Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 753

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1B
Chunk 753
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 market. In the first
quarter of 2024, we have reclaimed all the liquid staked ETH from Liquid Collective protocol.

Miner Deployments

During the year ended December 31, 2024, we continued
to work with our hosting partners to deploy our miners in North America and Iceland.

During the first quarter of 2024, the Company
deployed an additional 2,350 miners at one of Coinmint’s hosting facilities.

During the second quarter of 2024, the Company
deployed an additional 600 miners at Blockbreakers’ hosting facility.

During the third quarter of 2024, the Company
deployed an additional 546 miners at one of Soluna’s hosting facilities.

During the fourth quarter of 2024, the Company
reallocated a portion of its mining fleet across hosting facilities as part of its ongoing efforts to recalibrate its bitcoin mining operations.
This transition, driven by changes in hosting partnerships, including the transfer of some miners from Blockbreakers and Coinmint to Soluna’s
facilities.

As of December 31, 2024, the Company’s active
hash rate totals approximately 1.8 EH/s, with operations in North America and Iceland.

Power and Hosting Overview

During the year ended December 31, 2024, our hosting
partners continued to prepare sites to deliver our contracted hosting capacity, bringing additional power online for our miners.

The Company’s subsidiary, Bit Digital Canada,
Inc., entered into a Mining Services Agreement effective September 1, 2022, for Blockbreakers, Inc. to provide five (5) MW of incremental
hosting capacity at its facility in Canada. The facility utilizes an energy source that is primarily hydroelectric.

On May 8, 2023, the Company entered into a Master
Mining Services Agreement with Blockbreakers, pursuant to which Blockbreakers agreed to provide the Company with four (4) MW of additional
mining capacity at its hosting facility in Canada. The agreement is for two (2) years automatically renewable for additional one (1) 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 new agreement brought the Company’s total contracted
hosting capacity with Blockbreakers to approximately