Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 152

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 152
---
 2025, GPU
servers lease expenses increased by $1.7 million, or 80%, compared to the GPU servers lease expenses incurred for the three months ended
March 31, 2024. The increase primarily resulted from a higher average number of GPU servers leased.

Cost of revenue - Colocation Services

In the fourth quarter of 2024, we acquired Enovum
which provides colocation services. For the three months ended March 31, 2025 and 2024, the cost of revenue from colocation services was
comprised of the following:

    For the Three Months Ended March 31, 

    2025  
    2024 

    Electricity costs 
    $223,058  
    $          - 
  
    Lease expenses 
     150,537  
     - 
  
    Other costs 
     172,241  
     - 
  
    Total 
    $545,836  
    $- 

Electricity costs. These
expenses were closely correlated with the number of deployed servers hosted by the data center.

44

For the three months ended March 31, 2025 and
2024, electricity costs totaled $0.2 million and $nil, respectively.

Lease expenses. These expenses were
incurred by the data center for lease agreement for a fixed monthly recurring cost.

For the three months ended March 31, 2025 and
2024, data center lease expenses totaled $0.2 million and $nil, respectively.

Cost of revenue - digital asset mining

For the three months ended March 31, 2025 and
2024, the cost of revenue from digital asset mining was comprised of the following:

    For the Three Months Ended March 31, 

    2025  
    2024 

    Electricity costs 
    $4,233,082  
    $8,087,400 
  
    Profit-sharing fees 
     1,190,300  
     4,263,408 
  
    Other costs 
     700,507  
     634,124 
  
    Total 
    $6,123,889  
    $12,984,932 

Electricity costs. These expenses
were incurred by mining facilities for the miners in operation and were closely correlated with the number of deployed miners.

For the three months ended March 31, 2025, electricity