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Bit Digital, Inc. (Nasdaq:BTBT) is a Bitcoin Buy

Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a bitcoin mining company headquartered in New York, announced its unaudited bitcoin production and mining asset updates for the first quarter ended March 31, 2021.

  • The Company earned 1,013.40 bitcoins in the first quarter of 2021.
  • Treasury holdings of bitcoin increased to 581.23, with a fair market value of approximately $29.92 million as of March 31, 2021.
  • The Company owned 40,965 miners as of March 31, 2021, with a maximum total hash rate[1] of 2,264.5 PH/s, and made additional miner purchases subsequent to quarter end.

Bitcoin Production Update

In the first quarter of 2021, Bit Digital earned 1,013.40 newly minted bitcoins. The Company’s quarterly bitcoin production since commencement of our mining operations was as follows:

Mining Assets Update

As of March 31, 2021, the Company owned 40,965 miners, with a total maximum hash rate of 2,264.5 PH/S, an increase from 2,253.5 PH/S as of December 31, 2020. The Company’s fleet of owned miners comprised the following models:

ModelOwned as of March 31, 2021
MicroBT Whatsminer M21S16,917
Bitmain Antminer T179,110
Bitmain Antminer S17+7,025
MicroBT Whatsminer M20S4,125
MicroBT Whatsminer M102,200
Bitmain Antminer T3800
Bitmain Antminer T17+256
Bitmain Antminer S19 Pro205
Bitmain Antminer S17E195
MicroBT Whatsminer M31S100
Bitmain Antminer S17 Pro32
Total40,965

Miner Acquisitions

During the quarter, we purchased 100 Bitmain Antminer S19 Pro miners on the spot market. Subsequent to March 31, 2021, we purchased an additional 4,771 miners on the spot market, for a total purchase price of $21,091,966. These purchases will increase the Company’s maximum hash rate to 2,574 PH/S. All of the newly purchased miners have been or will be deployed in North America. The newly purchased miners comprised 954 Whatsminer M20S, 261 Whatsminer M31S, 1,426 Bitmain Antminer S17, 1,800 Bitmain Antminer S17+, 280 Avalon A1246 and 50 VM V1 miners.

Miner Migration Update

The Company accelerated its strategy of migrating miners from China to North America. During the quarter, the Company completed the installation of an additional 2,920 miners in North America. Subsequent to quarter end, as of April 29, 2021, the Company had completed the installation of a further 3,496 miners in North America. An additional 2,130 miners are currently in transit or awaiting installation in North America. The following table represents our miner geographic locations as of April 29, 2021:

Miner Geographic Distribution as of April 29, 2021

LocationNumber of MinersPercentage of Total Miners
Canada1,4263.12%
United States7,09015.50%
China35,09076.72%
In transit to or awaiting installation in North America2,1304.66%
Total45,736100.00%

Management Commentary

“We made great progress continuing to scale our mining business in the first quarter of 2021, producing 1,013.40 bitcoins. Bit Digital today enjoys one of the largest currently owned and operating fleets of any US listed bitcoin mining company,” said Bryan Bullett, Bit Digital’s CEO. “We owned 40,965 miners, with a maximum hash rate of 2,264.5 PH/s as of March 31, 2021.”

“We achieved this scale through our differentiated approach of spot market miner sourcing, and through entry into partnerships with valued hosting providers, to secure access to electricity and facilities at competitive rates. We also took advantage of opportunities to migrate our miners on a seasonal basis to opportunistically access lower-cost power, a material portion of which comes, on average, from renewable sources.”

“Further, we have continued our globalization strategy, deploying additional miners in North America, where as of April 29, 2021, we owned 8,516 miners with a further 2,130 miners currently in transit or awaiting installation. Going forward, we intend to expand our presence in North America, and expect a growing portion of our fleet to be located here.” 

About Bit Digital

Bit Digital, Inc. is a bitcoin mining company headquartered in New York City with one of the highest operating hash rates (or computing power) among all US listed bitcoin miners, and growing. Our operations are in the United States, Canada and China. For additional information, please contact Sam Tabar at [email protected] or visit our  www.bit-digital.com.

S. Jack Heffernan Ph.Dhttps://www.shayneheffernan.com
S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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