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HomeNewsBit Digital Reports Decrease in Bitcoin Production for April 2023

Bit Digital Reports Decrease in Bitcoin Production for April 2023

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Bit Digital, a digital asset mining company based in New York, has released its unaudited bitcoin production and corporate updates for April 2023. The company reported a decrease of 28% in bitcoin production for the month, earning 86.1 bitcoins.

Reasons for Decrease in Production

The decrease in production was mainly due to the relocation of around 6,500 mining units from facilities previously operated by Compute North to different hosting sites during the month. Additionally, there was an increase in the bitcoin network difficulty.

Corporate Highlights for April 2023

As of April 30, 2023, Bit Digital had 11,513 bitcoin miners actively hashing in North America, representing 1.20 EH/s. The company’s treasury holdings of BTC and ETH were 553.2 and 9,900.9, respectively, with a fair market value of approximately $16.2 million and $18.6 million.

The BTC equivalent of the company’s digital asset holdings was approximately 1,558.3, or approximately $45.5 million. Bit Digital had cash and cash equivalents of $21.9 million as of April 30, 2023. The company also held approximately $6.2 million in USDC, up from approximately $0.5 million at the end of March.

New Mining Units on the Way

During April 2023, Bit Digital finalized an agreement to purchase 3,600 factory-new S19 mining units with a total maximum hash rate of approximately 324 PH/s. The mining units are expected to be delivered by the end of May 2023, with an average purchase price of approximately $8.5 per TH/s.

About Bit Digital

Bit Digital, Inc. is a bitcoin mining company headquartered in New York City with mining operations in North America.

TL;DR

Bit Digital reported a decrease of 28% in bitcoin production for April 2023, earning 86.1 bitcoins. The decrease was due to the relocation of mining units and an increase in network difficulty. The company had 11,513 miners actively hashing in North America and held treasury holdings of BTC and ETH worth approximately $16.2 million and $18.6 million. Bit Digital also purchased 3,600 new mining units that will be delivered by the end of May 2023.

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