Miner Bit Digital made $8 million in bitcoin mining revenue in Q1 2022

Miner Bit Digital made $8 million in bitcoin mining revenue in Q1 2022

Crypto mining firm Bit Digital introduced in $8 million in bitcoin mining income and $0.5 million in Ethereum within the first quarter of 2022, the agency stated on Wednesday.

Throughout the identical time interval, internet earnings was $2.9 million, the corporate stated.

Final 12 months, Bit Digital’s whole bitcoin mining income was $96.1 million and the corporate’s internet earnings was $52.7 million. 

“Unsurprisingly, our first-quarter outcomes confronted tough comparisons to the prior 12 months, when a majority of our fleet was deployed in China, and community hash charges had been decrease,” the corporate stated in a press release.

Moreover, it linked its first-quarter outcomes with the declining bitcoin worth since late 2021, which has coincided with a rise in community hash charge and had an impression on margins throughout the trade. “Our robust stability sheet positions us to efficiently navigate these market headwinds,” the assertion learn.

The agency made a complete of 194.48 BTC and 189.26 ETH in the course of the first quarter. In accordance with an operational replace earlier this month, it mined 30% much less bitcoin in Could than within the earlier month. Bit Digital held 793.6 BTC and 316.1 ETH as of Could 31.

The agency additionally stated that it ended the quarter debt-free, with $70 million in money and digital belongings and all of its mining machines absolutely paid. 

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