Bit Digital, Inc. Announces Monthly Production Update for July 2023

NEW YORK, Aug. 4, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, announced its unaudited digital asset production and corporate updates for the month of July 2023.

Corporate Highlights for July 2023

• In July 2023, the Company produced 133.0 BTC, a 12% increase compared to the prior month. The increase was primarily driven by a higher average active hash rate, partially offset by an increase in network difficulty.
• The Company's active hash rate was approximately 1.78 EH/s as of July 31, 2023.
• Treasury holdings of BTC and ETH were 677.0 and 12,167.2 with a fair market value of approximately $19.8 million and $22.6 million, respectively, on July 31, 2023.
• The BTC equivalent^[1] of our digital asset holdings as of July 31, 2023 (defined as if all ETH, sETH-H, LsETH and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,617.7 or approximately $47.3 million.
• The Company had cash and cash equivalents of $21.9 million as of July 31, 2023.

Proof-of-Stake Highlights

• The Company had approximately 12,708 ETH actively staked in native and liquid staking protocols as of July 31, 2023. Approximately 10,304 were natively staked and 2,404 ETH were deployed in liquid staking protocols as of that date.
• Additionally, the Company has 576 ETH (18 Nodes) deposited but in queue to be activated on the Ethereum staking network, which are estimated to come online by the end of August 2023.
• Bit Digital earned a blended APY of approximately 4.5% on its staked ETH position for the month of July 2023.
• The Company earned aggregate staking rewards of approximately 43.8 ETH during July 2023.

About Bit Digital

Bit Digital, Inc. is a sustainability focused generator of digital assets headquartered in New York City. Our mining operations are located in the US, Canada, and Iceland. For additional information, please contact [email protected] or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2022. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital's production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.

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.

[1] "BTC equivalent" is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, sETH-h, LsETH, and USDC, were converted into BTC as of July 31, 2023, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. The closing price of ETH is used as a proxy for the price of sETH-H (receipt token) on a 1:1 basis.

SOURCE Bit Digital, Inc.