Bit Digital, a Bitcoin mining enterprise, announces that its foray into artificial intelligence yielded $4 million in revenue during February 2024.

Bit Digital, a Bitcoin mining firm listed on Nasdaq with the ticker BTC, has disclosed earnings of $44.9 million for 2023, marking a 39% increase from the previous year. The company reported mining 1,507.3 BTC in 2023, representing a 21% surge compared to 2022, valued at approximately $97 million at current market rates.

This growth was attributed to a higher active hash rate, although partially offset by increased network difficulty. As of December 31, 2023, Bit Digital’s total assets stood at $189.3 million, with shareholders’ equity at $152.7 million. The company also reported adjusted earnings before interest, taxes, depreciation, and amortization of $12.4 million, along with an adjusted earnings per share of $0.12.

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Bit Digital outlined various changes to its mining hosting portfolio in 2023, concluding the year with six hosting partners and seven sites across three countries. Emphasizing expansion into regions offering cost-effective, carbon-free energy sources, the company aims to endure all phases of the Bitcoin price cycle despite market volatility.

In addition to its core mining operations, Bit Digital revealed its venture into artificial intelligence technology and digital infrastructure services. This new business segment, which includes GPU rental services, has already generated significant revenue, reporting earnings of $4 million in February 2024.