Bit Digital posted nearly $23 million in Q3 revenue, a 96% increase year-over-year, driven by strong growth in its high-performance computing business.

Bitcoin (BTC) mining firm Bit Digital said in a Q3 earnings report that its revenue for the quarter was $22.7 million, marking a 96% increase year-over-year following a strong performance in the firm’s recently launched high-performance computing business.

Per a Nov. 18 press release, Bit Digital’s HPC business generated $12.2 million in revenue, up from zero in Q3 2023. Despite a decline in Bitcoin mining revenue, which fell 11% YoY to $10.1 million, the firm’s total revenue surged as its HPC operations gained traction. The firm’s management said the maturation of HPC business was a “defining theme this quarter” as Bit Digital expanded its GPU cloud client base with the addition of Boosteroid and strengthened its team with “critical hires.”

Bit Digital sees ‘greatest potential’ in HPC

The New York-based firm reported a $21.8 million loss for the quarter, primarily attributed to “unrealized loss on digital assets.” Despite this, Bit Digital remains optimistic about the future, emphasizing HPC as its “greatest potential for long-term value creation.”

As of Sept. 30, the firm reported $223.6 million in total liquidity, comprising cash, Circle’s USD Coin (USDC), and other cryptocurrencies. Its balance sheet included $376 million in total assets and $315 million in shareholders’ equity. Bit Digital reaffirmed its goal of reaching a $100 million run-rate revenue target for HPC by the end of 2024.