Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1388

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1388
---
 recognized will not
occur once the uncertainty associated with the variable consideration is subsequently resolved. Because it is probable that a significant
reversal of cumulative revenue will not occur and the Company is able to calculate the payout based on the contractual formula, this amount
should be estimated and recognized in revenue upon inception, which is when the hash rate is provided.

For reasons of operational practicality, the Company
applies an accounting convention to use the daily quoted closing U.S. dollar spot rate of digital asset each day to determine the fair
value of digital asset on the date received, which is not materially different than the fair value at contract inception or the time the
Company has earned the award from the pools.

Below table presents the Company’s revenues
generated from digital asset mining business by countries:

    For the Years Ended 
December 31, 

    2024  
    2023  
    2022 
  
    United States 
    $51,749,240  
    $36,733,222  
    $31,132,771 
  
    Iceland 
     4,800,827  
     5,096,883  
     - 
  
    Canada 
     2,041,541  
     2,410,313  
     1,137,918 

    $58,591,608  
    $44,240,418  
    $32,270,689 

Below table presents the Company’s revenues
by mining pool operators:

    For the Years Ended 
December 31, 

    2024  
    2023  
    2022 
  
    Foundry USA Pool 
    $58,591,608  
    $44,240,418  
    $31,414,104 
  
    Ethermine Mining Pool 
     -  
     -  
     856,585 

    $58,591,608  
    $44,240,418  
    $32,270,689 

F-20

ETH staking business  

The Company
generates revenue through ETH staking rewards. The Company commenced both native staking business and liquid staking business in
2022. In the first quarter of 2024, the Company terminated its liquid staking business. Currently,
the Company only participates in native staking.

With the introduction of staked ETH withdrawals
in April