Bit Digital, Inc. Announces Monthly Production Update for November 2024

NEW YORK, Dec. 5, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York, announced its unaudited digital asset production, HPC services revenue, and corporate updates for the month of November 2024.

Corporate Highlights for November 2024

    --  The Company had 266 servers (2,128 GPUs) actively generating revenue
        from its Bit Digital AI contracts, as of November 30, 2024. The Company
        earned approximately $4.3 million of total unaudited GPU Cloud revenue
        during the month of November 2024.
    --  Treasury holdings of BTC and ETH were 813.0 and 27,563.3 with a fair
        market value of approximately $78.4 million and $102.1 million,
        respectively, on November 30, 2024.
    --  The BTC equivalent([1]) of our digital asset holdings as of November 30,
        2024, was approximately 1,878.4 or approximately $181.2 million.
    --  The Company had cash and cash equivalents of $151.3 million and total
        liquidity (defined as cash and cash equivalents, USDC, and the fair
        market value of digital assets) of approximately $332.5 million in
        November 2024.

High-Performance Computing (HPC) Data Center Highlights

    --  The Company had 13 customers actively generating revenue at its Tier-3
        Enovum Data Center facility, as of November 30, 2024.
    --  The Company's HPC data center colocation revenue was approximately CAD
        $705.2k (approximately USD $503.5k) in November 2024.

GPU Cloud Highlights

    --  On November 14, 2024, the Company executed a term sheet to supply a new
        customer with 512 H200 GPUs for a period of at least six months,
        representing an approximate $5.0 million contract value for Bit Digital
        over the initial six-month term. The MSA has been executed with this
        client and an initial two-server purchase order has been fulfilled and
        revenue generation has begun on those units. The remainder of the
        deployment is expected prior to year-end 2024.
    --  On November 14, 2024, Bit Digital executed a new term sheet to supply a
        separate customer with 576 H200 GPUs for a twelve-month period,
        representing a total contract value of approximately $10.1 million over
        the term. The Company will provide additional details on the deployment
        schedule upon the execution of MSAs and purchase orders.
    --  On November 14, 2024, Bit Digital executed an MSA with a new customer.
        The contract provides for 64 H200 GPUs on a month-to-month basis. On
        November 28, 2024, a purchase order was executed for an additional 128
        H200 GPUs. The total contract value represents annual revenue of
        approximately $3.6 million. The initial deployment commenced and began
        revenue generation on November 15, 2024 and the additional 128 GPU
        purchase order began revenue generation on November 29, 2024. Bit
        Digital fulfilled both deployments using on-hand inventory of H200 GPUs.

Digital Assets Highlights

    --  In November 2024, the Company produced 44.9 BTC, a 14.0% decrease
        compared to the prior month.
    --  In November 2024, the Company's active hash rate was approximately 2.51
        EH/s, a 3.3% increase compared to the prior month.
    --  The Company had approximately 21,568 ETH actively staked in native
        staking protocols as of November 30, 2024.
    --  Bit Digital earned a blended APY of approximately 3.4% on its staked ETH
        position for the month of November 2024.
    --  The Company earned aggregate staking rewards of approximately 59.9 ETH
        during November 2024.

Upcoming Events

    --  Northland Growth Conference on December 12.

About Bit Digital
Bit Digital, Inc. is a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2023 ("Annual Report"). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: "We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on." Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. 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. See "Safe Harbor Statement" below.

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 treasury holdings in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, and USDC, were converted into BTC as of November 30, 2024, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. Our digital asset
      portfolio excludes digital assets invested in a third-party managed fund.

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