Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a bitcoin mining company headquartered in New York, announced its unaudited bitcoin production and mining asset updates for the first quarter ended March 31, 2021.
- The Company earned 1,013.40 bitcoins in the first quarter of 2021.
- Treasury holdings of bitcoin increased to 581.23, with a fair market value of approximately $29.92 million as of March 31, 2021.
- The Company owned 40,965 miners as of March 31, 2021, with a maximum total hash rate[1] of 2,264.5 PH/s, and made additional miner purchases subsequent to quarter end.
Bitcoin Production Update
In the first quarter of 2021, Bit Digital earned 1,013.40 newly minted bitcoins. The Company’s quarterly bitcoin production since commencement of our mining operations was as follows:
Mining Assets Update
As of March 31, 2021, the Company owned 40,965 miners, with a total maximum hash rate of 2,264.5 PH/S, an increase from 2,253.5 PH/S as of December 31, 2020. The Company’s fleet of owned miners comprised the following models:
| Model | Owned as of March 31, 2021 |
| MicroBT Whatsminer M21S | 16,917 |
| Bitmain Antminer T17 | 9,110 |
| Bitmain Antminer S17+ | 7,025 |
| MicroBT Whatsminer M20S | 4,125 |
| MicroBT Whatsminer M10 | 2,200 |
| Bitmain Antminer T3 | 800 |
| Bitmain Antminer T17+ | 256 |
| Bitmain Antminer S19 Pro | 205 |
| Bitmain Antminer S17E | 195 |
| MicroBT Whatsminer M31S | 100 |
| Bitmain Antminer S17 Pro | 32 |
| Total | 40,965 |
Miner Acquisitions
During the quarter, we purchased 100 Bitmain Antminer S19 Pro miners on the spot market. Subsequent to March 31, 2021, we purchased an additional 4,771 miners on the spot market, for a total purchase price of $21,091,966. These purchases will increase the Company’s maximum hash rate to 2,574 PH/S. All of the newly purchased miners have been or will be deployed in North America. The newly purchased miners comprised 954 Whatsminer M20S, 261 Whatsminer M31S, 1,426 Bitmain Antminer S17, 1,800 Bitmain Antminer S17+, 280 Avalon A1246 and 50 VM V1 miners.
Miner Migration Update
The Company accelerated its strategy of migrating miners from China to North America. During the quarter, the Company completed the installation of an additional 2,920 miners in North America. Subsequent to quarter end, as of April 29, 2021, the Company had completed the installation of a further 3,496 miners in North America. An additional 2,130 miners are currently in transit or awaiting installation in North America. The following table represents our miner geographic locations as of April 29, 2021:
Miner Geographic Distribution as of April 29, 2021
| Location | Number of Miners | Percentage of Total Miners |
| Canada | 1,426 | 3.12% |
| United States | 7,090 | 15.50% |
| China | 35,090 | 76.72% |
| In transit to or awaiting installation in North America | 2,130 | 4.66% |
| Total | 45,736 | 100.00% |
Management Commentary
“We made great progress continuing to scale our mining business in the first quarter of 2021, producing 1,013.40 bitcoins. Bit Digital today enjoys one of the largest currently owned and operating fleets of any US listed bitcoin mining company,” said Bryan Bullett, Bit Digital’s CEO. “We owned 40,965 miners, with a maximum hash rate of 2,264.5 PH/s as of March 31, 2021.”
“We achieved this scale through our differentiated approach of spot market miner sourcing, and through entry into partnerships with valued hosting providers, to secure access to electricity and facilities at competitive rates. We also took advantage of opportunities to migrate our miners on a seasonal basis to opportunistically access lower-cost power, a material portion of which comes, on average, from renewable sources.”
“Further, we have continued our globalization strategy, deploying additional miners in North America, where as of April 29, 2021, we owned 8,516 miners with a further 2,130 miners currently in transit or awaiting installation. Going forward, we intend to expand our presence in North America, and expect a growing portion of our fleet to be located here.”
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company headquartered in New York City with one of the highest operating hash rates (or computing power) among all US listed bitcoin miners, and growing. Our operations are in the United States, Canada and China. For additional information, please contact Sam Tabar at [email protected] or visit our www.bit-digital.com.
