Bit Digital Revenue Report: Famous BTC Mining Company Increased Revenues by 40% Compared to Last Year

Crypto News – Revenue for 2023 was $44.9 million, up 39% from 2022, according to Bit Digital, a Bitcoin mining company listed on the Nasdaq.

Bit Digital Revenue Report: Famous BTC Mining Company Increased Revenues by 40% Compared to Last Year

As of 2023, Bit Digital reported earning 1,507.3 BTC, a 21% increase over 2022. As of right now, the mining company’s reported Bitcoin quantity is valued at around $97 million. Increased network difficulty, according to Bit Digital, somewhat countered this growth, which was fueled by a higher active hash rate.

The mining firm stated that its total assets stood at $189.3 million as of December 31, 2023. Also, there was $152.7 million in shareholders’ equity. $12.4 million in adjusted earnings before interest, taxes, depreciation, and amortization, as well as $0.12 in adjusted earnings per share, were disclosed by the business.

The Company Expanded Its Portfolio Over the Past Year

In 2023, the firm made several adjustments to its mining hosting portfolio, according to the report. Bit Digital reported having seven locations spread across three countries and six hosting partners by the end of 2023.

Notably, we expanded our operations into Iceland during 2023, providing Bit Digital with geographic diversification outside of North America and into a region with abundant clean energy and supportive government policies.

The firm

According to the mining corporation, it will continue to focus on expanding into areas that provide reasonably priced, carbon-free energy sources.