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 mentioned on Wednesday.
Throughout the identical time interval, internet revenue was $2.9 million, the corporate mentioned.
Final yr, Bit Digital’s complete bitcoin mining income was $96.1 million and the corporate’s internet revenue was $52.7 million.
“Unsurprisingly, our first-quarter outcomes confronted tough comparisons to the prior yr, when a majority of our fleet was deployed in China, and community hash charges had been decrease,” the corporate mentioned in a press release.
Moreover, it related its first-quarter outcomes with the declining bitcoin worth since late 2021, which has coincided with a rise in community hash fee and had an influence on margins throughout the trade. “Our sturdy 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 throughout the first quarter. Based on an operational replace earlier this month, it mined 30% much less bitcoin in Might than within the earlier month. Bit Digital held 793.6 BTC and 316.1 ETH as of Might 31.
The agency additionally mentioned that it ended the quarter debt-free, with $70 million in money and digital property and all of its mining machines absolutely paid.