Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 243

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 243
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 of deployed GPU servers.

For
the nine months ended September 30, 2025, electricity costs increased by $1.4 million, or 317%, compared to the electricity
costs incurred for the nine months ended September 30, 2024. The increase primarily resulted from an increase in the number of deployed
GPU servers.

Data
center lease expenses. We entered into data center lease agreements for fixed monthly recurring costs.

For
the nine months ended September 30, 2025, data center lease expenses increased by $1.7 million, or 73%, compared to the data
center lease expenses incurred for the nine months ended September 30, 2024. The increase primarily resulted from two additional
data center leases entered into after the second quarter of 2024.

GPU
servers lease expenses. We entered into a GPU servers lease agreement to support our cloud services. The lease payment depends
on the usage of the GPU servers.

For
the nine months ended September 30, 2025, GPU servers lease expenses increased by $1.2 million, or 12%, compared to the GPU
servers lease expenses incurred for the nine months ended September 30, 2024. The increase primarily resulted from a higher average
number of GPU servers leased. 

Cost
of revenue - Colocation Services

In
the fourth quarter of 2024, we acquired Enovum which provides colocation services. For the nine months ended September 30, 2025 and 2024,
the cost of revenue from colocation services was comprised of the following:

    For
    the Nine Months Ended
    September 30, 

    2025  
    2024 

    Electricity costs 
    $781,857  
    $    - 
  
    Lease expenses 
     473,391  
     - 
  
    Wage expenses 
     262,037  
     - 
  
    Other costs 
     357,544  
     - 
  
    Total 
    $1,874,829  
    $- 

Electricity
costs. These expenses were closely correlated with the number of deployed servers hosted by the data center.

For
the nine months ended September 30, 2025, electricity costs totaled $0.8 million. We had no electricity costs for the nine months ended
September 30, 2024 as we