Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1497

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 4
Chunk 1497
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computational capacity services and other necessary ancillary services, such as operation, management, and maintenance, at the facility
in Iceland for a term of two (2) years. GreenBlocks will own and operate the miners financed through the Loan Agreement for the purpose
of providing computational capacity of up to 8.25 MW. The Company will pay power costs of five cents ($0.05) per kilowatt hour, a pod
fee of $22,000 per pod per month, and a depreciation fee equal to 1/36 of the facility size per month. The performance fees under this
agreement are 20% of the net profit. The Company submitted to Greenblocks a deposit in the amount of $1,052,100, which was exclusively
for the purpose of paying the landlord of the facility for hosting space.

On June 1, 2023, the Company and GreenBlocks entered
the Omnibus Amendment to Loan Documents and Other Agreements (“Omnibus Amendment”). This amendment revised both the Loan Agreement
and the Services Agreement previously entered on May 9, 2023. While the core terms remained consistent, notable modifications pertained
to the facility size and contracted capacity. Specifically, the facility size was increased from $5 million to $6.7 million. Moreover,
GreenBlocks agreed to expand the computation capacity to approximately 10.7 MW. Advances of $6.4 million have been financed by the Company
to GreenBlocks. As of December 31, 2024, GreenBlocks provided approximately 5.0 MW of capacity for our miners at their facility.

In October 2023, we entered into a strategic co-location
agreement with Soluna Computing, Inc. (“Soluna”) for a term of one (1) year automatically renewing on a month-to-month basis
unless terminated by either party. Pursuant to the terms of the agreement, Soluna provides certain required mining colocation services
to the Company for the purpose of the operation and storage of up to 4.4 MW bitcoin mining system to be delivered by Bit Digital. Soluna
shall also be entitled to 42.5% of the net profit generated by the miners. This agreement expired at the end of October 2024.

In October 2024, we entered into a co-location
agreement with Soluna to continue our business relationship. Under this agreement, Soluna provides certain required mining colocation
services to the Company at their hosting facility in Murray,