Bit Digital, Inc. And The Road Ahead

SummaryBit Digital and the steps it's taking to mitigate risk in the current Bitcoin market.The company is positioned well to acquire more miners at bargain prices if the opportunity presents itself.The balance sheet of the company is solid and allows the company to be defensive and offensive at the same time.Even if the price of Bitcoin falls significantly from here, I see BTBT being able to endure that if it isn't for a prolonged period of time, which is unlikely.The Federal Reserve still needs to be taken into consideration with the performance of BTBT.Bit Digital (BTBT), as all Bitcoin (BTC-USD) miners, has had a lot of downward pressure on its share price as economic conditions push investors to more risk-averse holdings.As I write the price of Bitcoin continues to fall, dropping below $19,600 as investors look for a bottom.Barring a surprising plunge in the price of Bitcoin to a $10,000 to $12,000 price range for a prolonged period of time, BTBT is positioned well for the inevitable rebound in the price of Bitcoin.In this article, we'll look at the steps the company is taking to mitigate risk, as well as the numbers from its latest earnings report.Latest earnings reportMining revenue in the reporting period was $6.8 million, with Bitcoin accounting for $6.5 million, and the remaining $0.3 million attributed to Ethereum.Non-GAAP loss from operations came in at $0.8 million, while non-GAAP net income finished the quarter a...