Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 100

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 100
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miners were deployed in August 2025.

As
of September 30, 2025, the Company’s active hash rate totals approximately 1.9 EH/s, with operations in North America and Iceland.

Power
and Hosting Overview

The
Company’s subsidiary, Bit Digital Canada, Inc., entered into a Mining Services Agreement effective September 1, 2022, for Blockbreakers,
Inc. to provide five MW of incremental hosting capacity at its facility in Canada. The facility utilizes an energy source that is primarily
hydroelectric.

On
May 8, 2023, the Company entered into a Master Mining Services Agreement with Blockbreakers, pursuant to which Blockbreakers agreed to
provide the Company with four (4) MW of additional mining capacity at its hosting facility in Canada. The agreement is for two (2) years
automatically renewable for additional one (1) year terms unless either party gives at least 60 days’ advance written notice. The
performance fee is 15% of the net profit. Additionally, Bit Digital has secured a side letter agreement with Blockbreakers, granting
the Company the right of first refusal for any future mining hosting services offered by Blockbreakers in Canada. This agreement brought
the Company’s total contracted hosting capacity with Blockbreakers to approximately 9 MW. Our service agreement with Blockbreakers
expired in November 2024. A portion of the miners were transferred to other hosting facilities, and the inefficient units were sold.

On
June 7, 2022, we entered into a Master Mining Services Agreement (the “MMSA”) with Coinmint LLC, pursuant to which Coinmint
will provide 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,