Nasdaq-listed Bitcoin mining firm Bit Digital has reported impressive earnings of $44.9 million for the year 2023, marking a significant 39% increase from the previous year.
Bit Digital revealed that it earned 1,507.3 BTC in 2023, representing a notable 21% growth compared to 2022. At current market prices, the BTC holdings amount to approximately $97 million.
The company attributed this growth to a higher active hash rate, although it noted that increased network difficulty partially offset the gains.
Bit Digital highlighted several changes to its mining hosting portfolio in 2023, including the expansion into Iceland. This move provided geographic diversification and access to abundant clean energy, aligning with the company’s focus on cost-effective, carbon-free energy sources.
Despite market volatility, Bit Digital expressed its commitment to navigating through all phases of the Bitcoin price cycle and maintaining financial resilience.
In addition to digital assets, Bit Digital announced its venture into artificial intelligence technology, offering digital infrastructure services such as rental services for graphics processing units. This new business segment has already begun contributing significant revenue, reporting $4 million in earnings in February 2024.
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