BTBT Stock Up 1.3%, Bit Digital Reports Profitable 22Q2 Earnings Results
- Bit Digital earned 197.28 Bitcoins and 104.29 ETH during the second quarter, which ended on June 30.
- The company received the previously announced 10,000-unit miners purchased from Bitmain.
- Bit Digital, which belongs to the Zacks Technology Services industry, missed the Zacks Consensus Estimate by 52.34 percent.
Bit Digital Inc. (Nasdaq: BTBT), a cryptocurrency mining company based in New York, announced its unaudited second-quarter earnings results. For the three months ending on June 30, 2022, Bit Digital reported revenue of $6.5 million from its Bitcoin mining operations. Additionally, the company reported a revenue of $0.3 million from the Ethereum mining operations.
Put it this way, Bit Digital earned 197.28 Bitcoins and 104.29 ETH during the second quarter, which ended on June 30. Thereby bringing treasury holdings of BTC and ETH at 860.57 and 313.56 respectively.
Reportedly, the company owned 38,135 bitcoin miners and 731 Ethereum miners as of June 30, 2022. Additionally, the company said the BTC and ETH miners have an estimated maximum total hash rate of 2.7 EH/s and 0.3 TH/s, respectively.
Worth noting, that the company received the previously announced 10,000-unit miners purchased from Bitmain. Following the additional digital assets miners, the company signed a new 20 MW hosting agreement with Coinmint LLC.
Bit Digital announced that it sold 903 MicroBT Whatsminer M21S Bitcoin miners and 9 MicroBT Whatsminer M20S Bitcoin miners during the quarter.
“Subsequent to quarter end, we also announced a new 5 MW hosting agreement with a provider in Canada at a location that is primarily hydro powered…..We ended the quarter with $45 million in cash, over $70 million in total liquidity, zero debt, and no outstanding miner purchase obligations,” Bit Digital management noted.
Bit Digital and the Market Outlook
Following the unaudited 22Q2 report, the company’s stock market has gained approximately 1 percent today, according to data provided by MarketWatch. However, the company stock market is down approximately 88 percent in the past year.
Notably, Bit Digital’s stock market recorded major losses in the past year, a similar situation in the cryptocurrency industry. According to our market data, Bitcoin price is trading at $64,451.88, down approximately 70 percent from the ATH.
The company has a reported market valuation of approximately $120 million with 82.43 million shares outstanding.
Bit Digital, which belongs to the Zacks Technology Services industry, missed the Zacks Consensus Estimate by 52.34 percent. Furthermore, the company reported revenues of $28.34 million a year ago in the same quarter. Since then, the company has not been able to beat consensus revenue estimates over the last four quarters.
Forward, analysts have set an earnings estimate based on the company’s investment portfolio. According to Zacks estimates, the current consensus EPS estimate is $0.03 on $21.1 million in revenues for the coming quarter and $0.15 on $73 million in revenues for the current fiscal year.
The company is, however, heavily invested in a volatile cryptocurrency market that is highly unpredictable. Therefore, the estimates may or may not play according to expectations. Furthermore, the cryptocurrency market is marred with crazy speculation since inception.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
