Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1310

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1310
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 Inc. to provide five (5) MW of incremental
hosting capacity at its facility in Canada. The facility utilizes an energy source that is primarily hydroelectric.

On May 8, 2023, the Company entered into a Master
Mining Services Agreement with Blockbreakers, pursuant to which Blockbreakers agreed to provide the Company with four (4) MW of additional
mining capacity at its hosting facility in Canada. The agreement is for two (2) years automatically renewable for additional one (1) year
terms unless either party gives at least sixty (60) days’ advance written notice. The performance fee is 15% of the net profit.
Additionally, Bit Digital has secured a side letter agreement with Blockbreakers, granting the Company the right of first refusal for
any future mining hosting services offered by Blockbreakers in Canada. This new agreement brought the Company’s total contracted
hosting capacity with Blockbreakers to approximately 9 MW. Our service agreement with Blockbreakers expired in November 2024. A portion
of the miners were transferred to other hosting facilities, and the inefficient units were sold.

On June 7, 2022, we entered into a Master Mining
Services Agreement (the “MMSA”) with Coinmint LLC, pursuant to which Coinmint will provide the required mining colocation
services for a one-year period automatically renewing for three-month periods unless earlier terminated. The Company will pay Coinmint
electricity costs, plus operating costs required to operate the Company’s mining equipment, as well as a performance fee equal to
27.5% of the net profit, subject to a ten percent (10%) reduction if Coinmint fails to provide uptime of ninety-eight (98%) percent or
better for any period. We are not privy to the emissions rate at the Coinmint facility or at any other hosting facility. However, the
Coinmint facility operates in an upstate New York region that reportedly utilizes power that is 99% emissions-free, as determined based
on the 2023 Load & Capacity Data Report published by the New York Independent System Operator, Inc. (“NYISO”).

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On April 5, 2023, the Company entered into a letter
agreement and MMSA Amendment with Coinmint pursuant to which Coinmint agreed to provide the Company with up to ten (10) MW of additional
mining capacity to energize the Company’s mining equipment at Coinmint’s hosting facility in Plattsburgh, New York