Bit Digital announced its strategic priorities for 2024: expand the active bitcoin mining fleet, diversify and grow Bit Digital AI, maintain a strong and flexible balance sheet, increase treasury holdings of staked ETH with retained earnings, continued focus on sustainability, and expand the active bitcoin mining fleet. The company targets doubling the size of its active bitcoin mining fleet to approximately 6.0 EH/s during 2024. The company anticipates a significant portion of the growth will be executed following the bitcoin ‘halving’ expected in April, when it anticipates attractive procurement opportunities for mining equipment. In expanding the mining fleet, Bit Digital also aims to increase its overall fleet efficiency and lower its marginal production cost by procuring high-efficiency machines. The company’s Bit Digital AI business currently has an approximate $50M annualized revenue run-rate with its anchor customer contract. The company is targeting $100M of run-rate AI revenue by year-end 2024. The company had approximately 12,752 ETH actively staked in native and liquid staking protocols as of December 31, 2023.
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