Company: BTBT
Filing Date: 2025-10-01
Form Type: 424B5
Source: 0001213900-25-094778
Chunk: 139

Company: Bit Digital, Inc
Filing Date: 2025-10-01
Form: 424B5
Chunk 139
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Our initial HPC data center partnership through which we lease capacity is at BlöndUos Campus, Iceland, offering a world-class operations
team with certified technicians and reliable engineers. The facility has 50kW rack density and 6MW total capacity. Its energy source
is 100% renewable energy, mainly from Blanda Hydro PowerStation, the winner of IHA Blue Planet Awards in 2017. On October 23, 2023, Bit
Digital announced that we had commenced AI operations by signing a binding term sheet with a customer (the “Initial Customer”)
to support their GPU workloads. Under the agreement, as amended, we will supply this customer with a total of 2,048 GPUs for the respective
three-year periods, amounting to total revenue of approximately $150 million assuming the customer utilizes the GPUs at full capacity
for the duration of the contract. In January 2025, we executed an additional agreement with this client to provide 464 B200 GPUs for
an 18-month term beginning on June 30, 2025, with approximately $15 million of target annualized revenue assuming the customer utilizes
the GPUs at full capacity for the duration of the contract.

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Digital Asset Business Segment

The digital asset business segment of the Digital
Infrastructure Business (the “Digital Asset Business Segment”) is comprised primarily of two distinct but highly complementary
operations: (i) digital asset mining (the “Digital Asset Mining Operations”); and (ii) ETH staking (the “ETH Staking
Operations”).

Digital Asset Mining Business

We commenced our bitcoin (“BTC”)
mining business in February 2020. We initiated limited Ethereum mining operations in January 2022, however discontinued the operations
by September 2022 due to Ethereum blockchain switching from proof-of-work (“PoW”) consensus mechanism to proof-of-stake (“PoS”)
validation. Our mining operations, hosted by third-party providers, use specialized computers, known as miners, to generate digital assets.
Our miners use application specific integrated circuit (“ASIC”) chips. These chips enable the miners to apply high computational
power, expressed as “hash rate”, to provide transaction verification services (generally known as “solving a block”)
which helps support the blockchain. For every block added, the blockchain provides an award equal to a set number of digital assets per
block. Miners with a greater hash rate generally have a higher chance of solving a block