Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 2399

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 8
Chunk 2399
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 - 

    Less: Accumulated depreciation 
     (36,946,762) 
     (20,645,231)

     102,177,801  
     30,443,982 
  
    Construction in progress 
     5,124,657  
     51,030,667 
  
    Property, plant, and equipment, net 
    $107,302,458  
    $81,474,649 

For the years ended December 31, 2024, 2023, and
2022, depreciation expenses were $32,166,613, $14,426,733, and $27,829,730, respectively. Construction in Progress represents assets
received but not placed into service as of December 31, 2023 and 2024.

The Company purchased data storage equipment
totaling $5,315,202 and almost immediately thereafter, we entered into a sales-type lease agreement effective January 2024 for a portion
of these assets valued at $3,353,608 with a third party. As a result, the leased data storage equipment was derecognized from our property,
plant, and equipment and recorded as a net investment in lease. Refer to Note 8. Leases for more information.

The Company purchased data storage equipment totaling
$1,254,248 and immediately thereafter, we entered into a sales-type lease agreement effective August 2024 for a portion of these assets
valued at $1,184,937 with a third party. As a result, the leased data storage equipment was derecognized from our property and equipment
and recorded as a net investment in lease. Refer to Note 8. Leases for more information.

The Company purchased servers and network equipment
totaling $6,056,700 and almost immediately thereafter, we entered into two sales-type lease agreements effective November 2024 and December
2024 with a third party. As a result, the leased cloud service equipment was derecognized from our property, plant, and equipment and
recorded as a net investment in lease. Refer to Note 8. Leases for more information.

Sales and writing off of miners in the year
of 2024

For the year ended December 31, 2024, the Company
sold 5,606 bitcoin miners for a total consideration of $1,213,956. On the dates of the transaction, the total original cost