Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 159

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 159
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 of March 31, 2025 and December 31,
2024, respectively.

Net investment in lease

Net investment in lease represents the present
value of the lease payments not yet received from lessee. The current and non-current balance of net investment in lease was $2.6 million
and $6.1 million, respectively as of March 31, 2025. The current and non-current balance of net investment in lease was $2.5 million and
$6.8 million, respectively as of December 31, 2024.

Deposits for property, plant, and equipment

The deposits for property, plant, and equipment
consists of advance payments for property, plant, and equipment. The balance was derecognized once the control of the property, plant,
and equipment was transferred to and obtained by us.

Compared with December 31, 2024, the balance as
of March 31, 2025 decreased $22.0 million, mainly due to the receipt of property and equipment of $80.3 million, offset by prepayment
of $58.3 million for property, plant and equipment.

48

Property, plant, and equipment, net

Property, plant, and equipment primarily consisted
of equipment used in our HPC business and digital asset business as well as construction in progress representing assets received but
not yet put into service.

As of March 31, 2025, we had 20,854 bitcoin miners
with net book value of $18.6 million, cloud service computing equipment with a net book value of $78.5 million, colocation service property,
plant, and equipment with a net book value of $36.0 million, and construction in progress of $49.8 million.

As of December 31, 2024, we had 24,239 bitcoin
miners with net book value of $17.9 million, cloud service computing equipment with a net book value of $47.2 million, property, plant,
and equipment acquired as part of the acquisition of Enovum with a net book value of $36.4 million for colocation service, and construction
in progress of $5.1 million.

Operating lease right-of-use assets and operating
lease liability

As of March 31, 2025, the Company’s operating
lease right-of-use assets and total operating lease liability were $15.1 million and $14.0 million respectively. As of December