Company: BTBT
Filing Date: 2025-06-11
Form Type: S-3/A
Source: 0001213900-25-053489
Chunk: 14

Company: Bit Digital, Inc
Filing Date: 2025-06-11
Form: S-3/A
Chunk 14
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 as scaling is required to accelerate development
of AI applications. In addition, we are working on advanced interconnect technologies like InfiniBand (IB) or RDMA over Converged Ethernet
(“RoCE”). When combined with cross-data center links, these ensure that training jobs can be distributed without bottlenecks
or high latency. By emphasizing scale, performance, and reliability, we believe that we will be positioned to maximize customer retention
while pricing our services at a premium to those offered by our competitors.

We leverage a global network of data center resources
by partnering with eight third-party data center providers to achieve high autonomy in locations across Europe, Canada, and the U.S.
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.

<div align='center'>2</div>

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