Bit Digital Inc (NASDAQ:BTBT) saw significant revenue growth during its 2024 fiscal year driven by its high-performance computing (HPC) business.
The company reported total revenue of $108.1 million, marking a 141% increase from the prior year.
Earning per share were $0.19 compared to a loss per share of $0.16 per the previous year.
Bit Digital said in a statement that 2024 marked a “pivotal shift” for the company.
“Our business was historically driven by digital asset mining, but the successful launch and rapid expansion of our HPC business fundamentally reshaped our company,” the company told shareholders in a statement.
“This evolution drove over 140% revenue growth, with these new business lines contributing nearly half of total revenue.”
The company added that Bitcoin mining remained a key revenue contributor at $58.6 million, a 32% increase from the previous year.
“However, as our HPC business scaled, mining's share of total revenue declined to 54% in 2024, and further to 40% in Q424, compared to 98% in 2023,” management said.
“This shift underscores our strategic pivot toward infrastructure-driven revenue streams while maintaining disciplined mining operations.”
Cloud services generated $45.7 million, while colocation services added $1.4 million following the acquisition of Enovum Data Centers.
Revenue from ETH staking reached $1.8 million, a 169% increase year-over-year.
The company ended 2024 with cash, cash equivalents and restricted cash of $98.9 million, with total liquidity of approximately $260.7 million.
Operational highlights
Bit Digital mined 949.9 bitcoins in 2024, a 37% decrease due to the April 2024 halving event and increased network difficulty.
The company paid approximately $0.05 per kilowatt hour for mining electricity and had an average fleet efficiency of 26.2 J/TH by year-end.
Treasury holdings included 741.9 BTC and 27,623.2 ETH, valued at $69.3 million and $92.1 million, respectively.
Bit Digital operated 24,239 bitcoin miners with a maximum hash rate of 2.6 EH/s, with an active hash rate of 1.8 EH/s.
About 85% of the company's run-rate electricity consumption was sourced from carbon-free energy sources.
In October 2024, Bit Digital signed a Master Services Agreement (MSA) with Boosteroid to provide 300 GPUs for $4.6 million in revenue over five years, with options for further expansion.
The company also acquired Enovum Data Centers for approximately $46 million, gaining a 4MW Tier 3 data center in Montreal.
In December 2024, Bit Digital signed an MSA with DNA Fund for services utilizing 576 GPUs, valued at $20.2 million over approximately two years.
The company acquired a 160,000-square-foot site in Quebec for a planned 5MW data center expansion expected to open in June 2025. The site will be powered by 100% renewable hydroelectricity and is projected to expand to 13MW within two to three years.
Additional updates
Subsequent to the year-end, in January 2025, Bit Digital signed multiple new cloud service agreements, including contracts for 32, 24, and 40 H200 GPUs.
The company also replaced a prior agreement to supply 2,048 H100 GPUs with a new deal to provide 464 B200 GPUs, representing $15 million in annualized revenue.
In February 2025, Bit Digital rebranded its HPC business as WhiteFiber, which secured a five-year colocation agreement with Cerebras Systems to provide 5MW of built-to-suit data center infrastructure at an Enovum-developed site, scheduled to begin operations in mid-2025.
Shares of Bit Digital added 13.7% on Friday morning in New York.