Hold onto your hats, folks! 🎩 Shares of Bitcoin miner Bit Digital just did a little jig, climbing a whopping 7% after the company announced a revenue jump that would make even Scrooge McDuck do a backflip! 💃💰 We’re talking about a jaw-dropping 141% increase in 2024, all thanks to their cloud services segment, which is growing faster than a kid on a sugar rush!
In a press release that could make a Broadway show jealous, Bit Digital revealed they raked in $108.1 million in total revenue for 2024. That’s right, folks, a 141% increase from last year! It’s like they found a magic lamp and rubbed it just right! 🧞♂️✨
The management team, probably wearing top hats and monocles, attributed this surge to their HPC (High-Performance Computing) business expanding faster than a balloon at a birthday party. 🎈 Data shows that cloud services, which contributed a cool $45.7 million, weren’t even on the radar a year ago. Talk about a glow-up!
“Profitability improved alongside business expansion, supported by stronger gross margins and operational efficiencies. A strong liquidity position and no debt provide the flexibility to make targeted investments that enhance capabilities and long-term competitiveness.”
— Bit Digital
Meanwhile, Bitcoin (BTC) mining revenue grew 32% to $58.6 million, but hold your horses! Its share of total revenue fell from 98% in 2023 to a mere 54% in 2024. It’s like watching a magician pull a rabbit out of a hat, only to realize it’s a very confused cat! 🐱💨 Profitability is looking up, though, with a net income of $0.19 per share, a delightful turnaround from last year’s loss of $0.16 per share. Who knew numbers could dance like this?
Bitcoin Revenue Takes a Tumble! 🎢
But wait, there’s more! Operational figures show both gains and challenges. The company earned 949.9 BTC in 2024, down 37% from 2023. It’s like trying to catch a greased pig at a county fair! 🐖💨 Blame it on April’s halving event and the increasing network difficulty. But don’t fret! Their Ethereum (ETH) staking revenue grew 169% to $1.8 million. It’s like finding a $20 bill in your old coat pocket!
And the cloud expansion? It’s still going strong! They’ve signed agreements with Boosteroid and DNA Fund, and there’s a new data center project in Quebec that’s expected to be powered by hydroelectricity. Talk about going green! 🌱💡
“The company expects to invest approximately $19.3 million to develop the site, with potential expansion to 13MW within 24-36 months, subject to Hydro-Quebec approval.”
— Bit Digital
Bit Digital is strutting its stuff, suggesting that profitability improved as the business grew, while also exploring “cost-effective financing options.” They’re like a kid in a candy store, but with a budget! 🍬💸 Following the news, Bit Digital’s shares soared 7% to $2.41, according to Nasdaq. It’s a wild ride, folks, so buckle up!
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2025-03-14 17:50