NEW YORK, May 15, 2024 /PRNewswire/ -- Bit Digital, Inc. (NASDAQ:BTBT) (the "Company"), a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in New York City, today announced its unaudited financial results for the First Quarter ended March 31, 2024. Financial Highlights for the First Quarter of 2024                Total revenue was $30.3 million for the First Quarter of 2024, a 266% increase compared to the First Quarter of 2023. The increase was primarily driven by the commencement of our Bit Digital AI business and by a higher realized bitcoin price. Revenue from bitcoin mining was $21.9 million for the First Quarter of 2024, a 166% increase compared to the prior year's quarter. The Company's Bit Digital AI business, referred to as High performance computing services ("HPC"), began generating revenue in January 2024, and recognized $8.1 million of revenue during the quarter. The Company issued a one-time service credit of $1.3 million to its HPC customer as compensation for decreased utilization during the initial deployment period, which included testing and optimization phases. Illustratively, adding back this credit would yield pro forma gross margins of approximately 72% on a net basis compared to reported gross margins of 61% for the segment. Revenue from ETH staking was approximately $0.3 million. The Company had cash, cash equivalents and restricted cash of $35.5 million, and total liquidity (defined as cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $163.2 million[1], as of March 31, 2024. Total assets were $291.1 million and Shareholders' Equity amounted to $265.2 million as of March 31, 2024. Adjusted EBITDA[2] was $58.5 million for the First Quarter of 2024 compared to $1.5 million for the First Quarter of 2023. GAAP earnings per share was $0.43 on a fully-diluted basis for the First Quarter of 2024 compared to a loss of $0.03 for the First Quarter of 2023. Operational Highlights for the First Quarter of 2024 The Company earned 410.7 bitcoins during the First Quarter of 2024, a 13% increase from the prior year. Growth was primarily driven by a higher active hash rate and partially offset by an increase in network difficulty. The Company paid approximately $0.05 per kilowatt hour to its hosting partners for electricity consumed during the First Quarter of 2024. The average fleet efficiency for the active fleet was approximately 28.3 J/TH as of March 31, 2024. The ...