Aug 17, 2023

Following the release of Bit Digital's second quarter earnings, CEO Sam Tabar provides insights into expectations for the third quarter.

Video transcript

Biggest headwind would obviously be the price of Bitcoin. That that's, that's a, that's a macro factor that we can't control. But what we're able to control, we've done very well on. So with respect to our fleet, we're now at 99% carbon free, that's carbon free, not carbon neutral. There's a big difference and we've led the way in the industry with being very environmentally responsible while running a very good business. We've added 35 megawatts to our mining capacity. We've announced the purchase of miners to fill that capacity. We've even revised our goal earlier this year when I took over as CEO, we announced a goal of 2.6. Aha, we're doing very well on that. In fact, we've just revised our goal just a couple of days ago. We're now at 3.5 a hash. By the end of this year, we have a very, very pristine balance sheet. We have 65 million of liquidity on the balance sheet. So we're very flexible going into the half and we're diversified across jurisdictions. We're now in Canada, the United States and in our uh last quarter, we announced our entry into Iceland, which the Wall Street Journal reported on the front page not too long ago. And you know, that's in response to just being diversified from a jurisdictional perspective. You know, you never know what will happen in one single country. And we don't think it's prudent or responsible to have all your mining operations in one country because the politics when it comes to crypto can change overnight and we don't want the rug to be pulled from under us.

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