Bit Digital posted nearly $23 million in Q3 revenue, a 96% increase year-over-year, driven by strong growth in its high-performance computing business.
Bitcoin (BTC) mining firm Bit Digital said in a Q3 earnings report that its revenue for the quarter was $22.7 million, marking a 96% increase year-over-year following a strong performance in the firm’s recently launched high-performance computing business.
Per a Nov. 18 press release, Bit Digital’s HPC business generated $12.2 million in revenue, up from zero in Q3 2023. Despite a decline in Bitcoin mining revenue, which fell 11% YoY to $10.1 million, the firm’s total revenue surged as its HPC operations gained traction. The firm’s management said the maturation of HPC business was a “defining theme this quarter” as Bit Digital expanded its GPU cloud client base with the addition of Boosteroid and strengthened its team with “critical hires.”
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Bit Digital sees ‘greatest potential’ in HPC
The New York-based firm reported a $21.8 million loss for the quarter, primarily attributed to “unrealized loss on digital assets.” Despite this, Bit Digital remains optimistic about the future, emphasizing HPC as its “greatest potential for long-term value creation.”
As of Sept. 30, the firm reported $223.6 million in total liquidity, comprising cash, Circle’s USD Coin (USDC), and other cryptocurrencies. Its balance sheet included $376 million in total assets and $315 million in shareholders’ equity. Bit Digital reaffirmed its goal of reaching a $100 million run-rate revenue target for HPC by the end of 2024.
Read more: Crypto mining giant Marathon plans $700m convertible note to buy Bitcoin
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