Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1151

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 2
Chunk 1151
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6 million was comprised of impairment of $4.5 million and $2.1 million on bitcoins and ETH, respectively. For the year ended December
31, 2022, the impairment of $24.7 million was comprised of impairment of $21.2 million and $3.5 million on bitcoins and ETH, respectively.

Loss on write-off of deposit to hosting facility

For the year ended December 31, 2023, the Company
wrote off $2.0 million relating to hosting facility deposits.

For the year ended December 31, 2022, the Company
wrote off $0.1 million relating to hosting facility deposits.

Net (loss) gain from disposal of property and
equipment.

For the year ended December 31, 2023, the Company
wrote off 5,238 BTC miners and 730 ETH miner during the year, and the Company recorded a loss of $0.2 million resulting from the write-off
in the account of “net (loss) gain from disposal of property and equipment”.

During the year ended December 31, 2022, we sold
1,115 bitcoin miners to certain third-party purchasers for a total consideration of $1.8 million. The Company recognized a gain of $1.5
million from the sale of miners which was recorded in the account of “net gain from disposal of property and equipment”. In
addition, the Company wrote off 917BTC miners and 1 ETH miner during the year, and the Company recorded a loss of $0.2 million resulting
from the write-off in the account of “net (loss) gain from disposal of property and equipment”.

Gain from sale of investment security 

For the year ended December 31, 2023, we sold
our investment in one privately held company with a cost of $81,299 for consideration of $89,519. We recognized a gain of$8,220 from the
sale which was recorded in the account of “gain from sale of investment security”.

For the year ended December 31, 2022, we sold
a portion of our investment in one privately held company with a cost of $0.7 million for consideration of $1.7 million. We recognized
a gain of $1.0 million from the sale which was recorded in the account of “gain from sale of investment security”.

Income tax expenses

The following table provides details of income
taxes:

    For the Years Ended December 31