In recent days, the bit figures (nasdaq:btbt) have submitted their performance for the financial year ended 31 december 2021 in their annual report to the us sec in form 20-f. According to the financial statements, for the 2021 fiscal year, the collection of the bitcoin mining camp increased from $21. 1 million in 2020 to $96. 1 million, an increase of 355 per cent over the same period; net profits increased to $4. 9 million, compared with a net loss of $1. 9 million in 2020。
Financial highlights for the financial year 2021
As at 31 december 2021, total assets had increased by 351 per cent from $39. 9 million as at 31 december 2020 to $179. 9 million。
Revenue from non-recognized accounting standards increased from $4. 9 million in fiscal year 2020 to $48. 1 million。
The net profit of the non-acknowledged accounting standards increased to $52. 7 million, or $0. 96 per share, compared to $1. 9 million in 2020, or $0. 06 per share。
As at 31 december 2021, cash and cash equivalents amounted to $42. 4 million and total liquidity (defined as cash and digital assets) was approximately $93. 5 million。
A total of $118. 8 million was successfully raised through various private transactions and the issuance of convertible bonds。
Revenue from operating non-recognized accounting standards does not include the effects of depreciation of property and equipment, and share-based remuneration costs。
The net profit from non-recognized accounting standards does not include the effects of depreciation of property and equipment, impairment of digital assets, loss of disposal of property and equipment, and compensation costs based on equity。
Business priorities for the financial year 2021
The company completed the migration of the mine to north america. As of 30 september 2021, 100 per cent of our fleet had left china and arrived in north america on 17 november 2021。
We earned 2065. 3 bitcoins from our mining operations, compared to 1510. 2 bitcoins in the 2020 fiscal year。
As at 31 december 2021, united states treasury debt holdings were 802. 23 bits, compared with 262. 62 bits as at 31 december 2020。
As at 31 december 2021, the company owned 27,744 bitcoin miners and 731 taishi miners, with an estimated maximum overall rate of 1. 6 eth/s and 0. 3 th/s, respectively。
On 7 october 2021, under a sales and purchase agreement (“spa”), we entered into a contract with the bit mainland for the purchase of an additional 10,000 ant miners at an estimated cost of $65 million. These machines are expected to be fully installed in june 2022 and to increase the company's miner hashi rate by about 1. 0 exahash (“eh/s”)。
Under the hosting agreement signed as at 31 december 2021, the company has been provided with sufficient hosting capacity to complete its redeployment to the north american fleet and has signed additional capacity to facilitate future fleet growth。
On 7 december 2021, the company became a member of the bitcoin mining commission (“bmc”), joining microstrategy and other founding members to increase transparency, share best practices and inform the public of the benefits of mining bitcoin and bitcoin。
As at 31 december 2021, about 67 per cent of our fleet's power consumption at operating speed was from carbon-free sources, based on data from its hosting, publicly available sources and internal estimates, demonstrating our commitment to sustainable practices in the digital asset extraction industry。
Strategic focus
Successful completion of the full deployment of the existing fleet and announcement of the purchase of mining machines
Continue to move towards our carbon-free goal and overall sustainable development profile
Monitoring and implementation of attractive procurement opportunities for miners
Assessing and implementing new growth opportunities
