Home Trending Stocks Bit Digital Inc. (BTBT) stock surged in the premarket trading session; here’s...

Bit Digital Inc. (BTBT) stock surged in the premarket trading session; here’s why

In the premarket trading session, the Bit Digital Inc. (BTBT) shares surged by 12.71% to $10.2 at last check. BTBT’s stock previously closed the session at $9.05. The stock volume traded 2.05 million shares. In the past year, up-to-date BTBT stock had surged by 814.42% and in the past week, they have jumped by 0.56%. In the past three and six months, the stock plunged by -41.20% and added 46.68%. Furthermore, the company is currently valued in the market at $477.84 million and has 48.29 million outstanding shares.

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Here’s what you need to know about Bit Digital Inc.

Bit Digital, Inc. is a bitcoin mining and financial services company that engages in the Bitcoin mining business. The company was formerly known as Golden Bull Limited with one of the highest operating hash rates (or computing power) among all US-listed Bitcoin miners and expanding. BTBT currently operates at 2,574 PH/S of Bitcoin Hash Rate across the entire Bitcoin network with the total number of mining machines are 45,736 and 1,934,89 BTC mined as of now. The new name was decided and changed to Bit Digital, Inc. in September 2020. The company is headquartered in Flushing, New York. The company has set up its operations in the United States, Canada, and China.

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Bit Digital Inc. expands into USA

Bitcoin, crypto-currency in general and digital assets are now an industry of its own. Thus it is important for companies that are entering into this disruptive digital marketing and digital currency field to have a proper grip on how to seed, grow and expand into this industry. This is exactly the aim of one of the largest publically listed Bitcoin mining company – Bit Digital Inc. as it expands to the US market.

The company has appointed Brock Pierce as an advisor in the advisory board and leadership team to expand into the US digital assets industry and the Bitcoin community. The reputation of Brock Pierce precedes him in the crypto-currency market as he was one of the pioneers for market of digital assets and has remained a founder of several blockchain companies for which he has raised more than $5 billion as of now. Furthermore, the media has also recognized Brock pierce; Forbes first ever “Richest people in Cryptocurrency” list mentioned Pierce in it.

The company has acquired new miners and generated more than 1000 bitcoins in first three months of 2021

The company has also announced the financial results of the first three months of 2021. The number of Bitcoins earned was 1,013.40 in the first three months of 2021. The number of BTC earned since the inception of business all the way to the end of the 1st quarter 2021 are 2,523,60 BTC. This equaled to revenue of $43.95 million from mining in the 3 month period in 2021.

As of March 31, 2021, BTBT stock owned a total of 40,965 miners, with a total maximum hash rate of 2,264.5 Ph/s, and owning 100 new miners which consisted of the Antminer S19 Pro series. However the hash rate was due to a combination of Antminer and Whatsminer series.

The company reported a Net income of $35.79M which is increased from the Net loss of $3.85 million in the 1st quarter of 2020.

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The disruption in the operations and business practices due to pandemic lockdown had caused losses to the BTBT stock and to its operations. Despite the temporary status of the disruption and introduction of vaccines, the effects of the COVID-19 outbreak still cause uncertainty for future predictions thus the company has not given any guidance for 2021 financials.

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