Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 125

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 125
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 months ended September 30, 2025 from
$1,142,059 for the nine months ended September 30, 2024. The increase was primarily due to an increase of 639.7 ETH earned from staking
services and the increase in the average price of ETH for the nine months ended September 30, 2025 compared to the nine months ended
September 30, 2024.

Our
revenues from ETH liquid staking increased by $214,200, or 4,756.8%, to $218,703 for the nine months ended September 30, 2025 from $4,503
for the nine months ended September 30, 2024. The increase was due to the resume of liquid staking activities in the third quarter of
2025.

Cost
of revenue

We
incur cost of revenue from digital asset mining, cloud services, colocation services, and ETH staking businesses.

The
Company’s cost of revenue consists primarily of direct production costs associated with its core operations, excluding depreciation
and amortization, which are separately stated in the Company’s consolidated statements of operations. Specifically, these costs
consist of:

    i.
    cloud services operations
    - electricity costs, data center lease expense, GPU servers lease expense, and other relevant costs

    ii.
    colocation services - electricity
    costs, lease costs, data center employees’ wage expenses, and other relevant costs 

    iii.
    mining operations - electricity
    costs, profit-sharing fees and other relevant costs

    iv.
    ETH staking business -
    service fee and reward-sharing fees to the service providers.

Cost
of revenue - cloud services

For
the nine months ended September 30, 2025 and 2024, the cost of revenue from cloud services was comprised of the following:

    For
    the Nine Months Ended September 30, 

    2025  
    2024 

    Electricity costs 
    $1,802,691  
    $436,621 
  
    Data center lease expenses 
     4,020,206  
     2,327,868 
  
    GPU servers lease expenses 
     10,951,164  
     9,786,992 
  
    Other costs 
     2,019,607  
     660,814 
  
    Total 
    $18,793,668  
    $13,212