Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 93

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 93
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 30, 2025, we had 22,574 miners owned
or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 2.7 EH/s.

51

Bitcoin Production

From the inception of our bitcoin mining business
in February 2020 to June 30, 2025, we earned an aggregate of 7,431.6 bitcoins.

The following table presents our bitcoin mining
activities for the six months ended June 30, 2025:

     Number of bitcoins  
     Amount (1) 
  
    Balance at December 31, 2024 
     741.9  
    $69,319,731 
  
    Receipt of BTC from mining services 
     151.5  
     14,408,801 
  
    Exchange of BTC into USDC 
     (15.0) 
     (1,223,250)
  
    Sales of and payments made in BTC 
     (598.0) 
     (55,204,163)
  
    Change in fair value of BTC 
     -  
     2,750,481 
  
    Balance at June 30, 2025 
     280.4  
    $30,051,600 

    (1)
    Receipt of digital assets from mining services are the product of the number of bitcoins received multiplied by the bitcoin price obtained from Coinbase, calculated on a daily basis. Sales of bitcoin represent the carrying value of bitcoin at the time of sale.

ETH Staking Business

In the fourth quarter of 2022, we formally commenced
Ethereum staking operations. We delegate or stake our ETH holdings to an Ethereum validator node to help secure and strengthen the blockchain
network. Stakers are compensated for this commitment in the form of a reward of the native network token.

Our native staking operations are enhanced by
a partnership with Blockdaemon, the leading institutional-grade blockchain infrastructure company for node management and staking. In
the fourth quarter of 2022, following a similar mechanism to native Ethereum staking, we also participated in liquid staking via Portara
protocol (formerly known as Harbour), the liquid staking protocol developed by Blockdaemon and StakeWise and the first of its kind tailored
to institutions. With the introduction of staked ETH withdrawals in April 2023, we have reassessed our Ethereum network staking approaches,
weighing the advantages of traditional staking against