what and I you, into gentlemen, Today, and today. thank Ladies line we on results, more joining then provide quarter for the financial ongoing call for the open you on results, as will strategic questions. then of discuss color will initiatives Thank some provide Bit Digital. detail will we our Cam. and for some us dive our future your the Erke second envision our on
Our second quarter results were solid.
business. by We made our progress are diversifying the encouraged in we've
doubled more than from the prior revenue Our year.
Adjusted were EBITDA Our gross by EPS points. asset unrealized by and our basis expanded digital loss position. margins X,XXX over an impacted on
block the helps post from rewards. business in It well stemming HPC is from our the The quarter reduction offset contribution first full timed. having decline
creating prudently flexibility us significant opportunities. most is accretive in and generates The in our of debt. Our a for It balance ZERO the diversified, pristine durable sheet that affords invest flows consistent realize platform vision place cash us returns. firmly long-term groundwork significant to remains to with
were quarter. price proved hash On design. That shook we following despite house the Network and resilient see lows. subsequently how the the be during block in all-time environment mostly were We to reduction was new fell rate keen business, mining to to the by out quiet having. the and rewards side wait the of
Our approximately QX. decrease compared decline to exahash. curtailments slight is the end is This by quarter produced a at sites X.X quarter. rewards. during We a This active the block prices from ended hash unusually a to energy-saving difficulty at in in and decrease high. XXX XX% and driven
The where the rate of electricity attributed increased measures were reduction is the prior bitcoins network year, Iceland
quarter, bitcoin per For electricity average per the our price was $X.XXX kilowatt approximately hour.
Our bitcoin electricity per price $XX,XXX. was
for of
On site, bitcoin other the including total for that amount cost of per different production, first is fact as per by mining running comp to the sheets a amounted costs. companies account hosting bitcoin $XX,XXX by comparing to labor. bitcoin own fee for overlooked our under This they we for fees profit costs based own mining profit fees around gross don't received. charges production have defined $XX,XXX This we the electricity Other line that fees, sharing quarter. and accounts infrastructure. of items often production amounted sharing Profit Our divided quarter. vary approximately the on the
mining average XX%. $XX,XXX in Our realized during profit leaves $XX,XXX. gross Bitcoin around was around margin price of This second a quarter the around or
grow we on without we
We're This not challenges, new a we bitcoin, are higher investment equipment. into depreciation backdrop economics with present realists. it costs. choosing but reasonable that and conviction on justifiable aggressively are difficult are time the the rigs makes make to frame. the especially bullish The current right can recover new now, of return to that future within a economics mining However, in difficult
is now moment. right growth better exahash growth to at investment HPC menu our the We bottleneck of options own principal see in options. Our
XX,XXX term. be starting XX,XXX represent $X deploy third to largest million this Digital provider, for AI a we the revenue We its based team. require the to a a provides quarter. on revenue for our what ex to either entire has better hit X-year we view costs.
Switching on this worth of the million full a applications NVIDIA. our a gaming test and business. world's in following that or significant The economics at expansion the quarter exahash efficiency significantly a first The the This during unlikely following annualized the the and by period set a X contract of would X-year our end Near conditions. see the mining Boosteroid, cloud segment us recently over the customer, will than is LLM $X term believe
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them working and are hard we scale to initial is our further as that of details able model in deployment on build-out the great has we expect growing be We aligns to and XXXX. the place goal deal timing throughout leader forward global gaming. We'll soon achieve look of contract customers. MSA, This the over to of few on contract growing months becoming
We next possible. after completing take cloud alongside with that Boosteroid business the potential the expect as to and execute our their alongside provide growth helping which and
that Our bottleneck HPC simply pipeline the had
The in of major has to in date, haven't we grow. and manpower completing move to to continues bandwidth; terms strong remains incremental contracts been customer customized adequate segment revenue the our the hires for process. highly to We deals But, HPC made help full-time begun lead solve line. in through have we finish to first need. the
These the we're customer in very impressive will announce have We hires excited up sales to a them record very people an had base. HPC those charge. and platform soon, growing ramp track for and formally lead and
strategic in Beefing We stack up key additional also working tech priority existing term. the hiring on our on are is to strengths and complement a our front hires gaps. fill near
to H-XXX late For that we incremental talent we were ultimately generation expecting begin our new some July, that the brought review install X,XXX an in our the in led previously announced on revenue quarter. future hardware and their portfolio. units third customer In technical those customer, anchor late of to
The reached biggest the and note customer-facing paid this HP customer server from assess to equipment. there H-XXX lead Bitcoin the a remains time us to mining change new our the models. an the for is As have our We to certain agreement to of growing
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to negative when order, their us our they have. technological them onset despite needs, that of impact revenue in the delay the while of pause oblige So the assess customer the potential asks may out courtesy, we an
be We early greater Recent weeks, on the until suggest we'll will plans update over chips as may not provide and Blackwell an available customers' as have NVIDIA's soon next XXXX. the that feasible. BXXX headlines clarity several
contract there time those would be we is until that such to chips. customer Bit to contribution chance to a revenue contract, So to those procure the uptake our until delayed Digital to opts upgrade can the if the chips,
early the of possibly decides I our some confident units are can those the of a we note is HXXX have the lead customer with key HXXX we conversations with we'd we about However, an confident and quite weeks' procure those time. for chips just that chance secure alignment times relationships. down also we're X come to continue X our today based significantly, that forward or had that
There on in can the we've the would that HXXXs, rather
to million into decide the revenue forward annual customer does will BXXX in greater recognition the would prepayment doubts a our customer from figure But there serious HXXX we XXXX. customer expect $XX stipulated contract. we to Notably, be likely our this $XX our earlier under are Lastly, if is, the of nonrefundable Blackwell than be case million the pushed with revenue chips, how of any received month. press scope and
growth Our quite strong. remains pipeline
be existing annualized we'll close $XXX GPU XXXX. our expansion the revenue anchor even XXXX, to with is our continue We million to customer by end reach current if of able deployment that target believe XXXX to the
one for a Bit of remainder the be Digital. expect We the busy year to very
own infrastructure are mature As for would noted, we believe and working previously our our that. help ways actively that having business, on to solve we HPC
been potential powder detail, we could an opportunities a for bottom is evaluating we've to any incremental use us dry line and complement that into strategic. our It's but balance as
The have to that accretive highly our we we well. that business deploy our of think opportunities I'll say view provide that sheet are strengthening considerable as attractive hard this view We and very is capital. area that deliberately existing
exciting the call. on We expect our next front developments these share capital earnings to deployment on
bitcoin increased Lastly, late in our ETH our second we position quarter conversions. by materially
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As ETFs, will to are brought it happy bring we ETH. relates institutional they spot have approval into and of recent the the inflows that about
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