Friday, October 06, 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. Bit Digital had a decrease in BTC production in September, producing 130.2 BTC, a 7% decrease compared to the prior month of 133.0. The decrease was primarily driven by an increase in network difficulty and a reduction in active hash rate that occurred towards the end of the month. The active hash rate was approximately 1.19 EH/s as of September 30, 2023, as roughly 600 PH/s of miners went offline due to a power utility mandated maintenance outage from September 26, 2023, to October 6, 2023 with an additional 250 PH/s of miners going offline towards the end of the month following the conclusion of a hosting contract at one facility. The Company is in the process of relocating those miners to alternative hosting sites.
Staking. The Company had approximately 13,594 ETH (13,188 last month) actively staked in native and liquid staking protocols as of September 30, 2023, with 11,200 natively staked and 2,394 ETH deployed in liquid staking protocols. The Company has 512 ETH (16 Nodes) deposited but in queue to be activated on the Ethereum staking network, which are estimated to come online by the end of October 2023. The blended APY for the month was roughly 4.1%.
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