PR Newswire
NEW YORK, April 15, 2022
NEW YORK, April 15, 2022 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a bitcoin mining company headquartered in New York, announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the U.S. Securities and Exchange Commission ("SEC") on April 15, 2021.
* Non-GAAP income from operations excludes the impact of depreciation of property and equipment, and share-based compensation expense.
** Non-GAAP net income excludes the impact of depreciation of property and equipment, impairment on digital assets, loss from disposal of property and equipment, and share-based compensation expense.
Fiscal Year 2021 Operational Highlights
Strategic Priorities
Management Commentary
"In 2021, Bit Digital geographically relocated its entire bitcoin mining operation to North America, the only public miner we know of to have achieved this logistical feat. As of March 15, 2022, we had deployed approximately 39% of our fleet here in the U.S. We and our hosting partners remain focused on completing 100% redeployment, which we target for the second half of 2022.
During the year, we showed our differentiated access to procurement, securing miners both through the spot market and direct channels. Further, amidst a tight market for data center rack space, we secured a robust power pipeline to facilitate growth, with over 200 MW contracted – enough to roughly double our fleet size. We did this while continuing to demonstrate our commitment to sustainability.
Non-GAAP Income from Operations of $48.1 million increased nearly 900% year-on-year, illustrating the growth potential of our business. That this was achieved against the backdrop of fleet migration, with many miners offline, is especially powerful.
Bit Digital is excited for the year ahead, as our team explores pioneering new opportunities and continues its focus on growth."
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company headquartered in New York City. Our mining operations are located in North America. 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 most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021 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. Additionally, all discussions of financial metrics assume mining difficulty rates as of December 2021. 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.
Note: Actual operating hash rate will vary depending on network difficulty rate, total hash rate of the network, the operations of our facilities and the status of our miners.
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SOURCE Bit Digital, Inc.
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