Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 286

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 286
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 the market price of the related
digital asset at the time of receipt. By providing computing power to successfully add a block to the blockchain, the Company is entitled
to a fractional share of the digital assets award from the mining pool operator, which is based on the proportion of computing power the
Company contributed to the mining pool to the total computing power contributed by all mining pool participants in solving the current
algorithm.

For the year ended December 31, 2024, we received
949.9 bitcoins from the Foundry USA Pool (“Foundry”) mining pool. As of December 31, 2024, our maximum hash rate was at an
aggregate of 2.6 EH/s for our bitcoin miners. For the year ended December 31, 2024, we recognized revenue of $58.6 million from bitcoin
mining services.

For the year ended December 31, 2023, we received
1,507.3 bitcoins from Foundry USA Pool (“Foundry”) mining pool. As of December 31, 2023, our maximum hash rate was at
an aggregate of 3.9 EH/s for our bitcoin miners. For the year ended December 31, 2023, we recognized revenue of $44.2 million from bitcoin
mining services.

Our revenues from digital asset mining services
increased by $14.4 million, or 32.4%, to $58.6 million for the year ended December 31, 2024 from $44.2 million for the year ended December
31, 2023. The increase was primarily due to a higher average BTC price for the year ended December 31, 2024, compared to the year ended
December 31, 2023, partially offset by a decrease of 557.4 bitcoins generated from our mining business. The higher average BTC price was,
in part, a result of the halving of BTC, which occurred on April 19, 2024.

We expect to continue to opportunistically invest
in miners to increase our hash rate capacity. 

85

Revenue from ETH staking

During the fourth quarter of 2022, we commenced
ETH staking business, in both native staking and liquid staking.

For the ETH native staking business, we previously
partnered with Blockdaemon, Marsprotocol and MarsLand Global Limited (“MarsLand”). Currently, we stake ETH with Figment, using
network-based smart contracts, on