Document:

Exhibit 10.3

 

NON-FIXED PRICE

 

SALES AND PURCHASE AGREEMENT

 

BETWEEN

Bitmain Technologies Limited

("Bitmain")

 

AND

 

Applied Blockchain Inc.

("Purchaser")

 

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	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)
    	8
	6.	Customs 	9
	7.	Warranty 	10
	8.	Representations and Warranties
    	12
	9.	Indemnification and Limitation
    of Liability 	13
	10.	Distribution 	13
	11.	Intellectual Property
    Rights 	14
	12.	Confidentiality and Communications
    	14
	13.	Term of this Agreement
    	15
	14.	Contact Information
    	15
	15.	Compliance with Laws
    and Regulations 	15
	16.	Force Majeure 	17
	17.	Entire Agreement and Amendment
    	17
	18.	Assignment 	17
	19.	Severability 	17
	20.	Personal Data 	18
	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
    	19
	26.	Third Party Rights
    	19
	27.	Liquidated Damages Not
    Penalty 	19

 

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This non-fixed price sales and purchase agreement (this "Agreement")
is made on 13th April 2021 by and between Bitmain Technologies Limited ("Bitmain") (Company number: 2024301), with its registered
office at Unit Al of Unit A, 1 1 th Floor, Success Commercial Building, 245-251 Hennessy Road, Hong Kong, and Applied Blockchain Inc.
(the "Purchaser") (EIN: 95-4863690 with its principal place of business at State of 3811 Turtle Creek Blvd, Suite 2125, Dallas,
Texas 75219.

 

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.

 

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"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.

 

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		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.

 

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		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.

 

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		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 * 1% * 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.

 

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		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.

 

		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 0.0333% 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 0.0333% 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:

 

Ei Shipping by Bitmain via Fedex/DHL/UPS/other
logistics company; ❑Self-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.

 

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		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.

 

		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-pickup 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).

 

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		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.

 

		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.

 

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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.

 

		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).

 

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		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;

 

		(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.

 

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		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.

 

		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.

 

    13 / 26

     

    

 

		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.

 

		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.

 

    14 / 26

     

    

 

		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.

 

		14.	Contact Information

 

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

 

Purchaser's business contact:

 

Name: David Rench

 

Phone: 214-302-7199

 

Email: David@appliedblockchaininc.com

 

Bitmain's business contact:

 

Name: Wang Peng

 

Phone: +86 18501255376

 

Email: peng.wang@bitmain.com

 

		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 / 26

     

    

 

		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 / 26

     

    

 

		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.

 

		16.3.	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.

 

    17 / 26

     

    

 

		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).

 

		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.

 

    18 / 26

     

    

 

		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.

 

		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)

 

    19 / 26

     

    

 

Signed for and on behalf of Bitmain

 

	 	Bitmain Technologies Limited

 

	 	Signature:	 /s/ Signature Unreadable

 

	 	Title :	 

 

Signed for and on behalf of the Purchaser

 

	 	Applied Blockchain Inc.

 

	 	Signature:	 /s/ David Rench

 

	 	Title:	 CFO

 

    20 / 26

     

    

 

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

   

	 	 	Details
	Product Name	 	
    Super Computing Server, S19j Pro

    

	Rated hashrate / unit	—100TH/s
	Rated power / unit	—2950W
	Jfr@25°C environment temperature	—29.5

	Description	
    1.
	Bitmain
undertakes that the error range of "J/T@25°C environment temperature"does not exceed 10%. 

	
    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:

 

 

 

    21 / 26

     

    

 

	Batch	 	Product 
 Naiine	 	Shipping 
 Scheaule	 	Reference Quantity	 	 	Total Rated Hashrate 
(T)	 	 	Estimated Unit Price 
CUSS)	 	 	Est-inta e 
 T(Ital -Pri 
 (1J SS.	 
	2	 	Super Computin g Server, S19j Pro	 	September
 2021
	 	 	100	 	 	 	10000	 	 	 	8377	 	 	 	837700	 
	3	 	Super Computin g Server, S19j Pro	 	October 2022	 	 	100	 	 	 	10000	 	 	 	8377	 	 	 	837700	 
	4	 	Super Computin g Server, Sl9j Pro	 	November 
2022 
	 	 	100	 	 	 	10000	 	 	 	7701	 	 	 	770100	 
	 	 	Super Computin g Server, S19j Pro	 	December 
2022 
	 	 	100	 	 	 	10000
 7701
 
	 	 	 	 	 	 	 	770100	 
	6	 	Super Computin g Server, Sl9j Pro	 	January 2022	 	 	100	 	 	 	10000	 	 	 	7701	 	 	 	770100	 
	7	 	Super Computin g Server, Sl9j Pro	 	February 
2022 
	 	 	100	 	 	 	10000	 	 	 	6485	 	 	 	648500	 
	8	 	Super Computin g Server, S 19j Pro	 	March 2022	 	 	100	 	 	 	10000	 	 	 	6485	 	 	 	648500	 
	9	 	Super Computin g Server, S I 9j Pro	 	April 2022	 	 	100	 	 	 	10000	 	 	 	6485	 	 	 	648500	 
	10	 	Super Computin g Server, S19j Pro	 	May 2022	 	 	100	 	 	 	10000	 	 	 	5810	 	 	 	581000	 
	11	 	Super Computin g Server, S19j Pro	 	June 2022	 	 	100	 	 	 	10000	 	 	 	5810	 	 	 	581000	 
	12	 	Super Computin g Server, S19j Pro	 	July 2022	 	 	100	 	 	 	10000	 	 	 	5810	 	 	 	581000	 

 

    22 / 26

     

    

 

1.1.3 Total price of the Products listed above:

 

Total Purchase Price (tax exclusive): US$ 8511900

 

Tax: US$ 0.00

 

Total Purchase Price (tax inclusive): US$ 8511900

 

		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.

 

		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.

 

    23 / 26

     

    

 

		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. 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.

 

    24 / 26

     

    

 

		3.	Bitmain's BANK ACCOUNT info:

 

Company Name: Bitmain Technologies Limited

 

Company address:
FLAT/RM Al 11/F SUCCESS COMMERCIAL BUILDING 245251 HENNESSY ROAD HK

 

Account No.: 1503225561

 

Bank name: Signature Bank

 

Bank address: 565 Fifth Avenue New York
NY 10017, US

 

Swift Code: SIGNUS33XXX

 

ABA CODE: 026013576 (for US local payment)

 

		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 within three (3) days
                                            after the signing of this Agreement, with the remaining being settled 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.

 

    25 / 26

     

    

 

APPENDIX B

 

	- Yayment 

ercentag	, Pas went

 ' Date  	Note	Example (Assuming this 
 Agreement is signed on April 13.)
	At
least 25%  	Three (3) days after signing
of this Agreement	25% of the Total Purchase Price	25% of the Total Purchase Price shall be paid by April 16
	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 July 30; etc.  

 

    26 / 26Exhibit 10.4

 

	PRIVILEGED & CONFIDENTIAL	

 

COINMINT COLOCATION MINING SERVICES AGREEMENT

 

This Colocation Mining Services Agreement
(the "Agreement") is made as of [June 15, 2021] (the "Effective Date"), by and between Coinmint, LLC
("Service Provider"), a limited liability company, with an address at 1413 Avenida Ponce de Leon, Suite #605, San Juan,
Puerto Rico 00909, and the customer identified below ("Customer"). Service Provider and Customer are each referred to
as a "Party" and collectively as the "Parties".

 

COVER PAGE

 

	CUSTOMER DETAILS
	Customer:	Applied Blockchain, Inc.
	Customer Address:	
    3811 Turtle Creek Blvd

    Suite 2100

    Dallas, TX 75219

     

	Customer Primary Contact:	David Rench
	Customer Phone Number:	214-427-1706
	Customer Email Address:	David(aappliedblockchaininc.com
    / Aceounting@appliedblockchaininc.com

 

	COMMERCIAL TERMS
	Mining Equipment:	Equipment and schedule of delivery covered in Exhibits B and C.
	Scheduled Start Date:	Commencing on Effective Date for a period of one (1) year, automatically renewing for periods of three (3) months, unless terminated as provided in Section 11.
	Performance Fee:	
    For any Payout Period, Service Provider to initially
    receive Performance Fee of the mathematical difference between the Generated Digital Assets and the Digital Asset Cost Equivalent.

     

    See Exhibit E for details on performance fee and adjustments. 

	Equipment Standards:	See Exhibit E
	Deposit and Reservation Fees:	
    $15,000 per Megawatt of projected capacity due thirty
    (30) days prior to the delivery of any Mining Equipment defined in Exhibit C.

     

    Upon termination of this agreement, or in the event
    that Customer's Mining Equipment is uninstalled from Service Provider's facility, Customer will receive a full refund of deposit within
    ten (10) business days of the equipment being uninstalled.

     

 

    1 

     

    

 

	PRIVILEGED & CONFIDENTIAL	

 

WHEREAS, Customer wishes to acquire
from Service Provider the mining power specified on this Cover Page (the "Mining Power"); and

 

WHEREAS, Service Provider wishes
to provide to Customer the Mining Power, subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual promises and covenants exchanged herein, and for good and valuable consideration, the adequacy and receipt of which are
hereby acknowledged, the Parties hereby agree to the terms and conditions set forth in this Agreement, including this Cover Page and the
Mining Services Standard Terms and Conditions (attached hereto as Exhibits A—D: (A) Mining Services Standard Terms and Conditions;
(B) Mining Equipment Description; (C) Scheduled Delivery of Mining Access Equipment, and (D) Customer Questionnaire.

 

IN WITNESS WHEREOF, the Parties
have executed this Agreement through their duly authorized officers as of the Effective Date.

 

	COINMINT, LLC	Applied Blockchain, Inc
	 	 
	By:	/s/ Ashton Soniat	 	By:	/s/David Rench
	Name:	 	 	Name:	 
	Title:	Majority
    owner	 	Title:	CFO

 

    2 

     

    

 

	PRIVILEGED & CONFIDENTIAL	

 

EXHIBIT A

 

MINING SERVICES STANDARD TERMS AND CONDITIONS

 

This Exhibit A (the "Standard
Terms") is made part of, and is hereby incorporated by reference into, the Agreement between the Parties. All capitalized terms
not defined in these Standard Terms shall have the meanings given to such terms in the Agreement.

 

1. DEFINITIONS.

 

1.1    "Costs"
means, collectively, the Electricity Utility Costs and Maintenance Costs.

 

1.2    "Customer
Wallet" means a digital wallet address selected by Customer for storing Digital Assets.

 

1.3    "Digital
Asset" means any denomination of cryptocurrencies, virtual currencies or other digital assets mined by Service Provider for
or on behalf of Customer pursuant to this Agreement.

 

1.4    "Digital
Asset Customer Allocation" means the Generated Digital Assets minus the Digital Asset Cost Equivalent minus the
Performance Fee.

 

1.5    "Digital
Asset Cost Equivalent" means, for any Payout Period, an amount of Digital Assets that have a value that is equal to the
related Costs for Mining such Digital Assets.

 

1.6    "Downtime" means,
for each calendar month, time that the Mining Equipment is not available to Mine in accordance with this Agreement, excluding
periods of time in which the Mining Equipment is not available resulting from or relating to: (a) a Force Majeure Event (as defined
below); (b) scheduled maintenance or emergency maintenance, [provided that Service Provider shall provide Customer with reasonable
advanced notice of any such maintenance] ; (c) downtime resulting from Customer's breach of this Agreement; (d) faults or errors in
the Mining Equipment not resulting from Service Provider's breach of this Agreement; or (e) downtime related to any other forces
beyond the reasonable control of Service Provider or its agents or subcontractors and not avoidable by reasonable due diligence.

 

1.7    "Electricity
Utility Costs" means Customer's share of the any costs of the electricity used to Mine Digital Assets for Customer.

 

1.8    "Generated
Digital Assets" means, for any Payout Period, the Digital Assets Mined by the Third Party Mining Operator using the Mining
Power minus the amount of Digital Assets retained by the Third Party Mining Operator as a fee for providing its Mining
services.

 

1.9    "Mining
Equipment" means the servers and power supplies provided by the Customer to produce the Mining Power set forth in the
Exhibit B. Each specific device within the Mining Equipment is defined as a "miner" herein.

 

1.10    "Intellectual
Property" means all forms of intellectual property rights and protections held by such Party and may include without
limitation all right, title and interest arising under U.S. common and statutory law, and under the laws of other countries, in and
to all (a) patents and all filed, pending or potential applications for patents, including any reissue, reexamination, division,
continuation or continuation-in-part applications throughout the world now or hereafter filed; (b) trade secret rights and
equivalent rights; (c) copyrights, other literary property or authors rights, whether or not protected by copyright or as a mask
work; and (d) proprietary indicia, trademarks, trade names, symbols, domain names, URLs, logos and/or brand names.

 

1.11    "Maintenance
Costs" means Customer's proportional share of the direct and indirect maintenance cost associated with monitoring and
maintaining the Mining Equipment to Mine using the Mining Power.

 

1.12    "Mine" or "Mining"
means the process in which transactions for various forms of Digital Assets are verified and added to a blockchain digital
ledger.

 

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	PRIVILEGED & CONFIDENTIAL	 

 

1.13    "Payout Period" means each
day during the life of this Agreement.

 

1.14    "Performance
Fee" means, for any Payout Period, the percentage set forth in the Cover Page of the Generated Digital Assets minus the
Digital Asset Cost Equivalent. For clarity, if the Digital Asset Cost Equivalent is greater than the Generated Digital Asset for a
given Payout Period, the Performance Fee will be zero for that Payout Period, but Service Provider may exercise its right to setoff
described in Section 5 in subsequent Payout Periods. In the event of any conflict or inconsistency in the definition or meaning of
 "Performance Fee" between this term, the term as used or defined on the Cover Page hereto, and the term as used or defined
in Exhibit E, the Parties agree that Exhibit E shall govern.

 

1.15    "Third
Party Mining Operator" means a third-party Mining collective (pool operator) pre- approved by the Customer that is assigned
the Mining Power to generate the Generated Digital Assets.

 

1.16    "Uptime" means, for each calendar
month, the availability of the Mining Equipment 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.

 

2.     
SERVICE PROVIDER OBLIGATIONS.

Subject to the terms and conditions
of this Agreement (including Customer's payment obligations), Service Provider shall use commercially reasonable efforts to:

 

2.1     on or promptly following
the Scheduled Start Date (as set forth on the Cover Page), assign the

Mining Power to the Third Party Mining
Operator for the purpose of generating Digital Assets and seek to reasonably minimize material interruptions in the Mining Power (the
"Services"); provided, however, that if Service Provider fails to provide an Uptime of 98% or better, the Performance
Fee shall be reduced as described in Section 6.

 

2.2      prepare reports, on a daily basis (the "Audit Period"), regarding Generated Digital Assets and related Costs during the Audit Period,
and to provide Customer with access to a copy of such reports, upon Customer's request. Customer may request one additional audit per
month at the Customer's own cost (an "Additional Audit") of Service Provider to determine whether all fees and costs charged to Customer
under this Agreement were calculated in accordance with this Agreement. If an Additional Audit reveals that Service Provider has undercharged
Customer, than Customer shall pay the difference between the charged amount and the actual amount. Conversely, if an Additional Audit
reveals that Service Provider has overcharged Customer, then Service Provider shall pay Customer the difference between the charged amount
and the actual amount.

 

Customer agrees that Service Provider may use its affiliates and any third-party contractors, vendors and/or service providers to provide
the Services (in whole or in part).

 

2.3      Customer
agrees that Service Provider may use its affiliates and any third-party contractors, vendors and/or service providers to provide the
Services (in whole or in part) but in no event shall the Customer's Mining Equipment be installed in any facility other than the
Service Provider's or Service Provider's affiliates facilities.

 

3.        
CUSTOMER OBLIGATIONS.

 

3.1      Customer
shall (a) deliver substantially all Mining Equipment five (5) business days following the Effective Date or according to the
Delivery Schedule set forth on Exhibit C; and (b) at Customer's sole expense, maintain a Customer Wallet that is technically capable
of receiving fees paid out in accordance with this Agreement in the form of digital assets and to provide Service Provider with the
public key address information of such Customer Wallet.
Customer shall immediately notify Service Provider of any changes in, or any actual or suspected security or data breaches relating to,
the Customer Wallet.

 

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	PRIVILEGED & CONFIDENTIAL	 

 

3.2      For
the avoidance of doubt, all Mining Equipment shall remain the sole property of Customer. Service Provider shall use commercially
reasonable efforts to ensure Customer has access to the Mining Equipment during business hours and, upon termination of this
Agreement, is put into possession of the Mining Equipment.

 

3.3      Performance
Fees will be calculated and provided to Customer each week. Upon receipt, Customer will submit payment of Performance Fees to
Service Provider within five (5) business days.

 

3.4      "Deposit
Requirements" Customer shall make a deposit thirty (30) days prior to the delivery of any Mining Equipment (defined in Exhibit
C) equal to $15,000 per estimated megawatt of reserved capacity. These funds will be posted into NCDC's NYISO collateral account.
Upon the termination of this agreement, or in the event that Customer's Mining Equipment is uninstalled from Service Provider's
facility, Customer will receive a refund within ten (10) business days of the equipment being uninstalled, minus and outstanding
fees or costs owed to the Service Provider as indicated on the Cover Sheet.

 

4.           
ALLOCATION OF MINING POWER.

 

Service Provider shall use the Mining Equipment to Mine
cryptocurrencies as mutually agreed to in writing by the Customer and Service Provider. Service Provider shall not "merge mine"
or otherwise use the Mining Equipment to mine any other crypto asset not expressly stated herein unless otherwise agreed to in writing
by the Customer and Service Provider.

 

5.           
ALLOCATION OF COSTS.

 

Customer is solely responsible
for all Costs associated with Generated Digital Assets for each Payout Period, and authorizes Service Provider to deduct the Digital Asset
Costs Equivalent from the Generated Digital Assets. Service Provider shall provide Customer, a list of all incurred and expected costs
for each Payout Period. If the Generated Digital Assets in a Payout Period do not exceed the Digital Asset Cost Equivalent for the same
Payout Period, then Customer authorizes Service Provider to (a) deduct the portion of the Digital Asset Cost Equivalent equal to the Generated
Digital Assets for such Payout Period, and (b) setoff the remaining portion of Digital Asset Cost Equivalent against Generated Digital
Assets in subsequent Payout Periods, until Service Provider has recouped all Costs owed to Service Provider pursuant to this Agreement.

 

Customer agrees and acknowledges
that determination of the Costs by Service Provider requires reliance on third-party data, and that Service Provider may reasonably, in
its sole discretion, adjust Costs owed by Customer in any Payout Period to reflect the actual Costs for such Payout Period. For each Payout
Period, or other reasonable interval period, not to exceed one-month Service Provider shall provide Customer with an itemized list of
such Costs for the preceding Payout Period and Customer's pro-rata proportion of such Costs.

 

Service Provider shall allocate
Costs among all of beneficiaries of the Mining Power (including Service Provider-owned miners and Customer), to the extent that Service
Provider incurs Costs for Customer and other customers of Service Provider (or itself or its affiliates) on a pro-rata basis proportional
with the power use among such beneficiaries. Upon request by Customer, Service Provider shall provide Customer with a detailed, anonymized
list of Service Provider's customers and the relevant Cost allocation information.

 

If
requested, and at Customer's sole cost, Service Provider will hire additional dedicated staff to provide services to Customer Mining
Equipment. These employees will be employed by and under the direction of Service Provider, but will be expected to provide services
to Customer mining equipment. The associated costs of these employees will be directly charged to the Customer, minus any time or
costs incurred to non-Customer related activities.

 

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	PRIVILEGED & CONFIDENTIAL	

 

6.        
PERFORMANCE FEE.

 

Customer is solely responsible
for the Performance Fee for each Payout Period, and authorizes Service Provider to deduct the Performance Fee from the Generated Digital
Assets after deduction of the Costs. If Service Provider fails to provide an Uptime of 98% or better, then the Performance Fee shall be
reduced by 10% for that calendar month. Service Provider shall provide the Uptime statistics to Customer no later than five (5) days after
the beginning of each calendar month and shall include Uptime statistics in any Additional Audit, as defined in Section 2.3.

 

7.        
TECHNOLOGY UPGRADES.

 

The parties shall mutually agree
in good faith whether to update or upgrade the software or firmware of Mining Equipment, including to replace the existing software or
firmware of the Mining Equipment. Service Provider shall use commercially reasonable efforts to maintain the Mining Equipment provided
by Customer. Title and ownership of all Mining Equipment will remain with Customer during the Term. Upon termination or expiration of
this Agreement, the parties shall take all required actions under Section 11.6.

 

8.        
DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY.

 

8.1       Disclaimers.
To the extent permitted by applicable law, each party, its affiliates and its and their third party licensors and service providers each
expressly disclaims all representations and warranties concerning the services or provision of the Mining Equipment, whether oral or written,
including without limitation warranties of accuracy, timeliness, completeness, results, and the implied warranties of non-infringement,
merchantability and fitness for a particular purpose, even if the party, its affiliates and its and their third party licensors or service
providers have been informed of such purpose, or any representations and warranties arising from course of performance, course of dealing,
or usage of trade. Service Provider, its affiliates and its and their third party licensors and service providers shall not be responsible
for any use of the Services or Digital Assets by Customer or others.

 

8.2       Limitation
of Liability. In no event shall the aggregate liability of either Party arising from or relating to this Agreement exceed the sum of the
cost of replacing the Mining Equipment (with such cost to be calculated on a replacement-basis instead of a deprecation-basis) and the
gross revenue realized by the Mining Equipment during the three-month period immediately preceding a claim arising from this agreement
triggering this Section 8.2.

 

9.        
RISK

 

9.1       Customer
understands that Service Provider is not liable for price fluctuations in any Digital Asset.

 

9.2       By
entering into this Agreement Customer acknowledges and agrees that: (a) Service Provider is not responsible for the operation of any Digital
Asset underlying protocols, and Service Provider makes no guarantee of their functionality, security, or availability; (b) Digital Asset
underlying protocols are subject to sudden changes in operating rules (a/k/a "forks"), and such forks may materially affect
the value, function, and/or even the name of the Digital Assets; and (c) Service Provider does not own or control the underlying software
protocols which govern the operation of any Digital Asset.

 

9.3       Customer
understands that Mining is an everchanging and volatile endeavor and that there is no guarantee that the Services will generate any set
amount of Digital Assets;

 

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	PRIVILEGED & CONFIDENTIAL	

 

10.    
INDEMNIFICATION.

 

10.1    Customer
shall indemnify, defend, and hold harmless Service Provider, its affiliates, successors and assigns, and each of their respective
officers, directors, employees, shareholders, legal representatives, and agents (the "Service Provider Indemnified
Parties"), from and against any losses, damages, liabilities, costs and expenses (including reasonable attorneys' and
professionals' fees and court costs) ("Losses") arising out of any third-party claim, suit, action, investigation,
demands or proceeding ("Claim") based on or arising out of (a) Customer's use of the Digital Asset Customer
Allocation; and (b) Customer's breach of this Agreement; provided, however, that (i) Service Provider shall have promptly provided
Customer with written notice thereof and reasonable cooperation, information, and assistance in connection therewith (except that
Service Provider's failure to do so will not relieve Customer of its obligations under this Section 10.1 except to the extent that
Customer is materially prejudiced by such failure), and (ii) Customer shall have sole control and authority with respect to the
defense, settlement, or compromise thereof; provided that Service Provider reasonable consent to any such settlement or compromise
shall be required unless it includes a full release of liability for all Service Provider Indemnified Parties and does not
purport to impose any objections on any such Service Provider Indemnified Party. Service Provider shall be entitled, at its own
expense, to participate in the defense of any claim subject to this Section 10.1 through counsel of its own choosing, and Customer
shall provide Service Provider with reasonable cooperation and assistance in such defense.

 

10.2      Service
Provider shall indemnify, defend, and hold harmless Customer, its affiliates, successors and assigns, and each of their respective
officers, directors, employees, shareholders, legal representatives, and agents (the "Customer Indemnified
Parties"), from and against any Losses arising out of any Claim based on or arising out of (a) Service Provider's breach of
this Agreement; and (b) the negligent or intentional acts, including any infringement of a third party's intellectual property
rights, of any Service Provider Indemnified Parties, vendors, contractors or other service providers; provided, however, that (i)
Customer shall have promptly provided Service Provider with written notice thereof and reasonable cooperation, information, and
assistance in connection therewith (except that Customer's failure to do so will not relieve Service Provider of its obligations
under this Section 10.2 except to the extent that Service Provider is materially prejudiced by such failure), and (ii) Service
Provider shall have sole control and authority with respect to the defense, settlement, or compromise thereof; provided that
Customer reasonable consent to any such settlement or compromise shall be required unless it includes a full release of
liability for all Customer Indemnified Parties and does not purport to impose any objections on any such Customer Indemnified Party.
Customer shall be entitled, at its own expense, to participate in the defense of any claim subject to this Section 10.2 through
counsel of its own choosing, and Service Provider shall provide Customer with reasonable cooperation and assistance in such
defense.

 

11.    
TERM AND TERMINATION.

 

11.1    This Agreement
shall commence on the Effective Date and will remain in effect for one (1) year unless terminated in accordance with the terms set forth
in this Agreement (the "Term"). This Term shall automatically renew for additional three (3) month terms unless a Party gives
the other Party written notice of an intent not to renew the Agreement no later than ninety (90) days' advance written notice that the
Party does not intend to renew the Agreement.

 

11.2     Either
Party may terminate this Agreement immediately upon written notice to the other party in the event such other party (a) files any
petition in bankruptcy; (b) has an involuntary petition in bankruptcy filed against it; (c) becomes insolvent; (d) makes a general
assignment for the benefit of creditors; (e) admits in writing its inability to pay its debts as they mature; (f) has a receiver
appointed for its assets; (g) ceases conducting business in the normal course; (h) has any significant portion of its assets
attached; (i) experiences a material negative litigation decision ruling that affects this agreement; or (j) experiences an event
analogous to any of the foregoing in any jurisdiction in which any of its assets are situated.

 

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	PRIVILEGED & CONFIDENTIAL	 

 

11.3     Either
Party may terminate this Agreement upon written notice to the other Party if such other Party breaches any material term or
condition of this Agreement and fails to remedy the breach within thirty (30) days after being given written notice thereof.

 

11.4     Except
as provided in Section 16.13, following the expiration or termination of this Agreement,all Customer's rights under this Agreement shall
terminate and Customer shall be entitled to the immediate possession of all Mining Equipment. If the Agreement is terminated because
of a breach of this Agreement by Service Provider then Customer shall be reimbursed for the cost of relocating its Mining Equipment from
Service Provider's facility

 

11.5    If
this Agreement is terminated for any reason, upon expiration of this Agreement, or at Customer's option upon cessation of services
under this Agreement due to a Force Majeure Event, Service Provider shall provide Customer with immediate and unconditional access
to any hosting site(s) in which Service Provider is hosting Customer's Mining Equipment to allow Customer to modify, protect, or
remove the Mining Equipment. The Parties agree that, although Service Provider may store, use, or install the Mining Equipment at
its hosting site(s), the Mining Equipment is and shall remain the exclusive property of Customer and shall not be deemed to become a
fixture of the hosting site(s) or otherwise so related to the hosting site(s) as to give rise to a similar interest to Service
Provider under applicable real estate law. Service Provider shall not allow any lien, security interest, or other encumbrance to
attach to any of the Mining Equipment, and shall defend and hold Customer harmless from any claim by a third party of any such lien,
security interest, or encumbrance. Service Provider shall take all necessary action to effectuate the provisions of this Section,
including the grant of access to Customer, notwithstanding any adverse condition of Service Provider, such as bankruptcy or other
insolvency proceedings. Service Provider shall immediately notify Customer if any such claim or notice related to the Customer's
Mining Equipment is received by Service Provider.

 

12. FORCE MAJEURE.

 

12.1     Notwithstanding
anything to the contrary in this Agreement, and subject to the terms in this Section, Service Provider shall not be responsible for
any failure to perform and will not be liable to Customer for any damages to Customer, as a result of any Force Majeure Event. "Force
Majeure Event" means any event that is beyond Service Provider's reasonable control, including, but not limited to,
unforeseeable disruption or breakdown of cryptocurrency markets (or other related financial markets), acts of war, issues with
technology suppliers, issues with import/export restrictions, unforeseeable lack of electricity supplies, blackouts, brownouts,
power shortages, government regulations, weather (including blizzards and other similar items), disease, epidemic or pandemic (where
an epidemic or pandemic has been declared at Service Provider's hosting site(s) by the Center for Disease Control or the World
Health Organization), where such disease, epidemic, or pandemic causes a government-mandated shutdown of Service Provider or the
hosting site(s) hosting the Mining Equipment, or any other issue outside of the reasonable control of Service Provider.

 

12.2    Service
Provider's limitation on responsibility due to a Force Majeure Event in Section 12.1 applies only if: (a) Service Provider takes
such action as may be reasonably necessary to void, nullify, or mitigate, in all material respects, the effects of the Force Majeure
Event; (b) Service Provider provides Customer with prompt and precise notice of (i) the identity of the specific Force Majeure
Event; (ii) the details of Service Provider's attempts to void, nullify, or mitigate the effects of the Force Majeure Event; and
(iii) an anticipated timeline of recovery to normal business operations from the Force Majeure Event.

 

12.3   If
Service Provider ceases its performance under this Agreement due to a Force Majeure Event,then Customer may exercise its rights to access
the Mining Equipment under Section 11.6.

 

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	PRIVILEGED & CONFIDENTIAL	 

 

13.     
COMMUNICATIONS & NOTICES.

 

13.1       All
notices, requests, or other communications or documents to be given under this Agreement shall be in writing and addressed to the
person(s), and at the addresses, set forth for each Party on the Cover Page.

 

13.2       Notices
shall be deemed effective when sent by e-mail with confirmation of transmission by the transmitting equipment. Each Party may
designate a different address or contact person by notice given in the manner provided in this section.

 

14.     
DATA STORAGE AND PROTECTION.

 

14. 1    Service
Provider shall (a) disclose what data it collects related to this Agreement and the Mining Equipment, (b) disclose how that data is
used and for how long that data is retained, (c) any agreements under which Service Provider provides that data to any third
parties, (d) undertake to protect that data in a commercially reasonable manner, and (e) provide such data to Customer upon
demand.

 

15.     
REPRESENTATIONS AND WARRANTIES.

 

15.1       Each
Party hereby represents, warrants and covenants to the other Party that: (a) it has full, right, power and authority to enter into
this Agreement and to perform its obligations under this Agreement; and (b) the execution of this Agreement and the performance of
its obligations hereunder do not and will not constitute any material breach of any agreement to which it is a party.

 

15.2       Customer
represents, warrants and covenants that as between Service Provider and Customer, Customer will be the beneficial owner of the
Digital Assets and there will be no third-party beneficiaries to the Agreement.

 

16.     
GENERAL PROVISIONS.

 

16.1       Governing
Laws & Venue. This Agreement will be construed in accordance with the laws of the State of New York as applied to contracts
made and performed entirely therein, and without giving effect to any choice of law rule that would cause the application of the
laws of any jurisdiction other than the internal laws of the State of New York to the rights and duties of the Parties. All
disputes, suits, actions or proceedings relating to this Agreement shall be brought solely in the state or federal courts located in
the Harris County, Texas. Provider hereby consents to the exclusive jurisdiction and venue of the Harris County, Texas in connection
with any such dispute, suit, action or proceeding, and waives any defense of forum inconveniens in connection therewith. EACH
PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BROUGHT BY OR AGAINST EITHER PARTY IN
CONNECTION WITH THIS AGREEMENT.

 

16.2       Assignment. Customer
may not assign, sublicense or otherwise transfer this Agreement, in whole or in part, without the prior written consent of Service
Provider. Service Provider may assign, sublicense and otherwise transfer this Agreement, in whole or in part, without prior notice
or written consent from Customer.

 

16.3       Entire
Agreement; This Agreement, including any updates, exhibits, or amendments, constitutes the complete and exclusive agreement
between the Parties with respect to the subject matter hereof, and supersedes and replaces all prior or contemporaneous discussions,
negotiations, understandings and agreements, written and oral, regarding the same. This Agreement may only be modified by a written
instrument properly executed by the Parties (and such written instrument shall explicitly say that it is an amendment hereto so that
no informal amendment inadvertently occurs).

 

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	PRIVILEGED & CONFIDENTIAL	

 

16.4       Confidentiality. The
terms and conditions of this Agreement, the Services, the Costs and the Performance Fees (and any other related materials or
information provided by Service Provider to Customer) are Service Provider's confidential information, regardless of whether they
are marked as confidential, proprietary or otherwise. The personal data provided by Customer in the context of this Agreement (and
any other related materials or information provided by Customer to Service Provider) are Customer's confidential information,
regardless of whether they are marked as confidential, proprietary or otherwise. During the Term, the Parties shall (a) keep such
confidential information strictly confidential in a manner that each Party protects its own confidential or proprietary information
of a similar nature (and with no less than reasonable care); and (b) not disclose such confidential information to any third party
other than each Party's partners, vendors, assignees, purchasers, investors, lenders, lessors, and financial or legal consultants
that have a need to know such information and have agreed in writing to keep such information confidential and not disclose such
confidential information. consistent with the terms of this Agreement. Notwithstanding the foregoing, the either Party may disclose
confidential information as required by law or by order of a court of competent jurisdiction, provided that, in such event, (i) such
Party will provide the other Party with prompt notice of such obligation and permit the other Party an opportunity to take legal
action to prevent or limit the scope of such disclosure; and (ii) such Party will furnish only that portion of the other Party's
confidential information which the Party is advised by counsel is legally required and the Parties will exercise commercially
reasonable efforts to obtain assurance that confidential treatment will be accorded to such confidential information. Additionally,
notwithstanding the foregoing, Service Provider acknowledges and agrees that Customer is or intends to become a U.S. publicly traded
company and may be required to disclose this Agreement and its related terms in order to comply with applicable securities laws,
including its disclosure obligations under the U.S. Securities Exchange Act of 1934, as amended.

 

16.5       Non-solicitation.
From the Scheduled Start Date and for nine months thereafter, each Party agrees not to solicit the employees, contractors, or other
affiliates of the other Party.

 

16.6       Independent
Contractors. Service Provider and Customer are independent contractors, and nothing in the Agreement will create any partnership,
joint venture, agency, franchise, sales representative, or employment relationship between the Parties. Neither Party is an agent or representative
of the other or is authorized to make any warranties or assume or create any other obligations on behalf of the other.

 

16.7       Compliance
with Laws. Customer represents and warrants that its performance of its obligations under the Agreement will comply with all applicable
laws, rules and regulations. Customer shall not participate in any transaction in connection with, or otherwise use or exploit, any Digital
Assets included in the Digital Asset Customer Allocation in any manner that does or may violate any law, rule or regulation.

 

16.8       Intellectual
Property. Nothing in this Agreement shall be deemed to grant to either party any rights or licenses, by implication, estoppel or otherwise,
to any of the other party's Intellectual Property. Neither party shall contest or challenge, or assist any third party in contesting or
challenging, the validity or enforceability of any of the other party's Intellectual Property. To the extent Customer utilizes any software
or platform created by Service Provider in furtherance of this Agreement, including the Dashboard, Customer is provided a license to use
such software or platform for the life of this Agreement, and has full license to use, collect and retain any data displayed or provided
thereby, which license shall survive the termination of this Agreement.

 

16.9       Trademarks.
Each party is strictly prohibited from using any product or corporate name, designation, logo, trade name, trademark, service name
or service mark associated with the other party in any marketing materials, regulatory filing, financial statements, offering circular,
prospectus or otherwise, without the prior written consent of the first party, which may be withheld by the first party in its sole and
absolute discretion.

 

16.10       No
Exclusivity. This Agreement in no way establishes any exclusive arrangement between Customer and Service Provider. Each party acknowledges
and agrees that the other party will be free to enter into agreements and other arrangements with any third parties, at any time, regarding
any products or services.

 

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	PRIVILEGED & CONFIDENTIAL	

 

16.11    Parties
Are Sophisticated and Represented. No preference shall be given to one Party by virtue of the fact that such Party did not draft
this Agreement. No bias shall be placed against the drafter. Each Party has been advised and offered the opportunity to seek legal
counsel regarding this Agreement. To the extent they chose not to or to limit such, they hereby waive any later complaint that they
lacked proper counsel or understanding. No failure by any Party to insist upon the strict performance of this Agreement shall
constitute waiver of any breach, covenant, duty, or term herein.

 

16.12     Counterparts
/Execution. The Agreement may be executed in counterparts, which together shall constitute a single instrument, and may also be
executed by electronic signature, and the Parties agree that facsimile, digitally scanned or other electronic copies of signatures
shall be valid and binding as originals.

 

16.13     Taxes. The
Costs and Fees set forth herein do not include any foreign, federal, state or local sales, value added, use, withholding or other
similar taxes, tariffs or duties, however designated, levied against the sale, licensing, delivery or use of the components and
products provided under the Agreement. Customer shall pay, or reimburse Service Provider for, all such taxes; provided, however,
that Customer shall not be liable for any taxes based on Service Providers' net income.

 

16.14     Survival.
The provisions contained in Sections 1, 8, 10, 11.6 and 16 shall survive the termination or expiration of this Agreement.

 

The Parties have agreed to this schedule and/or amendments
through their duly authorized officers as of the signatures and dates in Exhibit F.

 

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	PRIVILEGED & CONFIDENTIAL	

 

 

EXHIBIT B

 

MINING EQUIPMENT DESCRIPTION 

 

The Mining Equipment specified
in the chart below is provided by Customer to Service Provider for the delivery of the Mining Power. Customer is solely responsible for
providing all ancillary equipment necessary to operate the Mining Equipment within the Service Provider's facility, including any hashboards,
controller boards, case assemblies, fans, and power units for the Mining Equipment.

 

Customer is solely responsible
for the shipping of Mining Equipment to and from Service Provider facility.

 

MINING EQUIPMENT CHART

 

	Make & 

Model	Number of 

Units	Date 

Purchased	
    Date

    Manufactured

     
	Declared 

Value in 

Dollars	
    Mining Power

    (TH)

     
	Wattage 

(w)	Efficiency 

(J/TH)
	ASUS, 

DUAL- 

RTX2060- 

06G-EVO	900	
    May27th,

    2021

     
	April 10, 2021	5,520	256MH	1350W	5.3J/MH
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
    Total

    Number of

    Units

     
	
    900

    Units
	 
	 
	Total Kilowatts (KwHr)	
    1215

    KwHr
	 
	 
	Mining Power (TH)	
    230400MH

    TH
	 
	 

 

The Parties have agreed to this schedule and/or amendments
through their duly authorized officers as of the signatures and dates in Exhibit F.

 

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EXHIBIT C

 

SCHEDULED DELIVERY OF MINING EQUIPMENT 

 

This Exhibit C (the "Delivery
Schedule") is the schedule of expected delivery dates for the arrival of Mining Equipment provided by Customer to Service Provider
at the facility provided below.

 

Upon arrival, Service Provider
will install equipment at a rate of three hundred (300) pieces per day, starting no later than within two (2) days after arrival of the
Mining Equipment. If the Mining Equipment does not arrive within five (5) days of the delivery date, Customer will be required to provide
an amended Delivery Schedule. If Mining Equipment does not arrive with thirty (30) days of the original Delivery Schedule, Service Provider
may choose to cancel or terminate the acceptance of this Mining Equipment and amend this Agreement to reduce the amount of Mining Equipment
provided in Exhibit B.

 

Service Provider shall not
be responsible for (a) the shipping fees to or from the facility; (b) any customs, duties, or other taxes or levies on the equipment;
or (c) any additional equipment provided beyond the Mining Equipment detailed in Exhibit B.

 

	SERVICE PROVIDER FACILITY
	Facility Name:	North Country Data Center
	Facility Address:	194 Co Rd 45, Massena, NY 13662
	Facility Primary Contact:	Norbert Guiol
	Facility Phone Number:	1-484-735-9345
	Primary Contact Email Address:	N@Coinmint.one

 

	Delivery 

Date(s)	Model	Manufacturer	Number of Units	Shipment 

Provider	Address of 

Origination	Declared 

Value in 

Dollars	Amendment
	
    ex.   June

    5, 2022

     
	ex. S19Pro 110 TH	ex. Bitmain	
    ex.   1,000

    units

     
	ex. USPS	ex. 1313 State Street	ex. $1,000	ex. 1
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

The Parties have agreed to this schedule and/or amendments through
their duly authorized officers as of the signatures and dates in Exhibit F.

 

    13 

     

    

 

	PRIVILEGED & CONFIDENTIAL	

 

EXHIBIT D

 

EQUIPMENT STANDARDS AND FEES 

Equipment Standards:

 

Customer and Service Provider will agree
on generally acceptable GPU Mining Equipment standards based on efficiency and performance on an annual basis. Customer and service provider
may agree to the different hosting rates based on different efficiency ratings.

 

The Standard Rate reflects the normal
operating performance fee. The Repay Rate is the performance fee applied when the Customer is being reimbursed for capital contributions
or similar financial arrangement made with Service Provider. During these periods. the difference between the Standard Rate and Repay
Rate is considered a repayment on the capital contribution to customer. During periods of Repay, no optional Performance Fee reductions
will be recognized.

 

	GPU Tier	 	Efficiency Range	 	Model Examples	 	Standard Rate	 	 	Repay Rate	 
	1	 	n/a	 	n/a	 	 	25	%	 	 	15	%

 

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	PRIVILEGED & CONFIDENTIAL	

 

Performance Fee Reductions:

 

Service Provider agrees to reduce the
Standard Profit Share once certain deployment volumes have been achieved by the Customer. For the avoidance of doubt, deployment volume
shall be determined by the calculated sum power use (megawatts) of Customer deployed equipment in service provider facility based on manufacturer
specifications. Actual performance (either over or under) of deployed equipment shall not be used to calculate the sum power use. Customer
will be eligible for the Performance Fee Reduction after 30 days of maintaining power use above the stated range.

 

	Deployment Volume 
 (Megawatts)	 	Tier
    Rate

    Reduction	 	 	Cumulative Standard Rate Reduction	 
	0-5	 	 	0.00	%	 	 	0.00	%
	5-7.5	 	 	0.50	%	 	 	0.50	%
	7.5-10	 	 	0.50	%	 	 	1.00	%

 

For the avoidance of doubt, the Cumulative
Rate Reduction will be applied to Standard Rate performance fee for all GPU Mining Equipment based on their Tier. For example, if the
Customer has deployed 6 MW of Tier 1 Equipment and 1 MW of Tier 2 Equipment, then the Cumulative Rate Reduction is 0.50% based on the
chart above. If Tier 1 Equipment Standard Rate is 25%, then this ASIC Mining Equipment will have a fee reduction of 0.50% for a rate of
24.50%. If the Tier 2 Equipment Standard Rate is 30%, then this ASIC Mining Equipment will have a rate of 29.50%.

 

The Parties have agreed to this
schedule and/or amendments through their duly authorized officers as of the dates below.

 

The Parties have agreed to this
schedule and/or amendments through their duly authorized officers as of the signatures and dates in Exhibit F.

 

    15 

     

    

 

	PRIVILEGED & CONFIDENTIAL	

 

EXHIBIT E

 

LIABILITY WAIVER FOR OPTIONAL SERVICES 

 

During the term of the Agreement, the Customer may be
offered additional or optional services that are designed to enhance the efficiency or output of the Mining Equipment. Those services
may include immersion cooling, running GPU Mining Equipment beyond the manufacturer's specifications and/or changing the firmware of this
equipment.

 

The Customer acknowledges that there are hazards associated
with the additional or optional services which include but are not limited to damage to the Customer's Mining Equipment and/or Service
Provider's property. In the event that Customer is offered one or more of the additional or optional services, Customer agrees to indemnify
and hold Service Provider harmless and release Service Provider from any claims or liability that may result from damage that is caused
to Customer's Mining Equipment through use of the additional or optional services offered by Service.

 

Customer acknowledges and agrees that Service Provider
is authorized to utilize the additional or optional services listed below:

 

	Make & Model	 	Number of Units	 	Immersion 
 Cooling	 	Firmware Modification	 	Overclocking 
 (highest 
 approved)
	ASUS, DUAL-RTX2060-06G-EVO	 	900	 	Fan cooling	 	FlintOS	 	N/A

 

 

The Parties have agreed to this schedule and/or amendments
through their duly authorized officers as of the signatures and dates in Exhibit F.

 

    16 

     

    

 

	PRIVILEGED & CONFIDENTIAL	

 

EXHIBIT F

 

ACKNOWLEDGEMENT OF EXHIBITS
B-E & AMENDMENTS

 

Concurrent with the execution of this Agreement, the Customer agrees to the Exhibits attached above (Exhibit A, Exhibit B, Exhibit C,
Exhibit D, Exhibit E, Exhibit F) detailing the Mining Equipment, Delivery Schedule, Equipment Standards & Performance Fees, and Optional
Services. Any amendments or changes to these Exhibits should be detailed below and signed by an authorized representative of the parties.

 

Initial Agreement

 

	COINMINT, LLC	Applied Blockchain, Inc
	 	 
	By:	/s/ Ashton Soniat	 	By:	/s/David Rench
	 Ashton Soniat	 	Name:	David Rench
	Title:	majority owner	 	Title:	CFO
	Date:	6/30/2021	 	Date:	

 

Change Notes

 

	COINMINT, LLC	 	[CUSTOMER]
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	Date:	 	 	Date:	 

 

Change Notes

 

	COINMINT, LLC	 	[CUSTOMER]
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	Date:	 	 	Date:	 

 

    17 

     

    

 

	PRIVILEGED & CONFIDENTIAL	

 

REQUIRED CUSTOMER QUESTIONNAIRE 

 

All
Customers must complete this questionnaire to comply with Service Provider Customer Identification and Diligence Program. Coinmint may
require additional information from you prior to providing you with our services. Please complete, sign, date and return
one copy of this questionnaire as soon as possible to:

 

Coinmint, LLC

1413 Avenida Ponce de Leon, Suite #605

San Juan, Puerto Rico 00909

 

The undersigned hereby certifies to Coinmint, LLC
(the "Company") as follows:

 

Name:                                                                                                                                      

 

Country of Citizenship:                 5
A

 

		1.	Please indicate the state in which you maintain your principal residence and how long you have maintained
your principal residence in that state.

 

State:

Duration: ______________________

Address: 

Email Address:

Telephone:

 

		2.	Verification of Status as an Accredited Investor. The undersigned
(the "Customer") represents and warrants that he, she, or it qualifies as an "Accredited Investor" pursuant
to Regulation D promulgated under the Securities Act of 1933, as amended (the "Securities Act") (and/or applicable
state regulations, if narrower in scope), has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risks of a particular investment, and is able to bear the economic risk of a particular investment, and has the capacity
to protect its own interest as a result of the undersigned's status as (please check the appropriate descriptions(s) below):

 

A.       If an individual,
check each category that is applicable: 

 

		 ̈	(1)	The Customer is a director, executive officer or general partner of the Company; or

 

(Note: The term "executive
officer", when used with reference to an issuer, means its president, any vice president in charge of a principal business unit,
division or function (such as sales, administration or finance), any other officer who performs a policy-making function, or any other
person who performs similar policy-making functions for the issuer.)

 

    18 

     

    

 

	PRIVILEGED & CONFIDENTIAL	

 

		 ̈	(2)	The Customer is a natural person whose net worth, either individually or jointly with such Customer's spouse, exceeds $1,000,000; or

 

(Note: For this purpose,
 "net worth" means the excess of total assets at fair market value (excluding primary residence) over total liabilities.)

 

		 ̈	(3)	The Customer is a natural person who had individual income in excess of $200,000 in each of the two most recent years, or joint income
with such Customer's spouse in excess of $300,000, in each of those two years and reasonably expects to have income reaching the same
level in the current year; or

 

(Note:
For this purpose, "individual income" means adjusted gross income, as reported for federal income tax purposes, less any income
attributable to a spouse or to property owned by a spouse, increased by the following amounts (but not including any amounts attributable
to a spouse or to property owned by a spouse): (i) the amount of any exclusion for tax-exempt interest under Section 103 of the Code;
(ii) the amount of any losses claimed as a limited partner in a limited partnership as reported on Schedule E of form 1040; (iii) the
amount of any deduction, including the allowance for depletion, under Section 611, et seq., of the Code; and (iv) the amount of any deduction
for long-term capital gains under Section 1202 of the Code.)

 

	 	 ̈	(4)	None of (1) through (3) above.

 

		B.	If a trust, please check the category that is applicable: 

 

	 	 ̈	(5)	The Customer is either a revocable trust (such as a living trust)
or a trust formed for the purpose of acquiring the securities of the Company (the "Securities") and for which, in either
case, each grantor is an "accredited investor." Indicate each grantor and the category that describes how each such grantor
is qualified as an "accredited investor;" or

 

	 	 ̈	(6)	The Customer is a trust which has total assets in excess of
$5,000,000, was not formed for the specific purpose of acquiring the Securities, and whose purchase is directed by a sophisticated person
(as defined in Rule 506(b)(2)(ii) of the Securities Act) who has such knowledge and experience in financial and business matters that
such person is capable of evaluating the merits and risks of investing in the Company; or

 

	 	 ̈	(7)	Neither of (5) or (6) above.

 

		C.	If not an individual or trust, please check each category that is applicable:

 

	 	 ̈	(8)	The Customer (i) is either a corporation, a partnership, a limited
liability company, an organization described in Section 501(c)(3) of the Internal Revenue Code, or a Massachusetts or similar business
trust, (ii) has not been formed for the specific purpose of acquiring the Securities and (iii) has total assets in excess of $5,000,000;
or

 

	 	 ̈	(9)	The Customer is a bank as defined in Section 3(a)(2) of the
Securities Act, or a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether
acting in its individual or fiduciary capacity; or

 

    19 

     

    

 

	PRIVILEGED & CONFIDENTIAL	

 

		 ̈	(10)	 The Customer is a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended; or

 

		 ̈	(11)	The Customer is an insurance company as defined in Section 2(a)(13) of the Securities Act; or

 

		 ̈	(12)	The Customer is an investment company registered under the Investment Company Act of 1940, as amended, or a business development company
as defined in Section 2(a)(48) of that Act; or

 

		 ̈	(13)	The Customer is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of
the Small Business Investment Act of 1958, as amended; or

 

		 ̈	(14)	The Customer is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state
or its political subdivisions, for the benefit of its employees, and such plan has total assets in excess of $5,000,000; or

 

		 ̈	(15)	The Customer is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended, and (i)
the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan
association, insurance company, or registered investment adviser, or (ii) the employee benefit plan has total assets in excess of $5,000,000,
or (iii) if a self-directed plan, the investment decisions are made solely by persons that are "accredited investors;" or

 

		 ̈	(16)	The Customer is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended;
or
	 	 	 	 
		 ̈	(17)	The Customer is an entity in which all of the equity owners qualify under any of the above categories (including the categories for individuals
and trusts listed above). If the undersigned belongs to this investor category only, list the equity owners of the undersigned, and the
investor category which each such equity owner satisfies:
	 	 	 
	 	 	 

 

(Continue on a separate piece of paper, if necessary)

 

		 ̈	(18)	None of (8) through (17) above.

 

		3.	Verification of Status of a U.S. Person or non-U.S. (foreign) Person.

                                                                   

                                                                  Please check each category that is applicable:

 

		 ̈	(1)	The Customer is a natural person resident in the United States;
or

 

		 ̈	(2)	The Customer is a partnership or corporation organized or incorporated
under the laws of the United States; or

 

    20 

     

    

 

	PRIVILEGED & CONFIDENTIAL	

 

		 ̈	(3) 	The Customer is an estate of which any executor or administrator is a U.S. Person (i.e. an individual or
entity that falls within categories (1) — (8) of this Section 3); or

 

		 ̈	(4) 	The Customer is a trust of which any trustee is a U.S. Person (i.e. an individual or entity that falls
within categories (1) — (8) of this Section 3); or

 

	 	 ̈	(5)	The Customer
                                            is an agency or branch of a foreign entity located in the United States; or
	 	 	 	 
	 	 ̈	(6)	The
                                            Customer is a non-discretionary account or similar account (other than an estate or trust)
                                            held by a dealer or other fiduciary for the benefit or account of a U.S. Person (i.e. an
                                            individual or entity that falls within categories (1) — (8) of this Section 3); or
	 	 	 	 
		 ̈	(7) 	The Customer is a dealer or other fiduciary organized, incorporated, or (if an individual) resident in
the United States; or

 

	 	 ̈	(8)	The
                                            Customer is a partnership or corporation organized under the laws of any foreign jurisdiction
                                            and formed by a U.S. Person for the purpose of investing in securities not registered under
                                            the Securities Act; or

 

		 ̈	(9) 	The Customer is none of (1) through (8) of the above.

 

You agree
that the Company may present this questionnaire to such parties as the Company deems appropriate to establish the availability of exemptions
from registration under federal and state securities laws. You represent that the information furnished in this questionnaire is true
and correct and you acknowledge that the Company and its counsel are relying on the truth and accuracy of such information to comply with
federal and state securities laws. You agree to notify the Company promptly of any changes in the foregoing information that may occur
prior to the investment.

 

DATE: 6/15/2021

 

CUSTOMER: Applied Blockchain, Inc.

 

	(Signature)	 
	 	 
	/s/David Rench CFO	 
	 	 

 

(Printed Name and Title of Signatory, if signing on behalf
of an entity)

 

    21

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