Bitcoin Miner Bit Digital’s shares rose 7% after the company was driven into the growing cloud services segment after reporting a revenue jump of over 140% in 2024.
BIT Digital’s latest financial results suggest that major changes are ongoing as cloud services expand and high-performance computing operations appear to be restructuring the revenue mix. In a press release on Friday, March 14th, BIT Digital reported $108.1 million in total revenue for 2024, an increase of 141% from the previous year.
The company’s management believes it has surged into the success of the rapid expansion of its HPC business. According to data, the cloud service donated $45.7 million, and was not even part of the business a year ago.
“Profitability has improved as business expanded, supported by stronger margins and enhanced operational efficiency. There is no strong liquidity position and no debt.
Bit Digital
Meanwhile, Bitcoin (BTC) mining revenues rose 32% to $58.6 million, but the total revenue share fell from 98% in 2023 to 54% in 2024.
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Bitcoin revenue slides
Still, operational figures appear to show both profits and challenges. The company won 949.9 BTC in 2024, falling 37% from 2023, referring to challenges such as the harving event in April and an increasing network difficulty. At the same time, its Ethereum (ETH) staking revenue rose 169% to $1.8 million.
The company’s cloud expansion continued, with the agreement signed with boosteroids and DNA funds. Quebec’s new data center project is expected to be powered by hydroelectric power, but is under work.
“The company expects to invest around $19.3 million to develop the site, which could expand to 13MW within 24-36 months, subject to Hydro-Quebec’s approval.”
Bit Digital
BIT Digital suggested that profitability has improved as the business grew, but also stated that “cost-effective financing options” are being investigated. The company highlighted its strong liquidity and debt shortage, but acknowledged that maintaining financial discipline remains a focus. Following the news, BIT Digital’s stock rose 7% to $2.41 per Nasdaq data.
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