Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 568

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1A
Chunk 568
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 This new agreement brings the Company’s total
contracted hosting capacity with Coinmint to approximately 40 MW.

On January 26, 2024, the Company entered into
a letter agreement and MMSA Amendment with Coinmint pursuant to which Coinmint agreed to provide the Company with up to six (6) MW of
additional mining capacity to energize the Company’s mining equipment at Coinmint’s hosting facility in Massena, New York.
The agreement is for one (1) year automatically renewing for three (3) months unless terminated by either party on at least ninety (90)
days prior written notice. The performance fees under this letter agreement are 28% of the net profit. This new agreement brings the Company’s
total contracted hosting capacity with Coinmint to approximately 46 MW.

On September 5, 2024, the Company received a 90-days
notice of non-renewal of colocation mining services agreement from Coinmint, which informed the Company of its intent not to renew 27
MW of the 36 MW total contracted capacity at its Massena, New York site, effective December 7, 2024. Subsequently, on October 29, 2024,
the Company received an additional 90-days notice of non-renewal of colocation mining services agreement from Coinmint, which informed
the Company of its intent to not renew the remaining 9 MW of the 36 MW total contracted capacity at its Massena, New York site, effective
January 28, 2024. On January 3, 2025, the Company received an additional 90-days notice of non-renewal of colocation mining services agreement
from Coinmint, which informed the Company of its intent to not renew the 10 MW total contracted capacity at its Plattsburgh, New York
site, effective April 5, 2025.

After the contracts with Coinmint expire, we plan
on selling the inefficient units and replacing the hash rate with newer generation machines. By doing so we can replace the lost hash
rate with around 50% less MW. We have already signed contracts for more than enough hosting capacity to replace that hash rate. As of
December 31, 2024, Coinmint provided approximately 18.5 MW of capacity for our miners at their facilities.

In June 2021, we entered into a strategic co-mining
agreement with Digihost Technologies in North America. Pursuant to the terms of the agreement,