Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1146

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 2
Chunk 1146
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107,166,475) 
     77,927,228 

    Net (loss) gain from disposal of property and equipment 
     (165,160) 
     1,353,299  
     (1,518,459)
  
    Gain from sale of investment security 
     8,220  
     1,039,999  
     (1,031,779)
  
    Other income (expense), net 
     3,162,412  
     (1,116,276) 
     4,278,688 
  
    Total other income, net 
     3,005,472  
     1,277,022  
     1,728,450 

    Loss before income taxes 
     (13,614,237) 
     (105,889,453) 
     79,655,678 

    Income tax expenses 
     (279,044) 
     592,850  
     (871,894)
  
    Net loss 
    $(13,893,281) 
     (105,296,603) 
     78,783,784 

Revenue

We generate revenues from digital asset mining
and ETH staking.

Revenue from digital asset mining

We provide computing power to digital asset mining
pools, and receive consideration in the form of digital assets, the value of which is determined using the market price of the related
digital asset at the time of receipt. By providing computing power to successfully add a block to the blockchain, the Company is entitled
to a fractional share of the digital assets award from the mining pool operator, which is based on the proportion of computing power the
Company contributed to the mining pool to the total computing power contributed by all mining pool participants in solving the current
algorithm.

For the year ended December 31, 2023, we received
1,507.3 bitcoins from Foundry mining pool. As of December 31, 2023, our maximum hash rate was at an aggregate of 3.9 EH/s for our bitcoin
miners. For the year ended December 31, 2023, we recognized revenue of $44.2 million from bitcoin mining services.

For the year ended December 31, 2022, we received
1,247.5 bitcoins from Foundry mining pool and 294.3 ETHs from Ethermine mining pool(