Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 68

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 68
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 Iceland is maintained by GreenBlocks ehf, an Icelandic private limited company (“GreenBlocks”). We have relocated our miners
from our mining facility in Canada maintained by Blockbreakers Inc. (“Blockbreakers”) to Soluna and Coinmint after our service
agreement expired in November 2024. From time to time, the Company may change partnerships with hosting facilities to recalibrate its
bitcoin mining operations. These terminations are strategic, targeting reduced operational costs, enhanced energy efficiency for a smaller
carbon footprint, increased flexibility in operational control, and minimized geopolitical risks. While a short-term decrease in mining
output might occur, we expect these changes to yield long-term operational improvements.

We are a sustainability-focused digital asset
mining company. On June 24, 2021, we signed the Crypto Climate Accord, a private sector-led initiative that aims to decarbonize the crypto
and blockchain sectors. On December 7, 2021, we became a member of the Bitcoin Mining Council (“BMC”), joining MicroStrategy
and other founding members to promote transparency, share best practices, and educate the public on the benefits of bitcoin and bitcoin
mining.

Miner Deployments

During the three months ended March 31, 2025,
we continued to work with our hosting partners to deploy our miners in North America and Iceland.

During the first quarter of 2025, the Company
deployed an additional 1,441 miners at one of Soluna’s hosting facilities.

As of March 31, 2025, the Company’s active
hash rate totals approximately 1.5 EH/s, with operations in North America and Iceland.

Power and Hosting Overview

During the three months ended March 31, 2025,
our hosting partners continued to prepare sites to deliver our contracted hosting capacity, bringing additional power online for our miners.

The Company’s subsidiary, Bit Digital Canada,
Inc., entered into a Mining Services Agreement effective September 1, 2022, for Blockbreakers, 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)