Document:

Exhibit 10.34

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED
FROM THIS EXHIBIT IN ACCORDANCE WITH REGULATION S-K ITEM 601(B)(10)(IV). ASTERISKS DENOTE OMISSIONS. SUCH INFORMATION IS BOTH (i) IMMATERIAL
AND (ii) IS OF A TYPE REGULARLY TREATED AS PRIVATE OR CONFIDENTIAL BY THE REGISTRANT.

 

MASTER SERVICES AGREEMENT ORDER #2

 

This Order, including the terms and conditions hereunder,
incorporates by reference the terms of the Master Services Agreement dated as of September 12, 2021 (the “Agreement”)
between Company and Client (as defined below). If any terms of this Order conflict with the terms of the Agreement, the terms of this
Order shall govern with respect to this Order. Capitalized terms used but not defined in this Order shall have the meanings ascribed in
the Agreement.

 

	Commencement Date: 	As of September 24, 2021 and then the fifteenth of every remaining month beginning with October 15, 2021 until November 15, 2022, respectively.
	Facility:	Company Facility as determined by Company.
	Client Equipment hosted**:	Deployment Month	Quantity & Type of Unit (the “Units”)	Assumed power consumption per Unit (KWh):
	OCT 2021	100 S19 or equivalent	3.255
	NOV 2021	100 S19 or equivalent	3.255
	DEC 2021	100 S19 or equivalent	3.255
	JAN 2022	100 S19 or equivalent	3.255
	FEB 2022	100 S19 or equivalent	3.255
	MAR 2022	2,500 S19 or equivalent	3.255
	APR 2022	5,000 S19 or equivalent	3.255
	MAY 2022	7,500 S19 or equivalent	3.255
	JUN 2022	10,000 S19 or equivalent	3.255
	JUL 2022	10,000 S19 or equivalent	3.255
	AUG 2022	10,000 S19 or equivalent	3.255
	SEP 2022	10,000 S19 or equivalent	3.255
	OCT 2022	10,000 S19 or equivalent	3.255
	NOV 2022	4,500 S19 or equivalent	3.255
	Hosting-Services Rate:	USD $[***]/ KWh; USD $[***]/KWh after hosting month 30
	Payment Due Prior to Installation:	USD $15,575,025.00 on or before September 29, 2021 consisting of:  
	 	●    $73,350.00, 100% of the prepayment for hosting services for OCT 2021 Units to be applied as a credit against future monthly invoices as they become due.
	 	●    $205,380.00, 70% of the prepayment for hosting services for NOV 2021 – FEB 2022 Units to be applied as a credit against future monthly invoices as they become due.
	 	●    $15,296,295.00, 30% of the prepayment for hosting services for MAR 2022 – NOV 2022 Units ($[***] for MAR 2022: $[***] for APR 2022: $[***] for MAY 2022: $[***] for each of JUN 2022, JUL 2022, AUG 2022, SEP 2022, OCT 2022: and $[***] for NOV Units) to be applied as a credit against future monthly invoices as they become due. 
	 	 
	 	USD $[***] on or before October 15, 2021 consisting of:  
	 	●    $733,640.00, 40% of the prepayment for hosting services for MAR 2022 Units to be applied as a credit against future monthly invoices as they become due.
	 	●    $[***], 30% of the prepayment for hosting services for NOV 2021 Units to be applied as a credit against future monthly invoices as they become due.
	 	 

 

     

     

    

 

	 	USD $[***] on or before November 15, 2021 consisting of:  
	 	●      $[***], 40% of the prepayment for hosting services for APR 2022 Units to be applied as a credit against future monthly invoices as they become due.  
	 	●      $[***], 30% of the prepayment for hosting services for DEC 2021 Units to be applied as a credit against future monthly invoices as they become due.
	 	 
	 	USD $[***] on or before December 15, 2021 consisting of:  
	 	●      $[***], 40% of the prepayment for hosting services for MAY 2022 Units to be applied as a credit against future monthly invoices as they become due.  
	 	●      $[***], 30% of the prepayment for hosting services for JAN 2022 Units to be applied as a credit against future monthly invoices as they become due.
	 	 
	 	USD $[***] on or before January 15, 2022 consisting of:  
	 	●      $[***], 40% of the prepayment for hosting services for JUN 2022 Units to be applied as a credit against future monthly invoices as they become due.  
	 	●      $[***], 30% of the prepayment for hosting services for FEB 2022 Units to be applied as a credit against future monthly invoices as they become due.
	 	 
	 	USD $[***] on or before February 15, 2022 consisting of:  
	 	●      $[***], 40% of the prepayment for hosting services for JUL 2022 Units to be applied as a credit against future monthly invoices as they become due.  
	 	●      $[***], 30% of the prepayment for hosting services for MAR 2022 Units to be applied as a credit against future monthly invoices as they become due.
	 	 
	 	USD $[***] on or before March 15, 2022 consisting of:  
	 	●      $[***], 40% of the prepayment for hosting services for AUG 2022 Units to be applied as a credit against future monthly invoices as they become due.  
	 	●      $[***], 30% of the prepayment for hosting services for APR 2022 Units to be applied as a credit against future monthly invoices as they become due.
	 	 
	 	USD $[***] on or before April 15, 2022 consisting of:  
	 	●      $[***], 40% of the prepayment for hosting services for SEP 2022 Units to be applied as a credit against future monthly invoices as they become due.  
	 	●      $[***], 30% of the prepayment for hosting services for MAY 2022 Units to be applied as a credit against future monthly invoices as they become due.
	 	 
	 	USD $[***] on or before May 15, 2022 consisting of:  
	 	●      $[***], 40% of the prepayment for hosting services for OCT 2022 Units to be applied as a credit against future monthly invoices as they become due.  
	 	●      $[***], 30% of the prepayment for hosting services for JUN 2022 Units to be applied as a credit against future monthly invoices as they become due.

 

    2

     

    

 

	 	USD
    $[***] on or before June 15, 2022 consisting of: 

  
	 	●      $[***], 40% of the prepayment for hosting services for NOV 2022 Units to be applied as a credit against future monthly invoices as
    they become due.

  

	 	●      $[***], 30% of the prepayment for hosting services for JUL 2022 Units to be applied as a credit against future monthly invoices as
    they become due.

  

	 	

                                                                                USD $[***] on or before July 15, 2022 consisting of:  

	 	●      $[***],
the remaining 30% of the prepayment for hosting services for AUG 2022 Units to be applied as a credit against future monthly invoices
as they become due.
	 	 
	 	USD $[***] on or before August 15, 2022 consisting of:  
	 	●      $[***],
the remaining 30% of the prepayment for hosting services for SEP 2022 Units to be applied as a credit against future monthly invoices
as they become due. 
	 	 
	 	USD $[***] on or before September 15, 2022 consisting of:  
	 	●      $[***],
the remaining 30% of the prepayment for hosting services for OCT 2022 Units to be applied as a credit against future monthly invoices
as they become due.
	 	 
	 	USD $[***] on or before October 15, 2022 consisting of:  
	 	●      $[***],
the remaining 30% of the prepayment for hosting services for NOV 2022 Units to be applied as a credit against future monthly invoices
as they become due.
	 	 
	Estimated Delivery Date:	
    As of September 24, 2021 and then the fifteenth of every month beginning
    with October 15, 2021 until November 15, 2022, respectively.

     

    Client to notify Company as soon as reasonably possible in advance
    if Units will not be delivered by this date. Company may terminate this Order if substantially all the Units are not delivered within
    60 days of the Estimated Delivery Date.

     

	Fees:	Equipment Configuration Fee: N/A
	Fees payable pursuant to Section 4 in connection with Service Termination/ Suspension 	
    Equipment disconnection fee: $[***]/Unit

    Storage Fee: $[***]/month/Unit

    Reinstatement fee: $[***]/Unit

    Equipment Recycle fee: $[***]/Unit decommissioned or disposed
of during the term

    

 

Order Term. Subject to acceptance by Company, the term of this
Order shall commence on the Commencement Date and continue until the fourth anniversary of the Commencement Date (the “Initial
Term”), unless sooner terminated (i) by Company, as provided above, (ii) by mutual agreement of the parties, or (iii) pursuant
to Section 4 of the Agreement. Unless earlier terminated, this Order shall automatically renew for successive 12-month renewal terms (“Renewal
Term”) unless terminated during a renewal term as set forth in the Agreement.

 

    3

     

    

 

Amendment to Section 8.d of the Agreement. Both Company and
Client agree that Section 8.d (Assignment and Subcontracting) of the Agreement is amended so that Client is permitted to sub-lease,
sub-license, assign, delegate or transfer the Agreement, Order 1 and Order 2, or any of its rights and obligations hereunder to Sphere
3D Corp. and thereunder without the prior written consent of Company as long as Sphere 3D Corp. satisfies Company requirements prior to.

 

Fees. Client shall pay the fees provided
for in this Order. The Fees for Services will be determined initially by reference to the Assumed power consumption per Unit of each deployed
Unit, multiplied by the Hosting-Services Rate (each as set forth above in this Order). Subsequent invoices will contain any additional
charges incurred by Client and adjustments resulting from any differences between the Fees for Services invoiced in the preceding month
and the Fee for Services based on Company’s determination of power utilized by Client during that month, as well as any adjustments
to Company’s estimate of power to be utilized by Client in the upcoming month. Fees for Services for each month shall be paid in
advance, in accordance with Section 3 of the Agreement.

 

Services. Company and Client agree
that all services to be provided by Company to Client shall be provided in a data center owned or operated by Company or its affiliate
which is defined as a company that is wholly owned or jointly owned but operated and managed by the Company
(“Company Facility”). At least ten percent (10 %) of the computer hardware (“Equipment”) (hosted
in the Company Facility in which Client Equipment is hosted must be Equipment that is owned by Company. If however, there is a single
occupancy restriction at a Company Facility for purposes of maintaining a qualifying data center status for sales tax purposes, the Client
shall have the option to either waive this requirement or pay the requisite sales tax. In addition, Company covenants that all power provided
to Client under this Order 2 shall be one hundred percent (100%) net carbon neutral. In addition, Company intends to achieve 100% net
carbon neutral status for its mining operations. The Company will achieve and maintain this status by continuing to increase relationships
with power suppliers providing a higher mix of non-carbon emitting energy sources and by purchasing certified green carbon offset certificates
using United States Environmental Protection Agency guidelines for calculating carbon emissions.

 

Company Disclosures. Company shall disclose to Client all specifications,
procedures, rules, policies and regulations which relate to, are mentioned in, or are integrated in the Agreement prior to executing the
Agreement and any Order. Company shall not be liable, or assessed any penalty, sanction, installation suspension, or fine for violation
of or failure to comply with any specifications, procedures, rules, policies and regulations which relate to, are mentioned in, or are
integrated in the Agreement which are not disclosed to Client prior to execution of the Agreement and Order. If Client violates or fails
to comply with any specifications, procedures, rules, policies and regulations which relate to, are mentioned in, or are integrated in
the Agreement which were not disclosed to Client prior to execution of the Agreement and Order, Company agrees to provide Client reasonable
time to comply with such undisclosed specifications, procedures, rules, policies and regulations.

 

Time to Retrieve Client Equipment: Upon the presentation of
any Retrieval Notice to Client, Client shall have fifteen (15) calendar days from the date set forth in the Retrieval Notice to pay any
outstanding amounts owed to Company and remove at Client’s sole cost and expense Client Equipment from Company Facility.

 

Failure or Delay by Client to Retrieve Client Equipment. The
failure or delay by Client to retrieve Client Equipment on or before the date set forth in the Retrieval Notice shall entitle Company
to pursue at Client’s sole risk and expense all actions set forth in Section 4(d), as applicable, only, and that any such failure
or delay by Client to retrieve Client Equipment shall not impact legal title to said Client Equipment.

 

Time to Dispute Amounts Billed by Company: Client may, in good
faith, dispute any Disputed Amount by submitting a written notice of such dispute along with reasonable supporting documentation within
seven (7) calendar days of the date of the initial invoice on which the Disputed Amount appears, failing which Client waives all rights
to dispute such Disputed Amount and to file any claim.

 

    4

     

    

 

Remedies and Notice for Change in Law. If a Change in law as
defined in the Agreement has resulted in an increase in Company’s cost of compliance with such Change in Law then Company may, in
its commercially reasonable discretion, take certain actions, including, without limitation, the following actions, at Client’s
sole risk and expense: (i) terminate this Agreement, any or all Orders only with Client’s express agreement to such termination;
and/or (ii) modify the Services as may be necessary to account for such Change in Law.

 

Notice under Section 4.e. Company shall notify Client of such
Company actions described in 4.e as soon as possible and in no event later than within three (3) calendar days of Company determining
that it will take any action contemplated, described or enumerated in Section 4.e.

 

Ordinary routine maintenance and repairs. Ordinary, routine
maintenance and repairs are defined to include routine maintenance of Client Equipment Units, power supply, internet connection.

 

Exception to Confidential Information provision for agents and contractors.
Either party may disclose Confidential Information its employees, contractors, or agents who have a need to know the Confidential Information
or as otherwise expressly permitted by this Agreement.

 

Exception to Confidential Information
provision for regulatory and legal requirements and obligations. Notwithstanding any contrary provision in this Agreement,
Company acknowledges and agrees that Client is or intends to become a U.S. publicly traded company and may be required to disclose
this Agreement and Order in order to comply with applicable securities laws, including its disclosure obligations under the U.S.
Securities Exchange Act of 1934, as amended. Client may therefore disclose any information that is reasonably necessary to comply
with any legal or regulatory requirement or obligation.

 

Prohibition against including Client
Equipment Units in any Security Agreement or collateralized transaction. Company agrees to not
include Client Equipment Units in any mortgage, pledge, lien, charge, security interest, claim or other encumbrance or
other instrument granting any third party any rights to the Client Equipment Units, or otherwise to cause or allow the creation of any
lien or cloud on title of the Client Equipment Units without the express written consent of Client. 

 

Performance Information. Company shall prepare reports of Client
performance data related to the Uptime of the Client Equipment Units, and any costs assessed. Such reports including data related to the
Uptime of Client Equipment Units and costs assessed shall be created on a daily basis and provided to Client upon Client’s request.
Such data related to Uptime of the Client Equipment Units shall be reported on a monthly basis to Client Uptime is defined for each calendar
month as an expression of the availability of the Client Equipment Units as a percentage equal to (a) the difference between the total
number of minutes of Downtime in such month and the total number of minutes in such month, divided by (b) the total number of minutes
in such calendar month. Downtime as used herein means, for each calendar month, time that the Client Equipment Units are not available
to mine digital assets in accordance with this Agreement, excluding periods of time in which the Client Equipment Units are not available
resulting from or relating to: (a) a Force Majeure Event; (b) scheduled maintenance or emergency maintenance, provided that Company shall
provide Client with reasonable advanced notice of any such maintenance; (c) downtime resulting from Client’s breach of this Agreement;
(d) faults or errors in the Client Equipment Units not resulting from Company’s breach of this Agreement; or (e) downtime related
to any other forces beyond the reasonable control of Company or its agents or subcontractors and not avoidable by reasonable due diligence.
Client may request one audit per month at the Client’s own cost (an “Audit”) of Company to determine whether all fees
and costs charged to Client under this Agreement were calculated in accordance with this Agreement. If that audit reveals that Company
has undercharged Client, then Client shall pay the difference between the charged amount and the actual amount to Company. Conversely,
if an Audit reveals that Company has overcharged Client, then Company shall pay Client the difference between the charged amount and the
actual amount.

 

    5

     

    

 

Third Party Code. Client shall
indemnify, defend and hold harmless Company and its affiliates, stockholders, directors, officers, employees, subcontractors and
invitees from and against any losses, liabilities, damages, costs and expenses (including, without limitation, reasonable
attorneys’ fees) arising from or relating to Client’s installation or use of any non-standard software or firmware in
connection with the Client Equipment. Notwithstanding any contrary provisions in the Agreement, if
Client requests or suggests changes to Company’s products or services, absent a separate custom development agreement Client
grants Company the right to incorporate such changes or suggestions into Company’s products and services without
restriction.

 

Warranty. Company does not make and hereby disclaims all warranties
with respect to the Units. Company shall initiate warranty claims with Unit manufacturer. Company cannot and does not guarantee that warranty
claims will be accepted by manufacturer.

 

Client Equipment Disclosures.
Client shall disclose to Company (a) whether any Client Equipment Units have been financed or are
otherwise subject to any security interest, (b) whether any Client Equipment Units were previously used, and (c) and shall confirm that
Company has all rights and title necessary to comply with all duties assumed in the Agreement. Provided
such disclosures are made by Client and security interest granted to financing entity does not impact Company’s rights under this
Agreement, Company shall approve the usage of any Client Equipment Units. 

 

Client agrees and confirms that:

 

		(i)	It has clean title to the Client Equipment or has otherwise provided Client Equipment Disclosures regarding the Client Equipment and
has not entered into any agreement that would interfere with Provider’s exercise of its remedies under section 4.d of the Agreement.

 

		(ii)	Neither Client nor Client’s customers will use the Services for any illegal activity; and

 

		(iii)	Neither Client nor its customers are subject to any sanctions imposed by the Office of Foreign Asset control of the U.S. Department
of the Treasury.

 

	**	Client agrees to replace sold, damaged and other inoperable
                                                                                        Units within 60 days to maintain the aggregate number of Units subject to this Order, unless Company has
                                                                                        been hired to repair the Unit or Units. Additional equipment may be added to this Order at the Hosted Services Rate provided upon
                                                                                        the mutual agreement of Provider and Client.

 	By: 	 	 	By:	 
	Gryphon Digital Mining, Inc. “Client”	Core Scientific, Inc., “Company”
	 	 
	Name:
    		 	Name:	
	Title:		 	Title:	
	Date:		 	Date:
    	

 

 

6Exhibit 10.35

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED
FROM THIS EXHIBIT IN ACCORDANCE WITH REGULATION S-K ITEM 601(B)(10)(IV). ASTERISKS DENOTE OMISSIONS. SUCH INFORMATION IS BOTH (i) IMMATERIAL
AND (ii) IS OF A TYPE REGULARLY TREATED AS PRIVATE OR CONFIDENTIAL BY THE REGISTRANT.

 

NON-FIXED PRICE

 

SALES AND PURCHASE AGREEMENT

 

BETWEEN

 

Bitmain Technologies Limited

(“Bitmain”)

 

AND

 

Gryphon Digital Mining Inc.

(“Purchaser”)

 

     

     

    

 

	1.	Definitions and Interpretations	3
	 	 	 
	2.	Sales of Product(s)	5
	 	 	 
	3.	Prices and Terms of Payment	6
	 	 	 
	4.	Product Discount	7
	 	 	 
	5.	Shipping of Product(s)	7
	 	 	 
	6.	Customs	9
	 	 	 
	7.	Warranty	9
	 	 	 
	8.	Representations and Warranties	11
	 	 	 
	9.	Indemnification and Limitation of Liability	12
	 	 	 
	10.	Distribution	13
	 	 	 
	11.	Intellectual Property Rights	13
	 	 	 
	12.	Confidentiality and Communications	14
	 	 	 
	13.	Term of this Agreement	14
	 	 	 
	14.	Contact Information	15
	 	 	 
	15.	Compliance with Laws and Regulations	15
	 	 	 
	16.	Force Majeure	16
	 	 	 
	17.	Entire Agreement and Amendment	17
	 	 	 
	18.	Assignment	17
	 	 	 
	19.	Severability	17
	 	 	 
	20.	Personal Data	17
	 	 	 
	21.	Conflict with the Terms and Conditions	18
	 	 	 
	22.	Governing Law and Dispute Resolution	18
	 	 	 
	23.	Waiver	18
	 	 	 
	24.	Counterparts and Electronic Signatures	18
	 	 	 
	25.	Further Assurance	18
	 	 	 
	26.	Third Party Rights	18
	 	 	 
	27.	Liquidated Damages Not Penalty	19

 

    	 	2 / 25	 

     

    

 

This non-fixed price sales and purchase agreement
(this “Agreement”) is made on [April 14, 2021] by and between Bitmain Technologies Limited (“Bitmain”) (Company
number: 2024301), with its registered office at Unit Al of Unit A, 11th Floor, Success Commercial Building, 245-251 Hennessy Road, Hong
Kong, and [Gryphon Digital Mining, Inc] (the “Purchaser”) (UEN: [3951255]), with its principal place of business at [614 N
Dupont Hwy, Suite 210, Dover, Delaware, US, 19901].

 

Bitmain and the Purchaser shall hereinafter collectively
be referred to as the “Parties”, and individually as a “Party”.

 

Whereas:

 

		1.	Purchaser fully understands the market risks, the price-setting principles and the market fluctuations
relating to the Products sold under this Agreement.

 

		2.	Purchaser has purchased the Products through the website of Bitmain (i.e., https://shop.bitmain.com, similarly
hereinafter) for many times, and is familiar with the purchase order processes of Bitmain’s website.

 

		3.	Based on the above consensus, the Purchaser is willing to purchase and Bitmain is willing to supply cryptocurrency
mining hardware and other equipment in accordance with the terms and conditions of this Agreement.

 

The Parties hereto agree as follows:

 

		1.	Definitions and Interpretations

 

The following terms, as used herein, have the
following meanings:

 

“Affiliate” means, with respect to
any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person; “Person”
means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust,
estate or other enterprise or entity (whether or not having separate legal personality); and “Control” means the power or
authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise, provided that such power or authority shall conclusively be presumed to
exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be
cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors
of such Person. The terms “Controlled” and “Controlling” have meanings correlative to the foregoing.

 

“Applicable Law” means any treaty,
law, decree, order, regulation, decision, statute, ordinance, rule, directive, code or other document that has legal force under any system
of law, including, without limitation, local law, law of any other state or part thereof or international law, and which creates or purports
to create any requirement or rule that may affect, restrict, prohibit or expressly allow the terms of this Agreement or any activity contemplated
or carried out under this Agreement.

 

    	 	3 / 25	 

     

    

 

“Bank Account” means the bank account
information of Bitmain provided in Appendix A of this Agreement.

 

“Force Majeure” means in respect of
either Party, any event or occurrence whatsoever beyond the reasonable control of that Party, which delays, prevents or hinders that Party
from performing any obligation imposed upon that Party under this Agreement, including to the extent such event or occurrence shall delay,
prevent or hinder such Party from performing such obligation, war (declared or undeclared), terrorist activities, acts of sabotage, blockade,
fire, lightning, acts of god, national strikes, riots, insurrections, civil commotions, quarantine restrictions, epidemics, earthquakes,
landslides, avalanches, floods, hurricanes, explosions and regulatory and administrative or similar action or delays to take actions of
any governmental authority.

 

“Intellectual Property Rights” means
any and all intellectual property rights, including but not limited to those concerning inventions, patents, utility models, registered
designs and models, engineering or production materials, drawings, trademarks, service marks, domain names, applications for any of the
foregoing (and the rights to apply for any of the foregoing), proprietary or business sensitive information and/or technical know-how,
copyright, authorship, whether registered or not, and any neighbor rights.

 

“Order” means the Purchaser’s
request to Bitmain for certain Product(s) in accordance with this Agreement.

 

“Product(s)” means the merchandise
that Bitmain will provide to the Purchaser in accordance with this Agreement.

 

“Total Purchase Price” means the aggregate
amount payable by the Purchaser as set out in Appendix A of this Agreement.

 

“Warranty Period” means the period
of time that the Product(s) are covered by the warranty granted by Bitmain or its Affiliates in accordance with Clause 7 of this Agreement.

 

“Warranty Start Date” means the date
on which the Product(s) are delivered to the carrier. Interpretations:

 

		i)	Words importing the singular include the plural and vice versa where the context so requires.

 

		ii)	The headings in this Agreement are for convenience only and shall not be taken into consideration in the
interpretation or construction of this Agreement.

 

		iii)	References to Clauses and Appendix(es) are references to Clauses and Appendix(es) of this Agreement.

 

		iv)	Unless specifically stated otherwise, all references to days shall mean calendar days.

 

		v)	Any reference to a code, law, statute, statutory provision, statutory instrument, order, regulation or
other instrument of similar effect shall include any re-enactment or amendment thereof for the time being in force.

 

    	 	4 / 25	 

     

    

 

		2.	Sales of Product(s)

 

Bitmain will provide the Product(s) set forth
in Appendix A (attached hereto as part of this Agreement) to the Purchaser in accordance with provisions of Clause 2, Clause 3, Clause
4, Clause 5 and Appendix A of this Agreement, and the Purchaser shall make payment in accordance with the terms specified in this Agreement.

 

		2.1	Both Parties agree that the Product(s) shall be sold in accordance with the following steps:

 

		(i)	The Purchaser shall place Order through Bitmain’s website or through other methods accepted by Bitmain,
and such Order shall constitute an irrevocable offer to purchase specific Product(s) from Bitmain.

 

		(ii)	After receiving the Order, Bitmain will send an order receipt confirmation email to the Purchaser. The
Purchaser’s Order will be valid for a period of twenty-four (24) hours after its placement, and upon expiration of such period,
Bitmain will have the right to cancel the Order at its sole discretion if the Purchaser fails to pay the down payment in accordance with
Appendix A of this Agreement.

 

		(iii)	The Purchaser shall pay the Total Purchase Price in accordance with Appendix A of this Agreement.

 

		(iv)	Upon receipt of the Total Purchase Price, Bitmain will provide a payment receipt to the Purchaser.

 

		(v)	Bitmain will send a shipping confirmation to the Purchaser after it has delivered the Product(s) to the
carrier, and the Order shall be deemed accepted by Bitmain upon Bitmain’s issuance of the shipping confirmation.

 

		2.2	Both Parties acknowledge and agree that the order receipt confirmation and the payment receipt shall not
constitute nor be construed as Bitmain’s acceptance of the Purchaser’s Order, but mere acknowledgement of the receipt of the
Order and the Total Purchase Price.

 

		2.3	Both Parties acknowledge and agree that in case of product unavailability, Bitmain shall have the right
to cancel the Order after it has issued the order receipt confirmation, the payment receipt or the shipping confirmation without any penalty
or liability.

 

		2.4	The Purchaser acknowledges and confirms that the Order is irrevocable and cannot be cancelled by the Purchaser,
and that the Product(s) ordered are neither returnable nor refundable. All sums paid by the Purchaser to Bitmain shall not be subject
to any abatement, set-off, claim, counterclaim, adjustment, reduction, or defense for any reason. Down payment and payment of Total Purchase
Price are not refundable, save as otherwise mutually agreed by the Parties.

 

		2.5	In the event of any conflict between this Agreement and terms found in Appendix A and Appendix B, the
terms in Appendix A and Appendix B shall govern.

 

    	 	5 / 25	 

     

    

 

		3.	Prices and Terms of Payment

 

		3.1	The Total Purchase Price (inclusive of any tax payable) shall be paid in accordance with the payment schedule
set forth in Appendix B of this Agreement.

 

		3.2	In the event that the Purchaser fails to fully settle the respective percentage of the Total Purchase
Price before the prescribed deadlines and fails to make a written request to Bitmain no less than five (5) business days prior to the
prescribed deadline and obtain Bitmain’s written consent, Bitmain shall be entitled to terminate this Agreement and the Purchase
shall be liable for a reasonable liquidated damage (not a penalty) of [20]% of the purchase price of such batch of Products. If there
are any remaining balance after deducting the liquidated damage, such remaining balance shall be refunded to the Purchaser free of any
interest. If the Purchaser fails to pay the down payment on a timely basis and Bitmain has arranged production or procurement, Bitmain
shall be entitled to request the Purchaser to be responsible for the loss related to such production or procurement.

 

		3.3	The Total Purchase Price set forth in this Agreement is merely an estimate of the price and not the actual
price. The actual price will be determined [one] month before the current batch is shipped and with reference to the market circumstances,
provided that the actual price shall not be higher than the estimated price.

 

		3.4	Upon receipt of notification of the actual price provided by Bitmain, the Purchaser shall be entitled
to three options:

 

		(i)	continue to perform the Order of the current batch of the Product(s) with the original rated hashrate
and pay the remaining amount at the actual price; or

 

		(ii)	request Bitmain to increase the rated hashrate in equivalent to the difference in price. Under this circumstance,
Bitmain shall have the right to negotiate with the Purchaser for the amount of the additional rated hashrate based on its then inventory;
or

 

		(iii)	partially or wholly cancel the Order of the current batch of Product(s). Under this circumstance, the
Purchaser shall not claim any refund from Bitmain. If the Purchaser has made payments and there is remaining balance, such remaining balance
shall be credited to the balance of the Purchaser and its affiliates.

 

Furthermore, the Purchaser shall confirm
in writing the result of its exercise of the options under this Clause within two (2) days after Bitmain provides the Purchaser with the
actual price, and if it is overdue and no agreement is reached between the Parties, the Purchaser shall be deemed to have voluntarily
and irrevocably waived its option under this Clause and the Parties shall continue to perform the Order of the current batch of Product(s)
with the original rated hashrate and the Purchaser shall pay the remaining amount at the actual price.

 

		3.5	The Parties understand and agree that the applicable prices of the Product(s) are inclusive of applicable
bank transaction fee, but are exclusive of any and all applicable import duties, taxes and governmental charges. The Purchaser shall pay
or reimburse Bitmain for all taxes levied on or assessed against the amounts payable hereunder. If any payment is subject to withholding,
the Purchaser shall pay such additional amounts as necessary, to ensure that Bitmain receives the full amount it would have received had
payment not been subject to such withholding.

 

    	 	6 / 25	 

     

    

 

		4.	Product Discount

 

Based on the sales results and sales strategy,
Bitmain is willing to offer the following discount as set forth in clause [4.1]:

 

		4.1	With respect of the signing of this Agreement, Bitmain offers the following discount to the Purchaser:

 

		4.1.1	The Products under this Agreement consists of twelve (12) batches and the discount amount of each batch
shall be calculated separately.

 

		4.1.2	Bitmain may provide difference discounts to the Purchaser based on the actual amount of the prepayment
and the payment time.

 

Discount Amount = Amount of prepayment * [***]%
* Number of months prepaid. The amount of prepayment shall be calculated at the end of each month. The number of months prepaid shall
be calculated from the month of payment without counting the month of delivery. For clarification, the payment date shall be the date
as evidenced in the remittance copy of such payment, and the discount term shall be calculated when the respective amounts under this
Agreement have been received by Bitmain in full and without further consideration of the remaining amount. Payment schedules may be further
adjusted in accordance with the actual situations.

 

		4.1.3	If the Purchaser fails to make the payments on time, the discount applicable to such batch shall be cancelled.

 

		4.2	No discount will be offered by Bitmain to the Purchaser.

 

		5.	Shipping of Product(s)

 

		5.1	Bitmain shall deliver the Products in accordance with the shipping schedule to the first carrier or the
carrier designated by the Purchaser.

 

		5.2	Subject to the limitations stated in Appendix A, the terms of delivery of the Product(s) shall be CIP
(carriage and insurance paid to (named place of destination) according to Incoterms 2010) to the place of delivery designated by the Purchaser.
Once the Product(s) have been delivered to the carrier, Bitmain shall have fulfilled its obligation to supply the Product(s) to the Purchaser,
and the title and risk of loss or damage to the Product(s) shall pass to the Purchaser.

 

		5.3	In the event of any discrepancy between this Agreement and Bitmain’s cargo insurance policy regarding
the insurance coverage, the then effective Bitmain cargo insurance policy shall prevail, and Bitmain shall be required to provide the
then effective insurance coverage to the Purchaser.

 

    	 	7 / 25	 

     

    

 

		5.4	If Bitmain fails to deliver the Products after thirty (30) days after the prescribed deadline, the Purchaser
shall be entitled to cancel the Order of such batch of Products and request Bitmain to refund the price of such undelivered batch of Products
together with an interest at [***]% per day for the period from the next day of each payment of the price of such batch of Products to
the date immediately prior to the request. In the event that the Purchaser does not cancel the Order of the undelivered batch of Products
and requests Bitmain to perform its delivery obligation, Bitmain shall continue to perform its delivery obligation and compensate the
Purchaser in accordance with Clause 5.5 of this Agreement.

 

		5.5	If Bitmain postpones the shipping schedule of the Products and the Purchaser does not cancel the Order,
Bitmain shall make a compensation to the Purchaser on daily basis, the amount of which shall equal to [***]% of the price of such undelivered
batch of Products, which compensation shall be made in the form of delivery of more rated hashrate. Amount less than one unit of Product
shall be credited to the balance of the Purchaser in the user system on Bitmain’s official website, which shall be viewable by the
Purchaser.

 

		5.6	There are twelve (12) batches of Products under this Agreement and each batch shall constitute independent
legal obligations of and shall be performed separately by the Parties. The delay of a particular batch shall not constitute waiver of
the payment obligation of the Purchaser in respect of other batches. The Purchaser shall not be entitled to terminate this Agreement solely
on the ground of delay of delivery of a single batch of Products.

 

		5.7	The purchaser shall choose the following shipping method:

 

þ
Shipping by Bitmain via Fedex/DHL/UPS/other logistics company; oSelf-pick

 

Note: Logistics costs shall be borne
by the Purchaser. Bitmain may collect payments on behalf of the services providers and issue services invoices if the Purchaser requests
Bitmain to send the Products.

 

		5.8	Bitmain shall not be responsible for any delivery delay caused by the Purchaser or any third party, including
but not limited to the carrier, the customs, and the import brokers, nor shall it be liable for damages, whether direct, indirect, incidental,
consequential, or otherwise, for any failure, delay or error in delivery of any Product(s) for any reason whatsoever.

 

		5.9	Bitmain shall not be responsible and the Purchaser shall be fully and exclusively responsible for any
loss of Product(s), personal injury, property damage, other damage or liability caused by the Product(s) or the transportation of the
Product(s) either to the Purchaser or any third party, or theft of the Product(s) during transportation from Bitmain to the Purchaser.

 

		5.10	Bitmain has the right to discontinue the sale of the Product(s) and to make changes to its Product(s)
at any time, without prior approval from or notice to the Purchaser.

 

		5.11	If the Product(s) is rejected and/or returned back to Bitmain because of any reason and regardless of
the cause of such delivery failure, the Purchaser shall be solely and exclusively liable for and shall defend, fully indemnify and hold
harmless Bitmain against any and all related expenses, fees, charges and costs incurred, arising out of or incidental to such rejection
and/or return (the “Return Expense”). Furthermore, if the Purchaser would like to ask for Bitmain’s assistance in redelivering
such Product(s) or assist in any other manner, and if Bitmain at its sole discretion decides to provide this assistance, then in addition
to the Return Expense, the Purchaser shall also pay Bitmain an administrative fee in accordance with Bitmain’s then applicable internal
policy.

 

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		5.12	If the Purchaser fails to provide Bitmain with the delivery place or the delivery place provided by the
Purchaser is a false address or does not exist, or the Purchaser reject to accept the Products, any related costs occurred (including
storage costs, warehousing charge and labor costs) shall be borne by the Purchaser. Bitmain may issue the Purchaser a notice of self-pick-up
and ask the Purchaser to pick up the Products itself. Bitmain shall be deemed to have completed the delivery obligation under this Agreement
after two (2) business days following the issue of the self-pick¬up notice. After 30 days of the self-pick-up notice, the Purchaser
shall be entitled to deal with the Products in any manner as it deems appropriate.

 

		5.13	The Purchaser shall inspect the Products within 2 days (the “Acceptance Time”) after receiving
the Products (the date of signature on the carrier’s delivery voucher shall be the date of receipt), if the Purchaser does not raise
any written objection within the agreed Acceptance Time, the Products delivered by Bitmain shall be deemed to be in full compliance with
the provisions of this Agreement.

 

		6.	Customs

 

		6.1	Bitmain shall obtain in due time and maintain throughout the term of this Agreement (if applicable), any
and all approvals, permits, authorizations, licenses and clearances for the export of the Product(s) that are required to be obtained
by Bitmain or the carrier under Applicable Laws.

 

		6.2	The Purchaser shall obtain in due time and maintain throughout the term of this Agreement (if applicable),
any and all approvals, permits, authorizations, licenses and clearances required for the import of the Product(s) to the country of delivery
as indicated in the shipping information, that are required to be obtained by the Purchaser or the carrier under Applicable Laws, and
shall be responsible for any and all additional fees, expenses and charges in relation to the import of the Product(s).

 

		7.	Warranty

 

		7.1	The Warranty Period shall start on the Warranty Start Date and end on the 365th day after the Warranty
Start Date. During the Warranty Period, the Purchaser’s sole and exclusive remedy, and Bitmain’s entire liability, will be
to repair or replace, at Bitmain’s option, the defective part/component of the Product(s) or the defective Product(s) at no charge
to the Purchaser. If the Purchaser requires Bitmain to provide any warranty services, the Purchaser shall create a maintenance order on
Bitmain’s website during the Warranty Period (the time of creation of the maintenance order shall be determined by the display time
of such order on Bitmain’s website) and send the Product to the place designated by Bitmain within the time limit required by Bitmain.
Otherwise, Bitmain shall be entitled to refuse to provide the warranty service.

 

    	 	9 / 25	 

     

    

 

		7.2	The Parties acknowledge and agree that the warranty provided by Bitmain as stated in the preceding paragraph
does not apply to the following:

 

		(i)	normal wear and tear;

 

		(ii)	damage resulting from accident, abuse, misuse, neglect, improper handling or improper installation;

 

		(iii)	damage or loss of the Product(s) caused by undue physical or electrical stress, including but not limited
to moisture, corrosive environments, high voltage surges, extreme temperatures, shipping, or abnormal working conditions;

 

		(iv)	damage or loss of the Product(s) caused by acts of nature including, but not limited to, floods, storms,
fires, and earthquakes;

 

		(v)	damage caused by operator error, or non-compliance with instructions as set out in accompanying documentation;

 

		(vi)	alterations by persons other than Bitmain, associated partners or authorized service facilities;

 

		(vii)	Product(s), on which the original software has been replaced or modified by persons other than Bitmain,
associated partners or authorized service facilities;

 

		(viii)	counterfeit products;

 

		(ix)	damage or loss of data due to interoperability with current and/or future versions of operating system,
software and/or hardware;

 

		(x)	damage or loss of data caused by improper usage and behavior which is not recommended and/or permitted
in the product documentation;

 

		(xi)	failure of the Product(s) caused by usage of products not supplied by Bitmain; and

 

		(xii)	hash boards or chips are burnt.

 

In case the warranty is voided, Bitmain
may, at its sole discretion, provide repair service to the Purchaser, and the Purchaser shall bear all related expenses and costs.

 

		7.3	Notwithstanding anything to the contrary herein, the Purchaser acknowledges and agrees that the Product(s)
provided by Bitmain do not guarantee any cryptocurrency mining time and, Bitmain shall not be liable for any cryptocurrency mining time
loss or cryptocurrency mining revenue loss that are caused by downtime of any part/component of the Product(s). Bitmain does not warrant
that the Product(s) will meet the Purchaser’s requirements or the Product(s) will be uninterrupted or error free. Except as provided
in Clause 7.1 of this Agreement, Bitmain makes no warranties to the Purchaser with respect to the Product(s), and no warranties of any
kind, whether written, oral, express, implied or statutory, including warranties of merchantability, fitness for a particular purpose
or non-infringement or arising from course of dealing or usage in trade shall apply.

 

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		7.4	In the event of any ambiguity or discrepancy between this Clause 7 of this Agreement and Bitmain’s
After-sales Service Policy from time to time, it is intended that the After-sales Service Policy shall prevail and the Parties shall comply
with and give effect to the After-sales Service Policy. Please refer to the website of Bitmain for detailed terms of warranty and after-sales
maintenance. Bitmain has no obligation to notify the Purchaser of the update or modification of such terms.

 

		7.5	During the warranty period, if the hardware product needs to be repaired or replaced, the Purchaser shall
bear the logistics costs of shipping the Product to the address designated by Bitmain, and Bitmain shall bear the logistics costs of shipping
back the repaired or replaced Product to the address designated by the Purchaser. The Purchaser shall bear all and any additional costs
incurred due to incorrect or incomplete delivery information provided by the Purchaser and all and any risks of loss or damage to the
Product, or the parts or components of the Products during the transportation period (including the transportation period when the product
is sent to Bitmain and returned by Bitmain to the Purchaser).

 

		8.	Representations and Warranties

 

The Purchaser makes the following representations
and warranties to Bitmain:

 

		8.1	It has the full power and authority to own its assets and carry on its businesses.

 

		8.2	The obligations expressed to be assumed by it under this Agreement are legal, valid, binding and enforceable
obligations.

 

		8.3	It has the power to enter into, perform and deliver, and has taken all necessary action to authorize its
entry into, performance and delivery of, this Agreement and the transactions contemplated by this Agreement.

 

		8.4	The entry into and performance by it of, and the transactions contemplated by, this Agreement do not and
will not conflict with:

 

		(i)	any Applicable Law;

 

		(ii)	its constitutional documents; or

 

		(iii)	any agreement or instrument binding upon it or any of its assets.

 

		8.5	All authorizations required or desirable:

 

		(i)	to enable it lawfully to enter into, exercise its rights under and comply with its obligations under this
Agreement;

 

    	 	11 / 25	 

     

    

 

		(ii)	to ensure that those obligations are legal, valid, binding and enforceable; and

 

		(iii)	to make this Agreement admissible in evidence in its jurisdiction of incorporation,

 

have been or will have been by the time,
obtained or effected and are, or will be by the appropriate time, in full force and effect.

 

		8.6	It is not aware of any circumstances which are likely to lead to:

 

		(i)	any authorization obtained or effected not remaining in full force and effect;

 

		(ii)	any authorization not being obtained, renewed or effected when required or desirable; or

 

		(iii)	any authorization being subject to a condition or requirement which it does not reasonably expect to satisfy
or the compliance with which has or could reasonably be expected to have a material adverse effect.

 

		8.7	(a) It is not the target of economic sanctions administered by the Office of Foreign Assets Control of
the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s
Treasury or Singapore (“Sanctions”), including by being listed on the Specially Designated

 

Nationals and Blocked Persons (SDN)
List maintained by OFAC or any other Sanctions list maintained by one of the foregoing governmental authorities, directly or indirectly
owned or controlled by one or more SDNs or other Persons included on any other Sanctions list, or located, organized or resident in a
country or territory that is the target of Sanctions, and (b) the purchase of the Product(s) will not violate any Sanctions or import
and export control related laws and regulations.

 

		8.8	All information supplied by the Purchaser is and shall be true and correct, and the information does not
contain and will not contain any statement that is false or misleading.

 

		9.	Indemnification and Limitation of Liability

 

		9.1	The Purchaser shall, during the term of this Agreement and at any time thereafter, indemnify and save
Bitmain and/or its Affiliates harmless from and against any and all damages, suits, claims, judgments, liabilities, losses, fees, costs
or expenses of any kind, including legal fees, whatsoever arising out of or incidental to the Products pursuant to this Agreement.

 

		9.2	Notwithstanding anything to the contrary herein, Bitmain and its Affiliates shall under no circumstances,
be liable to the Purchaser for any consequential loss, or loss of goodwill, business, anticipated profits, revenue, contract, or business
opportunity arising out of or in connection with this Agreement, and the Purchaser hereby waives any claim it may at any time have against
Bitmain and its Affiliates in respect of any such damages. The foregoing limitation of liability shall apply whether in an action at law,
including but not limited to contract, strict liability, negligence, willful misconduct or other tortious action, or an action in equity.

 

    	 	12 / 25	 

     

    

 

		9.3	Bitmain and its Affiliates’ cumulative aggregate liability pursuant to this Agreement, whether arising
from tort, breach of contract or any other cause of action shall be limited to and not exceed the amount of one hundred percent (100%)
of the down payment actually received by Bitmain from the Purchaser for the Product(s).

 

		9.4	The Product(s) are not designed, manufactured or intended for use in hazardous or critical environments
or in activities requiring emergency or fail-safe operation, such as the operation of nuclear facilities, aircraft navigation or communication
systems or in any other applications or activities in which failure of the Product(s) may pose the risk of environmental harm or physical
injury or death to humans. Bitmain specifically disclaims any express or implied warranty of fitness for any of the above described application
and any such use shall be at the Purchaser’s sole risk.

 

		9.5	The above limitations and exclusions shall apply (1) notwithstanding failure of essential purpose of any
exclusive or limited remedy; and (2) whether or not Bitmain has been advised of the possibility of such damages. This Clause allocates
the risks under this Agreement and Bitmain’s pricing reflects this allocation of risk and the above limitations.

 

		10.	Distribution

 

		10.1	This Agreement does not constitute a distributor agreement between Bitmain and the Purchaser. Therefore,
the Purchaser is not an authorized distributor of Bitmain.

 

		10.2	The Purchaser shall in no event claim or imply to a third party that it is an authorized distributor of
Bitmain or Bitmain (Antminer) or any similar terms, or perform any act that will cause it to be construed as an authorized distributor
of Bitmain or Bitmain (Antminer). As between the Purchaser and Bitmain, the Purchaser shall be exclusively and fully responsible for complying
with the Applicable Laws regarding repackaging the Product(s) for the Purchaser’s redistribution needs, and shall be solely liable
for any and all liabilities or costs directly incurred or incidental to such redistribution.

 

		11.	Intellectual Property Rights

 

		11.1	The Parties agree that the Intellectual Property Rights in any way contained in the Product(s), made,
conceived or developed by Bitmain and/or its Affiliates for the Product(s) under this Agreement and/or, achieved, derived from, related
to, connected with the provision of the Product(s) by Bitmain and/or acquired by Bitmain from any other person in performance of this
Agreement shall be the exclusive property of Bitmain and/or its Affiliates.

 

		11.2	Notwithstanding anything to the contrary herein, all Intellectual Property Rights in the Product(s) shall
remain the exclusive property of Bitmain and/or its licensors. Except for licenses explicitly identified in Bitmain’s Shipping Confirmation
or in this Clause 11.2, no rights or licenses are expressly granted, or implied, whether by estoppel or otherwise, in respect of any Intellectual
Property Rights of Bitmain and/or its Affiliates or any Intellectual Property residing in the Product(s) provided by Bitmain to the Purchaser,
including in any documentation or any data furnished by Bitmain. Bitmain grants the Purchaser a non-exclusive, non-transferrable, royalty-free
and irrevocable license of Bitmain and/or its Affiliates’ Intellectual Property Rights to solely use the Product(s) delivered by
Bitmain to the Purchaser for their ordinary function, and subject to the Clauses set forth herein. The Purchaser shall in no event violate
the Intellectual Property Rights of Bitmain and/or its licensors.

 

    	 	13 / 25	 

     

    

 

		11.3	If applicable, payment by the Purchaser of non-recurring charges to Bitmain for any special designs, or
engineering or production materials required for Bitmain’s performance of Orders for customized Product(s), shall not be construed
as payment for the assignment from Bitmain to the Purchaser of title to the design or special materials. Bitmain shall be the sole owner
of such special designs, engineering or production materials.

 

		12.	Confidentiality and Communications

 

		12.1	All information concerning this Agreement and matters pertaining to or derived from the provision of Product(s)
pursuant to this Agreement between the Parties, whether in oral or written form, or in the form of drawings, computer programs or other,
as well as all data derived therefrom (“Confidential Information”), shall be deemed to be confidential and, as such, may not
be divulged to any unauthorized person. The Purchaser undertakes and agrees to take all reasonable and practicable steps to ensure and
protect the confidentiality of the Confidential Information which cannot be passed, sold, traded, published or disclosed to any unauthorized
person. Notwithstanding, the above, Bitmain understands and agrees that Purchaser may be subject to legal requirements to disclose this
Agreement and its terms in order to comply with applicable law, including disclosure obligations under the U.S. Securities Exchange Act
of 1934, as amended, and both Purchaser and Bitmain agree that: x) Purchaser may disclose the existence of this Agreement and its terms
to comply with any legal obligation, order, or requirement, y) Purchaser may disclose the existence of this Agreement and its terms to
Purchaser’s legal, tax, banking, and financial advisors, and z) Purchaser may disclose the existence of the Agreement and its terms
for marketing purposes, provided that, in these circumstances, the Purchaser shall notify Bitmain with all relevant information for its
disclosure or proposed disclosure as early as practicable.

 

		13.	Term of this Agreement

 

		13.1	This Agreement will be effective upon Bitmain’s issuance of the shipping confirmation to the Purchaser,
provided that if there is more than one shipping confirmation, this Agreement will be effective to the Products contained in each shipping
confirmation upon Bitmain’s issuance of the respective shipping confirmation to the Purchaser.

 

		13.2	This Agreement shall remain effective up to and until the delivery of the last batch of Products.

 

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		14.	Contact Information

 

All communications in relation to this Agreement
shall be made to the following contacts:

 

Purchaser’s business contact:

 

		1.	Name: Dan Tolhurst

 

Phone: [***]

 

Email: [***]

 

		2.	Name: Robby Chang

 

Phone: [***]

 

Email: [***]

 

Bitmain’s business contact:

 

Name: [***]

 

Phone: [***]

 

Email: [***]

 

		15.	Compliance with Laws and Regulations

 

		15.1	The Purchaser undertakes that it will fully comply with all Applicable Laws in relation to export and
import control and Sanctions and shall not take any action that would cause Bitmain or any of its Affiliates to be in violation of any
export and import control laws or Sanctions. The Purchaser shall also be fully and exclusively liable for and shall defend, fully indemnify
and hold harmless Bitmain and/or its Affiliates from and against any and all claims, demands, actions, costs or proceedings brought or
instituted against Bitmain and/or its Affiliates arising out of or in connection with any breach by the Purchaser or the carrier of any
Applicable Laws in relation to export and import control or Sanction.

 

		15.2	The Purchaser acknowledges and agrees that the Product(s) in this Agreement are subject to the export
control laws and regulations of all related countries, including but not limited to the Export Administration Regulations (“EAR”)
of the United States. Without limiting the foregoing, the Purchaser shall not, without receiving the proper licenses or license exceptions
from all related governmental authorities, including but not limited to the U.S. Bureau of Industry and Security, distribute, redistribute,
export, re-export, or transfer any Product(s) subject to this Agreement either directly or indirectly, to any national of any country
identified in Country Groups D:1 or E:1 as defined in the EARs. In addition, the Product(s) under this Agreement may not be exported,
re-exported, or transferred to (a) any person or entity for military purposes; (b) any person or entity listed on the “Entity List”,
“Denied Persons List” or the SDN List as such lists are maintained by the U.S. Government, or (c) an end-user engaged in activities
related to weapons of mass destruction. Such activities include but are not necessarily limited to activities related to: (1) the design,
development, production, or use of nuclear materials, nuclear facilities, or nuclear weapons; (2) the design, development, production,
or use of missiles or support of missiles projects; and (3) the design, development, production, or use of chemical or biological weapons.
The Purchaser further agrees that it will not do any of the foregoing in violation of any restriction, law, or regulation of the European
Union or an individual EU member state that imposes on an exporter a burden equivalent to or greater than that imposed by the U.S. Bureau
of Industry and Security.

 

    	 	15 / 25	 

     

    

 

		15.3	The Purchaser undertakes that it will not take any action under this Agreement or use the Product(s) in
a way that will be a breach of any anti-money laundering laws, any anti-corruption laws, and/or any counter-terrorist financing laws.

 

		15.4	The Purchaser warrants that the Product(s) have been purchased with funds that are from legitimate sources
and such funds do not constitute proceeds of criminal conduct, or realizable property, or proceeds of terrorism financing or property
of terrorist, within the meaning given in the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter
65A) and the Terrorism (Suppression of Financing) Act (Chapter 325), respectively. If Bitmain receives, including but not limited to investigation,
evidence collection, restriction and other measures, from any competent organizations or institutions, the Purchaser shall immediately
cooperate with Bitmain and such competent organizations or institutions in the investigation process, and Bitmain may request the Purchaser
to provide necessary security if so required. The Purchaser understands that if any Person resident in Singapore knows or suspects or
has reasonable grounds for knowing or suspecting that another Person is engaged in criminal conduct or is involved with terrorism or terrorist
property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector,
or other trade, profession, business or employment, the Person will be required to report such knowledge or suspicion to the Suspicious
Transaction Reporting Office, Commercial Affairs Department of the Singapore Police Force. The Purchaser acknowledges that such a report
shall not be treated as breach of confidence or violation of any restriction upon the disclosure of information imposed by any Applicable
Law, contractually or otherwise.

 

		16.	Force Majeure

 

		16.1	To the extent that a Party is fully or partially delayed, prevented or hindered by an event of Force Majeure
from performing any obligation under this Agreement (other than an obligation to make payment), subject to the exercise of reasonable
diligence by the affected Party, the failure to perform shall be excused by the occurrence of such event of Force Majeure. A Party claiming
that its performance is excused by an event of Force Majeure shall, promptly after the occurrence of such event of Force Majeure, notify
the other Party of the nature, date of inception and expected duration of such event of Force Majeure and the extent to which the Party
expects that the event will delay, prevent or hinder the Party from performing its obligations under this Agreement. The notifying Party
shall thereafter use its best effort to eliminate such event of Force Majeure and mitigate its effects.

 

		16.2	The affected Party shall use reasonable diligence to remove the event of Force Majeure, and shall keep
the other Party informed of all significant developments.

 

    	 	16 / 25	 

     

    

 

		16.3	Except in the case of an event of Force Majeure, neither party may terminate this Agreement prior to its
expiry date.

 

		17.	Entire Agreement and Amendment

 

This Agreement, constitutes the entire agreement
of the Parties hereto and can only be amended with the written consent of both Parties or otherwise as mutually agreed by both Parties.

 

		18.	Assignment

 

		18.1	Bitmain may freely assign or transfer any of its rights, benefits or obligations under this Agreement
in whole or in part to its Affiliates or to any third party. The Purchaser may not assign or transfer any of its rights, benefits or obligations
under this Agreement in whole or in part without Bitmain’s prior written consent.

 

		18.2	This Agreement shall be binding upon and enure to the benefit of each Party to this Agreement and its
successors in title and permitted assigns.

 

		19.	Severability

 

To the extent possible, if any provision of this
Agreement is held to be illegal, invalid or unenforceable in whole or in part by a court, the provision shall apply with whatever deletion
or modification is necessary so that such provision is legal, valid and enforceable and gives effect to the commercial intention of the
Parties. The remaining provisions of this Agreement shall not be affected and shall remain in full force and effect.

 

		20.	Personal Data

 

Depending on the nature of the Purchaser’s
interaction with Bitmain, some examples of personal data which Bitmain may collect from the Purchaser include the Purchaser’s name
and identification information, contact information such as the Purchaser’s address, email address and telephone number, nationality,
gender, date of birth, and financial information such as credit card numbers, debit card numbers and bank account information.

 

Bitmain generally does not collect the Purchaser’s
personal data unless (a) it is provided to Bitmain voluntarily by the Purchaser directly or via a third party who has been duly authorized
by the Purchaser to disclose the Purchaser’s personal data to Bitmain (the Purchaser’s “authorized representative”)
after (i) the Purchaser (or the Purchaser’s authorized representative) has been notified of the purposes for which the data is collected,
and (ii) the Purchaser (or the Purchaser’s authorized representative) has provided written consent to the collection and usage of
the Purchaser’s personal data for those purposes, or (b) collection and use of personal data without consent is permitted or required
by related laws. Bitmain shall seek the Purchaser’s consent before collecting any additional personal data and before using the
Purchaser’s personal data for a purpose which has not been notified to the Purchaser (except where permitted or authorized by law).

 

    	 	17 / 25	 

     

    

 

		21.	Conflict with the Terms and Conditions

 

In the event of any ambiguity or discrepancy between
the Clauses of this Agreement and the Terms and Conditions from time to time, it is intended that the Clauses of this Agreement shall
prevail and the Parties shall comply with and give effect to this Agreement.

 

		22.	Governing Law and Dispute Resolution

 

		22.1	This Agreement shall be solely governed by and construed in accordance with the laws of Hong Kong.

 

		22.2	Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including
the existence, validity, interpretation, performance, breach or termination hereof or any dispute regarding non-contractual obligations
arising out of or relating to this Agreement shall be referred to and finally resolved by arbitration administered by the Hong Kong International
Arbitration Center under the UNCITRAL Arbitration Rules in force when the notice of arbitration is submitted. The decision and awards
of the arbitration shall be final and binding upon the parties hereto.

 

		23.	Waiver

 

Failure by either Party to enforce at any time
any provision of this Agreement, or to exercise any election of options provided herein shall not constitute a waiver of such provision
or option, nor affect the validity of this Agreement or any part hereof, or the right of the waiving Party to thereafter enforce each
and every such provision or option.

 

		24.	Counterparts and Electronic Signatures

 

This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this Agreement, and all of which, when taken together, will be deemed
to constitute one and the same agreement. The facsimile, email or other electronically delivered signatures of the Parties shall be deemed
to constitute original signatures, and facsimile or electronic copies hereof shall be deemed to constitute duplicate originals.

 

		25.	Further Assurance

 

Each Party undertakes to the other Party to execute
or procure to be executed all such documents and to do or procure to be done all such other acts and things as may be reasonable and necessary
to give all Parties the full benefit of this Agreement.

 

		26.	Third Party Rights

 

A person who is not a Party to this Agreement
has no right under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of Hong Kong) to enforce or to enjoy the
benefit of any term of this Agreement.

 

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		27.	Liquidated Damages Not Penalty

 

It is expressly agreed that any liquidated damages
payable under this Agreement do not constitute a penalty and that the Parties, having negotiated in good faith for such specific liquidated
damages and having agreed that the amount of such liquidated damages is reasonable in light of the anticipated harm caused by the breach
related thereto and the difficulties of proof of loss and inconvenience or nonfeasibility of obtaining any adequate remedy, are estopped
from contesting the validity or enforceability of such liquidated damages.

 

(The rest part of the page is intentionally
left in blank)

 

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Signed for and on behalf of Bitmain

 

	 	Bitmain Technologies Limited
	 	 	 
	 	Signature 	          
	 	Title	 

 

Signed for and on behalf of the Purchaser

 

	 	Gryphon Digital Mining, Inc.
	 	 	 
	 	Signature 	    
	 	Title	 

 

 

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APPENDIX A

 

		1.	Products:

 

		1.1	The information (including but not limited to the quantity, rated hashrate, estimated unit price (“Unit
Price”), estimated total price(“Total Price (One Item)”), total price for all the items (“Total
Purchase Price”) of Products to be purchased by Party B from Party A is as follows (“Products”):

 

		1.1.1	Product Type

 

	Type	 	Details
	Product Name	 	Super Computing Server, S19j Pro
	 	 	 
	Rated hashrate / unit	 	⁓100TH/s
	 	 	 
	Rated power / unit	 	⁓2950W
	 	 	 
	J/T@25°C environment temperature	 	⁓29.5
	 	 	 
	Description	 	
    1.     Bitmain
    undertakes that the error range of “J/T@25°C environment temperature” does not exceed [***]%.

    2.     “Rated
    hashrate / unit” and “rated power / unit” are for reference only and may defer from each batch or unit. Bitmain makes
    no representation on “Rated hashrate / unit” and “rated power / unit.

    3.     Purchaser
    shall not reject the Products on the grounds that the actual parameters of the delivered Products are not in consistence with the reference
    indicators.

 

		1.1.2	The estimated delivery schedule, reference quantity, total rated hashrate, unit price and total price
are as follows:

 

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	Batch	Product Name	Shipping Schedule	Reference Quantity	Total Rated Hashrate (T)	Estimated Price/T (US$/T)	Estimated Unit Price (US$)	Estimated Total Price (US$)
	1	Hash Super Computing Server, S19j pro	August 2021	600	60,000	83.77	8,377	5,026,200
	2	September 2021	600	60,000	83.77	8,377	5,026,200
	3.	October 2021	600	60,000	83.77	8,377	5,026,200
	4.	November 2021	600	60,000	77.01	7,701	4,620,600
	5	December 2021	600	60,000	77.01	7,701	4,620,600
	6	January 2022	600	60,000	77.01	7,701	4,620,600
	7	February 2022	600	60,000	64.85	6,485	3,891,000
	8	March 2022	600	60,000	64.85	6,485	3,891,000
	9	April 2022	600	60,000	64.85	6,485	3,891,000
	10	May

2022	600	60,000	58.1	5,810	3,486,000
	11	June

2022	600	60,000	58.1	5,810	3,486,000
	12	July

2022	600	60,000	58.1	5,810	3,486,000

 

		1.1.3	Estimated Total price of the Products listed above:

 

Estimated Total Purchase Price (tax
exclusive): US$51,071,400

 

Tax: US$0

 

Estimated Total Purchase Price (tax
inclusive): US$51,071,400

 

		1.2	Both Parties confirm and agree that Bitmain may adjust the total quantity based on the total hashrate
provided that the total hashrate of the Product(s) actually delivered by Bitmain to the Purchaser shall not be less than the total rated
hashrate agreed in Article 1.1 of this Appendix A. Bitmain makes no representation that the quantity of the actually delivered Products
shall be the same as the quantity set forth in Article 1.1. of this Appendix A.

 

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		1.3	In the event that Bitmain publishes any new type of products with less J/T value and suspends the production
of the type of the Products as agreed in this Agreement, Bitmain shall be entitled to release itself from any future obligation to deliver
any subsequent Products by [10]-day prior notice to the Purchaser and continue to deliver new types of Products, the total rated hashrate
of which shall be no less than such subsequent Products cancelled under this Agreement and the price of which shall be adjusted in accordance
with the J/T value. In the event that the Purchaser explicitly refuses to accept new types of Products, the Purchaser is entitled to request
for a refund of the remaining balance of the purchase price already paid by the Purchaser together with an interest at 0.0333% per day
on such balance for the period from the next day following the payment date of such balance to the date immediately prior to the date
of request of refund. If the Purchaser accepts the new types of Products delivered by Bitmain, Bitmain shall be obliged to deliver such
new types of Products to fulfill its obligations under this Agreement. The Purchaser may request to lower the actual total hashrate of
the Products delivered but shall not request to increase the actual total hashrate to the level exceeding the total rated hashrate as
set out in this Agreement. After Bitmain publishes new types of Products and if Bitmain has not suspended the production of the types
of Products under this Agreement, Bitmain shall continue to delivery such agreed types of Products in accordance with this Agreement and
the Purchaser shall not terminate this Agreement or refuse to accept the Products on the grounds that Bitmain has published new type(s)
of Products.

 

		2.	Cargo insurance coverage limitations:

 

The cargo insurance coverage provided by Bitmain
is subject to the following limitations and exceptions:

 

Exclusions:

 

		-	loss damage or expense attributable to willful misconduct of the Assured

		-	ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject-matter insured

		-	loss damage or expense caused by insufficiency or unsuitability of packing or preparation of the subject-matter
insured (for the purpose of this Clause, “packing” shall be deemed to include stowage in a container or liftvan but only when
such stowage is carried out prior to attachment of this insurance or by the Assured or their servants)

		-	loss damage or expense caused by inherent vice or nature of the subject-matter insured

		-	loss damage or expense proximately caused by delay, even though the delay be caused by a risk insured
against (except expenses payable)

		-	loss damage or expense arising from insolvency or financial default of the owners managers charterers
or operators of the vessel

		-	loss, damage, or expense arising from the use of any weapon of war employing atomic or nuclear fission,
and/or fusion or other like reaction or radioactive force or matter.

		-	Loss, damage or expense arising from unseaworthiness of vessel or craft, unfitness of vessel craft conveyance
container or liftvan for the safe carriage of the subject-matter insured, where the Assured or their servants are privy to such unseaworthiness
or unfitness, at the time the subject-matter insured is loaded therein.

		-	The Underwriters waive any breach of the implied warranties of seaworthiness of the ship and fitness of
the ship to carry the subject-matter insured to destination, unless the Assured or their servants are privy to such unseaworthiness or
unfitness.

 

    	 	23 / 25	 

     

    

 

		-	Loss, damage or expense caused by (1) war, civil war, revolution, rebellion, insurrection, or civil strife
arising therefrom, or any hostile act by or against a belligerent power, (2) capture, seizure, arrest, restraint or detainment (piracy
excepted), and the consequences thereof or any attempt threat, (3) derelict mines, torpedoes, bombs, or other derelict weapons of war.

		-	Loss, damage, or expense caused by strikers, locked-out workmen, or persons taking part in labor disturbances,
riots or civil commotion, resulting from strikes, lock-outs, labor disturbances, riots or civil commotions, caused by any terrorist or
any person acting from a political motive.

 

		3.	Bitmain’s BANK ACCOUNT info:

 

[***]

 

		4.	The payment shall be arranged by the Purchaser as Appendix B.

 

		5.	At any time prior to the delivery, Bitmain is entitled to, by written notice, request the Purchaser to
enter into a separate purchase agreement and Bitmain and the Purchaser, if so requested, shall cooperate with Bitmain to enter into such
purchase agreement and shall pay the outstanding price for the Products in accordance with the terms and conditions of this Agreement,
failing which Bitmain is entitled to request the Purchaser to continue to perform its obligations under this Agreement.

 

		6.	The Purchaser shall pay [25%] of the Total Purchase Price as down payment to Bitmain and the remaining
in accordance with the payment schedule set forth in this Agreement.

 

		7.	Without prejudice to the above, the unit price and the Total Purchase Price of the Product(s) and any
amount paid by the Purchaser shall be all denominated in USD. Where the Parties agree that the payments shall be made in cryptocurrencies,
the exchange rate between the USD and the cryptocurrency selected shall be determined and calculated as follows: (1) in the event that
the Purchaser pays for any order placed on Bitmain’s official website (the “Website”, http://www.bitmain.com) which
is valid and has not been fully paid yet, the exchange rate between the USD and the cryptocurrency fixed in such placed Order shall apply,
or (2) in any other case, the real time exchange rate between the USD and the cryptocurrency displayed on the Website upon payment shall
apply. The exchange rate between the USD and the cryptocurrency shall be fixed according to this provision. In any circumstance, the Purchaser
shall not ask for any refund due to the change of exchange rate.

 

		8.	In the event of any conflict between the terms of Appendix A and Appendix B, the terms of Appendix B shall
govern.

 

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APPENDIX B

 

	Payment Percentage	 	Payment Date	 	Note	 	Example (Assuming this Agreement is signed on April 12.)
	At least 25%	 	US$12,000,000 shall be paid in seven (3) days after the signing of this Agreement; US$767,850 shall be paid by May 28	 	25% of the Total Purchase Price	 	US$12,000,000 shall be paid by April 16, US$767,850 shall be paid by May 28
	At least 35%	 	Six (6) months prior to the shipment	 	35% per month of a single batch	 	35% of the price for August/September/October/November batch shall be paid by May 30; 35% of the price for December batch shall be paid by June 30; etc.
	The remaining 40%	 	One (1) month prior to the shipment	 	40% per month of a single batch	 	40% of the price for August batch shall be paid by June 30; 
40% of the price for September batch shall be paid by June 30; etc.

 

 

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