Bitcoin Miner Bit Digital On Tap To Report Q3 Results Amid Crypto Surge: Retail Exuberant About Stock
Bitcoin miner Bit Digital gained exposure to the artificial intelligence technology late last year by diversifying its operations as a service provider for AI players requiring high-performance computing.
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FollowBitcoin ($BTC.X) miner Bit Digital, Inc. ($BTBT) is scheduled to report its third-quarter results before the market opens on Monday and the report is closely watched amid the recent surge in cryptocurrencies.
New York-based Bit Digital will likely report a loss per share for the quarter. Analysts, on average, expect the company to nearly double its third-quarter revenue year-over-year (YoY) from $11.56 million to $22.91 million.
The one-year earnings history shows a miss in the third quarter of 2023 followed by beats in the subsequent three quarters.
Monthly production statistics disclosed by the company show that the company mined 157.1 bitcoins in the third quarter.
In the second quarter that ended in June 2024, Bit Digital reported a 220% YoY revenue increase to $29 million, thanks to the commencement of high-performance computing services business and higher realized bitcoin price.
Treasury holdings of bitcoin and Ethereum ($ETH.X) at the end of the quarter were 585.6 and 27,226.23, respectively, valued at $36.7 million and $93.5 million.
Its active hash rate of its bitcoin mining fleet at the end of the second quarter was 2.6 EH/second.
The company joined the artificial intelligence bandwagon a year back by deciding to buy and rent out computers to AI players that require high-performance computing for their operations.
Earlier this month, Bit Digital announced the signing of an agreement with cloud gaming provider Boosteroid to initially supply 300 GPUs. This will generate $4.6 million in revenue over a five-year period, it said. In mid-October, the company announced the acquisition of Enovum Data Centers for about $46 million. This acquisition will help Bit Digital vertically integrate into the colocation services sector of the value chain.
The recent spike in cryptocurrencies could bode well for the company. Bitcoin rose to an all-time high of $93,434.35 last Monday but has come off this level. Ethereum, however, is playing catchup and trades well off its Nov. 2021 record high of nearly $4,900.
Bit Digital shares have gained a little less than a percent for the year-to-date period.
Stocktwits users are largely bullish on the stock. Some cited strong institutional ownership for their optimism.
Another recommended holding onto the stock, as the user felt the estimates were too low.
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