Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 40

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 40
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 service equipment 
     12,536,969  
     12,509,288 
  
    Purchased software and internal-use software development costs 
     2,148,623  
     495,285 
  
    Land 
     3,477,263  
     3,502,539 
  
    Building 
     19,334,202  
     19,474,743 
  
    Leasehold Improvements 
     2,080,752  
     2,032,691 
  
    Vehicles 
     235,576  
     235,576 
  
    Other property and equipment 
     28,856  
     29,066 

    Less: Accumulated depreciation 
     (39,886,551) 
     (36,946,762)

     135,506,552  
     102,177,801 
  
    Construction in progress 
     49,799,383  
     5,124,657 
  
    Property, plant, and equipment, net 
    $185,305,935  
    $107,302,458 

For the three months ended March 31, 2025 and
2024, depreciation expenses were $7,241,989 and $6,845,949, respectively. Construction in Progress represents assets received but
not placed into service as of March 31, 2025 and December 31, 2024.

During the three months ended March 31, 2024,
we purchased data storage equipment totaling $5,315,202. Almost immediately thereafter, we entered into a sales-type lease agreement 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 and equipment and recorded as a net investment in lease. Refer to Note 8 - Leases for more information.

Sales of miners for the three months ended
March 31, 2025

For the three months ended March 31, 2025, the
Company sold 4,828 bitcoin miners for a total consideration of $906,016. On the dates of the transaction, the total original cost and
accumulated depreciation of these miners were $5,362,720 and $4,123,084, respectively. The Company recognized a loss of $333,620 from
the sale