Bit Digital, Inc. (Nasdaq:BTBT) Update

Bit Digital, Inc. (Nasdaq:BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, announced its unaudited bitcoin production and corporate updates for the month of December 2022.

Corporate Highlights for December 2022

• In December 2022, the Company earned 130.0 bitcoins, a 10% decrease compared to the prior month. The decline in production was primarily driven by planned curtailment activities at certain hosting locations.

• Treasury holdings of BTC and ETH were 946.6 and 8,799.9 with a fair market value of approximately $15.7 million and $10.5 million, respectively, on December 31, 2022.

• The BTC equivalent[1] of our digital asset holdings as of December 31, 2022 (defined as if all ETH, sETH-H, and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,765.8.

• The Company had cash and cash equivalents of $32.7 million as of December 31, 2022.

• The Company owned 38,593 bitcoin miners and 730 Ethereum miners as of December 31, 2022, with an estimated maximum total hash rate of 2.7 Exahash ("EH/s") and 0.3 Terahash ("TH/s), respectively.

Miner Deployments

35% of the Company's bitcoin mining fleet, or 13,595 bitcoin miners representing 1.23 EH/s, was actively hashing in North America as of December 31, 2022.

About Bit Digital

Bit Digital, Inc. is a bitcoin mining company headquartered in New York City. Our mining operations are located in North America. For additional information, please contact [email protected] or visit our website at www.bit-digital.com.