Bit Digital Eyes Doubling Hashrate in 2024

Bit Digital, Inc. has outlined its major strategic priorities for 2024, mainly on the expansion. The miner intends to improve its active Bitcoin mining sites with a plan to increase the EH/s rate from 3 to 6 by the end of 2024, showing a change of direction from the previous year’s goal.

Bit Digital expects a considerable part of its growth to materialize following the Bitcoin halving event in April 2024. The company predicts that there will be favorable opportunities to acquire efficient mining equipment post-halving. The company also aims to broaden its business by growing its Bit Digital AI unit, which currently generates around $50 million in annualized revenue. Bit Digital is targeting a $100 million AI revenue run rate by the end of 2024.

Other top priorities include maintaining a strong balance sheet, increasing treasury holdings of staked ETH using retained earnings, and furthering sustainability efforts. Bit Digital claims 99% of its fleet’s electricity consumption already comes from carbon-free sources.

CEO Sam Tabar announced that the company is poised to double its hashrate in 2024 and expand its Bit Digital AI partnerships. He emphasized that this initiative represents growth and dedication to innovation, sustainability, and financial care.

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2024-02-13 02:12