Bit Digital Announces Bitcoin Mining Production of 424.7 Bitcoin for January 2021

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Mar 02, 2021, 11:00 ET

NEW YORK, March 2, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT), an emerging bitcoin mining company headquartered in New York, announced its unaudited Bitcoin production data for the month ended January 31, 2021. During the month, the company earned 424.7 bitcoins, accounting for approximately $14.8 million in revenue. As of January 31, 2021, the company held 488.5 bitcoins in treasury, versus 262.6 bitcoins as of December 31, 2021.

The increase in mining production was primarily attributable to the launch of 17,996 additional mining units at the end of 2020. Bit Digital currently owns 40,865 mining machines globally with a combined hash rate of 2,253.5 PH/s, representing an estimated 1.4% of global bitcoin mining network capacity, based on available data at the time of this press release.

This mining data release is the first in a series of regular updates the company will publish to promote transparency. "Bit Digital plans to release production reports to support key milestones on a regular basis," shared interim CEO and CFO Erke Huang. "We believe in our leadership position within the mining sector, and will strive to protect both our brand's reputation and our stakeholders' interests in Bit Digital."

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involving known and unknown risks and uncertainties. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the company does not assume a duty to update these forward-looking statements.

SOURCE Bit Digital, Inc.