Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 150

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 150
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 in hosting partnerships, including the transfer of some miners from Blockbreakers and Coinmint to Soluna’s
facilities.

As of December 31, 2024, the Company’s active
hash rate totals approximately 1.8 EH/s, with operations in North America and Iceland.

Power and Hosting Overview

During the year ended December 31, 2024, our hosting
partners continued to prepare sites to deliver our contracted hosting capacity, bringing additional power online for our miners.

The Company’s subsidiary, Bit Digital Canada,
Inc., entered into a Mining Services Agreement effective September 1, 2022, for Blockbreakers, Inc. to provide five (5) 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 sixty (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 new 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 will pay 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 ten percent (10%) reduction if Coinmint fails to provide uptime of ninety-eight (98%) percent or
better for any period. We are not privy to the emissions rate at the Coinmint facility or at any other hosting facility.