Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 172

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 172
---
1, we became a member of the Bitcoin Mining Council (“BMC”), joining MicroStrategy
and other founding members to promote transparency, share best practices, and educate the public on the benefits of bitcoin and bitcoin
mining.

47

Miner Deployments

During the three months ended June 30, 2025, we
continued to work with our hosting partners to deploy our miners in North America and Iceland.

During the first quarter of 2025, the Company
deployed an additional 1,441 miners at one of Soluna’s hosting facilities.

During the second quarter of 2025, the Company received an additional
1,720 miners, which were deployed in July 2025.

As of June 30, 2025, the Company’s active
hash rate totals approximately 1.2 EH/s, with operations in North America and Iceland.

Power and Hosting Overview

During the three and six months ended June 30,
2025, our hosting partners continued to prepare sites to deliver our contracted hosting capacity, bringing additional power online for
our miners.

The Company’s subsidiary, Bit Digital Canada,
Inc., entered into a Mining Services Agreement effective September 1, 2022, for Blockbreakers, Inc. to provide five MW of incremental
hosting capacity at its facility in Canada. The facility utilizes an energy source that is primarily hydroelectric.

On May 8, 2023, the Company entered into a Master
Mining Services Agreement with Blockbreakers, pursuant to which Blockbreakers agreed to provide the Company with four (4) MW of additional
mining capacity at its hosting facility in Canada. The agreement is for two (2) years automatically renewable for additional one (1) year
terms unless either party gives at least 60 days’ advance written notice. The performance fee is 15% of the net profit. Additionally,
Bit Digital has secured a side letter agreement with Blockbreakers, granting the Company the right of first refusal for any future mining
hosting services offered by Blockbreakers in Canada. This agreement brought the Company’s total contracted hosting capacity with
Blockbreakers to approximately 9 MW. Our service agreement with Blockbreakers expired in November 2024. A portion of the miners were transferred
to other hosting facilities, and the inefficient units were sold.

On June 7, 2022, we entered into a Master Mining
Services Agreement (the “MMSA”) with Coinmint LLC, pursuant to which Coinmint will provide