Company: BTBT
Filing Date: 2025-04-30
Form Type: S-3
Source: 0001213900-25-037166
Chunk: 63

Company: Bit Digital, Inc
Filing Date: 2025-04-30
Form: S-3
Chunk 63
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(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 centers for
heating capacity for our GPU business in many instances by partnering with third-party data center providers in locations across Europe,
Canada, and the U.S. Our initial 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 45kW rack density and 6MW total capacity.
The center’s 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 the customers’ 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.

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 switching from proof-of-work (“PoW”) consensus mechanism to proof-of-stake (“PoS”)
validation. Our mining operations, hosted by third-party providers