Bit Digital Bitcoin Mining Company Releases the First Half 2020 Financial Results Announcing Over $10 Million Worth of Bitcoins Earned

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Oct 28, 2020, 09:00 ET

NEW YORK, Oct. 28, 2020 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT), the Nasdaq listed Bitcoin mining company headquartered in New York, released the first half 2020 financial results report at 9:00 EST on October 19, 2020. The report showed the Company has earned 949.51 bitcoins since its principal business shifted to bitcoin mining in February 2020.

Highlights from the first half 2020 financial results include as follows:

1) Bit Digital (NASDAQ: BTBT) has reached 1250 PH/s of bitcoin hash rate capacity and ranked one of the largest Nasdaq listed bitcoin mining company in terms of the computer power.

2) Bit Digital launched its bitcoin mining operation in February 2020. As of the date of the report, 22,869 miners have generated an aggregate of 949.51 bitcoins, approximately $10.08 million.

3) Bit Digital's bitcoin mining business rapidly expanded. As of June 30, 2020, the bitcoin mining business has generated over $690,000 in revenue.

4) Bit Digital disposed of its peer-to-peer lending business and car rental operations in PRC.

The full first half 2020 financial results report is available on https://bit-digital.com/financial-information and showed that after the shift of the main business of Bit Digital's (NASDAQ: BTBT) to bitcoin mining, the Company swiftly accumulated computing power while rapidly expanded operations and miners. Erke Huang, the Chief Financial Officer of the Company, said, "The bitcoin mining industry is becoming a sought for alternative asset allocation, and we're looking forward to making bitcoin mining business more accessible to the public and investors."

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, involve 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.

For more information, please contact:

Erke Huang, CFO
Email: [email protected]
Phone: +1 347-328-3680

SOURCE Bit Digital, Inc.