Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1306

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1306
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. Its energy source is
100% renewable energy, mainly from Blanda Hydro PowerStation, the winner of IHA Blue Planet Awards in 2017. In the fourth quarter of 2023,
we secured our first cloud customer through a three-year service agreement to provide services using our advanced AI equipment. In January
2024, the Company announced that its WhiteFiber AI business commenced generating revenue.

Colocation/HPC Data Center Services

We design, develop, and operate HPC data centers,
through which we offer our hosting and colocation services. Our data centers meet the requirements of the Tier-3 standard, including power
redundancy, concurrent maintainability, multiple power feeds, uninterruptible power supply, highly reliable cooling systems, and strict
monitoring and management systems. On October 11, 2024 the Company completed the acquisition of Enovum Data Centers Corp (“Enovum”).
On December 27, 2024, we acquired the real estate and building for a build-to-suit 5MW Tier-3 data center expansion project near Montreal,
Canada.

We use a well-defined set of criteria to select
our data center sites. We actively target sub-20MW sites with proximity to metro areas and partial infrastructure in place, where we are
retrofitting rather than developing greenfield projects. A retrofit entails sourcing and acquiring an existing industrial building with
underutilized, in-place power connectivity. Our average build time for retrofits is six months, which we believe is approximately one-third
to one-half of the industry average development timeline for greenfield projects. We are also developing a proprietary software capability
that will link clusters across multiple sites, leveraging existing dark fiber networks connecting smaller data centers within a radius
of approximately 700 kilometers. By productizing cross-data center operation, we intend to create a single supercluster, enabling us to
sidestep potential fragmentation problems and dynamically “borrow” compute or storage resources from any site. We also prioritize
sites offering opportunities to increase site power over time, enabling our HPC data centers to grow with customer demand. In addition,
we selectively target certain larger opportunities with 50MW of power or more, subject to customer demand, to drive AI-driven compute
super-clusters. Finally, we target sites powered by sustainable, green energy sources.

Digital Asset Business

The digital asset business segment of the Digital Infrastructure Business (the “Digital Asset Business Segment”) is comprised
primarily of two distinct but highly complementary operations