Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 144

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 144
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 2024, we entered into an agreement
with an unaffiliated seller of bitcoin mining computers, from whom we acquired 191 S21 miners. As of the date of this report, all of 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, 500 miners
were delivered.

For the three months ended March 31, 2025, the
Company disposed of approximately 4,828 bitcoin miners.

As of March 31, 2025, we had 20,854 miners owned
or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 2.4 EH/s.

Bitcoin Production

From the inception of our bitcoin mining business
in February 2020 to March 31, 2025, we earned an aggregate of 7,363.4 bitcoins.

The following table presents our bitcoin mining
activities for the three months ended March 31, 2025:

    Number of bitcoins  
    Amount (1) 
  
    Balance at December 31, 2024 
     741.9  
    $69,319,731 
  
    Receipt of BTC from mining services 
     83.3  
     7,776,963 
  
    Exchange of BTC into USDC 
     (15.0) 
     (1,223,250)
  
    Sales of and payments made in BTC 
     (392.6) 
     (33,218,807)
  
    Change in fair value of BTC 
     -  
     (8,180,343)
  
    Balance at March 31, 2025 
     417.6  
    $34,474,294 

    (1)
    Receipt of digital assets from mining services are the product of the number of bitcoins received multiplied by the bitcoin price obtained from CoinMarketCap, 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