Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1857

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 6
Chunk 1857
---
and other considerations, we have chosen to acquire miners on the spot market, which can typically result in delivery within a relatively
short time.

We have signed service agreements with third-party
hosting partners in North America and Iceland. These partners operate specialized mining data centers, where they install and operate
the miners and provide IT consulting, maintenance, and repair work on site for us. Our mining facilities in New York are maintained by
Coinmint LLC (“Coinmint”) and Digihost Technologies Inc. (“Digihost”). Our mining facilities in Texas are maintained
by Dory Creek, LLC, a subsidiary of Bitdeer Technologies Group (“Bitdeer”) and A.R.T. Digital Holdings Corp (“KaboomRacks”).
Soluna Computing, Inc and DVSL ComputeCo, LLC (collectively “Soluna”) maintained our mining facilities in Kentucky and Texas.
Our mining facility in Iceland is maintained by GreenBlocks ehf, an Icelandic private limited company (“GreenBlocks”). We
have relocated our miners from our mining facility in Canada maintained by Blockbreakers Inc. (“Blockbreakers”) to Soluna
and Coinmint after our service agreement expired in November 2024. From time to time, the Company may change partnerships with hosting
facilities to recalibrate its bitcoin mining operations. These terminations are strategic, targeting reduced operational costs, enhanced
energy efficiency for a smaller carbon footprint, increased flexibility in operational control, and minimized geopolitical risks. While
a short-term decrease in mining output might occur, we expect these changes to yield long-term operational improvements.  

We are a sustainability-focused digital asset
mining company. On June 24, 2021, we signed the Crypto Climate Accord, a private sector-led initiative that aims to decarbonize the crypto
and blockchain sectors. On December 7, 2021, we became a member of the Bitcoin Mining Council (“BMC”), joining MicroStrategy
and other founding members to promote transparency, share best practices, and educate the public on the benefits of bitcoin and bitcoin
mining.

ETH Staking Business

In the fourth quarter of 2022, we formally commenced
Ethereum staking operations. We intend to delegate or stake our ETH holdings to an Ethereum validator node to help secure and strengthen
the blockchain network. Stakers are compensated for this commitment in the form of a reward of the native network token.

Our native staking operations are enhanced by
a partnership with Blockdaemon, the leading institutional-grade blockchain infrastructure company for node management