Bit Digital Inc (NASDAQ:BTBT), which offers high-performance computing (HPC) infrastructure and digital asset production, has reported strong results for December 2024, including strong GPU Cloud revenue and progress in expanding its HPC data center footprint.
The company said it had 266 servers, comprising 2,128 GPUs, actively generating revenue from its Bit Digital AI contracts.
Bit Digital earned approximately $4.5 million in total unaudited GPU Cloud revenue for the month.
Additionally, the company received $177,000 in cash payments from its equipment leasing contract with Boosteroid in December.
Its treasury holdings at the end of the month included 742.1 Bitcoin and 27,623.9 Ethereum, with fair market values of approximately $69.3 million and $92.1 million.
The Bitcoin equivalent of these holdings was approximately 1,731.8 Bitcoin, valued at about $161.8 million.
Bit Digital’s cash and cash equivalents totaled $98.6 million, with total liquidity, including USDC and digital assets, amounting to $260.4 million.
In the colocation services sector, Bit Digital reported revenue of approximately C$757,800 (US$528,100) from its HPC data center colocation services in December.
At the month-end, the company had 14 active customers at its Tier-3 Enovum Data Center.
During December, Bit Digital acquired a real estate site in Canada, for a new 5MW Tier-3 data center expansion.
The site was purchased for C$33.5 million (US$23.3 million), and the company plans to invest approximately C$27.6 million (US$19.3 million) to develop it.
The facility is expected to be operational by May 2025 as part of the company’s goal to expand its HPC data center footprint to 32MW during 2025.
In its digital asset unit, Bit Digital produced 32.4 Bitcoin in December 2024, a 27.8% decrease from the previous month, primarily due to changes in its hosting portfolio, ongoing redeployment of mining assets, and the retirement of older-generation miners.
The company’s active hash rate for December 2024 was approximately 1.8 EH/s, a 28% decrease from the prior month.
Bit Digital purchased 941 S21 mining units for approximately $3.2 million and sold 4,506 S19 mining units for approximately $836,600 in December.
As of the end of the month, the company had 21,568 Ethereum actively staked in native staking protocols, earning a blended APY of 3.3%.
Bit Digital earned approximately 60.6 Ethereum in staking rewards during the month.