Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 74

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 74
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 Dory Creek, LLC, a subsidiary of Bitdeer Technologies Group (“Bitdeer”),
for a term of one (1) year automatically renewing on an annual basis unless terminated by either party by giving a 30-day prior notice
to the other Party in writing. Pursuant to the terms of the agreement, Bitdeer provides maintenance and operation services to Bit Digital
to support 17.5 MW of capacity. Bitdeer shall also be entitled to 30% of the net profit generated by the miners. Bit Digital shall have
the first right, but not obligation, to accept services for any extra capacity under the terms of this Agreement. As of March 31, 2025,
Bitdeer provided approximately 15.5 MW of capacity for our miners at their facility.

In February 2025, we entered into two hosting
services agreements with A.R.T. Digital Holdings Corp (“KaboomRacks”) for terms of nine (9) months and three (3) years automatically
renewing on an annual basis unless terminated by either party. Pursuant to the terms of the agreements, KaboomRacks provides maintenance
and operation services to Bit Digital to support 6 MW and 13 MW of capacity. KaboomRacks shall also be entitled to between 19.75% and
40% of the net profit generated by the miners. As of March 31, 2025, KaboomRacks provided approximately 8.5 MW of capacity for our miners
at their facility.

In May 2022, our hosting partner Blockfusion advised
us that the substation at its Niagara Falls, New York facility was damaged by an explosion and fire, and power was cut off to approximately
2,515 of the Company’s bitcoin miners and approximately 710 ETH miners that had been operating at the site immediately prior to
the incident. The explosion and fire are believed to have been caused by faulty equipment owned by the power utility. Blockfusion and
the Company have entered into a common interest agreement to jointly pursue any claims evolving from the explosion and fire. Prior to
the incident, our facility with Blockfusion in Niagara Falls, provided approximately 9.4 MW to power our miners. Power was restored to
the facility in September 2022. However, we received a notice dated October 4, 2022 (the “Notice”), from the City of Niagara
Falls, which ordered the cease and desist from any cryptocurrency mining or related operations at the facility until such