MINING

Large-scale, global bitcoin mining operations

Bit Digital represents a large-scale mining operation located in the North America with a focus on sustainability

MINING OVERVIEW

Our institutional-quality bitcoin mining operations are diversified across North America.

By strategically partnering with specialist hosting providers, we remain nimble to respond to evolving conditions, access attractively priced and carbon-free power, and avoid significant infrastructure investment.

We’re able to make efficient use of our capital within the digital assets ecosystem in this way.

Our dedicated mining operations represent a large-scale bitcoin mining fleet and a modest allocation to ethereum mining

2.7 EH / S

An institutional scale digital asset miner, with a fleet of 39,324 specialized computers (pro forma for announced purchases), diversified across four states in the U.S. and one location in Canada.

38,866 Miners

Total owned Bitcoin mining fleet

3,967 BTC

Mined through 6/30/22
NORTH AMERICAN OPERATIONS 4 states refers to contracted hosting capacity in Nebraska, New York, Texas, and Georgia. Not a guarantee of future results.
INDUSTRY WITH
INCREASING BARRIERS
TO ENTRY

Mining requires application-specific integrated circuits (“ASICs”) – advanced computers customized for bitcoin mining.

The supply of ASICs is severely constrained. Procurement requires both access to the supply market, and a strong balance sheet.

Mining requires secure access to significant low-cost electricity –and fossil fuel sources are increasingly coming under scrutiny​.

Resilient mining requires distributed operations within high rule of law jurisdictions (e.g., US and Canada).

STRATEGIC
PROCUREMENT
ADVANTAGE

Our miner procurement strategy is differentiated, allowing us to continue rapid scaling despite endemic industry supply constraints. (e.g., chip shortages)

Through our deep proprietary network, we enjoy unrivaled access to the spot market for miners
In parallel, we enjoy strategic relationships with leading manufacturers, enabling us to access ASICs on advantageous terms

Our strategy allows us to deploy capital with
maximum efficiency and velocity

We exclusively operate on the
industry defining ASICs*

* Application-specific integrated circuits (“ASICs”) customized for bitcoin mining

Bit Digital is infrastructure-light, maximizing return to
shareholders and operational resiliency.​
  1. Capital investment focused primarily on ASICs (mining computers), not physical infrastructure (data centers and power generation)​

  2. We partner with best-in-class data center operators, allowing us to specialize on mining

  3. Giving us negotiating power to ensure lowest possible operational/electricity costs

  4. Distributed footprint across stable North America jurisdictions maximizes business resiliency​

  5. Strategic partnerships poised to activate new power opportunities with renewables focus​

  6. Maximizing shareholder ROE​

MILESTONES

How we got here

February 2020

Bit Digital commences Bitcoin mining.

April 2020

We launched 6,004 MicroBT M21S miners with a total hash rate of 310 Ph/s.

July 2020

We launched an additional 16,865 Miners (mining units), including 800 units of Innosilicon T3 miners, 256 Bitmain T17+ miners, 2,200 MicroBT M10 miners, 2,696 MicroBT M20S miners, and 10,813 MicroBT M21S miners. Bit Digital’s total hash rate reached 1,250 Ph/s.

September 2020

We launched an additional 100 MicroBT M21S miners in the US.

October 2020

Commenced mining operations in partnership with Compute North and Link Global Technologies.

December 2020

We expanded our North American bitcoin hosting partnerships with Compute North and Link Global Technologies allowing us to deploy greater mining power to North America.

February 2021

We expanded our North American bitcoin hosting partnerships with Compute North and Link Global Technologies allowing us to deploy greater mining power to North America.

April 2021

We launched an additional 4,871 mining units, including Bitmain S17+, Bitmain S17, and Bitmain S19Pro miners. Bit Digital’s total hash rate reached 2,574 Ph/s.

We signed a new 40MW agreement with hosting partners Compute North and their sustainable demand response program to deploy an additional 13,000 ASIC miners at Compute North facilities in the US, expanding our North American footprint.

May 2021

We joined the Foundry USA Pool with 5,679 machines, adding up to 280 PH/s of computing power to the pool.

July 2021

We purchased 3,515 miners on the Chinese spot market, including 1,259 Bitmain S17Pro, 954 MicroBT M20S, 930 Bitmain S17+, 261 MicroBT M30S, 101 Bitmain S17 and 10 Bitmain S17E models. Bit Digital’s total hash rate reached 1,920 Ph/s.

July 2021

Announced Digihost partnership expanded to 120MW.

August 2021

Announced 35 MW strategic partnership with Blockfusion USA

October 2021

Announced closing of $80 Million private placement to institutional investors

October 2021

Signed purchase agreement for 10,000 Antminers from Bitmain

November 2021

Completed full migration of miner fleet to North America

March 2022

39% of fleet deployed in the U.S.

June 2022

Executed hash rate swap agreement with another miner

June 2022

Announced 35 MW strategic partnership with Coinmint LLC

July 2022

Active hash rate exceeds 1 EH

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