Bit Digital (BTBT) Announces Monthly Production Update for February

Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a digital asset mining company headquartered in New York, announced its unaudited bitcoin production and corporate updates for the month of February 2023.

Corporate Highlights for February 2023

• In February 2023, the Company earned 108.2 bitcoins, a 19% decrease compared to the prior month. The decrease in production was primarily driven by fewer days during the month and an increase in network difficulty.
• 13,645 bitcoin miners representing 1.30 EH/s, was actively hashing in North America as of February 28, 2023.
• Treasury holdings of BTC and ETH were 696.5 and 7,332.6 with a fair market value of approximately $16.1 million and $11.8 million, respectively, on February 28, 2023. A portion of BTC and ETH treasury holdings were sold during the month to fund strategic investments and for general corporate purposes.
• The BTC equivalent[1] of our digital asset holdings as of February 28, 2023 (defined as if all ETH, sETH-H, and USDC holdings were converted into BTC as of that date and added to our BTC holdings) was approximately 1,441.6, or approximately $33.4 million.
• The Company had cash and cash equivalents of $33.6 million as of February 28, 2023.
• The Company did not purchase or sell any miners during the month.

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