Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 173

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 173
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 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. (“NYISO”). 

On April 5, 2023, the Company entered into a letter
agreement and MMSA Amendment with Coinmint pursuant to which Coinmint agreed to provide the Company with up to ten (10) MW of additional
mining capacity to energize the Company’s mining equipment at Coinmint’s hosting facility in Plattsburgh, New York. The agreement
was for two years 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 range from 30% to 33% of the net profit. This agreement brought the Company’s
total contracted hosting capacity with Coinmint to approximately 30 MW at this facility.

On April 27, 2023, the Company entered into a
letter agreement and MMSA Amendment with Coinmint pursuant to which Coinmint agreed to provide the Company with up to 10 MW of additional
mining capacity to energize the Company’s mining equipment at Coinmint’s hosting facility in Massena, New York. The agreement
was for one year automatically renewing for three (3) months unless terminated by either party on at least 90 days prior written notice.
The performance fees under this letter agreement are 33% of the net profit. This new agreement brought the Company’s total contracted
hosting capacity with Coinmint to approximately 40 MW.

48

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 MW of additional
mining capacity to energize the Company’s mining equipment at