2024-03-19 07:30:00 ET
Summary
- Bit Digital Inc. is an institutional Crypto miner with over 45,000 specialized computers mining Bitcoin.
- Despite a strong rally in Bitcoin prices, Bit Digital delivered disappointing financial results in 2023 as increasing Bitcoin network difficulty reduced production.
- The upcoming Bitcoin halving event will make mining even more difficult, and the introduction of spot Bitcoin ETFs has reduced demand for miners like Bit Digital.
I wrote an initial article on Bit Digital Inc. ( BTBT ) in November, noting that the company's crypto mining business has poor fundamentals as it is on a steep 'capital spending' treadmill. However, BTBT does have an interesting nascent business providing artificial intelligence ("AI") workloads for generative AI applications....
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Bit Digital: Bitcoin Halving Could Make Mining More Difficult