Bit Digital Releases August 2023 Production Update

Bit Digital, Inc. Monthly Update for August 2023

Bit Digital, Inc. (Nasdaq: BTBT) has released its unaudited digital asset production and corporate updates for August 2023.

Corporate Highlights for August 2023

• In August 2023, the Company produced 139.9 BTC, marking a 5% increase from the previous month. This growth was mainly attributed to a higher average active hash rate, which was slightly offset by increased network difficulty.
• As of August 31, 2023, the Company’s active hash rate stood at approximately 2.03 EH/s.
• Treasury holdings included 758.5 BTC and 13,002.1 ETH, valued at approximately $19.7 million and $21.4 million, respectively, as of August 31, 2023.
• The BTC equivalent of total digital asset holdings on the same date was estimated at around 1,747.0, approximately $45.3 million.
• The Company reported cash and cash equivalents of $24.9 million as of August 31, 2023.

Proof-of-Stake Highlights

• As of August 31, 2023, Bit Digital had approximately 13,188 ETH actively staked across native and liquid staking protocols, with about 10,784 ETH natively staked and 2,404 ETH in liquid staking.
• The Company also has 416 ETH (equivalent to 13 Nodes) waiting to be activated in the Ethereum staking network, expected to go online by the end of September 2023.
• Bit Digital earned a blended annual percentage yield (APY) of approximately 4.4% on its staked ETH for August 2023.
• The Company received approximately 46.7 ETH in aggregate staking rewards during the month.

Annual General Meeting

• Bit Digital will hold its Annual General Meeting for shareholders on September 20, 2023, at 9:00 AM ET. The meeting will be conducted virtually.

Upcoming Conference Participation

• Bit Digital plans to present at several conferences in September 2023:
  • The H.C. Wainwright 25th Annual Global Investment Conference in New York City from September 11-13.
  • The Singular Midwestern Values Conference (virtual) on September 14.

About Bit Digital, Inc.
Bit Digital, Inc. is a sustainability-focused digital asset generator based in New York City, with mining operations in the US, Canada, and Iceland.

Investor Notice
Investing in securities involves significant risks. Potential investors should carefully consider the risks detailed in the "Risk Factors" section of our most recent Annual Report. Any unforeseen risks could negatively impact our business and the value of the securities may decline, resulting in potential losses.

Safe Harbor Statement
This press release contains forward-looking statements regarding Bit Digital, Inc. and its subsidiaries. These statements involve known and unknown risks and uncertainties, and although the Company believes these expectations are reasonable, actual results may differ materially from those anticipated. Investors should not place undue reliance on these forward-looking statements. The company does not assume a duty to update any forward-looking statements, except as required by law.