Bit Digital reports monthly production update for October 2023

Bit Digital announced unaudited digital asset production and corporate updates for October 2023. In October 2023, the company produced 111.6 BTC, a 14% decrease compared to the prior month. The decrease was primarily driven by an increase in network difficulty, a power utility mandated maintenance outage that temporarily reduced operating hash rate at one location, and the relocation of miners from one hosting location following the conclusion of that hosting agreement. The company’s active hash rate was approximately 2.0 EH/s as of October 31, 2023. Treasury holdings of BTC and ETH were 511.1 and 16,022.5 with a fair market value of approximately $17.7M and $29.1M, respectively, on October 31. The BTC equivalent of our digital asset holdings as of October 31, 2023, was approximately 1,394.4 or approximately $48.3M. The company had cash and cash equivalents of $24.4M as of October 31. The company had approximately 12,752 ETH actively staked in native and liquid staking protocols as of October 31. Approximately 12,352 were natively staked and 400 ETH were deployed in liquid staking protocols as of that date. Bit Digital earned a blended APY of approximately 4.25% on its staked ETH position for October. The company earned aggregate staking rewards of approximately 46.08 ETH during October.