Company: BTBT
Filing Date: 2025-06-09
Form Type: CORRESP
Source: 0001213900-25-052675
Chunk: 2

Company: Bit Digital, Inc
Filing Date: 2025-06-09
Form: CORRESP
Chunk 2
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 your disclosure in                                                                                     
 future filings to specifically address the following concerning your revenue recognition policy under ASC 606 for mining bitcoin: |

Overall Response:

The Company acknowledges the Staff’s
comment and provides the following responses to each item below. The Company has revised its revenue recognition policy under ASC 606
for the bitcoin mining business accordingly. The updated disclosure, included as an exhibit to this letter, will be reflected in the Form
10-Q for the quarter ending June 30, 2025, and in future filings in substantially the same form.

| ● | Given that your mining pool contract can be terminated                                                                                  
 at any time by either party without penalty, tell us whether you believe the contract is continuously renewed, instead of renewed daily 
 as you disclose. Refer to examples 1 and 2 of question 7 and question 8 of the FASB Revenue Recognition Implementation Guide Q&As.      
 If so, tell us, and represent that you will revise your disclosure in future filings to discuss:                                        |

| o | Your consideration as to whether the duration 
 of your contracts is less than 24 hours;      |

| o | Whether the rate of payment remains the same 
 upon renewal; and                            |

| o | Whether your customer’s option to renew                                                                             
 represents a material right that represents a separate performance obligation as contemplated in ASC 606- 10-55-42. |

Response:

The Company acknowledges and agrees with the Staff’s
comment that the duration of the contracts is less than 24 hours. Contract inception and our enforceable right to consideration begins
when we commence providing hash calculation services to the mining pool operators. Each party to the contract has the unilateral right
to terminate the contract at any time without any compensation to the other party. Accordingly, the duration of a contract is less than
24 hours (a day) and may be continuously renewed throughout the day.

There are no upfront or incremental fees in the
initial contract, and the rate of payments remains the same upon each implied renewal, as the Full-Pay-Per-Share (FPPS) formula remains
the same. Therefore, the Company’s option to renew does not represent a material right that represents a separate performance obligation
under 606-10-55-42.

| ● | Your policy disclosure that you measure bitcoin                                                                                         
 mined on the date received and that it is not materially different than valuing at contract inception is inconsistent with the guidance 
 you highlight in ASC 606-10-32-21. As a