Bitcoin and Beyond: Sustainably Powering Leading Blockchains
Revenue Flywheel – As an established Bitcoin mining leader, Bit Digital is adding Ethereum staking to the mix, creating another, more predictable revenue stream.
Going Green – “Our company has made it a point to take a leadership position regarding sustainable practices in the crypto mining industry,” said Bryan Bullett, Chief Executive Officer, Bit Digital. “It is at the core of what we do and who we are, because Bit Digital understands that to be successful, our operations must drive innovation and economic opportunity for all members of society—while doing so in a sustainable and eco-friendly manner.”
Strong Balance Sheet –Bit Digital had cash, cash equivalents and restricted cash of $45.6 million, and total liquidity (defined as cash and digital assets) of approximately $72.6 million, as of June 30, 2022. As of October 17, 2022, the Company’s entire market cap was less than $85 million. This creates a very compelling margin of safety, in our view! Bit Digital stated that “our balance sheet remains strong, partially insulating us from short-term price movements and enabling us to advance our long-term vision. This provides us ample flexibility to continue deploying miners and canvas the market for opportunistic purchases at potentially distressed pricing.”
The time to get in on one of the leading, publicly listed Bitcoin miners in the world is NOW. Bit Digital (Nasdaq: BTBT) is currently an undervalued opportunity, and they’re not stopping with Bitcoin. With solid audited financials and projections, Bit Digital is pleased to announce the addition of Ethereum staking to the mix, creating another predictable revenue stream for the business.
A Quick Bit
Grow Baby Grow! – Bit Digital is relatively young, they only started mining in February of 2020, so there isn’t an overly long history to compare financials. But the mere acceleration of their growth is impressive. In all of 2020 they earned 1,510 bitcoins, compared to 1,013 earned in Q1 of 2021. They’ve added miners steadily, and in Fall of 2021 signed agreements with Bitmain Technologies Limited to purchase an additional 10,000 mining units, which increased their hash rate by 1.0 exahash. The direction of Bit Digital is clearly trending in the right direction, in our view.
North American Capacity – We’re gonna hit you with some quick math; Bit Digital earned 1,013 bitcoins for their mining activities in Q1 2021. This number fell to 248 in Q3 as many of their miners were in transit from China to North America, but we believe growth is already on the upswing. In Q3 2022, the Company produced 429 bitcoins, more than doubling the prior quarter’s output.
Powering the sustainable future of crypto – In addition to their thriving bitcoin mining operation, Bit Digital is making big moves in the emerging world of Ethereum staking. Combined with mining revenues, staking is expected to add another, more predictable income stream to the company’s portfolio.
Upside Potential – While the value of Bitcoin and now Ethereum isn’t the only thing that makes Bit Digital attractive, it doesn’t hurt. As the value of the coins Bit Digital holds rises, Bit Digital can ride that wave. We’ve seen it before in commodities like gold and oil, and we’re seeing it happen now with crypto.
Clean Crypto – One criticism of bitcoin mining is that it uses quite a lot of power. In many cases, from fossil fuels. Bit Digital generates a large chunk of their wattage with renewable or carbon-free methods. By taking a more environmentally friendly stance, Bit Digital should be able to grow their operations whileleaving a smaller carbon footprint. As of Q2 2022, 69% of their mining operations were powered by completely carbon free energy sources, and the company continues to look for ways to increase this number further. Ethereum staking adds another important dimension to the sustainability picture, as proof-of-stake requires significantly less power than proof-of-work coins like Bitcoin.
The Digital Gold Rush
It’s almost impossible to avoid comparing the current crypto craze to the California Gold Rush. It makes sense; tons of people are making and losing fortunes in crypto and its surrounding industries, the entire topic is shrouded in romanticism, and one can’t help but wonder if they should try to get in on the action.
Bit Digital (Nasdaq:BTBT) started bitcoin mining in 2020, and by Q3 2021 they became the leader in self mined bitcoin among public bitcoin miners. As exciting as this growth is, we’re also interested in the company’s recent entrance into the high-stakes world of Ethereum staking.
A Bit About Mining
For those not 100% in the know (don’t worry, you’re not alone) mining for bitcoins is a relatively straightforward process. Here’s the Investopedia definition, “Bitcoin mining is the process by which new bitcoins are entered into circulation, but it is also a critical component of the maintenance and development of the blockchain ledger. It is performed using very sophisticated computers that solve extremely complex computational math problems.” Basically, a bitcoin miner solves a complex equation and gets a bitcoin in return for the trouble. Simple enough, right?
It’s kind of like traditional mining, in the sense that it requires a great deal of effort and capital to extract value. One needs equipment, workers, and a decent amount of luck to find success. But this is the age of computers, so where it differs from traditional mining is in the discovery of resources. If one were mining for gold or oil, they could expect to invest a great deal of time into actually finding it. This is where mining for bitcoins becomes, in some ways, easier than mining for minerals.
Miners know where the bitcoins are, and they know how to get to them. It’s as if all the gold in the world was in one place, and you just needed the biggest, fastest drill to get to it first. So crypto miners like Bit Digital are busy building the best drills they possibly can, to maximize their ability to solve equations for the blockchain, thereby winning bitcoins.
This is why hash rate is so important. A network’s hash rate represents the amount of problems (hashes) they can solve per second. You’ll usually see it measured in petahashes (PH/s) or exahashes (EH/s). One exahash is 1,000 petahashes. The higher the hash rate, the more likely that a miner will solve a given problem and be awarded bitcoin. The bigger and faster the drill, the easier it is to reach your “gold”.
A Bit About Staking
Now that we’ve explained the basics of crypto mining and how it works, let’s look at staking, and what makes it both different and complementary to Bit Digital’s cryptocurrency portfolio.
Bitcoin mining, as we’ve seen, is a proof-of-work operation. Computers do the difficult work of solving complex mathematical problems, and when they’re successful, they’re rewarded for that work with new Bitcoin.
Ethereum staking, now that the cryptocurrency has switched to proof-of-stake, is different. Ethereum holders can now stake some or all of their coins, earning rewards for doing so. This drastically reduces the electricity and computational requirements, making it more sustainable than mining in many ways.
As we’ll see, sustainability is a very important issue for the world of cryptocurrency, and Bit Digital is now tackling this issue on multiple fronts.
Leading the Charge for Sustainability
As highlighted in a (July 1, 2021) Bloomberg piece, Bit Digital is going to great lengths to transform the way they use energy, mitigating the negatives associated with powering Bitcoin mining operations.
According to the CFO and Director Erke Huang, Bit Digital was operating using 55% renewable energy sources at that time. By June 30, 2022, the proportion was already at 69%. Their ultimate goal is to reach 100%, and as signatories of the Crypto Climate Accord, “Bit Digital has committed to achieve net-zero emissions from the electricity consumption associated with all of its respective crypto-related operations by 2030 and to report progress toward this net-zero emissions target using best industry practices.” – from the press release.
“To date, Bit Digital has taken major steps to ensure sustainability of our mining operations, and by signing the CCA we have emphasized our commitment to decarbonization,” said Bryan Bullett, CEO of Bit Digital. “As of our most recent quarterly reporting, our fleet was running on a majority carbon-free power. We also participate in sustainability initiatives such as a previously announced demand-response energy curtailment program. Going forward, we intend to expand our use of clean power as we scale.”
Bit Digital is paving the way for other mining operations to follow suit, demonstrating how they utilize energy that would otherwise go to waste (called “stranded” energy), and are emphasizing solar and wind power whenever possible.
Adding Ethereum, and potentially other proof-of-stake coins, to the mix further increases the sustainability profile of the business, while also creating another lucrative and more predictable income stream.
As more people begin to look at cryptocurrency the way we used to look at gold, i.e. as a store of value with limited supply, Bit Digital is hopeful that they can be a part of minimizing the environmental cost of obtaining such a commodity. Based on the direction they’re headed, we think their hope is well-founded.
Building A Bigger Drill
Here’s where it starts to get interesting, and why we’re so hot on Bit Digital. They have acquired almost 40k mining computers, achieving a hash rate of 2.7 EH/s. To put that in perspective, the entire Bitcoin mining network is estimated at 250 EH/s, meaning Bit Digital represents a little over 1% of the entire mining network’s hash rate.
Much of Bit Digital’s recent efforts have been geared toward acquiring more computing power for its bitcoin mining operation, and now on acquiring Ethereum for its staking business. Ethereum staking represents another significant revenue stream, and Bit Digital is ready to get involved in a big way.
Exclusive North American Production
Following China’s recent ban on Bitcoin, Bit Digital moved 100% of their fleet out of China last year.
Bit Digital is also taking advantage of the Chinese bitcoin ban by acquiring additional Chinese miners at spot prices and shipping them back to North America, including an additional 561 units in August 2022. As of Q4 2021, all of Bit Digital’s miners have arrived in North America.
Bit Digital Helps Power the Bitcoin and Ethereum Blockchains
By now, many investors in this space are getting familiar with the idea of bitcoin mining. As we’ve seen, Bit Digital is quickly establishing itself as a leader in this highly competitive industry. The company’s high-powered computers provide the raw computational power necessary to make the network work, and the rewards received for doing so have been steadily increasing.
Bitcoin isn’t going anywhere, but like any good investment, Bit Digital has taken big steps to diversify, first with a move into staking Ethereum. Now that Ethereum has gone proof-of-stake, the network needs big players like Bit Digital to put up large quantities of ETH to support the operations of the network. With the revenue Bit Digital continues to bring in with its successful BTC mining operation, it has the capital necessary to acquire significant ETH to stake, and that’s exactly what it plans to do.
As rewards from staking are expected to come in, the company should have additional revenue and assets to redeploy towards its growing BTC mining operation.
Staking as a Service
As you can see, deploying its own assets is the first step towards an Ethereum staking operation, but Bit Digital isn’t stopping there. Once a compliance infrastructure is fully established, the company could potentially offer staking as a service.
That would enable third parties who want the benefits of staking ETH to work with a big name established leader in the space and get up and running fast. The same model could be applied to any number of proof-of-stake coins in the future.
Bit by Bit
Here’s the TL;DR version of this whole thing; Bit Digital has firmly established itself as a leader in the Bitcoin mining space. The company has mined over 4225 BTC as of August 2022 with over 2.6 EH/s of mining capacity. This alone makes the company an intriguing option for investors, and the company’s current expansion into Ethereum staking only sweetens the pot.
Bit Digital trades under Nasdaq:BTBT.
Chief Executive Officer
From August 2016 to June 2019, Mr. Bullett served as Executive Vice President for US affiliates of the company now known as E&P Financial Group. From August 2012 to July 2016, Mr. Bullett served as a Senior Vice President at FBR & Co. During 2011 and 2012, Mr. Bullett served as a Vice President at Keefe, Bruyette & Woods. During the years 2006 through 2010, Mr. Bullett served as a Vice President and as an Associate at Bank of America Merrill Lynch (formerly Banc of America Securities). During the years 2004 through 2006, Mr. Bullett served as an Associate at Deutsche Bank Securities. Prior thereto, Mr. Bullett served as an early or founding employee of several technology and/or media-related startup companies. Mr. Bullett received a bachelor’s degree from Brown University and an MBA from Columbia Business School and holds Series 7 and Series 63 licenses.
Chief Financial Officer and Director
Co-Founder and advisor of Long Soar Technology Limited from August 2019 to October 2020. Founder and CEO of Bitotem Investment Limited from May 2018 to October 2019; Investment Manager of Guojin Capital from June 2016 to May 2018 Engineering Analyst of Crowncastle International from March 2013 to November 2014 Master’s degree in Civil & Environmental Engineering from Carnegie Mellon University Bachelor’s degree in Environmental Engineering from Southwest Jiaotong University.
Chief Strategy Officer
Mr. Tabar served as the Co-Founder and Chief Strategy Officer of Fluidity from April 2017 to June 2020. Prior to this, he held the title of Partner at FullCycle Fund which he served from December 2015 to April 2017. Prior thereto, he served as Director and Head of Capital Strategy (Asia Pacific Region) for Bank of America Merrill Lynch from February 2010 to April 2011. Prior to this, he was Co-Head of Marketing at Sparx Group from January 2004 to 2010. Prior thereto, he was an associate at Skadden, Arps, Meagher, Flom LLP & Affiliates from September 2001 to January 2004. Mr. Tabar received his Bachelor of Arts from Oxford University in 2000, and received his Master of Law (LL.M.) from Columbia University School of Law in 2001. He was associate editor of the Columbia Law Business Law Journal in 2000, and is a current member of the New York State Bar Association.
Brock Pierce is an entrepreneur, artist, venture capitalist, and philanthropist with an extensive track record of founding, advising and investing in disruptive businesses. He’s credited with pioneering the market for digital assets and has raised more than $5B for companies he has founded. Pierce is Chairman of the Bitcoin Foundation and the co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). Piece has been involved in Bitcoin mining since its genesis days, acquiring a significant portion of the first batch of Avalons and ran KNC’s China operation, one of the world’s first large scale mining operations. He was also a seed investor in BitFury through Blockchain Capital. He also established the largest Bitcoin mining operation in Washington State in the industry’s early days. Pierce has lectured at some of the nation’s most prestigious institutions, the Milken Institute Global Conference, International World Congress, and has been featured by the New York Times, Wall Street Journal and Fortune. Pierce was on the first-ever Forbes List for the “Richest People in Cryptocurrency” and was an Independent Party candidate for President of the United States in 2020.
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The details of our compensation and the period of the Campaign is set forth below.
Name of Issuer & Ticker Symbol - Bit Digital (BTBT)
Amount & Form of Compensation - $1,000,000 in Common Stock
Who Paid for the Campaign & Position with Company if any - Bit Digital (BTBT)
Period of Campaign - 3/28/2022 - 3/28/2023
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The positions we hold of the Profiled Issuer are set forth below. We plan to sell these securities during the Campaign.
Name of Issuer & Ticker Symbol - Bit Digital (BTBT)
Number of Shares We or our Affiliates Hold - 77,519
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