Bit Digital’s Q3 revenue jumps 96% amid HPC strength

Bit Digital generated approximately $23 million in revenue in Q3, up 96% from a year earlier, driven by strong growth in its high-performance computing business.

Bitcoin (BTC) mining company Bit Digital said in its Q3 earnings report that its revenue for the quarter was $22.7 million, marking a 96% increase over last year, following strong performance from the firm’s recently launched high-performance computing business.

Bit Digital’s HPC business generated $12.2 million in revenue, up from zero in the third quarter of 2023, according to a Nov. 18 press release. Despite an 11% year-on-year decline in Bitcoin mining revenue to $10.1 million, the firm’s total revenue increased with the rise of HPC. operations gained momentum. Firm management said the maturation of its HPC business was “a defining theme this quarter” as Bit Digital expanded its GPU cloud client base with the addition of Boosteroid and strengthened its team with “critical hires.”

Bit Digital sees ‘greatest potential’ in HPC

The New York-based firm reported a loss of $21.8 million for the quarter, mainly due to “unrealized loss on digital assets.” Despite this, Bit Digital remains optimistic about the future, highlighting HPC as the “greatest potential for long-term value creation.”

As of September 30, the company reported total liquidity of $223.6 million, consisting of cash, Circle’s USD Coin (USDC), and other cryptocurrencies. Its balance sheet included total assets of $376 million and shareholders’ equity of $315 million. Bit Digital reaffirmed its goal of reaching a $100 million run-rate revenue target for HPC by the end of 2024.