Bit Digital’s Crypto Holdings Increase to 742 BTC and 27,624 ETH

Bit Digital’s Crypto Holdings Increase to 742 BTC and 27,624 ETH

Decline in BTC Mining Output
Bit Digital, a prominent bitcoin mining company, experienced a 27.8% decline in its bitcoin mining output for December 2024, producing only 32.4 BTC, compared to the previous month’s output. According to a production update published on January 8, 2025, the decline was attributed to several factors including the company’s ongoing mining asset redeployments, the retirement of older equipment, and adjustments to its custodial portfolio.

As of December 31, 2024, Bit Digital reported holding 742.1 BTC and 27,623.9 ETH. The combined value of these holdings was approximately $161.4 million, with BTC valued at $69.3 million and ETH at $92.1 million.

Diversification into Ethereum and Staking
Despite the dip in BTC mining production, Bit Digital has successfully diversified its holdings. The company has actively expanded its Ethereum (ETH) portfolio, holding a total of 27,623.9 ETH. Out of this, 21,568 ETH are staked in native protocols, earning a blended annual percentage yield (APY) of nearly 3.3%. This staking strategy contributed to Bit Digital’s total staking rewards of approximately 60.6 ETH in December 2024.

Strategic Redeployment and Investments
In addition to its crypto holdings, Bit Digital spent $3.2 million on acquiring 941 S21 mining machines while selling off 4,506 S19 mining rigs for about $836,600. This ongoing strategic diversification—converting part of its BTC mining rewards into ETH and reinvesting staking rewards into bitcoin mining equipment—creates a perpetual revenue cycle that supports its long-term growth and stability.

Bit Digital’s blend of Bitcoin mining and Ethereum staking is designed to reduce the risks associated with mining output volatility and to create diversified revenue streams, positioning the company for continued success in the crypto industry.