Miner Bit Digital made $8 million in bitcoin mining revenue in Q1 2022

Crypto mining company Bit Digital brought in $8 million in bitcoin mining revenue and $0.5 million in Ethereum in the first quarter of 2022, the firm said on Wednesday.

During the same time period, net income was $2.9 million, the company said.

Last year, Bit Digital's total bitcoin mining revenue was $96.1 million and the company's net income was $52.7 million. 

"Unsurprisingly, our first-quarter results faced difficult comparisons to the prior year, when a majority of our fleet was deployed in China, and network hash rates were lower," the company said in a statement.

Additionally, it connected its first-quarter results with the declining bitcoin price since late 2021, which has coincided with an increase in network hash rate and had an impact on margins across the industry. "Our strong balance sheet positions us to successfully navigate these market headwinds," the statement read.

The firm made a total of 194.48 BTC and 189.26 ETH during the first quarter. According to an operational update earlier this month, it mined 30% less bitcoin in May than in the previous month. Bit Digital held 793.6 BTC and 316.1 ETH as of May 31.

The firm also said that it ended the quarter debt-free, with $70 million in cash and digital assets and all of its mining machines fully paid.