Shares of Bitcoin miner Bit Digital climbed 7% after the company reported more than a 140% revenue jump in 2024, fueled by its growing cloud services segment.
Bit Digital’s latest financial results suggest a major shift is underway as its expanding cloud services and high-performance computing operations appear to be reshaping its revenue mix. In a press release on Friday, March 14, Bit Digital reported $108.1 million in total revenue for 2024, a 141% increase from the previous year.
The company’s management attributed the surge to the successful rapid expansion of its HPC business. Data shows that cloud services, which contributed $45.7 million, weren’t even part of the business a year earlier.
“Profitability improved alongside business expansion, supported by stronger gross margins and operational efficiencies. A strong liquidity position and no debt provide the flexibility to make targeted investments that enhance capabilities and long-term competitiveness.”
Bit Digital
Meanwhile, Bitcoin (BTC) mining revenue grew 32% to $58.6 million, though its share of total revenue fell from 98% in 2023 to 54% in 2024. Profitability also appeared to improve as the company reported a net income of $0.19 per share, a turnaround from the previous year’s loss of $0.16 per share.
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Bitcoin revenue slides
Still, operational figures seem to show both gains and challenges. The company earned 949.9 BTC in 2024, down 37% from 2023, pointing to challenges such as April’s halving event and increasing network difficulty. At the same time, its Ethereum (ETH) staking revenue grew 169% to $1.8 million.
The company’s cloud expansion also continued, with agreements signed with Boosteroid and DNA Fund. A new data center project in Quebec, expected to be powered by hydroelectricity, is also in the works.
“The company expects to invest approximately $19.3 million to develop the site, with potential expansion to 13MW within 24-36 months, subject to Hydro-Quebec approval.”
Bit Digital
Bit Digital suggested that profitability improved as the business grew, though it also mentioned that “cost-effective financing options” are being explored. The company emphasized its strong liquidity and lack of debt but acknowledged that maintaining financial discipline remains a focus. Following the news, Bit Digital’s shares soared 7% to $2.41, per data from Nasdaq.
Read more: Bit Digital diversifies crypto mining business with major AI expansion
