Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 574

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1A
Chunk 574
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Bitcoin Production

From the inception of our bitcoin mining business
in February 2020 to December 31, 2024, we earned an aggregate of 7,280.1 bitcoins.

The following table presents our bitcoin mining
activities for the year ended December 31, 2024:

    Number of bitcoins  
    Amount (1) 
  
    Balance at December 31, 2023 
     642.4  
    $19,818,980 
  
    Cumulative effect of the adoption of ASU 2023-08 
     -  
     7,341,319 
  
    Receipt of BTC from mining services 
     949.9  
     58,591,608 
  
    Exchange of BTC into ETH 
     (639.5) 
     (40,267,700)
  
    Exchange of BTC into USDC 
     (35.0) 
     (1,787,535)
  
    Sales of and payments made in BTC 
     (175.9) 
     (15,316,858)
  
    Change in fair value of BTC 
     -  
     40,939,917 
  
    Balance at December 31, 2024 
     741.9  
    $69,319,731 

    (1)
    Receipt of digital assets from mining services are the product of the number of bitcoins received multiplied by the bitcoin price obtained from CoinMarketCap, calculated on a daily basis. Sales of bitcoin represent the carrying value of bitcoin at the time of sale.

Results of Operations for the Years Ended December
31, 2024 and 2023

The following table summarizes the results of
our operations during the years ended December 31, 2024 and 2023, respectively, and provides information regarding the dollar increase
or (decrease) during period.

    For the Years Ended December 31,  
    Variance in 

    2024  
    2023  
    Amount 

    Revenues 

    Digital asset mining 
    $58,591,608  
     44,240,418  
     14,351,190 
  
    Cloud services 
     45,727,735  
     -  
     45,727,735 
  
    Colocation services 
     1,361,241  
     -