Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 387

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 387
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aking. Cost of revenue consists of direct cost related to ETH staking business including service
fee and reward-sharing fees to the service providers.

The CODM analyzes the performance of the segments
based on reportable segment revenue and reportable segment cost of revenue. No operating segments have been aggregated to form the reportable
segments.

The Company does not allocate all assets to the
reporting segments as these are managed on an entity-wide basis. Therefore, the Company does not separately disclose the total assets
of its reportable operating segments.

All Other revenue is generated from equipment
leases with external customers.

Concentrations

During the year ended December 31, 2024,  the
Company earned revenue of approximately $58.6 million and $46.0 million from two customers, representing 54.2% and 42.6%
of the Company’s total consolidated revenue, respectively. In 2023 and 2022, the Company earned revenue of approximately $44.2 million
and $32.3 million respectively from one customer, representing 98% and 99.9% of the Company’s total consolidated revenue.

The following table presents revenue and cost
of revenue for the Company’s reportable segments, reconciled to the consolidated statements of operations:

    Years Ended December 31, 

    2024  
    2023  
    2022 
  
    Reportable segment revenue: 

    Digital asset mining 
    $58,591,608  
    $44,240,418  
    $32,270,689 
  
    Cloud services 
     45,727,735  
     -  
     - 
  
    Colocation services 
     1,361,241  
     -  
     - 
  
    ETH staking 
     1,819,876  
     675,713  
     25,904 
  
    Other revenue 
     550,260  
     -  
     - 
  
    Total segment and consolidated revenue 
    $108,050,720  
    $44,916,131  
    $32,296,593 

    Reportable segment cost of revenue: 

    Digital asset mining 
     (42,307,012) 
     (29,505,783) 
     (20,374,633)
  
    Cloud services 
     (