Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 85

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 85
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 1.2 EH/s, with operations in North America and Iceland.

Power and Hosting Overview

During the three and six months ended June 30,
2025, 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 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 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 agreement brought the Company’s total contracted hosting capacity with
Blockbreakers to approximately 9 MW. Our service agreement with Blockbreakers expired in November 2024. A portion of the miners were transferred
to other hosting facilities, and the inefficient units were sold.

On June 7, 2022, we entered into a Master Mining
Services Agreement (the “MMSA”) with Coinmint LLC, pursuant to which Coinmint will provide the required mining colocation
services for a one-year period automatically renewing for three-month periods unless earlier terminated. The Company paid Coinmint electricity
costs, plus operating costs required to operate the Company’s mining equipment, as well as a performance fee equal to 27.5% of the
net profit, subject to a 10% reduction if Coinmint fails to provide uptime of 98% or better for any period. We were not privy to the emissions
rate at the Coinmint facility or at any other hosting facility. However, the Coinmint facility operated in an upstate New York region
that reportedly utilized power that is 99% emissions-free, as determined based on the 2023 Load & Capacity Data Report published by
the New York Independent System Operator, Inc. (“