Bit Digital Mined 1,013 BTC in Q1

The Nasdaq-listed American mining company Bit Digital posted revenue of $43.95 million in the first quarter of 2021. The firm mined 1,013.4 BTC during the period, according to the earnings report.

As of the quarter-end, Bit Digital operated a fleet of 40,965 Bitcoin miners, generating a hash rate of about 2.26 EH/s.

The company added 100 units of equipment since the start of the year.

By April 30, Bit Digital had increased the number of active miners to 43,606. Most are located in China — 35,090 miners. The remaining equipment is installed on farms in the United States and Canada.

By the end of May, the company expects to deploy another 4,871 devices. All will augment Bit Digital’s mining capacity in North America and raise the hash rate to 2.57 EH/s.

The firm noted that, periodically, depending on needs and market conditions, it sells mined Bitcoins. As of March 31, Bit Digital had 581.23 BTC on its balance sheet, and during the first quarter the company sold 656.58 BTC. Revenue from cryptocurrency sales was $10.46 million.

For the period, Bit Digital posted net income of $35.79 million, compared with a loss of $3.85 million in Q1 2020.

In full-year 2020, the company that had pivoted to mining at the outset mined 1,510.2 BTC. Revenue from mining amounted to $21.07 million.