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. You might also like: Bitcoin mining stocks present ‘compelling buying opportunity, analyst says 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
