Bit Digital’s Bitcoin Mining Revenue Decreased by 37.5% in Q3

Bit Digital reported a 37.5% decline in Bitcoin mining revenue in the third quarter of 2024 compared to the second quarter. The drop is attributed to the Bitcoin Halving and increased mining difficulty, which reduced miner rewards and heightened network competition.

Mining revenue amounted to $10 million, down from $16 million in Q2. Despite the decrease, Bit Digital is actively diversifying its business by focusing more on high-performance computing (HPC) hosting. For the first time, revenue from HPC surpassed that from Bitcoin mining.

The company plans to continue expanding in the HPC sector to offset the volatility of cryptocurrency mining revenues. Bit Digital also faced the non-renewal of a 36 MW colocation agreement with Coinmint, which may affect its hashrate.