Bit Digital, Inc. (Nasdaq: BTBT) stock price is soaring in the early session today as it rose more than 29% to $28.31.
While the latest surge in the stock of the technology sector is incredibly spectacular, it should be remembered that there was no material news about the company that could have contributed to this rush. Therefore, a significant event that took place in the last week will need to be taken into consideration.
On December 21, 2020, the New York-based bitcoin mining company Bit Digital Inc. (Nasdaq: BTBT) has released unaudited financial results for its third quarter ended September 30, 2020.
Highlights for the Q3 2020
The bitcoin mining business generated $7.91 million in revenue. A total of 739.51 bitcoins were earned from the bitcoin mining business.
In the third quarter of 2020, 16, 865 miners were acquired, totaling 22,869 miners. The net income from continuing operations of $0.10 million was all derived from bitcoin mining, compared to the net loss of $1.79 million reported year over year.
As a result of disposed peer-to-peer and car rental business in the PRC, net loss from discontinued operations was $0.10 million for the third quarter of 2020, compared with $1.22 million for the third quarter 2019.
For the third quarter of 2020, the company realized a net income of $54 and earnings per share of $0.00, compared with a net loss of $3 million and a loss per share of $0.20 year over year.