Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 108

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 108
---
December 15, 2024, we entered into an agreement with an unaffiliated seller of bitcoin mining computers, from whom we acquired 750 S21
miners. As of the date of this report, all of the miners were delivered.

On
December 23, 2024, we entered into an agreement with an unaffiliated seller of bitcoin mining computers, from whom we acquired 4,300
S21+ miners. As of the date of this report, 2,630 miners were delivered.

For
the three and nine months ended September 30, 2025, the Company disposed of 3,072 and 7,900 bitcoin miners.

As
of September 30, 2025, we had 21,357 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 2.8
EH/s.

53

Bitcoin
Production

From
the inception of our bitcoin mining business in February 2020 to September 30, 2025, we earned an aggregate of 7,496.5 bitcoins.

The
following table presents our bitcoin mining activities for the nine months ended September 30, 2025:

    Number
    of bitcoins  
    Amount
    (1) 
  
    Balance at
    December 31, 2024 
     741.9  
    $69,319,731 
  
    Receipt of BTC from mining services 
     216.4  
     21,824,503 
  
    Exchange of BTC into ETH 
     (318.4) 
     (34,582,781)
  
    Exchange of BTC into USDC 
     (25.0) 
     (2,321,750)
  
    Sales of and payments made in BTC 
     (608.8) 
     (56,395,762)
  
    Change in fair value
    of BTC 
     -  
     2,849,527 
  
    Balance
    at September 30, 2025 
    6.1  
    $693,468 

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

ETH
Staking Business

In
the fourth quarter of