Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 175

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 175
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 maintain the premises for a term of two years, automatically renewing for a period of one (1) year. Digihost
shall also be entitled to 30% of the net profit generated by the miners. As of June 30, 2025, Digihost provided approximately 6.0 MW of
capacity for our miners at their facility.

On May 9, 2023 (“Effective Date”),
the Company entered into a Term Loan Facility and Security Agreement (the “Loan Agreement”) with GreenBlocks. Pursuant to
the Loan Agreement, GreenBlocks has requested the Company to extend one or more loans (“Advances”) under a senior secured
term loan facility in an aggregate outstanding principal amount not to exceed $5 million. The interest rate of the Loan Agreement is 0%
and Advances are to be repaid on the maturity date, which is the thirty-nine-month anniversary of the Effective Date. GreenBlocks will
exclusively use the Advances to buy miners that will be operated for the benefit of the Company at a facility in Iceland, with an overall
capacity of 8.25 MW. To secure the prompt payment of Advances, the Company has been granted a continuing first priority lien and security
interest in all of GreenBlocks’s rights, title and interest to the financed miners. The miners are the sole property of GreenBlocks,
of which they are responsible for the purchase, installation, operation, and maintenance.

On May 9, 2023, the Company entered into a Computation
Capacity Services Agreement (the “Services Agreement”) with GreenBlocks. Pursuant to the Agreement, GreenBlocks will provide
computational capacity services and other necessary ancillary services, such as operation, management, and maintenance, at the facility
in Iceland for a term of two years. GreenBlocks will own and operate the miners financed through the Loan Agreement for the purpose of
providing computational capacity of up to 8.25 MW. The Company will pay power costs of $0.05 per kilowatt hour, a pod fee of $22,000 per
pod per month, and a depreciation fee equal to 1/36 of the facility size per month. The performance fees under this agreement are 20%
of the net profit. The Company submitted to Greenblocks a deposit in the amount of $1,052,100, which was exclusively for the purpose of
paying the landlord of the facility for hosting space.

49

On June 1, 2023, the