News

Bit Digital (BTBT) – A Slight Improvement in March

Financial Services
0 min read


Thursday, April 04, 2024

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Mining Business. Bit Digital produced 136.4 BTC during the month of March, a 6% increase from 128.7 BTC in the month of February. The active hash rate for the Company was 2.76 EH/s compared to 2.73 EH/s last month. We believe the Company is still on track towards its active mining fleet goal of 6.0 EH/s by the end of 2024.

Staking Side and AI. Approximately 3,008 ETH was actively staked in native staking protocols as of March 31, 2024. This is a decrease from the 12,384 natively staked last month due to the Company changing its provider for native staking solutions. The Company earned a blended APY of approximately 2.8% on its staked ETH during the month and earned aggregate staking rewards of approximately 29.0 ETH. As of March 31, 2024, the Company had 251 servers actively generating revenue on its AI contract, with an estimated $4.3 million of revenue earned during the month.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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