Bit Digital Reports 96% Revenue Growth in Q3 2024, Expands High-Performance Computing Operations
Published: 12:29 19 Nov 2024 EST
Bit Digital CEO Sam Tabar joined Steve Darling from Proactive to share the company’s impressive financial results for the third quarter of 2024, revealing total revenue of $22.7 million, a remarkable 96% increase compared to the same period in 2023. The surge in revenue is attributed to the commencement of the company’s high-performance computing (HPC) services business, which complements its established Bitcoin mining operations in the U.S., Canada, and Iceland. Tabar highlighted Bit Digital’s continued expansion in the HPC sector, bolstered by the acquisition of Boosteroid, which has significantly grown its GPU cloud client base.
Additionally, the company acquired Enovum in October, further enhancing its HPC capabilities to meet the growing demand for high-performance computing infrastructure. “Our strategic acquisitions and critical hires, including a new CTO, Head of Revenue, and key engineering and sales talent, have laid a strong foundation for sustainable growth,” Tabar told Proactive. “We remain on track to achieve our $100 million run-rate revenue target for HPC by the end of 2024.”
The company’s focus on building out its HPC business aligns with its broader vision to deliver cutting-edge digital infrastructure solutions. With its expanded capabilities and strategic investments, Bit Digital is well-positioned to scale its operations and capitalize on the rising demand for high-performance computing services. This quarter’s results reaffirm Bit Digital’s commitment to innovation and growth, setting the stage for a robust future in both digital asset production and advanced computing solutions.
