Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 122

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 122
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 to provide cloud services to support generative AI workstreams. The Company commenced offering cloud services to customers
in January 2024.

Our
revenue from cloud services increased by $16.8 million, or 51.2%, to $49.5 million for the nine months ended September 30,
2025 from $32.7 million for the nine months ended September 30, 2024. The increase was primarily due to an increase in
deployed GPU servers to new and existing customers during the first nine months ended September 30, 2025.

61

Revenue
from colocation services

In
the fourth quarter of 2024, we acquired Enovum which provides customers with physical space, power, and cooling within data center facilities.

Our
revenue from colocation services was $5.1 million and $nil for the nine months ended September 30, 2025 and 2024, respectively.

Revenue
from digital asset mining

The
Company enters in contracts with mining pool operators to provide computing power to digital asset mining pools. Providing computing
power for digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of such
computing power is the only performance obligation in the Company’s contracts with mining pool operators.

For
the nine months ended September 30, 2025, we received 216.4 bitcoins from the Foundry USA Pool (“Foundry”) mining pool. As
of September 30, 2025, our maximum hash rate was at an aggregate of 2.8 EH/s for our bitcoin miners. For the nine months ended September
30, 2025, we recognized revenue of $21.8 million from bitcoin mining services.

For
the nine months ended September 30, 2024, we received 820.3 bitcoins from the Foundry mining pool. As of September 30, 2024, our maximum
hash rate was at an aggregate of 4.3 EH/s for our bitcoin miners. For the nine months ended September 30, 2024, we recognized revenue
of $48.1 million from bitcoin mining services.

Our
revenues from digital asset mining services decreased by $26.3 million, or 54.6%, to $21.8 million for the nine months ended September
30, 2025 from $48.1 million for the nine months ended September 30, 2024. The decrease was primarily