Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 2071

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 2071
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 of net investment in lease was $2.5 million
and $6.8 million, respectively as of December 31, 2024. The current and non-current balance of net investment in lease was $nil and $nil,
respectively as of December 31, 2023.

Deposits for property and equipment

The deposits for property and equipment consists
of advance payments for property and equipment. The balance was derecognized once the control of the property and equipment was transferred
to and obtained by us.

Compared with December 31, 2023, the balance as
of December 31, 2024 increased $34.8 million, mainly due to prepayment of $64.0 million, offset by the receipt of property and equipment
of $28.1 million.

Property, plant, and equipment, net

Property, plant, and equipment primarily consisted
of equipment used in our HPC and digital asset businesses as well as construction in progress representing assets received but not yet
put into service.

As of December 31, 2024, we had 24,239 bitcoin
miners with net book value of $17.9 million, cloud service computing equipment with a net book value of $47.2 million, property, plant,
and equipment acquired as part of the acquisition of Enovum with a net book value of $36.4 million for colocation service, and construction
in progress of $5.1 million.

As of December 31, 2023, we had 46,548 bitcoin
miners with net book value of $30.2 million and construction in progress of $51.0 million.

Operating lease right-of-use assets and operating
lease liability

As of December 31, 2024, the Company’s operating
lease right-of-use assets and total operating lease liability were $15.0 million and $13.8 million respectively. As of December 31, 2023,
the Company’s operating lease right-of-use assets and total operating lease liability were $6.2 million and $6.2 million, respectively.

The increase in operating lease right-of-use assets
and total operating lease liability of $8.8 million and $7.6 million respectively, were due to the additional leases for $11.5 million
and 10.3 million, respectively, partially offset by the amortization of the operating lease right-of-use assets totaling $2.8 million
and $2.7 million