Bit Digital’s Revenue Soars with Cloud Services Expansion
Bit Digital’s stock rose 7% after the company announced a significant revenue boost in 2024. The total revenue hit $108.1 million, up 141% from the previous year. This growth is largely due to the company’s expanding cloud services and high-performance computing (HPC) operations.
According to a press release on March 14, cloud services, which brought in $45.7 million,were not part of the business a year ago. The HPC business also expanded rapidly, contributing to the revenue surge. Meanwhile, Bitcoin mining revenue grew by 32% to $58.6 million,but its share of total revenue dropped from 98% in 2023 to 54% in 2024.
Bit Digital’s profitability improved, with a net income of $0.19 per share, reversing the previous year’s loss. Tho, the company mined 949.9 BTC in 2024, a 37% decrease from 2023, due to challenges like the April halving event and rising network difficulty.
Ethereum staking revenue saw a 169% increase to $1.8 million. The company also signed agreements with Boosteroid and DNA Fund and is developing a new hydroelectric-powered data center in Quebec.
bit Digital plans to invest $19.3 million in the Quebec project, aiming for a 13MW capacity within 24-36 months. The company remains debt-free and is exploring cost-effective financing options to maintain financial discipline.
