Bit Digital, Inc. Announces Monthly Production Update for September 2022

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NEW YORK, Oct. 13, 2022 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, announced its unaudited bitcoin and Ethereum production and corporate updates for the month of September 2022.

Corporate Highlights for September 2022

• In September 2022, the Company earned 141.3 bitcoins, a 3% decrease compared to the prior month. The decline was driven by an increase in the network hash rate. The Company earned 0 ETH during September 2022.
• Treasury holdings of BTC and ETH were 943.3 and 5,261.7 with a fair market value of approximately $18.3 million and $7.0 million, respectively, on September 30, 2022.
• The Company owned 38,594 bitcoin miners and 730 Ethereum miners as of September 31, 2022, with an estimated maximum total hash rate of 2.7 Exahash ("EH/s") and 0.3 Terahash ("TH/s), respectively.

Miner Deployments

36% of the Company's fleet, or 14,308 bitcoin miners and 0 ETH miners representing 1.35 EH/s and 0 TH/s, respectively, was actively hashing in North America as of September 30, 2022.

Hosting Partner Update

As of September 30, 2022, Compute North provided approximately 20 MW of capacity for the Company's miners. Bit Digital's overall expected future hosting capacity with Compute North is approximately 48 MW. In September 2022, Compute North filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas.  The Company has requested additional information and is reviewing its relationship with Compute North.  However, as of this date, Bit Digital does not believe the bankruptcy filing will affect the Company's current mining operations.

About Bit Digital

Bit Digital, Inc. is a bitcoin mining company headquartered in New York City. Our mining operations are located in North America. For additional information, please contact [email protected] or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2021. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital's production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. Additionally, all discussions of financial metrics assume mining difficulty rates as of October 2022. See "Safe Harbor Statement" below.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

SOURCE Bit Digital, Inc.