Bit Digital: Bitcoin Halving Could Make Mining More Difficult [Seeking Alpha]
Bit Digital, Inc. - Ordinary Share (BTBT)
Company Research
Source: Seeking Alpha
Despite a strong rally in Bitcoin prices, Bit Digital delivered disappointing financial results in 2023 as increasing Bitcoin network difficulty reduced production. The upcoming Bitcoin halving event will make mining even more difficult, and the introduction of spot Bitcoin ETFs has reduced demand for miners like Bit Digital. I wrote an initial article on Bit Digital Inc. ( NASDAQ: BTBT ) in November, noting that the company's crypto mining business has poor fundamentals as it is on a steep 'capital spending' treadmill. However, BTBT does have an interesting nascent business providing artificial intelligence ("AI") workloads for generative AI applications. Since my article, BTBT has been essentially flat, despite a 90% increase in Bitcoin prices (Figure 1). In my opinion, Bit Digital's poor performance reflects the challenges facing Bitcoin miners as they must contend with ever increasing difficulty in mining Bitcoins and little barriers to entry. Furthermore, mining equipmen
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BTBT
News
- After the Halving, Could These Under-the-Radar Bitcoin Mining Stocks Have a New Multimillion-Dollar Market Opportunity in Artificial Intelligence? [Yahoo! Finance]Yahoo! Finance
- Shareholders in Bit Digital (NASDAQ:BTBT) are in the red if they invested three years ago [Yahoo! Finance]Yahoo! Finance
- Why Bit Digital, Inc. (BTBT) Dipped More Than Broader Market Today [Yahoo! Finance]Yahoo! Finance
- Why Bit Digital, Inc. (BTBT) Outpaced the Stock Market Today [Yahoo! Finance]Yahoo! Finance
- Bit Digital, Inc. (BTBT) Is a Trending Stock: Facts to Know Before Betting on It [Yahoo! Finance]Yahoo! Finance
BTBT
Sec Filings
- 4/5/24 - Form EFFECT
- 3/25/24 - Form POS
- 3/21/24 - Form RW
- BTBT's page on the SEC website