Bitcoin Mining Stocks to Watch | Bitcoin Stock News Now | AI Stocks for 2024 | Bit Digital | BTBT

Bitcoin Mining Stocks to Watch | Bitcoin Stock News Now | AI Stocks for 2024 | Bit Digital | BTBT

Welcome to McNallie Money, your daily dose of Stocks, Investments and Personal Finance!

Today we are joined by the CEO of Bit Digital, Sam Tabar, who will be discussing this Top Bitcoin Miner in more detail – ticker BTBT. Bit Digital, Inc., together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. The company was formerly known as Golden Bull Limited and changed its name to Bit Digital, Inc. in September 2020. Bit Digital, Inc. was founded in 2015 and is headquartered in New York, New York. Let me know what you think of this stock and if you are currently holding any shares in the comment section below! 👇

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Hey guys welcome or welcome back to the channel MCN money home of all things stock investment and personal finance related now for today’s video we’ve got a special guest for you we’re going to be joined by the CEO of bit digital this is one of the few Bitcoin mining

Companies that we haven’t covered extensively on the channel really looking forward to this chat but before we get into it please take a second hit the like button you guys it’s a big help to myself in the channel if you’re not already subscribed MCN money feel free

To join and let me know in the comment section below if you’re currently holding Shar of btbt what your thoughts are on their business model and their big AI contract moving into next year and your outlook in terms a price target for next year’s having event now with

That being said let’s get into today’s Interview okay guys so that’s right today’s video we’ve got Sam tbar he’s the CEO of bit digital now this is one of the few miners that we haven’t covered on the channel and I were just discussing that before we flipped on the camera here we’re looking forward to

Covering bit digital more extensively in 2024 but Sam it’s great to have you on before the holidays and thanks so much for joining us thank you for having me of course now hey first things first since it’s your first time on here we want to hear a little bit about your

Background so can you give us a high level summary of of who you are how you ended up a bit digital and just kind of a highle overview of of the company sure I mean as for myself I started my career as a lawyer at scatter

Arbs a law firm in New York and then uh I headed Capital strategy for Bank of America Mary Lynch for a number of years I was responsible for their entire asia-pacific region I then co-founded a blockchain company called fluidity we invented a concept called a decentralized exchange it was a very

Popular uh decentralized exchange it went viral we were also the first ones to tokenize Manhattan real estate that became a a topic uh an article that was published in the Harvard Business review and we ended up selling the company to uh to consensus uh by Joe luin who’s one

Of the co-founders of ethereum I then joined bit digital as an executive I’m currently CEO of bit digital we’re a a NASDAQ listed company um our ticker is btbt we run a number of different locations across the United States Canada and Iceland and we’ve recently introduced a very material business in

AI that gives us C cty of revenues there’s no having event happening in AI so we have now basically a massive AI business where people can see the certainty of Revenue uh and we are in a sense a Bitcoin option A call option so no matter where Bitcoin goes we’re going

To do extremely well yeah it’s a really interesting background both yourself and the company and I feel like bit digital has done a great job of differentiating itself and really uh hardening the business going into having so that’s where I wanted to start uh things you guys put out a news

Release or a press release uh maybe a week or week and a half ago about this big $35 million AI customer contract it didn’t get the same uptake as as maybe some of the other press releases and I really feel this is a major major development and Catalyst for the

Organization um both Anthony and I have talked about that uh in our podcast as well so Sam why don’t you walk us through that and and tell us what it really means for bit digital yeah I share your confusion uh we were we were puzzled that we didn’t get the same uh

Credit uh and acknowledgement given that this is not just an announcement on an aspiration uh but we actually have an anchor client we actually have a real significant business and we’re providing computational power from about 1,500 gpus the contract is for over three years and that contract alone represents

$35 million in annualized Revenue and we’ve purchased uh 1,500 Nvidia h100s we actually already delivered the first batch to Iceland uh where the data center a tier three data center is hosting our uh h100s there and our initial Fleet will be running by early J and we’ll be spitting out revenues in

January this is just in a few weeks and we’ll be announcing those revenues in our monthly updates every month and that should start um as of January and that contract in terms of megawatts uh that represents about 2.5 megawatts you don’t need as much power to power AI machines

As you do Bitcoin mining equipment and we have that capacity for three years our customer is our anchor customer is leasing our AI service to power their large large language models so it’s it’s really great to be in this position because the client and other clients who

We speaking to are trying to upssize the deal and so 35 million represents the very base case and we can go up by quite a bit by many multiples and that more than covers our a and no matter where Bitcoin is we’re going to do extraordinarily well and we

Thought that was the right way to position ourselves before the having because there’s no having event happening in AI so we have this certainty of massive Revenue and if Bitcoin goes up that’s fantastic we have a sizable Fleet we’ll go up if Bitcoin goes down that’s totally fine we’re

Going to be very we’re going to be doing very well anyway with the AI side of the business awesome yeah it’s really cool to see this industry evolve I’ve been following the Bitcoin miners for a couple years now and it’s it’s great to see that the business models you guys

Have built and worked so hard and the infrastructure you’ve put together is now lending itself so nicely to these HPC and AI opportuni ities uh seemingly at a perfect time right as there’s uncertainty in in bitcoin price and having and supply and all the rest so I

Think that’s a great move um I’m glad we got to talk about it and definitely uh definitely a solid source of Revenue like you say as a base case for the business now you also mentioned your Bitcoin your self- mining so I wanted to talk about that now you saw a nice

Increase I’m going to quote 24% month over month in November uh just shy of 143 I think 142. s Bitcoin so that’s super impress obviously Network difficulty is going up Global hash rates going up but because of these uh extra fees or transaction fees the Bitcoin

Miners have been doing really well so um maybe tell us a little bit about that side of your business now I mean it’s quite possible given that we have increased hash rate during the month and that transaction fees have been considerably higher in December so we do see continuing High transaction fees

Absolutely great yeah and uh and tell us a little bit about yourself mining business how do you see this in relation to the to the AI component well we continue to expand our our Fleet uh we will get to 3.5 ex aash by the end of q1 we’ll be

Announcing um our yearend goals on EX aash expansion uh sometime early in the year but now we’re executing on a 3.5 ex aash and again you know we put our energies and making sure that we are perfectly positioned before the having no matter what happens we’re immune to

Were immune to uh any negative potential circumstance on the having remember we don’t have to we don’t have the strategy we hope that Bitcoin goes up for us to do business like we we don’t think hope is a great business strategy it would be great if Bitcoin

Goes up we believe that Bitcoin is going to go up but nobody crystal bow on that so in order to position yourself with the having you got to lock in and crystallize amazing non-correlated Revenue which is what we’ve done yeah for sure now speaking of having a great

Kind of segue to the next question in my discussions with all these CEOs we’re starting to see a Divergence uh some companies are really steadfast in their huddle strategy others are really looking at this more as a as a commodity similar to a gold or silver mining operation and and just selling

Production as they peel it off what spit digital stance and uh what do you have any like hudle goals or or a threshold going into the having that you’d like to have in the bank well look we’re long-term Believers that in Bitcoin we think structurally it’ll go up there’ll

Be a lot of cyclical gations people have to remember the Warren but that you know be be fearful when everybody’s greedy be greedy when everybody’s fearful so of course bitcoin’s going up a lot and we I do believe in the long-term the long-term upside in Bitcoin it will eventually

Replace I believe gold as a way to hedge inflation bets this is digital gold it’s a much better proxy for inflation than that act that yellow metal but so we we think that Bitcoin will go up and we do have a hotle strategy although we do

Sell um from time to time in order to fund um our expansion including on AI and of course uh just ongoing operations but we have to just be careful again I don’t mean to repeat myself you just got to run the business in a way that’s responsible and you don’t and it’s not

Speculative and the way we’ve done that is by becoming this this business where we get that locked in revenue and become a we become a basically a a call option on bitcoin if it goes up yeah well and from a retail investment standpoint it’s nice to have that stability and and that

Certainty in Revenue regardless of the price um I think most people watching this channel are are bullish long-term on bitcoin but like you said uh we we don’t have no idea where the price will be tomorrow let alone having or next year so um the other thing I wanted to

Pick your brain on Sam uh this is another one that’s kind of been a a source of a lot of comments and discussion and and interview topics but there’s been a a kind of a debate that the large miners have a better Advantage because they’ve got the balance sheet

Strength the size the m&a opportunities all the rest uh the other side of the fence says well actually the small miners have the advantage because they’re more Nimble they’re agile they can take more care kind of monitoring their operations and we’ve now seen almost some money starting to shift from

The larger miners that have had big runs in into some of the mid-tier or smaller smaller miners what’s your what’s your thought there um what do you think is really the advantage of being kind of your your size and scale well with with respect to the balance sheet we have

Over 70 million on our balance sheet we have absolutely no debt our balance sheet is pristine uh and so we do have uh really good Capital with respect to expansion uh although we we are very judicious in our balance sheet but I think one of the key advantages when

When you’re small is you can be really Nimble and I think that’s very important geographical and counter diversification is is super key if you have all your assets and all your eggs in one location or one jurisdiction you can get the that could go really wrong really quickly you

Don’t know what kind of Black Swan event you’ll be dealing with so we’re pretty careful on that and that’s why we have about six counterparties across three different countries there was a time when you know a lot of Bitcoin miners were in China um we had uh a lot of our

Fleet in China we moved that before uh the announcement of Bitcoin the Bitcoin mining B and that was fortunate we did that because we felt that was a big jurisdictional risk to just have so much of the fleet in China so fortunately we moved that before the announcement but

You just never know where the politics can go like it or not there’s a lot of politics when it comes to Bitcoin mining there are a lot of politicians out there that would love to see it banned and so it’s really important to have that that diversification across different countries and different jurisdictions

Just in case something goes wrong yeah it is a very content contentious issue in politics right now for sure that’s right I wouldn’t be surprised if it becomes an election issue yeah I I think the same and and we’ve talked about some of the political reach that Bitcoin now

Has obviously great for overall adoption and it’s nice these people are even talking about it but there’s definitely people out there that that have kind of mixed agendas uh maybe I’ll leave it at that but least yeah nice way to say it now uh We’ve we’ve covered a lot here and and

Bit digital is definitely one I’m seeing more and more in the comments people are wanting more information more coverage so uh aside from the AI component we’ve talked about the self- mining uh the Diversified risk the geographical diversification um I also saw a note I I

Was going to bring this up but Iceland they’ve had some volcanic activity none of your operations were impacted or anticipated to be impacted correct that’s right okay that’s right there’s been No Interruption from an operational perspective uh in Iceland for us gotcha now uh aside from what we’ve already

Kind of covered I wanted to give you the opportunity because it’s your first time here is there anything else we should know about bit digital or anything maybe that the general uh media is kind of missing out on right now well I guess the point is we’re exceptionally well

Positioned for the having no matter what happens we’re immune and we’ll do really well uh we built a very efficient um Fleet that spans across three different countries and six different locations uh we’re sustainable we’re 99% carbon free not carbon neutral carbon neutral is very different carbon free is where you

Want to be uh We’ve maintained a pristine balance sheet we have zero debt we’ve created a non-correlated revenue stream with the AI structure and we’ve also created a diversified Revenue stream with ethereum staking we take some of the Bitcoin um uh that we’ve made we put some of that in ethereum and

We stake that ethereum the yield that we capture from the staking we put back into Bitcoin mining operations so that’s the business model that we’ve invented so we have this really well position small Nimble company that continues to grow its Fleet it’s been undiscovered by most of the capital markets I’m really

Glad to be on this show hopefully we could solve that problem that’s our mission that’s our goal the my New Year’s resolution for you Sam is is to get you guys on the map now uh we really appreciate your time today there’s obviously a ton of excitement in the general Bitcoin

Community and for a lot of the miners which is nice to see we kind of saw a disconnect between uh Bitcoin miner stock price and bitcoin price for a while which was driving me nuts keeping me up at night Sam so I’m glad to see that’s back uh correlated but um yeah I

Was like my Bitcoin thesis is correct but my Investment Portfolio is going down what what gives here but um hey it’s been great talking to you I’ll I’ll let you have the last word here but we appreciate your time company’s doing great and uh congrats on all the success

Thanks for having me I really appreciate it we’ll talk soon thank you