Bit Digital reports $32.3 million revenue for 2022

Bit Digital, listed on Nasdaq, released a financial report showing that the mining company’s revenue for 2022 amounted to $32.3 million.

Bit Digital finished 2022 with:

? $32.7 million in cash
? $27.7 million of digital assets
? Zero debt
? No miner purchase obligations
? No material capex commitments

? More info here: https://t.co/LqD5traRFF

— Bit Digital, Inc. NASDAQ:BTBT (@BitDigital_BTBT) March 25, 2023

During the period, Bit Digital mined 1,247.5 BTC, as well as 294.3 ETH before the transition of Ethereum to the Proof-of-Stake consensus algorithm.

At year-end, the company’s reserves held 946.3 BTC and 8,799.9 ETH. The organisation estimates that the market value of these assets was approximately $15.7 million and $10.5 million, respectively.

The bitcoin mining fleet expanded to 37,676 devices with a total hash rate of 1.23 EH/s. About 85% of the electricity they consume comes from carbon-free sources. In 2021, this figure reached 67%.

The company’s net loss was $105.3 million, including $50 million from impairment of fixed assets and $24.7 million from a decline in the price of digital assets.

On 30 June 2022, the company completed a deal to purchase 10,000 miners from Bitmain Technologies Limited.

In March 2023, Bit Digital announced a strategic leadership realignment. Chief executive Brian Bullitt left his post and became a senior advisor.

In the same month the company invested an undisclosed amount in market maker Auros.

In April, the miner signed an agreement with Coinmint, which undertook to provide additional capacity of 10 MW.

During the year the company plans to double its device capacity to 2.6 EH/s. It will also stake roughly half of the accumulated ETH in staking.

Argo Blockchain reported a loss of $240 million for 2022.