Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 180

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 180
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 the miners were delivered.

On 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 six months ended June 30, 2025,
the Company disposed of nil and 4,828 bitcoin miners. In July 2025, the Company disposed of 2,972 bitcoin miners.

As of June 30, 2025, we had 22,574 miners owned
or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 2.7 EH/s.

51

Bitcoin Production

From the inception of our bitcoin mining business
in February 2020 to June 30, 2025, we earned an aggregate of 7,431.6 bitcoins.

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

     Number of bitcoins  
     Amount (1) 
  
    Balance at December 31, 2024 
     741.9  
    $69,319,731 
  
    Receipt of BTC from mining services 
     151.5  
     14,408,801 
  
    Exchange of BTC into USDC 
     (15.0) 
     (1,223,250)
  
    Sales of and payments made in BTC 
     (598.0) 
     (55,204,163)
  
    Change in fair value of BTC 
     -  
     2,750,481 
  
    Balance at June 30, 2025 
     280.4  
    $30,051,600 

    (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 2022, we formally commenced
Ethereum staking operations. We delegate or