Company: BTBT
Filing Date: 2025-04-30
Form Type: S-3
Source: 0001213900-25-037166
Chunk: 60

Company: Bit Digital, Inc
Filing Date: 2025-04-30
Form: S-3
Chunk 60
---
 executing the Company’s strategic plans and maintaining high service levels
as the business scales. See “Management – Senior Management”.

For the 12 months ended December 31, 2024, our
cloud service business recognized revenue of $45.7 million.

<div align='center'>S-1</div>

HPC Data Centers

We design, develop, and operate HPC data centers,
through which we offer our hosting and colocation services. Our data centers meet the requirements of the Tier-3 standard, including power
redundancy, concurrent maintainability, multiple power feeds, uninterruptible power supply, highly reliable cooling systems, and strict
monitoring and management systems. We acquired Enovum on October 11, 2024. The transaction included the lease to MTL 1, a fully operational
and fully leased to customers 4MW Tier-3 datacenter headquartered in Montreal, Canada. MTL 1 is currently hosting over 5,000 GPUs, including
NVIDIA H200s and H100s, on behalf of 14 customers across a variety of end markets.

On December 27, 2024, we acquired the real estate
and building for a build-to-suit 5MW Tier-3 data center expansion project near Montreal, Canada. MTL 2, a 160,000 square feet site that
was previously used as an encapsulation manufacturing facility, is located in Pointe-Claire, QC. We initially funded the purchase with
cash on hand and are in the process of securing mortgage financing for both the site acquisition and subsequent infrastructure capex.
We expect to invest approximately $19.3 million to develop the site to Tier-3 standards with an initial gross load of 5MW. The site is
expected to be completed and operational by June 2025. We plan to retrofit the site with advanced cooling technology, including direct-to-chip
liquid cooling, which enhances energy efficiency and supports AI and other high-performance workloads with 150kW rack density. We are
collaborating with third parties to implement a heat reject loop to further enhance the sustainability profile of the data center. The
facility will be powered by 100% renewable hydroelectricity provided by Hydro-Quebec. Subject to the approval of Hydro-Quebec, additional
capacity may be available at this site. This dynamic illustrates our strategy of underwriting site acquisition in Quebec based on in-place
power but benefitting from significant incremental HPC data center