Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 97

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 97
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 maximum hash rate was at an aggregate of 2.7 EH/s for our bitcoin
miners. For the three months ended June 30, 2025, we recognized revenue of $6.6 million from bitcoin mining services.

For the three months ended June 30, 2024, we received
244.2 bitcoins from the Foundry mining pool. As of June 30, 2024, our maximum hash rate was at an aggregate of 4.2 EH/s for our bitcoin
miners. For the three months ended June 30, 2024, we recognized revenue of $16.1 million from bitcoin mining services.

Our revenues from digital asset mining services
decreased by $9.4 million, or 58.8%, to $6.6 million for the three months ended June 30, 2025 from $16.1 million for the three months
ended June 30, 2024. The decrease was primarily due to a decrease of 176.0 bitcoins generated from our mining business and partially offset
by a higher average BTC price in the second quarter of 2025, compared to the same period in 2024.

Revenue from ETH staking

During the fourth quarter of 2022, we commenced
ETH staking business, in both native staking and liquid staking.

For the ETH native staking business, we previously
partnered with Blockdaemon, Marsprotocol and MarsLand. Currently, we stake ETH with Figment, using network-based smart contracts, on a
node for the purpose of validating transactions and adding blocks to the network. Through these contracts, the Company stakes ETH on nodes
for the purpose of validating transactions and adding blocks to the Ethereum blockchain network. The Company is able to withdraw staked
ETH under contracted staking since April 12, 2023 when the announced Shanghai upgrade was completed. In exchange for staking the ETH and
validating transactions on blockchain networks, the Company is entitled to block rewards and transaction fees for successfully validating
or adding a block to the blockchain. These rewards are received by the Company directly from the Ethereum network and are calculated approximately
based on the proportion of the Company’s stake to the total ETH staked by all validators.

In the fourth quarter of 2023, the Company terminated
the native staking activities and reclaimed all staked Ethereum with Blockdaemon. Our native staking operations with Marsprotocol commenced
in the first quarter of 2023 and concluded in July