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Bit Digital Inc (NASDAQ:BTBT) shares are trading higher. The bitcoin mining company announced that it received a customer proposal to expand its existing agreement for Bit Digital AI.
What Happened: Bit Digital said it received a proposal from an existing customer for Bit Digital AI to significantly expand the scope of its existing agreement by an additional 2,048 GPUs. The proposal would bring total GPUs under the agreement up to 4,096.
Bit Digital said it intends to accept the customer proposal, which will help the company continue moving towards its goal of reaching a $100 million annualized revenue run-rate for its Bit Digital AI business.
“We are pleased to announce another major growth milestone for our bourgeoning Bit Digital AI business. This further commitment from our customer is a testament to our execution in rapidly supplying them with mission critical GPU capacity,” said Sam Tabar, CEO of Bit Digital.
“Our focus remains on fulfilling our current customer needs and onboarding new customers as we aim to significantly and rapidly scale this business line.”
Bit Digital’s revenue growth in FY23 was 39.15%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.
Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.6%, growing 1.6% from last year. The unemployment rate was most recently reported as 3.9%.
An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Bit Digital stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.
BTBT Price Action: Bit Digital shares were up 3.95% at $2.36 at the time of publication, according to Benzinga Pro.
Photo: 15958319 from Pixabay.
Posted In: BTBT
