently cools machines and allows for superior machine throughput and energy efficiency. The companies agreed in principle to divide the mutually beneficial proceeds from mined Bitcoin, over a multi-year term.
The following table summarizes the expected delivery timing of signed hosting commitments, by quarter:
Expected delivery time
Approximate power capacity (MW)
Delivered as of March 31, 2022
to be determined
forefront Typical energy cost
Typical hosting agreements signed as of March 31, 2022We expect to have a strong competitive base and hosting rate of approx 3.7 cents per kilowatt-hour, on a weighted average basis. Approximately 83% of our signed hosting contracts feature fixed power pricing, with approximately 17% variable based on market rates; Thus, the past baseline energy rate is based on certain assumptions, including estimates regarding future energy purchases, and excludes profit sharing arrangements. We achieve what we believe are attractive energy costs, in part, by offering dividends to many of our hosting partners. We believe profit sharing helps align our interests with our hosting partners and contributes to the strong performance and uptime of our hosted miners.
sustainable energy update
As of March 31, 2022demonstrating our commitment to sustainable practices in the digital asset mining industry.
Bitcoin production update
In the first quarter of 2022, Bit Digital acquired 194.48 newly minted bitcoins. Factors affecting production included the company’s ongoing program to redeploy miners, the growth in the overall Bitcoin network hash rate, and the number of days in the quarter. Bitcoin production is expected to increase after the resurgence of the miners who migrated from it China Upon completion of the advertised purchases of miners.
Ethereum miners, most of them published in January 2022generated 189.26 ETH during the quarter.
Miners fleet update
From March 31, 2022The company owns 27,644 Bitcoin miners and 731 Ethereum miners with an estimated total hash rate of a maximum of 1.6 EH/s and 0.3 TH/s, respectively.
Miners purchases, sales and disposal
employment March 27, 2022The company has entered into asset purchase agreements with each of the four unaffiliated sellers of bitcoin mining hardware. In total, the company acquired 706 bitcoin miners in the spot market during the quarter, including 184 S19 JPRO miners; 197 S19 miners; 197 S19 miners; and 128 S19 / S19 Pro, respectively. The acquired miners were delivered to the company during April 2022. The company sold 100 MicroBT Whatsminer M21S miners during the quarter.
The Company anticipates an ongoing opportunity to purchase additional miners including in the spot market in the coming months, subject to market conditions and capital availability, and continues to monitor market conditions for these buying opportunities.
“During the first quarter of 2022, we made significant progress, with our deployed mining fleet growing more than 35% sequentially. Vision is improving, and we believe our deployment cadence is set to improve significantly over the coming months. We continue to target the second half of 2022 to deploy the entire fleet. We believe 2022 will be another transformative year for Bit Digital as we achieve our redeployment goals, implement additional growth initiatives, and progress toward our goal of becoming completely carbon-neutral for our mining operations.”
About Bit Digital
Bit Digital, Inc. It is a Bitcoin mining company based in New York City. Our mining operations are located in North Amarica. For additional information, please contact [email protected] Or visit our website at www.bit-digital.com.
Investing in our securities involves a high level of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Section 3.D of our most recent annual report on Form 20-F for the ended fiscal year December 31, 2021. Should any material risks arise, our business, financial condition or results of operations are likely to be affected. In this case, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones we face. Additional risks that are not currently known to us or that we currently consider to be immaterial may impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to predict future results. Future changes in the network-level mining difficulty rate or Bitcoin hash rate may also materially affect the future performance of Bitcoin Digital Bit production. Actual operating results will vary depending on many factors including the network difficulty rate, the overall network hash rate, the operations of our facilities, the condition of our miners, and other factors. Additionally, all discussions of financial metrics assume mining difficulty rates as of March 2022 Unless otherwise specified. See the Safe Harbor Statement below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc. and its subsidiaries. All statements, other than statements of historical facts contained herein, are “forward-looking statements”. These forward-looking statements are often identified through the use of forward-looking terms such as “believes”, “expects” or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and such expectations may be incorrect. Investors should not place excessive reliance on these forward-looking statements, which only speak as of the date of this press release. The Company’s actual results may differ materially from those projected in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports to the Securities and Exchange Commission and available on its website at http://www.sec. .gov. All forward-looking statements attributable to the Company or persons acting on its behalf expressly qualify in their entirety under these factors. Other than as required by securities laws, the Company has no duty to update these forward-looking statements.
For more information, please contact: [email protected]+1 (212) 463-5121
SOURCE Bit Digital, Inc.