Monday, December 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.
HPC and AI. As of November 30, 2024, Bit Digital had 266 servers actively generating revenue and earned approximately $4.3 million of total unaudited GPU Cloud revenue during the month. At Enovum’s data center, the Company had 13 customers actively generating revenue with colocation revenue of approximately $503,500. We believe the Boosteroid agreement, along with the two MSAs signed in the third quarter should expand revenue in the coming months.
Mining Side. The Company produced 44.9 BTC in the month, a 14.0% decrease from 52.2 BTC in October. The active hash rate was 2.51 EH/s, a slight increase from 2.43 EH/s last month. Bit Digital’s hosting provider, Coinmint, being acquired resulted in the termination of hosting contracts. Management has signed term sheets for the lost hosting capacity and is replacing energy inefficient miners, with a 3.0 EH/s active hash rate expected by the first half of 2025.
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