Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 69

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 69
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 year
terms unless either party gives at least sixty (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 the required mining colocation
services for a one-year period automatically renewing for three-month periods unless earlier terminated. The Company paid Coinmint electricity
costs, plus operating costs required to operate the Company’s mining equipment, as well as a performance fee equal to 27.5% of the
net profit, subject to a ten percent (10%) reduction if Coinmint fails to provide uptime of ninety-eight (98%) percent or better for any
period. We were not privy to the emissions rate at the Coinmint facility or at any other hosting facility. However, the Coinmint facility
operated in an upstate New York region that reportedly utilized power that is 99% emissions-free, as determined based on the 2023 Load
& Capacity Data Report published by the New York Independent System Operator, Inc. (“NYISO”). 

On April 5, 2023, the Company entered into a letter
agreement and MMSA Amendment with Coinmint pursuant to which Coinmint agreed to provide the Company with up to ten (10) MW of additional
mining capacity to energize the Company’s mining equipment at Coinmint’s hosting facility in Plattsburgh, New York. The agreement
was for two (2) years automatically renewing for three (3) months unless terminated by either party on at least ninety (90) days prior
written notice. The performance fees under this letter agreement range from 30% to 33% of the net profit. This agreement brought the Company’s
total contracted hosting capacity with Coinmint to approximately 30 MW at this facility.

37

On April 27, 2023, the Company entered into a
letter agreement and MMSA