Bit Digital posted practically $23 million in Q3 revenue, a 96% improve year-over-year, pushed by sturdy development in its high-performance computing enterprise.
Bitcoin (BTC) mining agency Bit Digital stated in a Q3 earnings report that its revenue for the quarter was $22.7 million, marking a 96% improve year-over-year following a powerful efficiency within the agency’s just lately launched high-performance computing enterprise.
Per a Nov. 18 press launch, Bit Digital’s HPC enterprise generated $12.2 million in revenue, up from zero in Q3 2023. Despite a decline in Bitcoin mining revenue, which fell 11% YoY to $10.1 million, the agency’s complete revenue surged as its HPC operations gained traction. The agency’s administration stated the maturation of HPC enterprise was a “defining theme this quarter” as Bit Digital expanded its GPU cloud consumer base with the addition of Boosteroid and strengthened its workforce with “critical hires.”
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Bit Digital sees ‘greatest potential’ in HPC
The New York-based agency reported a $21.8 million loss for the quarter, primarily attributed to “unrealized loss on digital assets.” Despite this, Bit Digital stays optimistic in regards to the future, emphasizing HPC as its “greatest potential for long-term value creation.”
As of Sept. 30, the agency reported $223.6 million in complete liquidity, comprising money, Circle’s USD Coin (USDC), and different cryptocurrencies. Its stability sheet included $376 million in complete belongings and $315 million in shareholders’ fairness. Bit Digital reaffirmed its purpose of reaching a $100 million run-rate revenue goal for HPC by the tip of 2024.
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