SummaryBit Digital is an asset-light Bitcoin miner.The company depends on Compute North and Blockfusion for a large portion of its mining operations. Each of those companies is facing significant challenges.Bit Digital has a strong balance sheet with cash and assets and very little debt.Investors should hope for clear guidance from the company's forthcoming September production update.Asset-light refers to utilizing hosting partners for mining services rather than handling the mining operation directly at owned and operated sites. While I think asset-light probably makes a lot of sense when times are good, when times are bad, too many third parties theoretically add an element of risk that the vertically integrated organizations don't have to deal with. Bit Digital (BTBT) seems to be learning that the hard way.Bit DigitalAt a $90 million market cap, Bit Digital is one of the smaller Bitcoin mining companies that is listed publicly. The company uses the asset-light approach to Bitcoin mining and has location footprint in North America that includes New York, Texas, Georgia and Nebraska.For the month of August, Bit Digital generated 145.3 BTC from its operations and claimed a crypto treasury balance of 919.2 BTC and 3,684 ETH - those crypto stacks have a current market value of $17.5 million in Bitcoin and $4.8 million in Ethereum. The company also owns 38,594 Bitcoin miners, just 29% of which have been deployed with Bit Digital...