Wednesday, March 06, 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.
BTC Mining. Bit Digital produced 128.7 BTC during the month of January, a 11.7% decrease from 145.7 BTC in the prior month. An increase in network difficulty, modest decrease in transaction fees, and fewer days in the month were causes of the decrease. The Company’s active hash rate was approximately 2.73 EH/s compared to 2.50 EH/s. The Company is on its way towards the active mining fleet goal of around 6.0 EH/s during 2024, in our view.
ETH Staking and AI. The Company had approximately 12,784 ETH actively staked, flat last month, with approximately 12,384 ETH natively staked and 400 ETH deployed in liquid staking. Bit Digital earned a blended APY of approximately 4.4% compared to 3.69% last month, and earned aggregate staking rewards of approximately 43.4 ETH. Bit Digital’s AI contract earned an estimated $4.0 million of unaudited revenue during the month.
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