Bit Digital CEO Sam Tabor Reports 220% Revenue Surge in Q2 Driven by HPC Services

Proactive - Interviews for investors

Bit Digital CEO Sam Tabor joined Steve Darling from Proactive to discuss the company's impressive unaudited financial results for the second quarter of 2024. Bit Digital experienced a significant revenue increase, achieving $29 million in total revenue for Q2, marking a 220% growth compared to the same period in 2023. This surge in revenue was largely attributed to the commencement of the company's high-performance computing (HPC) services business and the benefit of a higher realized bitcoin price. In detail, the revenue from bitcoin mining amounted to $16.1 million, reflecting an 80% increase from the previous year's quarter. The HPC business, a new addition to Bit Digital's operations, contributed $12.5 million in revenue during the quarter, compared to zero in the prior year. However, the company reported earning 244.2 bitcoins in Q2 2024, a 23% decrease from the previous year. This decline was mainly due to a reduction in block rewards following the halving event in April 2024. Tabor also revealed that Bit Digital is poised to further capitalize on its growth by signing a binding term sheet with Boosteroid, a new customer for its HPC business. Upon the finalization of a master service agreement, Boosteroid will place an initial purchase order for GPU servers with a five-year service duration. This order is expected to generate approximately $13 million in revenue for Bit Digital over the five-year term, averaging about $2.6 million per year. However, the execution of this agreement is contingent upon further due diligence, customary legal and business reviews, internal approvals, and the successful negotiation of the master service agreement. #proactiveinvestors #bitdigitalinc #nasdaq #btbt #bitcoin #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews