Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 71

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 71
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In June 2021, we entered into a strategic co-mining
agreement with Digihost Technologies in North America. Pursuant to the terms of the agreement, Digihost provides certain premises to Bit
Digital for the purpose of the operation and storage of a twenty (20) MW bitcoin mining system to be delivered by Bit Digital. Digihost
provides services to maintain the premises for a term of two (2) years. Digihost shall also be entitled to 20% of the net profit generated
by the miners.

In April 2023, we renewed the co-mining agreement
with Digihost, previously executed in June 2021. Pursuant to the terms of the new agreement, Digihost provides certain premises to Bit
Digital for the purpose of the operation and storage of an up to twenty (20) MW bitcoin mining system to be delivered by Bit Digital.
Digihost also provides services to maintain the premises for a term of two (2) years, automatically renewing for a period of one (1) year.
Digihost shall also be entitled to 30% of the net profit generated by the miners. As of March 31, 2025, Digihost provided approximately
6.0 MW of capacity for our miners at their facility.

On May 9, 2023 (“Effective Date”),
the Company entered into a Term Loan Facility and Security Agreement (the “Loan Agreement”) with GreenBlocks. Pursuant to
the Loan Agreement, GreenBlocks has requested the Company to extend one or more loans (“Advances”) under a senior secured
term loan facility in an aggregate outstanding principal amount not to exceed $5 million. The interest rate of the Loan Agreement is 0%
and Advances are to be repaid on the maturity date, which is the thirty-nine-month anniversary of the Effective Date. GreenBlocks will
exclusively use the Advances to buy miners that will be operated for the benefit of the Company at a facility in Iceland, with an overall
capacity of 8.25 MW. To secure the prompt payment of Advances, the Company has been granted a continuing first priority lien and security
interest in all of GreenBlocks’s rights, title and interest to the financed miners. The miners are the sole property of GreenBlocks,
of which they are responsible for the purchase, installation, operation, and maintenance.

On May 9, 2023, the Company entered into a Computation
Capacity Services Agreement (the “Services