Company: BTBT
Filing Date: 2025-07-02
Form Type: S-8
Source: 0001213900-25-061020
Chunk: 46

Company: Bit Digital, Inc
Filing Date: 2025-07-02
Form: S-8
Chunk 46
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, which could have a material adverse effect on our business, financial
condition and results of operations.

Even if we have additional space available for lease at any one of our data centers, our ability to lease this space to existing or new customers could be constrained by our ability to provide sufficient electrical power.

As
current and future customers increase their power footprint in our data centers over time, the corresponding reduction in available power
could limit our ability to increase occupancy rates or network density within our existing or future data centers. Furthermore, our aggregate
maximum contractual obligation to provide power and cooling to our customers may exceed the physical capacity at such data centers if
customers were to quickly increase their demand for power and cooling. If we are not able to increase the available power and/or cooling
or move the customer to another location within our data centers with sufficient power and cooling to meet such demand, we could lose
the customer as well as be exposed to liability under our customer agreements. In addition, our power and cooling systems are difficult
and expensive to upgrade. Accordingly, we may not be able to efficiently upgrade or change these systems to meet new demands without incurring
significant costs that we may not be able to pass on to our customers. Any such material loss of customers, liability or additional costs
could adversely affect our business, financial condition and results of operations.

<div align='center'>23</div>

Digital Assets Related Risks

Our operating results have fluctuated due to the highly volatile nature of digital assets.

Due to the highly volatile nature and the prices
of digital assets, our operating results have, fluctuated from quarter to quarter in accordance with market sentiments and movements in
the broader digital assets economy. Our operating results fluctuated significantly prior to our introduction of cloud services and HPC
data centers as a result of a variety of factors, many of which are unpredictable and in certain instances are outside of our control,
including, but not limited to:

| ● | acceptance of digital assets as a result of reputational harm from bankruptcies                                                             
 and regulatory proceedings;                                                                                                                 |
| ● | changes in the legislative or regulatory environment, or actions by governments or regulators, including fines, orders, or consent decrees; |

| ● | regulatory changes that impact our ability to mine various digital assets; |

| ● | our ability to transition to become a pure-play Ethereum staking and 
 treasury company;                                                    |

| ● | investments we make in the development of our business as well as technology offered to our industry partners and sales and marketing