Bit Digital, which shifted to mining, mined $21m worth of Bitcoin in a year

In 2020, the Nasdaq-listed Bit Digital mined 1,510.2 BTC. Mining revenue amounted to $21.07 million, сообщила in its annual financial report.

Net income, fully backed by the mining business, amounted to $1.92 million. In 2019, Bit Digital, then engaged in P2P lending and car rental in China, posted a loss of $2 million.

The company noted that in the completed year it finished liquidating non-mining units. Total assets rose by more than 783% during the period, reaching $39.89 million.

By year-end Bit Digital operated a fleet of 40,865 miners with a total hashrate of 2,253.5 PH/s.

“The year 2020 was unusual, as Bit Digital successfully entered and quickly expanded its Bitcoin mining business, and today it has one of the highest operating hashrates among U.S.-listed mining companies,” said the firm’s chief financial officer, Erke Huang.

According to him, as of March 26, Bit Digital had deployed 5,281 miners in the United States. A further 3,300 new devices were expected to be deployed by the end of April.

“In the future we expect that a growing portion of our fleet will be located in North America,” added Huang.

As of April 2, 2020, Bit Digital shares traded at $0.52; at the close of trading on April 1, 2021, the quotes stood at $14.78.

Analysts at Fundstrat Global Advisors noted that the shares of mining companies Marathon Digital Holdings, Riot Blockchain, Hive Blockchain and Hut 8 over the year outperformed Bitcoin by a factor of five.

Follow ForkLog’s Bitcoin news on our Telegram channel — cryptocurrency news, rates and analysis.