Tuesday, November 07, 2023
Joe Gomes, 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.
Mining Slightly Down. Bit Digital produced 111.6 BTC during the month, a 14% decrease from last month due to an increase in network difficulty, a power utility mandated maintenance outage that temporarily reduced operating hash rate at one location, and the relocation of miners from one hosting location following the conclusion of that hosting agreement. The Company had an active hash rate of 2.0 EH/s compared to 1.19 EH/s last month.
Staking Side. The Company had approximately 12,752 ETH actively staked in native and liquid staking protocols as of October 31, 2023, with 12,352 ETH natively staked and 400 ETH deployed in liquid staking protocols. Bit Digital earned a blended APY of approximately 4.25% on its staked ETH position for the month compared to roughly 4.1% last month, and earned aggregate staking rewards of approximately 46.08 ETH.
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