Tuesday, July 09, 2024
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
BTC Mining. Bit Digital produced 61.7 BTC during June, a 2.5% decrease from 63.3 in the previous month. The active hash rate was 2.57 EH/s versus 2.54 EH/s the prior month. We expect to see an increase in active hash rate in the second half of the year as the Company becomes more opportunistic in deploying efficient miners.
AI/ETH. The Company had 256 servers actively running, similar to last month, and earned an estimated $4.1 million of unaudited revenue from its anchor contract during the month. Approximately 17,184 ETH was actively staked as of June 30, 2024, flat with last month. Bit Digital earned 3.5% blended APY on its staked ETH, up from 3.1% last month.
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