Bit Digital Inc. (BTBT) stock prices were down by 0.99% as of the market closing on August 20th, 2021. This brought the price per share down to USD$11.96 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rally by 6.02%, bringing it up to USD$12.68.
BTBT Stock’s Crypto Segment
The second quarter of fiscal 2021 saw BTBT stock report their bitcoin mining segment having generated revenue in the amount of USD$28.3 million. The company mined 562.9 bitcoins over the quarter. Of their total miner fleet, 70.8% has been deployed, in transit in North America, or awaiting installation in North America as of June 30th 2021. 3515 miners were acquired over Q2 2021, bringing the total miners under the company’s ownership to 32,500. Net loss for the second quarter of fiscal 2021 came out to USD$1.3 million, representing a net loss of USD$0.03 per share.
About BTBT Stock’s Operations
BTBT stock is a bitcoin mining company that operates out of the United States and Canada. Bitcoin mining business was initiated in February 2020, with third party hosting providers. The operations make use of specialized computers (miners) to generate bitcoin cryptocurrency. The company’s miners use application specific integrated circuit (ASIC) chips. The chips allow miners to apply greater computational power (hash rate), which provides transaction verification services. The solving of these blocks helps support the bitcoin blockchain, the addition of each one of which the bitcoin blockchain aware a bitcoin award. The award is equal to a set number of bitcoins per block.
Generating Bitcoin Cryptocurrency
Mining assets are operated with the primary intention of gathering bitcoin, which may be sold for fiat currency from time to time. The sale would be contingent on market conditions and management’s determination of our cash flow needs. BTBT stock’s mining strategy has been the rapid and extensive mining of bitcoin.
Acquiring Bitcoin Miners
BTBT stock acquires its miners on the stop market, which takes a few weeks to be delivered. This is because purchasing miners from manufacturers like Bitmain and MicroBT entails long delivery lead times. The second quarter of 2021 saw the company sign services agreement with third party hosting partners across the North American continent.
Future Outlook for BTBT Stock
The company reported a promising quarter despite the volatility experienced by the cryptocurrency sector. The company is keen to leverage the resources at its disposal to usher in organic growth. Investors are hopeful that this will result in significant and sustained increases in shareholder value.