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</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNITED STATES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SECURITIES AND EXCHANGE
COMMISSION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>WASHINGTON, D.C. 20549</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric>&#160;<b>REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OR</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric>&#160;<b>ANNUAL REPORT
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the fiscal year ended
<ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OR</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric>&#160;<b>TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the transition period
from ___________ to ___________.</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OR</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric>&#160;<b>SHELL COMPANY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of event requiring
this shell company report:</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission file number:
<ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-38421</ix:nonNumeric></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><b>Bit Digital, Inc.</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of Registrant
as Specified in its Charter)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode"><b>Cayman Islands</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Jurisdiction of Incorporation
or Organization)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">33 Irving Place</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">New
York</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressStateOrProvince">NY</ix:nonNumeric> <ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">United States</ix:nonNumeric> <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">10003</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Principal Executive
Offices)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName"><b>Sam Tabar</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Chief Executive Officer</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Tel: <ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">(212)</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">463-5121</ix:nonNumeric>;
<ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelEmailAddress">sam@bit-digital.com</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">33 Irving Place</ix:nonNumeric>, New
York, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">NY</ix:nonNumeric> <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">United States</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">10003</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name, Telephone, E-mail
and/or Facsimile Number and Address of Company Contact Person)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities registered or
to be registered pursuant to Section 12(b) of the Act:</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of Each Class</span></td> <td style="text-align: center; width: 2%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Each Exchange on Which Registered</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary shares, par value US$0.01 per share</b></span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Capital Market</b></span></td></tr> </table><div>
</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered pursuant
to Section 12(g) of the Act:</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">None</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">None</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of outstanding shares of each of the
issuer&#8217;s classes of capital or Ordinary Shares as of April 21, 2023 was: 82,535,471 ordinary shares, par value $0.01 per share.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes&#160;&#9744;<b> </b>&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric> &#9746;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes&#160;&#9744; <b> </b>&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric>&#160;&#9746;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric>&#160;&#9746;<b> </b>&#160;No&#160;&#9744;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files).</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric>&#160;&#9746;<b> </b>&#160;No&#160;&#9744;&#160;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &#8220;accelerated filer and large
accelerated filer&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer&#160;&#9744;</span></td> <td style="width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer&#160;&#9744;</span></td> <td style="width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric>&#160;&#9746;</span></td> <td style="width: 25%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="width: 12%"><ix:nonNumeric contextRef="c0" name="dei:DocumentAccountingStandard"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. GAAP</span></ix:nonNumeric></td> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting Standards as issued by the<br/> International Accounting Standards Board</span></td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td></tr> </table><div>
</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If &#8220;Other&#8221; has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17&#160;<b>&#9744;</b>&#160;Item
18&#160;<b>&#9744;</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this is an annual report, indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes&#160;<b>&#9744;&#160;No</b>&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As of June 30, 2022, the last business day of the registrant&#8217;s
second quarter of most recently completed fiscal year, the aggregate market value of the 82,306,279 ordinary shares held by non-affiliates
of the registrant was approximately $107,821,225 based on the closing price of $1.31 as reported on the Nasdaq Capital Market for the
registrant&#8217;s <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">82,426,279</ix:nonFraction> ordinary shares.&#160;</p><div>



</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM 20-F ANNUAL REPORT</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; width: 10%">&#160;</td>
    <td style="vertical-align: top; width: 80%">&#160;</td>
    <td style="vertical-align: bottom; width: 10%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="3" style="text-align: center"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART I</span></a></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1.</span></td>
    <td style="vertical-align: top"><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identity of Directors, Senior Management and Advisers</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 2.</span></td>
    <td style="vertical-align: top"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer Statistics and Expected Timetable</span></a></td>
    <td style="vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 3.</span></td>
    <td style="vertical-align: top"><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key Information</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 4.</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#s_001">Information on The Company</a></span></td>
    <td style="vertical-align: bottom; text-align: center">53</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 4A.</span></td>
    <td style="vertical-align: top"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unresolved Staff Comments</span></a></td>
    <td style="vertical-align: bottom; text-align: center">87</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 5.</span></td>
    <td style="vertical-align: top"><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating and Financial Review and Prospects</span></a></td>
    <td style="vertical-align: bottom; text-align: center">87</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 6.</span></td>
    <td style="vertical-align: top"><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors, Senior Management and Employees</span></a></td>
    <td style="vertical-align: bottom; text-align: center">105</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 7.</span></td>
    <td style="vertical-align: top"><a href="#a_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major Shareholders and Related Party Transactions</span></a></td>
    <td style="vertical-align: bottom; text-align: center">114</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 8.</span></td>
    <td style="vertical-align: top"><a href="#a_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Information</span></a></td>
    <td style="vertical-align: bottom; text-align: center">114</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9.</span></td>
    <td style="vertical-align: top"><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offer and Listing</span></a></td>
    <td style="vertical-align: bottom; text-align: center">115</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 10.</span></td>
    <td style="vertical-align: top"><a href="#a_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Information</span></a></td>
    <td style="vertical-align: bottom; text-align: center">115</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 11.</span></td>
    <td style="vertical-align: top"><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantitative and Qualitative Disclosures About Market Risk</span></a></td>
    <td style="vertical-align: bottom; text-align: center">128</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 12.</span></td>
    <td style="vertical-align: top"><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities Other Than Equity Securities</span></a></td>
    <td style="vertical-align: bottom; text-align: center">129</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">&#160;</td>
    <td style="text-align: center; vertical-align: top"><a href="#a_015">PART II</a></td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 13.</span></td>
    <td style="vertical-align: top"><a href="#a_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defaults, Dividend Arrearages and Delinquencies</span></a></td>
    <td style="vertical-align: bottom; text-align: center">130</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 14.</span></td>
    <td style="vertical-align: top"><a href="#a_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Modifications to The Rights of Security Holders and Use of Proceeds</span></a></td>
    <td style="vertical-align: bottom; text-align: center">130</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 15.</span></td>
    <td style="vertical-align: top"><a href="#a_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controls and Procedures</span></a></td>
    <td style="vertical-align: bottom; text-align: center">130</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16.</span></td>
    <td style="vertical-align: top"><a href="#a_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span></a></td>
    <td style="vertical-align: bottom; text-align: center">132</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16A.</span></td>
    <td style="vertical-align: top"><a href="#a_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Committee Financial Expert</span></a></td>
    <td style="vertical-align: bottom; text-align: center">132</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16B.</span></td>
    <td style="vertical-align: top"><a href="#a_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics</span></a></td>
    <td style="vertical-align: bottom; text-align: center">132</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16C.</span></td>
    <td style="vertical-align: top"><a href="#a_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Accountant Fees and Services</span></a></td>
    <td style="vertical-align: bottom; text-align: center">132</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16D.</span></td>
    <td style="vertical-align: top"><a href="#a_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemptions from The Listing Standards for Audit Committees</span></a></td>
    <td style="vertical-align: bottom; text-align: center">133</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16E.</span></td>
    <td style="vertical-align: top"><a href="#a_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases of Equity Securities by The Issuer and Affiliated Purchasers</span></a></td>
    <td style="vertical-align: bottom; text-align: center">133</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16F.</span></td>
    <td style="vertical-align: top"><a href="#a_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Registrant&#8217;s Certifying Accountant</span></a></td>
    <td style="vertical-align: bottom; text-align: center">133</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16G.</span></td>
    <td style="vertical-align: top"><a href="#a_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Governance</span></a></td>
    <td style="vertical-align: bottom; text-align: center">133</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16H.</span></td>
    <td style="vertical-align: top"><a href="#a_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mine Safety Disclosure</span></a></td>
    <td style="vertical-align: bottom; text-align: center">133</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16I.</span></td>
    <td style="vertical-align: top"><a href="#a_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.</span></a></td>
    <td style="vertical-align: bottom; text-align: center">133</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">Item 16J.</td>
    <td style="vertical-align: top"><a href="#z_001">Insider Trading Policies</a></td>
    <td style="vertical-align: bottom; text-align: center">133</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center"><a href="#a_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART III</span></a></td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 17.</span></td>
    <td style="vertical-align: top"><a href="#a_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 18.</span></td>
    <td style="vertical-align: top"><a href="#a_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</span></a></td>
    <td style="vertical-align: bottom; text-align: center">134</td></tr>
  </table><div>

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</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART I</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CERTAIN INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Annual Report on Form 20-F, all references
to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Company,&#8221; &#8220;Registrant&#8221; or similar terms used in this
report refer to Bit Digital, Inc., a Cayman Islands exempted company (&#8220;Bit Digital&#8221;), including its consolidated subsidiaries,
unless the context otherwise indicates. We currently conduct our business through Bit Digital U.S.A. Inc., a Delaware corporation and
our operating entity in the United States; and Bit Digital Canada, Inc., our operating entity in Canada; Bit Digital Singapore Pte Ltd.,
a Singapore company; Bit Digital Hong Kong Limited and Bit Digital Strategies Limited, Hong Kong companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;PRC&#8221; or &#8220;China&#8221; refers
to the People&#8217;s Republic of China, excluding, for the purpose of this report, Taiwan, Hong Kong and Macau. &#8220;RMB&#8221; or
&#8220;Renminbi&#8221; refers to the legal currency of China and &#8220;$&#8221;, &#8220;US$&#8221; or &#8220;U.S. Dollars&#8221; refers
to the legal currency of the United States.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORWARD-LOOKING STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This report contains &#8220;forward-looking statements&#8221;
for purposes of the safe harbor provisions provided by Section 27 of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)
and Section 21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), that represent our beliefs, projections
and predictions about future events. All statements other than statements of historical fact are &#8220;forward-looking statements,&#8221;
including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management
for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic
conditions or performance, any statements of management&#8217;s beliefs, goals, strategies, intentions and objectives, and any statements
of assumptions underlying any of the foregoing. Words such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221;
&#8220;would,&#8221; &#8220;predicts,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221;
&#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates&#8221; and similar expressions,
as well as statements in the future tense, identify forward-looking statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These statements are necessarily subjective and
involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements,
or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements.
Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct
measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness
of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements should not be read
as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which,
our performance or results may be achieved. Forward-looking statements are based on information available at the time those statements
are made and management&#8217;s belief as of that time with respect to future events and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.
Important factors that could cause such differences include, but are not limited to, those factors discussed under the headings &#8220;Prospectus
Summary&#8221;, &#8220;Risk Factors&#8221;, and elsewhere in this report.</p><div>

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</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</p><div>

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</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 3. KEY INFORMATION</b></p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.A. Selected Financial Data</b></p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Summary Consolidated Statements of Operations</b></p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following selected consolidated financial
statements should be read in conjunction with our consolidated financial statements, the notes thereto and other information, included
elsewhere in this report.</p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summary consolidated financial
statements for the years ended 2022, 2021, and 2020 are derived from our audited consolidated financial statements included elsewhere
in this report. The Company commenced its mining operations in February 2020 and disposed of our former peer-to-peer lending business
(which ceased operation in October 2019) and the former car rental business in PRC on September 8, 2020. In accordance with ASC 205-20-45,
the results of all discontinued operations, less applicable income taxes, are reported as components of net income (loss) separate from
the net income (loss) of continuing operations. Our consolidated financial statements are prepared and presented in accordance with generally
accepted accounting principles in the United States, or U.S. GAAP.</p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our historical results for any period are not
necessarily indicative of results to be expected for any future period. You should read the following summary financial information in
conjunction with the consolidated financial statements and related notes and the information under &#8220;ITEM 5. <i>Operating and Financial
Review and Prospects</i>&#8221; included elsewhere in this report.</p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Summary Consolidated Statements of Operations</b></p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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(Restated)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(39,154,204</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,515,117</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(27,993,571</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(997,954</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 0.25in">Diluted</td><td>&#160;</td>
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</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span>&#160;</p><div>



</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 5; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Summary Consolidated Balance Sheet Data:</b>&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents our summary consolidated
balance sheet data as of December 31, 2022 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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(Restated)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Restricted Cash</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,320,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>USDC</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">626,441</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">15,829,464</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Digital assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">27,587,328</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">29,039,761</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">736,445</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other current assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,433,999</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,050,616</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">64,395,273</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">90,318,369</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">58,081</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other non-current assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">9,033,200</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">6,714,571</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">36,025,394</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">100,420,667</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">10,487,358</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">8,274,254</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total Bit Digital, Inc.&#8217;s Shareholders&#8217; Equity</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">89,933,309</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total Liabilities and Equity</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">100,420,667</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.B. Capitalization and Indebtedness</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.C. Reasons for The Offer and Use of Proceeds</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.D Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 6; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>RISK
FACTORS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>An investment in our Ordinary Shares involves
a high degree of risk. You should carefully consider the risks and uncertainties described below together with all other information
contained in this report, including the matters discussed under the headings &#8220;Forward-Looking Statements&#8221; and &#8220;Operating
and Financial Review and Prospects&#8221; before you decide to invest in our Ordinary Shares. <b>The Company may be subject to various
legal and operational risks as a result of its previously being a China-based Issuer with substantial amounts of the Company&#8217;s
operations previously in China and Hong Kong. The legal and regulatory environment in China is in many respects different from the United
States. These risks and others could result in a material change in the value of our securities and/or significantly limit or completely
limit or completely hinder our ability to offer or continue to offer our securities to investors and cause the value of such securities
to significantly decline or be worthless</b>. If any of the following risks, or any other risks and uncertainties that are not presently
foreseeable to us, actually occur, our business, financial condition, results of operations, liquidity and our future growth prospects
could be materially and adversely affected.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Previously Operating in China</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to fines and penalties
for operating in China without registration.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the commencement of the Company&#8217;s
bitcoin mining business, and before the involvement of any of the Company&#8217;s current directors, officers or employees, Golden Bull
Limited formerly operated a peer-to-peer lending business in the PRC, as discussed below. Additionally, from February 2020 to June 2021,
the Company operated its bitcoin mining business in the PRC, but completed the migration of all of its bitcoin mining operations out of
China by September 30, 2021.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to laws and regulations of the PRC, there
are two ways for foreign legal persons/entities to be considered to be engaging in operation activities within the territory of China.
One way is to establish a foreign-invested enterprise, that is incorporated, according to the Foreign Investment Law of PRC, within the
territory of China and that is wholly or partly invested by a foreign investor. The organization form, institutional framework and standard
of conduct of a foreign-invested enterprise are subject to the provisions of the Company Law of the PRC and the Partnership Enterprise
Law of the PRC and other law related regulations. Another way to be deemed to be operating within China is to complete the approval and
registration procedures with the relevant regulatory authorities in accordance with the provisions of Administrative Measures for the
Registration of Enterprises of Foreign Countries (Regions) Engaging in Production and Operation Activities within the Territory of China
(Revised in 2020), or Order No.31. However, in view of the ban on all new digital asset operations in China, we terminated the process
of forming a subsidiary in mainland China. Since our Hong Kong subsidiary had not obtained business licenses in mainland China where Bit
Digital Hong Kong used to carry out business, it may lead to a punishment of a warning, fine, confiscation of income and/or suspension
of business for rectification.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to fines and penalties
for our prior mining activities in mainland China.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chinese government implements the management
systems of pre-establishment national treatment and negative list for foreign investment. Pre-establishment national treatment refers
to the treatment given to foreign investors and their investments during the investment access stage, which is not lower than that given
to their domestic counterparts; negative list for foreign investment refers to special administrative measures for the restricted or
prohibited access of foreign investment in specific fields as stipulated by the Chinese government.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Special Administrative Measures
for Access of Foreign Investment Access (2021 Edition), or the 2021 Edition Negative List for Foreign, issued by The Ministry of Commerce
of the PRC (the &#8220;MOFCOM&#8221;) and the National Development and Reform Commission (the &#8220;NDRC&#8221;) on December 27, 2021,
which came into effect on January 1, 2022, our bitcoin mining business does not fall into the Negative List for Foreign. However, the
2021 Edition Negative List for Foreign indicates that &#8220;Fields not mentioned in the Negative List for Foreign Investment Access
shall be subject to administration under the principle of consistency for domestic and foreign investments. The relevant provisions of
the Negative List for Market Access shall apply to domestic and foreign investors on a unified basis.&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also, based on the Negative List for Market Access
(2022 Edition), &#8220;the Catalogue for Guidance on Industrial Restructuring shall be included in the Negative List for Market Access&#8221;;
plus, according to the Decision of the State Council on Promulgating and Implementing the &#8220;Temporary Provisions on Promoting Industrial
Structure Adjustment,&#8221; valid from December. 2, 2005, &#8220;In principle, the &#8216;Guidance Catalogue for the Industrial Structure
Adjustment&#8217; shall apply to various types of enterprises inside China.&#8221; &#8220;The industries of the eliminated category under
the &#8216;Guidance Catalogue for the Industrial Structure Adjustment&#8217; shall apply to the foreign investment enterprises.&#8221;
and &#8220;Investments are prohibited from being contributed to projects under the eliminated category.&#8221; Additionally, the NDRC
released on December 30, 2021 its No. 49 Decree, announcing that the Decision of the National Development and Reform Commission on Amending
the Guiding Catalog for Industrial Restructuring (2019 Version) (the &#8220;Amended Catalog&#8221;). The Amended Catalog added &#8216;virtual
currency mining activities&#8217; to the eliminated category of &#8216;1. outdated production processing and equipment under the original
Catalog.&#8221; Therefore, foreign investment enterprises are prohibited from virtual currency activities and our bitcoin mining business
are banned in China as well. There can be no assurance that our prior mining activities in China will not be subject to fines and penalties
on a retroactive basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to penalties as a result
of the Chinese government suspension of our former P2P lending business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is currently engaged in the bitcoin
mining business, but previously, before the involvement of any of the Company&#8217;s current directors, officers or employees, was primarily
an online finance marketplace, or &#8220;peer-to- peer&#8221; lending company, in China that provided borrowers access to loans. On October
24, 2019, the Pudong Branch of the Shanghai Public Security Bureau (the &#8220;Bureau&#8221;) announced that it was conducting an investigation
of Shanghai Dianniu Internet Finance Information Service Co. Ltd, which was a variable interest entity (VIE) of the Company, for suspected
illegal collection of public deposits. The Bureau took criminal enforcement measures against 17 suspects in the case and detained at least
six of those suspects. On March 24, 2020, the Bureau announced that it had transferred seven suspects to the procuratorates for criminal
prosecution and took criminal action against 14 defendants and is searching for the former CEO as of the date of this report. While the
Company has not been subject to any enforcement actions or investigations, nine persons, including a former director of the Company, have
been found guilty of fund-raising fraud or illegally collecting public deposits by the People&#8217;s Court of Shanghai Pudong New District,
and were sentenced to imprisonment and the confiscations and return of all the illegal gains, which may or may not include assets of the
Company. The Company&#8217;s current management believes that its former Chief Financial Officer, as well as members of the VIE&#8217;s
management, may have been the subject of these proceedings. No current member of our management or board and none of our current employees
was involved with the Company at the time of the events described above. As of the date of this report, the final outcome of the investigation
has not been published, and the impact of any such outcome on the Company cannot be estimated or determined with any certainty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to fines and penalties
for any noncompliance with or liabilities in our former business in China in a certain period from now on.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Law of the People&#8217;s Republic
of China on Administrative Penalties (Revised in 2021), where an unlawful act conducted in China is not discovered within two years of
its commission (the period shall be counted from the date on which the unlawful act is committed, or if the act is ongoing or continuous,
from the date on which the act ends), the administrative penalty shall be exempted; and if it involves citizens&#8217; life and health
security or financial security, and causes harmful consequences, the above-mentioned period shall be extended to five years, except as
otherwise prescribed by laws. We have not received any administrative penalty for our historical mining business as of the date of this
report. Nevertheless, uncertainties still exist since the administrative organs may impose administrative penalties on us in a certain
period from now on for any noncompliance with or liabilities in our historical business in China, including, but not limited to, any
noncompliance with or liabilities under Order No.31 and applicable environmental, health or safety regulations, which could materially
and adversely affect our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the May 21, 2021 Financial Stability
Development Committee of the State Council in China targeting virtual currency mining in China, we suspended all mining operations in
China and terminated our business operations in June 2021. However, as described in the next risk factor, it was not until September
2021 that all digital asset transactions were banned. In October 2020, the Company commenced the migration of miners out of China and
believes it was in compliance with Chinese law on bitcoin mining while operating in China. However, according to Foreign Investment Law
of PRC and Order No. 31, foreign enterprises engaged in profit-making activities in China are required to apply to the provincial market
regulatory administration, or the registration authorities, for registration upon the approval of the State Council and the competent
agencies authorized by the State Council, or the approving authorities. Without the approval of the approving authorities and the registration
approval of the registration authorities, foreign enterprises may not conduct any production and operation activities within the territory
of China, and foreign enterprises engaging in profit-making activities without proper authority may be subject to penalties, such as
warnings, fines, confiscation of illegal income or suspension of business for rectification on a case-by-case basis of the PRC authorities
under the PRC laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before we terminated our business operations
in China, our business in China was not carried out through any Chinese subsidiaries. In China, we made profits from mining equipment
stored in facilities directly leased by Bit Digital Hong Kong, deemed to be a foreign enterprise. Bit Digital Hong Kong did not provide
cloud mining services or similar services to any third parties. Nevertheless, the Company may be subject to penalties such as warnings,
fines, confiscation of illegal income, or suspension of business for rectification on a case-by-case basis of the PRC authorities under
the PRC laws, for not registering to do business in China or having authorization for its bitcoin mining operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
PRC government department does have the authority to issue licenses or approval in some industries directly to foreign companies, including
Hong Kong companies, which has been provided in Order No. 31. A foreign company, including a Hong Kong company, is permitted to be engaged
in production and operation within China in two ways: one is to obtain a license or approval, and the other is to establish a subsidiary
in the territory of China, otherwise it may lead to a punishment of a warning, fine, confiscation of income, suspension of business for
rectification and /or similar fines. Furthermore, although Hong Kong is one of the special administrative districts of the PRC, from
the perspective of foreign investment supervision, Hong Kong companies are treated as foreign companies, and most of the PRC</span>&#160;
<span style="font-family: Times New Roman, Times, Serif">laws and regulations related to the foreign investment also apply to Hong Kong
companies. Considering that Bit Digital Hong Kong Limited (the &#8220;BT HK&#8221;) had already been engaged in bitcoin mining activities
in the territory of China, and that BT HK had not obtained business licenses in mainland China, it would be much more difficult for BT
HK </span>&#160;<span style="font-family: Times New Roman, Times, Serif">to obtain licenses directly, rather</span>&#160; <span style="font-family: Times New Roman, Times, Serif">than
to establish a subsidiary in PRC. From the perspective of compliance, the Company decided to initiate the process of forming a subsidiary
to undertake operational activities in the</span>&#160; <span style="font-family: Times New Roman, Times, Serif">PRC. However, in view
of the more recent ban on all new digital asset operations in China, we terminated the process of forming a subsidiary in mainland, China.
Since BT HK had not obtained business licenses in relevant provinces where BT HK </span>&#160;<span style="font-family: Times New Roman, Times, Serif">used
to carry out business, it may lead to a punishment of a warning, fine, confiscation of income and/or suspension of business for rectification.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>It is now illegal in China to engage in
digital asset transactions, including bitcoin mining operations, which may adversely affect us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">China has now taken significant regulatory action
to ban digital asset mining operations and to severely restrict the right to acquire, own, hold, sell or use of these bitcoin assets
or to exchange them for fiat currency. Such restrictions may adversely affect us as the large-scale use of digital assets as a means
of exchange is presently confined to certain regions globally. Ongoing and future regulatory actions in China may impact our ability
to pursue part of our business strategy, which could have a material adverse effect on our business, prospects or operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 21, 2021, the Financial Stability and
Development Committee of the State Council in China proposed to &#8220;crack down on bitcoin mining and trading.&#8221; However, it was
not until September 24, 2021, as described below, that all digital asset transactions were banned in China. In the interim, we incurred
significant costs in connection with the migration of our miners out of China and the time that our miners were not being operated. In
May 2021, local governments began to issue corresponding measures in succession to respond to the central government, including Xinjiang
Changji Hui Autonomous Prefecture Development and Reform Commission, where we previously had mining operations, issuing a notice on the
immediate shutdown of enterprises engaged in digital asset mining on June 9, 2021. At the time of the announcement of the ban in Xinjiang,
we had no mining operations in Xinjiang. On June 18, 2021, Sichuan Provincial Development and Reform Commission and Sichuan Energy Bureau
issued a notice on the shutdown of digital asset mining projects with a deadline of June 25, 2021. Accordingly, we ceased all of our
remaining operations in PRC on June 21, 2021. On September 24, 2021, the newly issued Notification of Overhauling the Mining Activity
of Cryptocurrency (or the Notification No. 1283) banned all new digital asset operations in China. The NDRC notice set forth penalties
on a going forward basis for all of the PRC. While we do not believe Sichuan Province will seek to impose retroactive fines, penalties
or sanctions, there can be no assurance the province may not seek to do so.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration of the PRC government&#8217;s
policies and general attitude toward our industry, as well as our business plans, we will not conduct any digital asset mining operations
or digital asset trading operations in mainland PRC. All of our miners have been migrated out of the PRC as of September 30, 2021. We
have not had difficulties transferring the bitcoin mining equipment from our Hong Kong subsidiaries to our other subsidiaries, nor have
we had difficulties in transferring cash to or from our Hong Kong subsidiaries. All of our bitcoin mining equipment has been transferred
from our Hong Kong subsidiaries to North America. See Risk Factor &#8220;We may be subject to fines and penalties for any noncompliance
with or liabilities in our former business in China in a certain period from now on&#8221; above</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to recently announced
measures from the Cyberspace Administration of China concerning the collection of data and required to obtain clearance from the CAC</i></b>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cybersecurity Review Measures (2021) (the
&#8220;Measures&#8221;) were officially released to the public on December 28, 2021 and became effective on February 15, 2022. According
to the Measures, to go public abroad, an online platform operator that possesses the personal information of more than 1 million users
must seek cybersecurity review from the Office of Cybersecurity Review.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, we have not been involved in any investigations
on cybersecurity review initiated by the CAC or related governmental regulatory authorities, and we have not received any inquiry, notice,
warning, or sanction in such respect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe we currently are not required to obtain
clearance from the CAC regarding our listing in the United States under the recently-enacted or proposed regulations or rules because
we have never set an online platform for any user and we have not acted as an online platform operator. However, since these cybersecurity
rules were recently enacted and uncertainties exist as to the interpretation or implementation of the Measures, if the Measures require
us to obtain clearance or permissions from the CAC, we would file an application with CAC and seek to obtain the clearance or permissions
from the CAC as required, however there can be no assurance we will obtain clearance or permission which could adversely affect our business.
Compliance with the Measures, as well as additional laws, regulations and guidelines that the Chinese government promulgates in the future,
may entail significant expenses and could materially affect our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>PRC regulations relating to offshore investment
activities by PRC residents may expose us or our PRC resident beneficial owners to liability and penalties under PRC law.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">China&#8217;s
State Administration of Foreign Exchange (SAFE)</span>&#160; <span style="font-family: Times New Roman, Times, Serif">promulgated the
Circular on Relevant Issues Relating to Domestic Resident&#8217;s Investment and Financing and Roundtrip Investment through Special Purpose
Vehicles, or SAFE Circular 37, in July 2014, that requires PRC residents or entities to register with SAFE or its local branch in connection
with their establishment or control of an offshore entity established for the purpose of overseas investment or financing. In addition,
such PRC residents or entities must update their SAFE registrations when the offshore special purpose vehicle undergoes material events
relating to any change of basic information (including change of such PRC citizens or residents, name and operation term), increases or
decreases in investment amount, transfers or exchanges of shares, or mergers or divisions. SAFE Circular 37 is issued to replace the Notice
on Relevant Issues Concerning Foreign Exchange Administration for PRC Residents Engaging in Financing and Roundtrip Investments via Overseas
Special Purpose Vehicles, or SAFE Circular 75. SAFE promulgated the Notice on Further Simplifying and Improving the Administration of
the Foreign Exchange Concerning Direct Investment in February 2015, which took effect on June 1, 2015. This notice has amended SAFE Circular
37 requiring PRC residents or entities to register with qualified banks rather than SAFE or its local branch in connection with their
establishment or control of an offshore entity established for the purpose of overseas investment or financing.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Failure to comply with the SAFE registration
described above could result in liability under PRC laws for evasion of applicable foreign exchange restrictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our shareholders, who directly or indirectly
hold shares in our Company and who were known to us as being PRC residents, have completed the foreign exchange registrations required
in connection with our recent corporate restructuring.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, we may not be informed of the identities
of all the PRC residents or entities holding direct or indirect interest in our company, nor can we compel our beneficial owners to comply
with SAFE registration requirements. As a result, we cannot assure you that all of our shareholders or beneficial owners who are PRC
residents or entities have complied with and will in the future make or obtain any applicable registrations or approvals required by,
SAFE regulations. Failure by such shareholders or beneficial owners to comply with SAFE regulations could subject us to fines or legal
sanctions, restrict our overseas or cross-border investment activities or affect our ownership structure, which could adversely affect
our business and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are classified as a PRC resident
enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the PRC Enterprise Income Tax Law and its
implementation rules, an enterprise established outside of the PRC with a &#8220;de facto management body&#8221; within the PRC is considered
a resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules
define the term &#8220;de facto management body&#8221; as the body that exercises full and substantial control over and overall management
of the business, productions, personnel, accounts and properties of an enterprise. In April 2009, the State Administration of Taxation
issued a circular, known as Circular 82, (partly amended) which provides certain specific criteria for determining whether the &#8220;de
facto management body&#8221; of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular
only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals
or foreigners like us, the criteria set forth in the circular may reflect the State Administration of Taxation&#8217;s general position
on how the &#8220;de facto management body&#8221; test should be applied in determining the tax resident status of all offshore enterprises.
According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded
as a PRC tax resident by virtue of having its &#8220;de facto management body&#8221; in China and will be subject to PRC enterprise income
tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management
is in the PRC; (ii) decisions relating to the enterprise&#8217;s financial and human resource matters are made or are subject to approval
by organizations or personnel in the PRC; (iii) the enterprise&#8217;s primary assets, accounting books and records, company seals, and
board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives
habitually reside in the PRC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe none of our entities outside of China
is a PRC resident enterprise for PRC tax purposes. See &#8220;Taxation &#8212; People&#8217;s Republic of China Taxation.&#8221; However,
the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect
to the interpretation of the term &#8220;de facto management body.&#8221; Since a portion of our management members are not based in
China, it remains unclear how the tax residency rule will apply to our case. If the PRC tax authorities determine that we or any of our
subsidiaries outside of China is a PRC resident enterprise for PRC enterprise income tax purposes, then we or such subsidiary could be
subject to PRC tax at a rate of 25% on its world-wide income, which could materially reduce our net income. In addition, we will also
be subject to PRC enterprise income tax reporting obligations. Furthermore, if the PRC tax authorities determine that we are a PRC resident
enterprise for enterprise income tax purposes, gains realized on the sale or other disposition of our Ordinary Shares may be subject
to PRC tax, at a rate of 10% in the case of non-PRC enterprises or 20% in the case of non-PRC individuals (in each case, subject to the
provisions of any applicable tax treaty), if such gains are deemed to be from PRC sources. It is unclear whether non-PRC shareholders
of our company would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event
that we are treated as a PRC resident enterprise. Any such tax may reduce the returns on your investment in our Ordinary Shares.</p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>United
States regulators may be limited in their ability to conduct investigations or inspections of our operations in Hong Kong.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increased regulatory scrutiny of U.S.-listed
companies with operations in China could add uncertainties to our business operations, share price and reputation. Although the audit
reports of Audit Alliance LLP incorporated by reference into this report are prepared by our auditors in Singapore who are subject to
inspection by the Public Company Accounting Overnight Board (the &#8220;PCAOB&#8221;), there is no guarantee that future audit reports
will be prepared by auditors that are completely inspected by the PCAOB and, as such, future investors may be deprived of the benefit
of such complete inspections, which could result in limitations or restrictions on our ability to access the U.S. capital markets. Furthermore,
trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act (the &#8220;HFCA Act&#8221;) or the Accelerating
Holding Foreign Companies Accountable Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is
unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as Nasdaq or the over-the-counter
market, may determine to delist our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. public companies that have or had a substantial
portion of their operations in China have been the subject of heightened scrutiny, criticism and negative publicity by investors, financial
commentators and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity has centered on financial
and accounting irregularities and mistakes, a lack of effective internal controls over financial accounting, inadequate corporate government
policies or a lack of adherence thereto and, in many cases, allegations of fraud.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">As part of increased regulatory focus in the United States
on access to audit information, the United States enacted the Holding Foreign Companies Accountable Act, or the HFCA Act, in December
2020. The HFCA Act includes requirements for the SEC to identify issuers whose audit reports are prepared by auditors that the PCAOB is
unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor&#8217;s local jurisdiction.
The HFCA Act also requires public companies on this SEC list to certify that they are not owned or controlled by a foreign government
and make certain additional disclosures in their SEC filings. In addition, under the HFCA Act, if the auditor of a U.S. listed company&#8217;s
financial statements is not subject to PCAOB inspections for three consecutive &#8220;non-inspection&#8221; years, the SEC is required
to prohibit the securities of such issuer from being traded on a U.S. national securities exchange, such as the NYSE and Nasdaq, or in
the U.S. over-the-counter markets. On December 29, 2022, the Consolidated Appropriations&#160;Act, 2023 was signed into law, which, among
other things, amended the HFCA Act to reduce from three years to two years the number of consecutive years an issuer can be identified
as an identified issuer before the SEC can prohibit an issuer&#8217;s securities from trading on any U.S. national securities exchange
and on the over-the- counter market. Accordingly, our securities may be prohibited from trading on Nasdaq or other U.S. stock exchange
if our auditor is not inspected by the PCAOB for two consecutive years, and this ultimately could result in our Ordinary Shares being
delisted.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, which if enacted into law, would amend the HFCA Act and require the SEC to prohibit an issuer&#8217;s
securities from trading on U.S. stock exchanges if its auditors are not subject to PCAOB inspections for two consecutive &#8220;non-inspection&#8221;
years instead of three. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for
the PCAOB to use when determining, as contemplated under the HFCA Act, whether the Board is unable to inspect or investigate completely
registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
On December 16, 2021, the PCAOB issued PCAOB Rule 6100 Board Determinations Under the Holding Foreign Companies Accountable Act. The PCAOB
notified the SEC that it was unable to inspect or investigate completely registered public accounting firms headquartered in mainland
China and in Hong Kong because of the positions taken by authorities in mainland China and Hong Kong. The PCAOB issued a Determination
Report on December 15, 2022, determining that the PCAOB secured complete access to inspect and investigate registered public accounting
firms headquartered in mainland China and Hong Kong, and vacating the 2021 Determinations to the contrary. However, the PCAOB further
noted that it will act immediately to consider the need to issue a new determination if the PRC authorities obstruct or otherwise fail
to facilitate the PCAOB&#8217;s access. While the audit reports of Audit Alliance LLP incorporated by reference into this report are prepared
by auditors based in Singapore who are subject to inspection and investigation by the PCAOB, there can be no assurance that our auditor
or we will be able to comply with these and other requirements imposed by U.S. regulators in the future. The market prices of our Ordinary
Shares and/or other securities could be adversely affected as a result of possible negative impacts of the HFCA Act and other similar
rules and regulations.</p><div>

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</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><b><i>Our Hong Kong subsidiaries could become subject
to certain PRC laws if such laws are applied to Hong Kong.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The national laws of the PRC, including, but not
limited to the Cybersecurity Review Measures that became effective on February 15, 2022, do not currently apply to our Hong Kong subsidiaries,
except for those listed in the Basic Law of Hong Kong. However, due to changes in laws, regulations or policies, including how those laws,
regulations or policies would be interpreted or implemented, and the national laws applicable in Hong Kong, the Basic Law might be revised
in the future and our Hong Kong subsidiaries may be subject to certain PRC laws.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Article 18 of the Basic Law of the
Hong Kong Special Administrative Region of the PRC (the &#8220;Basic Law&#8221;), &#8220;The laws in force in the Hong Kong Special Administrative
Region shall be the Basic Law, the laws previously in force in Hong Kong as provided for in Article 8 of this Law, and the laws enacted
by the legislature of the Region. National laws shall not be applied in the Hong Kong Special Administrative Region except for those
listed in Annex III to the Basic Law. The laws listed therein shall be applied locally by way of promulgation or legislation by the Region.
Also, regarding the Annex III and several Instruments of the Basic Law, National Laws, which have applied in Hong Kong until now are
as following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;Resolution on the Capital, Calendar, National
Anthem and National Flag of the PRC; Resolution on the National Day of the PRC; Declaration of the Government of the PRC on the Territorial
Sea; Nationality Law of the PRC; Regulations of the PRC Concerning Diplomatic Privileges and Immunities; Law of the PRC on the National
Flag; Regulations of the PRC Concerning Consular Privileges and Immunities; Law of the PRC on the National Emblem; Law of the PRC on the
Territorial Sea and the Contiguous Zone; Law of the PRC on Garrisoning the Hong Kong Special Administrative Region; Law of the PRC on
the Exclusive Economic Zone and the Continental Shelf; Law of the PRC on Judicial Immunity from Compulsory Measures Concerning the Property
of Foreign Central Banks; and Law of the PRC on the National Anthem; Law of the PRC on Safeguarding National Security in the Hong Kong
Special Administrative Region.&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this report, the Hong Kong
subsidiaries have not established any subsidiary or branch in mainland PRC and are not conducting any business operations in mainland
PRC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, due to changes in laws, regulations
or policies, including how these laws, regulations or policies would be interpreted or implemented, the national laws applicable in Hong
Kong in the Basic Law might be revised in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Therefore, we cannot assure you that we will
not be affected by the foregoing or relevant laws, regulations or policies in the future, if there are any changes to the foregoing laws,
regulations and policies, or if any new laws, regulations, and policies are published. We could not guarantee that the relevant laws,
regulations, or policies would not be applied retroactively, so we might face penalties, and our reputation and results of operations
could be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Enhanced scrutiny over acquisition transactions
by the PRC tax authorities may have a negative impact on the indirect transfer of equity in the past and potential acquisitions we may
pursue in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC tax authorities have enhanced their scrutiny
over the direct or indirect transfer of certain taxable assets, including, in particular, equity interests in a PRC resident enterprise,
by a non-resident enterprise by promulgating and implementing SAT Circular 59 and Circular 698, which became effective in January 2008,
and a Circular 7 to replace some of the existing rules in Circular 698, which became effective in February 2015.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Under Circular 7, where a non-resident enterprise conducts
an &#8220;indirect transfer&#8221; by transferring the equity interests of a PRC &#8220;resident enterprise&#8221; indirectly by disposing
of the equity interests of an overseas holding company, the non-resident enterprise, being the transferor, may be subject to PRC enterprise
income tax if the indirect transfer is considered to be an abusive use of company structure without reasonable commercial purposes. As
a result, gains derived from such indirect transfer may be subject to PRC tax at a rate of up to 10%.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 17, 2017, the SAT issued the Announcement
of the State Administration of Taxation on Issues Concerning the Withholding of Nonresident Enterprise Income Tax at Source partly revised,
or SAT Circular 37, which came into effect on December 1, 2017. The SAT Circular 37 further clarifies the practice and procedure of the
withholding of non-resident enterprise income tax. SAT Circular 698 was repealed from the date SAT Circular 37 was enacted. Also, the
SAT Circular 37 has been partially revised by the Announcement of the State Administration of Taxation on the Revision to Certain Taxation
Regulatory Documents, namely Circular 31, which has been effective on June 15, 2018.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where a non-resident enterprise transfers taxable
assets in China indirectly by disposing of the equity interests of an overseas holding company, which is an Indirect Transfer, the non-resident
enterprise as either transferor or transferee, or the PRC entity whose equity is transferred, may report such Indirect Transfer to the
relevant tax authority. Using a &#8220;substance over form&#8221; principle, the PRC tax authority may disregard the existence of the
overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring
PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and the transferee or other
person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer
of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws
if the transferee fails to withhold the taxes and the transferor fails to pay the taxes. We face uncertainties as to the reporting and
other implications of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale
of the shares in our offshore subsidiaries and investments. Our Company may be subject to filing obligations or taxed if our company
is transferor in such transactions and may be subject to withholding obligations if our company is transferee in such transactions, under
Circular 7 and/or SAT Circular 37. For transfer of shares in our Company by investors who are non-PRC resident enterprises, our former
PRC subsidiaries may be requested to assist in the filing under SAT Circular 7 and/or Circular 37. As a result, we may be required to
expend valuable resources to comply with SAT Circular 7 and/or Circular 37 or to request the relevant transferors from whom we purchase
taxable assets to comply with these circulars, or to establish that our Company should not be taxed under these circulars, which may
have a material adverse effect on our financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration:underline">General Risks</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have a history of operating losses,
and we may not be able to sustain profitability; we have recently shifted our digital asset business, and we may not be continuously
successful in this business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">We experienced profitability from our continuing bitcoin
mining operations in 2021. However, as a result of the decline in value of bitcoin and the corresponding decline in revenue from digital
assets mining, we recognized a net loss of $105,298,603&#160;for the year ended December 31, 2022, which included a $24,654,267 impairment
of digital assets and a $50,038,650 impairment of property and equipment. We may continue to incur losses and may have additional impairment
of digital assets, as we continue to work to shift and grow our digital asset business. Our operations are focused on our bitcoin mining
business located at our bitcoin mining facilities in the United States and Canada, as well as our Ethereum staking operations. Our current
business, including our growth strategy for our business, involves an industry that is itself new and constantly evolving and is subject
risks, many of which are discussed below. See &#8220;<i>Digital Assets Related Risks</i>&#8221; below.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our results of operations may fluctuate
significantly and may not fully reflect the underlying performance of our business. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Our results of operations, including the levels of our
net revenues, expenses, net loss and other key metrics, may vary significantly in the future due to a variety of factors, some of which
are outside of our control, and period-to-period comparisons of our operating results may not be meaningful, especially given our limited
bitcoin mining operating history. We terminated all bitcoin mining operations in China in June 2021. Our results of operations for the
year ended December 31, 2022 have been adversely affected by the material decrease in bitcoins mined, including, in part, due to the need
to migrate and replace a portion of our miners. We have migrated all miners to the United States by the end of October 2021 and expected
to have had them and any newly purchased miners operational by year end 2022. However, as a result of adverse factors described below,
there can be no assurance we will again achieve the level of profitability we experienced in late 2020 or the first quarter of 2021.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The results for any one quarter are not necessarily
an indication of future performance. Fluctuations in quarterly results may adversely affect the market price of our Ordinary Shares.
Factors that may cause fluctuations in our annual financial results include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount and timing of operating expenses related
    to our new business operations and infrastructure;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations in the price of digital assets; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic, industry and market conditions.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may acquire other businesses, form joint
ventures or acquire other companies or businesses that could negatively affect our operating results, dilute our shareholders&#8217;
ownership, increase our debt or cause us to incur significant expense; notwithstanding the foregoing, our growth may depend on our success
in uncovering and completing such transactions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Having exited China, we began to seek to enter
digital assets related businesses around the globe. However, we cannot offer any assurance that acquisitions of businesses, assets and/or
entering into strategic alliances or joint ventures will be successful. We may not be able to find suitable partners or acquisition candidates
and may not be able to complete such transactions on favorable terms, if at all. If we make any acquisitions, we may not be able to integrate
these acquisitions successfully into our existing infrastructure. In addition, in the event we acquire any existing businesses we could
assume unknown or contingent liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any future acquisitions also could result in
the issuance of stock, incurrence of debt, contingent liabilities or future write-offs of intangible assets or goodwill, any of which
could have a negative impact on our cash flows, financial condition and results of operations. Integration of an acquired company may
also disrupt ongoing operations and require management resources that otherwise would be focused on developing and expanding our existing
business. We may experience losses related to potential investments in other companies, which could harm our financial condition and
results of operations. Further, we may not realize the anticipated benefits of any acquisition, strategic alliance or joint venture if
such investments do not materialize.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To finance any acquisitions or joint ventures,
we may choose to issue Ordinary Shares, preferred shares or a combination of debt and equity as consideration, which could significantly
dilute the ownership of our existing shareholders or provide rights to such preferred shareholders in priority over our Ordinary Shareholders.
Additional funds may not be available on terms that are favorable to us, or at all. If the price of our Ordinary Shares is low or volatile,
we may not be able to acquire other companies or fund a joint venture project using stock as consideration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>From
time to time we may evaluate and potentially consummate strategic investments, combinations, acquisitions or alliances, which could require
significant management attention, disrupt our business and adversely affect our financial results.</i></b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may evaluate and consider strategic investments,
combinations, acquisitions or alliances in the bitcoin mining or other digital asset businesses. These transactions could be material
to our financial condition and results of operations if consummated. If we are able to identify an appropriate business opportunity,
we may not be able to successfully consummate the transaction and, even if we do consummate such a transaction, we may be unable to obtain
the benefits or avoid the difficulties and risks of such transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Strategic investments or acquisitions will involve
risks commonly encountered in business relationships, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    and integrating the operations, personnel, systems, data, technologies, products and services of the acquired business;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    remaining in good standing with existing regulatory bodies or receiving any necessary pre-closing or post-closing approvals, as well
    as being subject to new regulators with oversight over an acquired business; assumption of contractual obligations that contain terms
    that are not beneficial to us, require us to license or waive intellectual property rights or increase our risk for liability;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">liability for activities
    of the acquired business before the acquisition, including intellectual property infringement claims, violations of laws, commercial
    disputes, tax liabilities and other known and unknown liabilities;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential disruptions to our ongoing businesses; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unexpected costs and unknown risks and liabilities
    associated with strategic investments or acquisitions.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not make any investments or acquisitions,
or any future investments or acquisitions may not be successful, may not benefit our business strategy, may not generate sufficient revenues
to offset the associated acquisition costs or may not otherwise result in the intended benefits. In addition, we cannot assure you that
any future investment in or acquisition of new businesses or technology will achieve market acceptance or prove to be profitable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The loss of any member of our management
team, our inability to execute an effective succession plan, or our inability to attract and retain qualified personnel could adversely
affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our success and future growth will depend to a significant degree on
the skills and services of our management team, including Mr. Sam Tabar, our Chief Executive Officer, and Mr. Erke Huang, our Chief Financial
Officer. We will need to continue to grow our management in order to alleviate pressure on our existing team and in order to continue
to develop our business. If our management team, including any new hires that we may make, fails to work together effectively and to execute
our plans and strategies on a timely basis, our business could be harmed. Furthermore, if we fail to execute an effective contingency
or succession plan with the loss of any member of management, the loss of such management personnel may significantly disrupt our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loss of key members of management could inhibit
our growth prospects. Our future success also depends in large part on our ability to attract, retain and motivate key management and
operating personnel. As we continue to develop and expand our operations, we may require personnel with different skills and experiences,
and who have a sound understanding of our business and the bitcoin industry. The market for highly qualified personnel in this industry
is very competitive, and we may be unable to attract or retain such personnel. If we are unable to attract or retain such personnel,
our business could be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We incur significant costs and demands
upon management and accounting and finance resources as a result of complying with the laws and regulations affecting public companies;
if we fail to maintain proper and effective internal controls, our ability to produce accurate and timely financial statements and otherwise
make timely and accurate public disclosure could be impaired, which could harm our operating results, our ability to operate our business
and our reputation</i></b>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a public reporting company, we are required
to, among other things, maintain a system of effective internal control over financial reporting. Ensuring that we have adequate internal
financial and accounting controls and procedures in place so that we can produce accurate financial statements on a timely basis is a
costly and time-consuming effort that needs to be re-evaluated frequently. Substantial work will continue to be required to further implement,
document, assess, test and remediate our system of internal controls. As of December 31, 2022, our disclosure controls and procedures
were not effective and management determined that we did not maintain effective internal control over financial reporting due to certain
significant deficiencies and material weaknesses. Management is undertaking actions to remediate the material weaknesses, but there is
no assurance they will be remediated this year. See Item 15 &#8211; &#8220;<i>Controls and Procedures</i>&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our internal control over financial reporting
or our disclosure controls are not effective, we may be unable to issue our financial statements in a timely manner, we may be unable
to obtain the required audit or review of our financial statements by our independent registered public accounting firm in a timely manner
or we may be otherwise unable to comply with the periodic reporting requirements of the SEC, our Ordinary Shares listing on Nasdaq could
be suspended or terminated and our share price could materially suffer. In addition, we or members of our management could be subject
to investigation and sanction by the SEC and other regulatory authorities and to shareholder lawsuits, which could impose significant
additional costs on us and divert management attention.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The coronavirus pandemic is a serious threat
to health and economic wellbeing affecting our employees, investors and our sources of supply, which could significantly disrupt our
operations and financial <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">results.</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 11, 2020, the World Health Organization
announced that novel Coronavirus COVID-19 infections had become pandemic, and, on March 13, 2020, the U.S. President declared a national
emergency relating to the virus. Since then, government responses and measures adopted by other regulatory bodies in response to the
pandemic have caused and continue to cause business slowdowns as well as general economic instability and disruption to our operations.
While restrictions in most countries around the world have gradually eased, China had been sticking to the &#8220;Zero-COVID policy&#8221;
until the end of year 2022. Pursuant to Interim Measures issued on December 27, 2022, the requirement of entry quarantine into China
was lifted from January 8, 2023, and people are allowed entry into China with a negative COVID test result within forty-eight (48) hours
of entry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We believe that our results of operations, business and financial condition
were adversely impacted by the effects of COVID-19, in part, because of travel restrictions and supply chain issues. In addition to global
macroeconomic effects, the COVID-19 outbreak and any other related adverse public health developments may cause disruption to our mining
activities. The global spread of COVID-19 or the occurrence of other epidemics and the imposition of related public health measures and
travel and business restrictions will adversely impact our business, financial condition, operating results and cash flows.&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effectiveness of the COVID-19 vaccine and
vaccination programs remains to be verified worldwide, including against variants of the virus. The sweeping nature of the COVID-19 pandemic
makes it extremely difficult to predict how the Company&#8217;s business and operations will be affected in the longer run. So far, the
likely overall economic impact of the pandemic is widely viewed as highly negative to the global economy.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we cannot maintain our corporate culture
as we grow, we could lose the innovation, collaboration and focus that contribute to our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that a critical component of our success
is our corporate culture, which we believe fosters innovation, encourages teamwork and cultivates creativity. As we continue to grow,
we may find it difficult to maintain these valuable aspects of our corporate culture. Any failure to preserve our culture could negatively
impact our future success, including our ability to attract and retain employees, encourage innovation and teamwork and effectively focus
on and pursue our corporate objectives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We do not have any business interruption
or disruption insurance coverage.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, we do not have any business liability
or disruption insurance to cover our operations, other than director&#8217;s and officer&#8217;s liability insurance. We have determined
that the costs of insuring for these risks and the difficulties associated with acquiring such insurance on commercially reasonable terms
make it impractical for us to have such insurance. Any uninsured business disruptions may result in our incurring substantial costs and
the diversion of resources, which could have an adverse effect on our results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to successfully continue
our digital assets business plan, it would affect our financial and business condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are various risks related to execution
of our digital assets business plans. These efforts include the risk that these efforts may not provide the expected benefits in our
anticipated time frame, if at all, and may prove costlier than expected; and the risk of adverse effects to our business, results of
operations and liquidity if past and future undertakings, and the associated changes to our business, do not prove to be cost effective
or do not result in the cost savings and other benefits at the levels that we anticipate. The execution of our business plan, and the
timing of any related initiatives, are subject to change at any time based on management&#8217;s subjective evaluation of our overall
business needs. If we are unable to successfully execute our business plan, whether due to failure to realize the anticipated benefits
from our business initiatives in the anticipated time frame or otherwise, we may be unable to achieve our financial targets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
to manage our liquidity and cash flows may materially and adversely affect our financial conditions and results of operations. As a result,
we may need additional capital, and financing may not be available on terms acceptable to us, or at all.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since May 20, 2021, we drew down an aggregate of $58 million under
the Ionics Purchase Agreement and raised $80 million of gross proceeds in our September 2021 private placement. During the period from
January 1, 2022 to December 31, 2022, the Company raised gross proceeds of approximately $22 million from the Ionics Purchase Agreement.
We incurred a net loss of $105,296,603 for the year ended December 31, 2022, which included a $24,654,267 impairment of digital assets
and a $50,038,650 impairment of property and equipment. We reported a net loss of approximately $1.0 million for the year ended December
31, 2021. We had negative cash flows from our operating activities of $8,496,028, $17,351,892 and $971,690 for the years ended December
31, 2022, 2021 and 2020, respectively. Negative cash flow during fiscal year 2022 resulted, in part, from a net loss of approximately
$105 million, including $27,829,730 of depreciation of property and equipment and $50,038,650 of impairment of property and equipment.
Negative cash flow during fiscal 2021 resulted, in part, from $13,113,964 of depreciation of property and equipment and $20,461,318&#160;of
share-based compensation related to restricted stock units. We cannot assure you our business model will allow us to continue to generate
positive cash, given our substantial expenses in relation to our revenue at this stage of our Company&#8217;s development. Our inability
to offset our expenses with adequate revenue, will adversely affect our liquidity, financial condition and results of operations. Although
we have adequate cash on hand from the Ionics Purchase Agreement and anticipated cash flows from operating activities are expected to
be sufficient to meet our anticipated working capital requirements and capital expenditures in the ordinary course of business for the
next 12 months, we cannot assure you that will be the case. We expect to need additional cash resources in the future as we wish to pursue
opportunities for investment, acquisition, capital expenditure or similar actions in order to implement our business plan. The issuance
and sale of additional equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased
fixed obligations and could result in operating covenants that would restrict our operations. We cannot assure you that financing will
be available in amounts or on terms acceptable to us, if at all.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our cash balances are held at a number of
financial institutions that expose us to their credit risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We maintain our cash and cash equivalents at financial or other intermediary institutions. The combined account
balances at each institution typically exceed FDIC insurance coverage of $250,000 per depositor, and, as a result, there is a concentration
of credit risk related to amounts on deposit in excess of FDIC insurance coverage. At December 31, 2022, substantially all of our cash
and cash equivalent balances held at financial institutions exceeded FDIC insured limits. On March 10, 2023, the FDIC took control and
was appointed receiver of Silicon Valley Bank (&#8220;SVB&#8221;), and on March 12, 2023, the FDIC took control and was appointed receiver
of Signature Bank, and on March 16, 2023, First Republic Bank received a commitment for a $30 billion deposit infusion, each case due
primarily to liquidity concerns. As of March 13, 2023, the Company did not have any direct exposure to SVB, Signature Bank, or First Republic.
However, if other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions
affecting the banking system and financial markets, our ability, and the ability of our customers, clients and vendors, to access existing
cash, cash equivalents and investments, or to access existing or enter into new banking arrangements or facilities, may be threatened
and could have a material adverse effect on our business and financial condition.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><span style="text-decoration:underline">Digital
Assets Related Risks</span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our results of operations are expected
to be impacted by significant fluctuation of digital asset prices</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price of bitcoin has experienced significant
fluctuations over its existence and may continue to fluctuate significantly in the future. Bitcoin prices ranged from approximately $3,792
per coin as of December 31, 2018; $7,220 per coin as of December 31, 2019; $28,922 per coin as of December 31, 2020; to $46,306 per coin
as of December 31, 2021 and a high of $45,538 as of March 31, 2022, and a low of $16,547.50 as of December 31, 2022, according to CoinMarketCap.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We expect our results of operations to continue to be affected by the
digital asset prices as most of our revenue has been from bitcoin mining production. As of April 12, 2023, the price of bitcoin has increased
to as high as $30,462.48 &#160;according to CoinMarketCap. Continuing reductions in the price of bitcoin, during year ended December 31,
2022, had a material and adverse effect on our results of operations and financial condition. We cannot assure you that the bitcoin price
will remain high enough to sustain our operation or that the bitcoin price will not decline significantly in the future. Certain of our
mining operations are costly and we have not yet powered back on, as it is not economical to do so. Fluctuations in the digital asset
prices can have had and are expected to continue to have an immediate impact on the trading price of our Ordinary Shares even before our
financial performance is affected, if at all.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various factors, mostly beyond our control, could impact the bitcoin
price. For example, the bankruptcy filings and regulatory proceedings described below, as well as the usage of bitcoins in the retail
and commercial marketplace is relatively low in comparison with the usage for speculation, which contributes to bitcoin&#8217;s price
volatility. Additionally, the reward for bitcoin mining will decline over time, with the most recent halving event occurred in May 2020
and next one to occur in or about April 2024, which may further contribute to bitcoin price volatility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our operating results have and will significantly
fluctuate due to the highly volatile nature of digital assets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our sources of revenue are dependent on
digital assets and the broader crypto-economy. Due to the highly volatile nature and the prices of digital assets, our operating results
have, and will continue to, fluctuate significantly from quarter to quarter in accordance with market sentiments and movements in the
broader digital assets economy. Our operating results will continue to fluctuate significantly as a result of a variety of factors, many
of which are unpredictable and in certain instances are outside of our control, including, but not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">our ability to continue to mine bitcoin
                                            and acceptance of digital assets as a result of reputational harm from bankruptcies and regulatory
                                            proceedings;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">changes in the legislative or regulatory
                                            environment, or actions by governments or regulators, including fines, orders, or consent
                                            decrees;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">regulatory changes that impact our
                                            ability to mine various digital assets;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">our ability to diversify and grow
                                            our business;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">investments we make in the development
                                            of our business as well as technology offered to our industry partners and sales and marketing;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">mining new digital assets in compliance
                                            with the Federal securities laws and other compliance regulations;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">macroeconomic conditions;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">adverse legal proceedings or regulatory
                                            enforcement actions, judgments, settlements, or other legal proceeding and enforcement-related
                                            costs;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">increases in operating expenses that
                                            we expect to incur to grow and expand our operations and to remain competitive;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">breaches of security or privacy;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">our ability to attract and retain
                                            talent; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">our ability to compete with our competitors.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of these factors, it is difficult
for us to forecast growth trends accurately and our business and future prospects are difficult to evaluate, particularly in the short
term. In view of the rapidly evolving nature of our business and the digital assets industry, period-to-period comparisons of our operating
results may not be meaningful, and you should not rely upon them as an indication of future performance. Quarterly and annual expenses
reflected in our financial statements may be significantly different from historical or projected rates. Our operating results in one
or more future quarters may fall below the expectations of securities analysts and investors. As a result, the trading price of our Ordinary
Shares may increase or decrease significantly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our future success continues to depend,
in part, upon the value of bitcoin, which the value of bitcoin may be subject to pricing risk and has historically been subject to wide
swings</i>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operating results continue to depend, in
part, upon the value of bitcoin. Specifically, our revenues from our bitcoin mining operations are principally based upon two factors:
(1) the number of bitcoin rewards we successfully mine and (2) the value of bitcoin. We also receive transaction fees paid in bitcoin
by participants who initiated transactions associated with new blocks that we mine. In addition, our operating results are directly impacted
by changes in the value of bitcoin, because under the value measurement model, both realized and unrealized changes are reflected in
our statement of operations (i.e., we will be marking bitcoin to fair value each quarter). This means that our operating results are
subject to swings based upon increases or decreases in the value of bitcoin. Furthermore, our strategy has focused primarily on bitcoin
(as opposed to other digital assets). Further, our current application-specific integrated circuit (&#8220;ASIC&#8221;) machines (which
we refer to as &#8220;miners&#8221;) are principally utilized for mining bitcoin and bitcoin cash and cannot mine other digital assets,
such as ETH, that are not mined utilizing the &#8220;SHA-256 algorithm.&#8221; If other digital assets were to achieve acceptance at
the expense of bitcoin or bitcoin cash (a variant form of bitcoin created in 2017 by a hard fork of the bitcoin blockchain) causing the
value of bitcoin or bitcoin cash to decline, or if bitcoin were to switch its proof of work algorithm from SHA-256 to another algorithm
for which our miners are not specialized, or the value of bitcoin or bitcoin cash were to decline for other reasons, particularly if
such decline were significant or over an extended period of time, our operating results would be adversely affected, and there could
be a material adverse effect on our ability to continue as a going concern or to pursue our business strategy at all, which could have
a material adverse effect on our business, prospects or operations, and harm investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bitcoin and other digital asset prices, which
have historically been volatile and are impacted by a variety of factors (including those discussed in the previous risk factor), are
determined primarily using data from various exchanges, over-the-counter markets and derivative platforms. As described above, the digital
assets industry has been negatively affected by recent bankruptcies. Furthermore, such prices may be subject to factors such as those
that impact commodities, more so than business activities, which could be subjected to additional influence from fraudulent or illegitimate
actors, real or perceived scarcity, and political, economic, regulatory or other conditions. Pricing may be the result of, and may continue
to result in, speculation regarding future appreciation in the value of digital assets, or our share price, inflating and making their
market prices more volatile or creating &#8220;bubble&#8221; type risks for both bitcoin and our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Unfavorable Digital
Asset Market Conditions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The prices of digital assets, including bitcoin, have experienced substantial
volatility, as described above. During the year 2022, a number of companies in the digital assets industry have declared bankruptcy, including
Core Scientific, Celsius Network, Voyager Digital Ltd., Three Arrows Capital, BlockFi, and FTX Trading Ltd. (&#8220;FTX&#8221;) and concerning
us, Compute North, as described in the following risk factor. Such bankruptcies have contributed, at least in part, to further price decreases
in bitcoin and other digital assets, a loss of confidence in the participants of the digital asset ecosystem and negative publicity surrounding
digital assets more broadly. The bankruptcies also led to various SEC and criminal enforcement proceedings. All of the foregoing has had
a macro decline in the price of securities of digital asset companies, including ours.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Other than Compute North,
we have not been directly impacted by any of the recent bankruptcies in the digital asset space, as we have no contractual privity or
relationship to the relevant parties. However, we are dependent on the overall digital assets industry, and such recent events have contributed,
at least in part, to our and our peers stock price as well as the price of bitcoin. If the liquidity of the digital assets markets continues
to be negatively impacted, digital asset prices (including the price of bitcoin) may continue to experience significant volatility and
confidence in the digital asset markets may be further undermined. A perceived lack of stability in the digital asset exchange market
and the closure or temporary shutdown of digital asset exchanges due to business failure, hackers or malware, government-mandated regulation,
or fraud, may reduce confidence in digital asset networks and result in greater volatility in digital asset values. Any of these events
may adversely affect our operations and results of operations and, consequently, an investment in us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
are currently unable to assess the economic impact of Compute North&#8217;s bankruptcy filing upon our operations.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 22, 2022, Compute North LLC, our hosting provider, filed
for bankruptcy protection. Under our Master Agreement dated September 9, 2020, Compute North and any successors were permitted to file
UCC1 Financing Statements to evidence security interests in our miners, although we maintained ownership. Our Master Agreement with Compute
North was assigned to Generate Capital PBC, a third party, prior to the bankruptcy filing, which is operating the contract and is not
subject to the bankruptcy proceedings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 7, 2023, the Company received a
purported termination notice from the assignee, operating companies of Compute North, affiliated with Generate Capital PBC. Each of
GC Data Center Kearney, LLC and GC Data Center Granbury, LLC (collectively, &#8220;Generate&#8221;), bitcoin mining data centers
located in Kearney, Nebraska and Wolf Hollow, Texas, claimed to have provided written notice of termination of the Master Agreement.
The Company has disputed the propriety of the purported termination and attempted to resolve the dispute with Generate. However, on
January 20, 2023, Generate cut power to the Company&#8217;s miners. Pursuant to a Litigation Standstill Agreement dated January 23,
2023, Generate restored power to the Company&#8217;s miners. Bit Digital paid the cost of operations under the Master Agreement less
any security deposits. The Standstill Agreement expired on March 31, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company is in the process of relocating its miners out of Generate Capital&#8217;s facilities to those hosted by Blockfusion and Coinmint
in New York State. Termination of the Master Agreement has had a material adverse effect on the Company&#8217;s business and financial
condition, which we are not yet able to quantify.</span>&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may be unable
to raise additional capital needed to grow our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have operated and
expect to continue to operate at a loss at least in the near term, if bitcoin prices decline further, or until we are able to profitably
stake ETH. In addition, we expect to need to raise additional capital to expand our operations, pursue our growth strategies and to respond
to competitive pressures or working capital requirements. While we have an effective $500,000,000 at the market shelf registration statement,
we may not be able to obtain additional debt or equity financing on favorable terms, which could impair our growth and adversely affect
our existing operations. The global economy, including credit and financial markets, has experienced extreme volatility and disruptions,
including diminished credit availability, rising interest and inflation rates, declines in consumer confidence, declines in economic
growth, increases in unemployment rates and uncertainty about economic stability. Such macroeconomic conditions could also make it more
difficult for us to incur additional debt or obtain equity financing. Further, the digital assets industry has been negatively impacted
by recent event such as the bankruptcies described in the prior risk factor above. In response to these events, the digital asset markets,
including the market for bitcoin and ETH specifically, have experienced extreme price volatility and several other entities in the digital
asset industry have been, and may continue to be, negatively affected, further undermining confidence in the digital assets markets.
In light of conditions impacting our industry, it may be more difficult for us to obtain equity or debt financing in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">If we raise additional equity financing, our stockholders may experience
significant dilution of their ownership interests, and the per share value of our Ordinary Shares could decline. Furthermore, if
we engage in debt financing, of which we have no present intention, the holders of debt likely would have priority over the holders of
our Ordinary Shares on order of payment preference. We may be required to accept terms that restrict our ability to incur additional indebtedness,
take other actions including accepting terms that require us to maintain specified liquidity or other ratios that could otherwise not
be in the interests of our stockholders.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The impact of government responses to mining
activity is uncertain.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of environmental-impact concerns related to the potential high
demand for electricity to support digital asset mining activity, political concerns, and for other reasons, we may be required to cease
mining operations in certain locations in the world without much or any prior notice by a national or local government&#8217;s formal
or informal requirement or because of the anticipation of an impending requirement. For example, the Chinese government has required the
mining of digital assets to be discontinued on very short notice in 2021. We had already migrated our bitcoin mining assets out of China
to North America by November 2021; however, in light of the Chinese government&#8217;s actions, it still had had a material adverse effect
on our operations in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such government action had a negative impact not only on the value
of existing miners owned by us but also on our ability to dispose of obsolete miners and to purchase new miners and the prices to acquire
the same. Such government action also had a significant impact on the price of bitcoin, including an increase in the volatility of the
price (both up and down) of bitcoin and the price and value of miners owned by us (both up and down). These events had a negative impact
on our earnings in 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our mining operating costs outpace our
mining revenues, which could seriously harm our business or increase our losses.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our mining operations are costly, and our expenses
may increase in the future. We intend to use funds on hand and from shares sold under an effective registration statement to continue
to purchase bitcoin mining machines if our operating costs are lower than the value of bitcoin. This expense increase may not be offset
by a corresponding increase in revenue. Our expenses may be greater than we anticipate, and our investments to make our business more
efficient may not succeed and may outpace monetization efforts. Increases in our costs without a corresponding increase in our revenue
would increase our losses and could seriously harm our business and financial performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have an evolving business model which
is subject to various uncertainties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As digital assets may become more widely available,
we expect the services and products associated with them to evolve. In order to stay current with the industry, our business model requires
us to evolve as well. From time to time, we have modified and will continue to modify aspects of our business model relating to our strategy.
We cannot offer any assurance that these or any other modifications will be successful or will not result in harm to our business. We
may not be able to manage growth effectively, which could damage our reputation, limit our growth and negatively affect our operating
results. Further, we cannot provide any assurance that we will successfully identify all emerging trends and growth opportunities in
this business sector, and we may lose out on those opportunities. Such circumstances could have a material adverse effect on our business,
prospects or operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The properties included in our mining network
may experience damage, including damage that is not covered by insurance.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, our mining
operations in the states of Texas, Nebraska<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, New York and Georgia
in the United States and Canada are, and any future mining sites we may establish will be, subject to a variety of risks relating to
physical condition and operation, including, but not limited to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the presence of construction or repair defects or other
    structural or building damage;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 22; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any noncompliance with or liabilities under applicable
    environmental, health or safety regulations or requirements or building permit requirements;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any damage resulting from natural disasters, such as
    hurricanes, earthquakes, fires, floods and windstorms; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">claims by employees and others for injuries sustained
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, our mines could be rendered inoperable,
temporarily or permanently, as a result of a fire or other natural disaster, the coronavirus or another pandemic, or by a terrorist or
other attack. The security and other measures we take to protect against these risks may not be sufficient. Additionally, our mines could
be materially adversely affected by a power outage or loss of access to the electrical grid or loss by the grid of cost- effective sources
of electrical power generating capacity. Given the power requirements of our mines, it would not be feasible to run miners on back- up
power generators in the event of a power outage. We do not have any insurance to cover the replacement cost of any lost or damaged miners,
or any interruption of our mining activities. In the event of an uninsured loss, such mines may not be adequately repaired in a timely
manner or at all, and we may lose some or all of the future revenues anticipated to be derived from such mines.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>From time to time, our service providers
have been unable to supply sufficient electric power for us to operate our miners, which has adversely affected our operations, causing
us to relocate some or all of our miners to an alternative facility, which may have a less advantageous cost structure and our business
and results of operations may suffer as a result.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We made a significant capital investment in purchasing
second-hand miners in order to implement them rapidly to mine bitcoin at prices advantageous to us. Management believes, based on its
knowledge of the industry, that the Hosting Agreements provided many advantages as opposed to other alternative arrangements. However,
we have since been required to deploy or move our miners from their current hosting service providers to other mining facilities, and
we may be forced to accept less advantageous terms. Further, during relocation to a new mining facility, we will not be able to operate
our miners and therefore we will not be able to generate revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From May until September 2022, power was offline
at the Niagara Falls, New York facility hosted by BlockFusion, due to an explosion and subsequent fire. We have estimated the loss of
revenue at the Blockfusion site through September 13, 2022 to be approximately $3,200,000. Our methodology is based on the historical
rate for those impacted miners and the average bitcoin and ETH earned during the above period. Shortly after power was restored, the Company
and BlockFusion received a notice from the City of Niagara Falls, New York directing BlockFusion to cease and desist its cryptocurrency
mining activities at Blockfusion&#8217;s Niagara Falls facility. While Blockfusion has advised the Company that it has submitted applications
for new permits based on new city ordinances, there can be no assurance as to when we will restart operations. &#160;The loss of power
at Blockfusion facilities has had a material adverse effect on our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During the same time, a portion of our miners were offline and power
has only been partially used&#160; at our hosting partner Digihost&#8217;s facility at North Tonawanda, New York. We have not yet powered
on our miners at the Digihost facilities, as it is not currently economical to do so. Based on the historical miner model hosted by Digihost,
we calculated our loss at Digihost (based on a hash rate of 60 TH/s and power consumption of 3000W) to be non-material.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the bankruptcy filing by Compute
North on September 22, 2022, as described above, we have experienced service disruptions and are unable to determine the extent of any
damages that may result from the dispute with Generate Capital, which has taken over operations at the former Compute North facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are unable to secure sufficient power supply
from the current hosting service providers, or if the current hosting service providers are unable to supply sufficient electric power,
we may be forced to seek out alternative mining facilities. Should this occur, our operations may be disrupted, which may have a material
adverse effect on our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 23; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If our Hosting Agreements with the current
hosting service providers in the U.S. and Canada are terminated, we may be forced to seek a replacement facility to operate our miners
on acceptable terms; should this occur, our operations may be disrupted, which may have a material adverse effect on our operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Since we have been forced to relocate to a
new mining facility, as described in connection with Compute North, we may not be successful in identifying adequate replacement
facilities to house our miners. Even if we do identify such facilities, we may not be able to secure use of those facilities at
rates that are economically viable to support our mining activities. Relocating our miners, as we did to migrate from China, and are
currently relocating from Compute North facilities required us to incur costs to transition to a new facility including, but not
limited to, transportation expenses and insurance, downtime while we are unable to mine, legal fees to negotiate the new lease,
de-installation at our current facility and, ultimately, installation at any new facility we identify. These costs may be
substantial, and we cannot guarantee that we will be successful in transitioning our miners to a new facility. Since we are required
to move our miners, our business may suffer, and our results of operations would be expected to be materially adversely
affected.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The development and acceptance of cryptographic
and algorithmic protocols governing the issuance of and transactions in digital assets is subject to a variety of factors that are difficult
to evaluate.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The use of digital assets to, among other things, buy and sell goods
and services and complete transactions, is part of a new and rapidly evolving industry that employs bitcoin assets based upon a computer-generated
mathematical and/or cryptographic protocol. Large-scale acceptance of digital assets as a means of payment has not, and may never, occur.
The growth of this industry in general, and the use of bitcoin, in particular, is subject to a high degree of uncertainty, and the slowing
or stopping of the development or acceptance of developing protocols may occur unpredictably. The factors include, but are not limited
to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued worldwide growth
    in the adoption and use of digital assets as a medium to exchange;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governmental and quasi-governmental
    regulation of digital assets and their use, or restrictions on or regulation of access to and operation of the network or similar
    bitcoin systems;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in consumer demographics
    and public tastes and preferences;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the maintenance and development
    of the open-source software protocol of the network;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the increased consolidation
    of contributors to the bitcoin blockchain through mining pools;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the availability and popularity
    of other forms or methods of buying and selling goods and services, including new means of using fiat currencies;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the use of the networks
    supporting digital assets for developing smart contracts and distributed applications;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic conditions
    and the regulatory environment relating to digital assets; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">negative consumer sentiment
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outcome of these factors could have negative
effects on our ability to continue as a going concern or to pursue our business strategy at all, which could have a material adverse
effect on our business, prospects or operations as well as potentially negative effect on the value of any bitcoin or other digital assets
we mine or otherwise acquire or hold for our own account, which would harm investors in our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Banks and financial institutions may not
provide banking services, or may cut off services, to businesses that engage in cryptocurrency-related activities or that accept digital
assets as payment, including financial institutions of investors in our securities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A number of companies that engage in bitcoin
and/or other bitcoin-related activities have been unable to find banks or financial institutions that are willing to provide them with
bank accounts and other services. This is particularly true as a result of recent bank failures, which were connected to cryptocurrency
activities. Similarly, a number of companies and individuals or businesses associated with digital assets may have had and may continue
to have their existing bank accounts closed or services discontinued with financial institutions in response to government action, particularly
in China, where regulatory response to digital assets has been to exclude their use for ordinary consumer transactions within its jurisdiction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 24; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to such restrictions, we also may be
unable to obtain or maintain these services for our business. The difficulty that many businesses in our industry and in related industries
have and may continue to have in finding banks and financial institutions willing to provide them services may now, and in the future,
decrease the usefulness of digital assets as a payment system, harm public perception of digital assets and decrease their usefulness.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The usefulness of digital assets as a payment
system and the public perception of digital assets could be damaged if banks or financial institutions were to close the accounts of
businesses engaging in bitcoin and/or other bitcoin-related activities. This could occur as a result of compliance risk, cost, government
regulation or public pressure. The risk applies to securities firms, clearance and settlement firms, national stock and derivatives on
commodities exchanges, the over-the-counter market, and the Depository Trust Company, which, if any of such entities adopts or implements
similar policies, rules or regulations, could negatively affect our relationships with financial institutions and impede our ability
to convert digital assets to fiat currencies. Such factors could have a material adverse effect on our ability to continue as a going
concern or to pursue our new strategy at all, which could have a material adverse effect on our business, prospects or operations and
harm investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cyberattacks and security breaches of our
system, or those impacting our third parties, could adversely impact our brand and reputation and our business, operating results, and
financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business involves the collection, storage,
processing, and transmission of confidential information, employee, service provider, and other personal data. We have built our system
on the premise that we maintain a secure way to secure, store, and transact in digital assets. As a result, any actual or perceived security
breach of us or our third-party partners may:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">harm our reputation and brand;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">result in our systems or services
                                            being unavailable and interrupt our operations;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">result in improper disclosure of
                                            data and violations of applicable privacy and other laws;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">result in significant regulatory
                                            scrutiny, investigations, fines, penalties, and other legal, regulatory, and financial exposure;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">cause us to incur significant remediation
                                            costs;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">lead to theft or irretrievable loss
                                            of our fiat currencies or digital assets;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">divert the attention of management
                                            from the operation of our business; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">adversely affect our business and
                                            operating results.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, any actual or perceived breach or cybersecurity
attack directed at other financial institutions or digital asset companies, whether or not we are directly impacted, could lead to a
general loss of customer confidence in the digital asset industry or in the use of technology to conduct financial transactions, which
could negatively impact us, including the market perception of the effectiveness of our security measures and technology infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An increasing number of organizations, including
large merchants, businesses, technology companies, and financial institutions, as well as government institutions, have disclosed breaches
of their information security systems, some of which have involved sophisticated and highly targeted attacks, including on their websites,
mobile applications, and infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attacks upon systems across a variety of industries,
including the digital asset industry, are increasing in their frequency, persistence, and sophistication, and, in many cases, are being
conducted by sophisticated, well-funded, and organized groups and individuals, including state actors. The techniques used to obtain
unauthorized, improper, or illegal access to systems and information (including customers&#8217; personal data and digital assets), disable
or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or
detected until after they have been launched against a target. These attacks may occur on our systems or those of our third-party service
providers or partners. Certain types of cyberattacks could harm us even if our systems are left undisturbed. For example, attacks may
be designed to deceive employees and service providers into releasing control of our systems to a hacker, while others may aim to introduce
computer viruses or malware into our systems with a view to stealing confidential or proprietary data. Additionally, certain threats
are designed to remain dormant or undetectable until launched against a target and we may not be able to implement adequate preventative
measures.</p><div>

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</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Although we have developed systems and processes designed to protect
the data we manage, prevent data loss and other security breaches, effectively respond to known and potential risks, and expect to continue
to expend significant resources to bolster these protections, there can be no assurance that these security measures will provide absolute
security or prevent breaches or attacks. We have &#160;&#160;experienced from time to time, and may experience in the future, breaches
of our security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities, or other irregularities.
Unauthorized parties have attempted, and we expect that they will continue to attempt, to gain access to our systems and facilities, as
well as those of our customers, partners, and third-party service providers, through various means, including hacking, social engineering,
phishing, and attempting to fraudulently induce individuals (including employees, service providers, and our customers) into disclosing
usernames, passwords, payment card information, or other sensitive information, which may, in turn, be used to access our information
technology systems and our digital assets. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored
intrusions, industrial espionage, and insiders. Certain threat actors may be supported by significant financial and technological resources,
making them even more sophisticated and difficult to detect. As a result, our costs and the resources we devote to protecting against
these advanced threats and their consequences may continue to increase over time.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The impact of geopolitical and economic
events on the supply and demand for digital assets is uncertain.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Geopolitical crises may motivate large-scale
purchases of bitcoin and other digital assets, which could increase the price of bitcoin and other digital assets rapidly. This may increase
the likelihood of a subsequent price decrease as crisis-driven purchasing behavior dissipates, adversely affecting the value of our inventory
following such downward adjustment. Such risks are similar to the risks of purchasing commodities in general uncertain times, such as
the risk of purchasing, holding or selling gold. Alternatively, as an emerging asset class with limited acceptance as a payment system
or commodity, global crises and general economic downturn may discourage investment in digital assets as investors focus their investment
on less volatile asset classes as a means of hedging their investment risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an alternative to fiat currencies that are
backed by central governments, digital assets, which are relatively new, are subject to supply and demand forces. How such supply and
demand will be impacted by geopolitical events is largely uncertain, but could be harmful to us and investors in our Ordinary Shares.
Political or economic crises, including recent bank failures, may motivate large-scale acquisitions or sales of digital assets either
globally or locally. Such events could have a material adverse effect on our ability to continue as a going concern or to pursue our
new strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially the value of
any bitcoin or any other digital assets we mine or otherwise acquire or hold for our own account.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Acceptance and/or widespread use of bitcoin
is uncertain.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, there is a relatively limited use
of any bitcoin in the retail and commercial marketplace, thus contributing to price volatility that could adversely affect an investment
in our securities. Banks and other established financial institutions may refuse to process funds for bitcoin transactions, process wire
transfers to or from bitcoin exchanges, bitcoin-related companies or service providers, or maintain accounts for persons or entities
transacting in bitcoin. Conversely, a significant portion of bitcoin demand is generated by investors seeking a long-term store of value
or speculators seeking to profit from the short- or long-term holding of the asset. Price volatility undermines any bitcoin&#8217;s role
as a medium of exchange, as retailers are much less likely to accept it as a form of payment. Market capitalization for a bitcoin as
a medium of exchange and payment method may always be low.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The relative lack of acceptance of bitcoins in
the retail and commercial marketplace, or a reduction of such use, limits the ability of end users to use them to pay for goods and services.
Such lack of acceptance or decline in acceptances could have a material adverse effect on our ability to continue as a going concern
or to pursue our business strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially
the value of bitcoins we mine or otherwise acquire or hold for our own account.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Transactional fees may decrease demand
for bitcoin and prevent expansion.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, miners receive both rewards of new
bitcoin and transaction fees paid in bitcoin by persons engaging in bitcoin transactions on the bitcoin blockchain for being the first
to solve bitcoin blocks. As the number of bitcoins currency rewards awarded for solving a block in a blockchain decreases, the incentive
for miners to continue to contribute to the bitcoin network may transition from a set reward and transaction fees to solely transaction
fees. This transition could be accomplished by miners independently electing to record in the blocks they solve only those transactions
that include payment of the highest transaction fees. If transaction fees paid for bitcoin transactions become too high, the marketplace
may be reluctant to accept bitcoin as a means of payment and existing users may be motivated to switch from bitcoin to another digital
asset or to fiat currency. Either the requirement from miners of higher transaction fees in exchange for recording transactions in a
blockchain or a software upgrade that automatically charges fees for all transactions may decrease demand for bitcoin and prevent the
expansion of the bitcoin network to retail merchants and commercial businesses, resulting in a reduction in the price of bitcoin that
could adversely impact an investment in our securities. Decreased use of and demand for bitcoin may adversely affect its value and result
in a reduction in the price of bitcoin and, consequently, the value of our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The decentralized nature of the governance of
bitcoin systems may lead to ineffective decision making that slows development or prevents a network from overcoming emergent obstacles.
Governance of many bitcoin systems is by voluntary consensus and open competition with no clear leadership structure or authority. To
the extent lack of clarity in corporate governance of bitcoin systems leads to ineffective decision making that slows development and
growth of such digital assets, the value of our Ordinary Shares may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There is a lack of liquid markets for digital
assets, and blockchain/bitcoin-based assets are susceptible to potential manipulation.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital assets that are represented and
trade on a ledger-based platform may not necessarily benefit from viable trading markets. Stock exchanges have listing requirements
and vet issuers; requiring them to be subjected to rigorous listing standards  and rules and monitor investors transacting
on such platform for fraud and other improprieties. These conditions may not necessarily be replicated on a distributed ledger
platform, depending on the platform&#8217;s controls and other policies. As described above under &#8220;Unfavorable Digital Asset
Market Conditions,&#8221; recent bankruptcies in the digital assets industry involved platforms which were not publicly listed
without regulatory supervision. The laxer a distributed ledger platform is about vetting issuers of bitcoin assets or users that
transact on the platform, the higher the potential risk for fraud or the manipulation of the ledger due to a control event. These
factors may decrease liquidity or volume or may otherwise increase volatility of investment securities or other assets trading on a
ledger-based system, which may adversely affect us. Such circumstances could have a material adverse effect on our ability to
continue as a going concern or to pursue our business strategy at all, which could have a material adverse effect on our business,
prospects or operations and potentially the value of any bitcoin or other digital assets we mine or otherwise acquire or hold for
our own account and harm investors.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our operations, investment strategies and
profitability may be adversely affected by competition from other methods of investing in digital assets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We compete with other users and/or companies
that are mining digital assets and other potential financial vehicles, including securities backed by or linked to digital assets through
entities similar to us. Market and financial conditions, and other conditions beyond our control, may make it more attractive to invest
in other financial vehicles, or to invest in digital assets directly, which could limit the market for our shares and reduce their liquidity.
The emergence of other financial vehicles and exchange-traded funds have been scrutinized by regulators and such scrutiny and the negative
impressions or conclusions resulting from such scrutiny could be applicable to us and impact our ability to successfully pursue our business
strategy or operate at all, or to maintain a public market for our securities. Such circumstances could have a material adverse effect
on our ability to continue as a going concern or to pursue our business strategy at all, which could have a material adverse effect on
our business, prospects or operations and potentially the value of any bitcoin or other digital assets we mine or otherwise acquire or
hold for our own account, and harm investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The development and acceptance of competing
blockchain platforms or technologies may cause consumers to use alternative distributed ledgers or other alternatives.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development and acceptance of competing blockchain
platforms or technologies may cause consumers to use alternative distributed ledgers or an alternative to distributed ledgers altogether.
Our business utilizes presently existent digital ledgers and blockchains and we could face difficulty adapting to emergent digital ledgers,
blockchains, or alternatives thereto. This may adversely affect us and our exposure to various blockchain technologies and prevent us
from realizing the anticipated profits from our investments. Such circumstances could have a material adverse effect on our ability to
continue as a going concern or to pursue our business strategy at all, which could have a material adverse effect on our business, prospects
or operations and potentially the value of any bitcoin or other digital assets we mine or otherwise acquire or hold for our own account,
and harm investors.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our digital assets may be subject to loss,
theft or restriction on access.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There is a risk that
some or all of our digital assets, including bitcoin, ETH, liquid staking tokens and/or U.S. digital currency could be lost, stolen or
destroyed. Digital assets are stored in platforms commonly referred to as &#8220;wallets&#8221; by holders of bitcoins which may be accessed
to exchange a holder&#8217;s bitcoin assets. Access to our digital assets could also be restricted by cybercrime (such as a denial-of-service
attack) against a service at which we maintain a hosted hot wallet. We believe that our digital assets will be an appealing target to
hackers or malware distributors seeking to destroy, damage or steal our digital assets. See &#8220;<i>Cyberattacks and security breaches
of our system, or those impacting our third parties, could adversely impact our brand and reputation and our business, operating results,
and financial condition</i>.&#8221; A hot wallet refers to any bitcoin wallet that is connected to the Internet. Generally, hot wallets
are easier to set up and access than wallets in cold storage, but they are also more susceptible to hackers and other technical vulnerabilities.
Cold storage refers to any bitcoin wallet that is not connected to the Internet. Cold storage is generally more secure from external
attack than hot storage but is not ideal for quick or regular transactions and we may experience lag time in our ability to respond to
market fluctuations in the price of our bitcoin assets. Moreover, cold storage may increase the risk of internal theft or malfeasance.
We hold our digital assets in hot and cold wallets through third party custodians to reduce the risk of external malfeasance, but the
risk of loss of our bitcoin assets cannot be wholly eliminated. If any of our bitcoin were lost or stolen, it is unlikely that we would
ever be able to recover such bitcoin.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company participates in the
Foundry USA Mining Pool (&#8220;Foundry&#8221;). Foundry is a mining pool operator which provides the Company with a digital currency
mining pool. While Foundry does not provide wallet or custodial services, it deposits bitcoin rewards to our custodian wallet addresses.
Accordingly, the risk of loss or theft of digital assets when Foundry transfers bitcoin rewards in a custodian account is no different
than any other transfer from one wallet to another.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Hackers or malicious actors may launch attacks to steal, compromise
or secure digital assets, such as by attacking the digital asset network source code, exchange miners, third-party platforms, cold and
hot storage locations or software, our general computer systems or networks, or by other means. We cannot guarantee that we will prevent
loss, damage or theft, whether caused intentionally, accidentally or by act of God. Access to our digital assets could also be restricted
by natural events (such as an earthquake or flood) or human actions (such as a terrorist attack). We may be in control and possession
of one of the more substantial holdings of digital assets. As we increase in size, we may become a more appealing target of hackers, malware,
cyber-attacks or other security threats. Any of these events may adversely affect our operations and, consequently, our investments and
profitability. The loss or destruction of a private key required to access our digital wallets may be irreversible and we may be denied
access for all time to our digital asset holdings held in those compromised wallets. Our loss of access to our private keys or our experience
of a data loss relating to our digital wallets could adversely affect our investments and assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital assets are controllable only by the possessor
of both the unique public and private keys relating to the local or online digital wallet in which they are held, which wallet&#8217;s
public key or address is reflected in the network&#8217;s public blockchain. We will publish the public key relating to digital wallets
in use when we verify the receipt of transfers and disseminate such information into the network, but we will need to safeguard the private
keys relating to such digital wallets. To the extent such private keys are lost, destroyed or otherwise compromised, we will be unable
to access our bitcoin rewards and such private keys may not be capable of being restored by any network. Any loss of private keys relating
to digital wallets used to store our digital assets could have a material adverse effect on our ability to continue as a going concern
or to pursue our business strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially
the value of any bitcoin or other digital assets we mine or otherwise acquire or hold for our own account.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is possible that, through computer or human
error, theft or criminal action, our digital assets could be transferred in incorrect amounts or to unauthorized third parties or accounts.
In general, digital asset transactions are irrevocable, and stolen or incorrectly transferred digital assets may be irretrievable, and
we may have extremely limited or no effective means of recovering such digital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
safeguard and keep private our digital assets, including the bitcoin that we mine, by utilizing storage solutions provided by Cactus
Custody and Fireblocks (see &#8220;Summary of Information &#8211; Custodian Accounts&#8221;), which requires multi-factor authentication.
While we are confident in the security of our digital assets held by Cactus Custody and Fireblocks, given the broader market conditions,
there can be no assurance that other digital asset market participants, including Cactus Custody and Fireblocks as our custodian, will
not ultimately be impacted. We continue to monitor the digital assets industry as a whole, although it is not possible at this time to
predict all of the risks stemming from these events that may result to us, our service providers, our counterparties, and the broader
industry as a whole.&#160;</span></p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may suffer significant and adverse effects due to hacking
or one or more adverse software events.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to minimize risk, we have established
processes to manage wallets that are associated with our bitcoin holdings. There can be no assurances that any processes we have adopted
or will adopt in the future are or will be secure or effective, and we would suffer significant and immediate adverse effects if we suffered
a loss of our bitcoin due to an adverse software or cybersecurity event. We utilize several layers of threat reduction techniques, including:
(i) the use of hardware wallets to store sensitive private key information; (ii) performance of transactions offline; and (iii) offline
generation storage and use of private keys.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is evaluating several third-party custodian wallet alternatives,
but there can be no assurance that such services will be more secure than those the Company presently employs. Human error and the constantly
evolving state of cybercrime and hacking techniques may render present security protocols and procedures ineffective in ways which we
cannot predict. If our security procedures and protocols are ineffectual and our digital assets are compromised by cybercriminals, we
may not have adequate recourse to recover our losses stemming from such compromise and we may lose much of the accumulated value of our
bitcoin mining activities. This would have a material adverse impact on our business and operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Incorrect or fraudulent bitcoin transactions
may be irreversible.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bitcoin transactions are irrevocable and stolen
or incorrectly transferred digital assets may be irretrievable. As a result, any incorrectly executed or fraudulent bitcoin transactions
could adversely affect our investments and assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bitcoin transactions are not, from an administrative
perspective, reversible without the consent and active participation of the recipient of the digital assets from the transaction. In
theory, bitcoin transactions may be reversible with the control or consent of a majority of processing power on the network, however,
we do not now, nor is it feasible that we could in the future, possess sufficient processing power to affect this reversal. Once a transaction
has been verified and recorded in a block that is added to a blockchain, an incorrect transfer of a bitcoin or a theft thereof generally
will not be reversible, and we may not have sufficient recourse to recover our losses from any such transfer or theft. It is possible
that, through computer or human error, or through theft or criminal action, our bitcoin rewards could be transferred in incorrect amounts
or to unauthorized third parties, or to uncontrolled accounts. Further, according to the SEC, at this time, there is no specifically
enumerated U.S. or foreign governmental, regulatory, investigative or prosecutorial authority or mechanism through which to bring an
action or complaint regarding missing or stolen bitcoin. We are, therefore, presently reliant on existing private investigative entities,
such as Chain Analysis and Kroll to investigate any potential loss of our bitcoin assets. These third-party service providers rely on
data analysis and compliance of ISPs with traditional court orders to reveal information such as the IP addresses of any attackers who
may have targeted us. To the extent that we are unable to recover our losses from such action, error or theft, such events could have
a material adverse effect on our ability to continue as a going concern or to pursue our business strategy at all, which could have a
material adverse effect on our business, prospects or operations of and potentially the value of any bitcoin or other digital assets
we mine or otherwise acquire or hold for our own account.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our reliance primarily on a few models
of miners may subject our operations to increased risk of mining failure.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The performance and reliability of our miners
and our technology is critical to our reputation and our operations. Because we currently use MicroBT and Bitmain miners, if there are
issues with those machines, our entire system could be affected. Any system error or failure may significantly delay response times or
even cause our system to fail. Any disruption in our ability to continue mining could result in lower yields and harm our reputation
and business. Any exploitable weakness, flaw, or error common to MicroBT and Bitmain miners affects all our miners, and if a defect other
flaw is exploited, our entire mining operations could go offline simultaneously. Any interruption, delay or system failure could result
in financial losses, a decrease in the trading price of our Ordinary Shares and/or damage to our reputation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Company&#8217;s reliance on a third-party
mining pool service provider for our mining revenue payouts may have a negative impact on the Company&#8217;s operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We use third&#8211;party mining pools to
receive our mining rewards from the network. Mining pools allow miners to combine their processing power, increasing their chances
of solving a block and getting paid by the network. The rewards are distributed by the pool operator, proportionally to our
contribution to the pool&#8217;s overall mining power, used to generate each block. Should the pool operator&#8217;s system suffer
downtime due to a cyberattack, software malfunction or other similar issues, it will negatively impact our ability to mine and
receive revenue. Furthermore, we are dependent on the accuracy of the mining pool operator&#8217;s record keeping to accurately
record the total processing power provided to the pool for a given bitcoin mining application in order to assess the proportion of
that total processing power we provided. While we have internal methods of tracking both our power provided and the total used by
the pool, the mining pool operator uses its own record-keeping to determine our proportion of a given reward. We have little means
of recourse against the mining pool operator if we determine the proportion of the reward paid out to us by the mining pool operator
is incorrect, other than leaving the pool. If we are unable to consistently obtain accurate proportionate rewards from our mining
pool operators, we may experience reduced reward for our efforts, which would have an adverse effect on our business and
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The limited rights of legal recourse available
to us and our lack of insurance protection for risk of loss of our digital assets exposes us and our shareholders to the risk of loss
of our digital assets for which no person may ultimately be held liable and we may not be able to recover our losses.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The digital assets held by us are not insured.
Further, banking institutions will not accept our digital assets and they are therefore not insured by the Federal Deposit Insurance
Corporation (&#8220;FDIC&#8221;) or the Securities Investor Protection Corporation (&#8220;SIPC&#8221;). Therefore, a loss may be suffered
with respect to our digital assets which is not covered by insurance and we may not be able to recover any of our carried value in these
digital assets if they are lost or stolen or suffer significant and sustained reduction in conversion spot price. If we are not otherwise
able to recover damages from a malicious actor in connection with these losses, our business and results of operations may suffer, which
may have a material negative impact on our share price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, we do not have any insurance to cover
our digital assets or mining equipment. The market for such insurance is in the early stages and we intend to purchase such insurance
in the future. One of our digital asset custodians, Cactus Custody, is self-insured for $4 million plus annual additions. Any uninsured
losses may have an adverse effect on our results of operations and/or financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Digital assets face significant scaling
obstacles that can lead to high fees or slow transaction settlement times.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital assets face significant scaling obstacles
that can lead to high fees or slow transaction settlement times and attempts to increase the volume of transactions may not be effective.
Scaling digital assets is essential to the widespread acceptance of digital assets as a means of payment, which widespread acceptance
is necessary to the continued growth and development of our business. Many bitcoin networks face significant scaling challenges. For
example, digital assets are limited with respect to how many transactions can occur per second. Participants in the bitcoin ecosystem
debate potential approaches to increasing the average number of transactions per second that the network can handle and have implemented
mechanisms or are researching ways to increase scale, such as increasing the allowable sizes of blocks, and therefore the number of transactions
per block, and sharding (a horizontal partition of data in a database or search engine), which would not require every single transaction
to be included in every single miner&#8217;s or validator&#8217;s block. However, there is no guarantee that any of the mechanisms in
place or being explored for increasing the scale of settlement of bitcoin transactions will be effective, or how long they will take
to become effective, which could adversely affect an investment in our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The price of digital assets may be affected
by the sale of such digital assets by other vehicles investing in digital assets or tracking bitcoin markets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The global market for bitcoin is characterized
by supply constraints that differ from those present in the markets for commodities or other assets such as gold and silver. The mathematical
protocols under which certain digital assets are mined permit the creation of a limited, predetermined amount of currency, while others
have no limit established on total supply. To the extent that other vehicles investing in digital assets or tracking bitcoin markets
form and come to represent a significant proportion of the demand for digital assets, large redemptions of the securities of those vehicles
and the subsequent sale of digital assets by such vehicles could negatively affect bitcoin prices and therefore affect the value of the
bitcoin inventory we hold. Such events could have a material adverse effect on our ability to continue as a going concern or to pursue
our business strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially the
value of any bitcoin or other digital assets we mine or otherwise acquire or hold for our own account.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There are risks related to technological
obsolescence, the vulnerability of the global supply chain for bitcoin hardware disruption, and difficulty in obtaining new hardware
which may have a negative effect on our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our mining operations can only be successful
and ultimately profitable if the costs, including hardware and electricity costs, associated with mining digital assets are lower than
the price of a bitcoin. As our mining facility operates, our miners experience ordinary wear and tear, and may also face more significant
malfunctions caused by a number of extraneous factors beyond our control. We have purchased second-hand miners from third parties. The
degradation of our miners requires us to, over time, replace those miners which are no longer functional. Additionally, as the technology
evolves, we are required to acquire newer models of miners to remain competitive in the market. Reports have been released which indicate
that miner manufacturers or sellers adjust the prices of their miners according to bitcoin prices, so the cost of new machines is unpredictable
but could be extremely high. As a result, at times, we may obtain miners and other hardware from third parties at premium prices, to
the extent they are available. This upgrading process requires substantial capital investment, and we may face challenges. Further, the
global supply chain for bitcoin miners is presently heavily dependent on China-based manufacturers. In addition, there have been shortages
of the semiconductors which are key components in miner production. The global reliance on China as a main supplier of bitcoin miners
has been called into question, particularly in the wake of the COVID-19 pandemic. Should similar outbreaks or other disruptions to the
China-based global supply chain for bitcoin hardware on the spot market or otherwise occur, we may not be able to obtain adequate replacement
parts for our existing miners or to obtain additional miners from the manufacturer or third parties on a timely basis. Such events could
have a material adverse effect on our ability to pursue our business strategy, which could have a material adverse effect on our business
and the value of our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The bitcoin we mine is subject to halving;
the bitcoin reward for successfully uncovering a block will halve several times in the future and bitcoin&#8217;s value may not adjust
to compensate us for the reduction in the rewards we receive from our mining efforts.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Halving
is a process designed to control the overall supply and reduce the risk of inflation in digital assets using a proof-of-work consensus
algorithm. At a predetermined block, the mining reward is cut in half, hence the term &#8220;halving.&#8221; For bitcoin, the reward
was initially set at 50 bitcoin currency rewards per block and this was cut in half to 25 in November 28, 2012 at block 210,000 and again
to 12.5 on July 9, 2016 at block 420,000. The next halving for bitcoin occurred in May 2020 at block 630,000 when the reward was reduced
to 6.25. This reward rate is expected to next halve during March 2024 to 3.125 bitcoin per new block and will continue to halve at approximately
four-year intervals until all potential 21 million bitcoin have been mined. If the award of bitcoin rewards for solving blocks and transaction
fees are not sufficiently high, we may not have an adequate incentive to continue mining and may cease our mining operations. Halving
may result in a reduction in the aggregate hash rate of the bitcoin network as the incentive for miners decreases. Miners ceasing operations
would reduce the collective processing power on the network, which would adversely affect the confirmation process for transactions (i.e.,
temporarily decreasing the speed at which blocks are added to a blockchain until the next scheduled adjustment in difficulty for block
solutions) and make bitcoin networks more vulnerable to a malicious actor or botnet obtaining control in excess of 50% of the processing
power active on a blockchain, potentially permitting such actor or botnet to manipulate a blockchain in a manner that adversely affects
the network and our activities. A reduction in confidence in the confirmation process or processing power of the network could result
and be irreversible. Such events could have a material adverse effect on our ability to continue to pursue our business strategy at all,
which could have a material adverse effect on our business, prospects or operations and potentially the value of any bitcoin or other
digital assets we mine, whether now or in the future, or otherwise acquire or hold for our own account. While bitcoin prices have had
a history of price fluctuations around the halving of its bitcoin rewards, there is no guarantee that the price change will be favorable
or would compensate for the reduction in mining reward. If a corresponding and proportionate increase in the trading price of bitcoin
does not follow these anticipated halving events, the revenue we earn from our mining operations would see a corresponding decrease,
which would have a material adverse effect on our business and operations.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The impact of social media and influencers
on the price for digital assets is uncertain.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Renowned persons, including social media influencers,
may publicly discuss their holdings (or the holdings of companies with which they are affiliated) of bitcoin or their intent to buy or
sell large quantities of bitcoin. This may have a dramatic impact on the price of bitcoin, both up and down. At a minimum, these public
statements delivered through social media, such as Twitter, may cause the price of bitcoin to experience significant volatility. These
episodes could have a material adverse impact on the value of our bitcoin holdings as well as the prices of bitcoin that we may sell.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to realize the benefits
of forks.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that a significant majority of
users and miners on a bitcoin network install software that changes the bitcoin network or properties of a bitcoin, including the irreversibility
of transactions and limitations on the mining of new bitcoin, the bitcoin network would be subject to new protocols and software. However,
if less than a significant majority of users and miners on the bitcoin network consent to the proposed modification, and the modification
is not compatible with the software prior to its modification, the consequence would be what is known as a &#8220;fork&#8221; of the
network, with one prong running the pre-modified software and the other running the modified software. The effect of such a fork would
be the existence of two versions of the bitcoin running in parallel yet lacking interchangeability and necessitating exchange-type transaction
to convert currencies between the two forks. Additionally, it may be unclear following a fork which fork represents the original asset
and which is the new asset. Different metrics adopted by industry participants to determine which is the original asset include: referring
to the wishes of the core developers of bitcoin, blockchains with the greatest amount of hashing power contributed by miners or validators;
or blockchains with the longest chain. A fork in the network of a particular bitcoin could adversely affect an investment in our Company
or our ability to operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not be able to realize the economic benefit
of a fork, either immediately or ever, which could adversely affect an investment in our securities. If we hold a bitcoin at the time
of a hard fork into two digital assets, industry standards would dictate that we would be expected to hold an equivalent amount of the
old and new assets following the fork. However, we may not be able, or it may not be practical, to secure or realize the economic benefit
of the new asset for various reasons. For instance, we may determine that there is no safe or practical way to custody the new asset,
that trying to do so may pose an unacceptable risk to our holdings in the old asset, or that the costs of taking possession and/or maintaining
ownership of the new bitcoin exceed the benefits of owning the new bitcoin. Additionally, laws, regulation or other factors may prevent
us from benefitting from the new asset even if there is a safe and practical way to custody and secure the new asset.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There is a possibility of bitcoin mining
algorithms transitioning to proof of stake validation and other mining related risks, which could make us less competitive and ultimately
adversely affect our business and the value of our shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The protocol pursuant to which transactions are confirmed automatically
on the bitcoin blockchain through mining is known as proof-of-work (or PoW). Proof-of-stake (or PoS) is an alternative method in validating
digital asset transactions, such as Ethereum. The shift from a proof-of-work validation method to a PoS method, mining requires less energy
and may render any company that maintains advantages in the current climate (for example, from lower priced electricity, processing, real
estate, or hosting) less competitive. We, as a result of our efforts to optimize and improve the efficiency of our bitcoin mining operations,
may be exposed to the risk in the future of losing the benefit of our capital investments and the competitive advantage we hope to gain
from this as a result, and may be negatively impacted by a switch to proof-of-stake validation. This may additionally have an impact on
other various investments of ours. Such events could have a material adverse effect on our ability to continue as a going concern or to
pursue our business strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially
the value of any bitcoin or other digital assets we mine or otherwise acquire or hold for our own account<b>.</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>To the extent that the profit margins of
bitcoin mining operations are not high, operators of bitcoin mining operations are more likely to immediately sell bitcoin rewards earned
by mining in the market, thereby constraining growth of the price of bitcoin that could adversely impact us, and similar actions could
affect other digital assets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Over the past several years, bitcoin mining operations
have evolved from individual users mining with computer processors, graphics processing units and first-generation ASIC servers. Currently,
new processing power is predominantly added by incorporated and unincorporated &#8220;professionalized&#8221; mining operations. Professionalized
mining operations may use proprietary hardware or sophisticated ASIC machines acquired from ASIC manufacturers. They require the investment
of significant capital for the acquisition of this hardware, the leasing of operating space (often in data centers or warehousing facilities),
incurring of electricity costs and the employment of technicians to operate the mining farms. As a result, professionalized mining operations
are of a greater scale than prior miners and have more defined and regular expenses and liabilities. These regular expenses and liabilities
require professionalized mining operations to maintain profit margins on the sale of bitcoin. To the extent the price of bitcoin declines
and such profit margin is constrained, professionalized miners are incentivized to more immediately sell bitcoin earned from mining operations,
whereas it is believed that individual miners in past years were more likely to hold newly mined bitcoin for more extended periods. The
immediate selling of newly mined bitcoin greatly increases the trading volume of bitcoin, creating downward pressure on the market price
of bitcoin rewards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The extent to which the value of bitcoin mined
by a professionalized mining operation exceeds the allocable capital and operating costs determines the profit margin of such operation.
A professionalized mining operation may be more likely to sell a higher percentage of its newly mined bitcoin rapidly if it is operating
at a low profit margin and it may partially or completely cease operations if its profit margin is negative. In a low profit margin environment,
a higher percentage could be sold more rapidly, thereby potentially depressing bitcoin prices. Lower bitcoin prices could result in further
tightening of profit margins for professionalized mining operations creating a network effect that may further reduce the price of bitcoin
until mining operations with higher operating costs become unprofitable forcing them to reduce mining power or cease mining operations
temporarily.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If a malicious actor or botnet obtains control
of more than 50% of the processing power on a bitcoin network, or 33% or more share of the Ethereum Validators, such actor or botnet could
manipulate blockchains to adversely affect us, which would adversely affect an investment in us or our ability to operate.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a malicious actor or botnet (a volunteer or
hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the processing
power dedicated to mining a bitcoin, or the ability to valuate Ethereum transactions, it may be able to alter blockchains on which transactions
of bitcoin or 33% or more of ETH reside and rely by constructing fraudulent blocks or preventing certain transactions from completing
in a timely manner, or at all. The malicious actor or botnet could control, exclude or modify the ordering of transactions, though it
is believed that it could not generate new units or transactions using such control. The malicious actor could &#8220;double-spend&#8221;
its own digital asset (i.e., spend the same digital asset in more than one transaction) and prevent the confirmation of other users&#8217;
transactions for as long as it maintained control. To the extent that such malicious actor or botnet yields its control of the processing
power on the network or the bitcoin and/or Ethereum communities do not reject the fraudulent blocks as malicious, reversing any changes
made to blockchains may not be possible. The foregoing description is not the only means by which the entirety of blockchains or digital
assets may be compromised but is only an example.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although there are no known reports of malicious
activity or control of blockchains achieved through controlling over 50% of the processing power on the bitcoin network, it is believed
that certain mining pools may have exceeded the 50% threshold in bitcoin. The possible crossing of the 50% threshold for bitcoin or 33%
for Ethereum indicates a greater risk that a single mining pool could exert authority over the validation of digital asset transactions.
To the extent that the digital asset ecosystem, and the administrators of mining pools, do not act to ensure greater decentralization
of digital asset mining processing power, the feasibility of a malicious actor obtaining control of the processing power will increase
because the botnet or malicious actor could compromise more than the threshold and thereby gain control of the blockchain, whereas if
the blockchain remains decentralized it is inherently more difficult for the botnet of malicious actor to aggregate enough processing
power to gain control of the blockchain, which may adversely affect an investment in our Ordinary Shares. Such lack of controls and responses
to such circumstances could have a material adverse effect on our ability to continue as a going concern or to pursue our new strategy
at all, which could have a material adverse effect on our business, prospects or operations and potentially the value of any bitcoin or
other digital assets we mine or otherwise acquire or hold for our own account, and harm investors.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to risks associated with
our need for significant electrical power. Government regulators may potentially restrict the ability of electricity suppliers to provide
electricity to mining operations, such as ours.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operation of a bitcoin or other digital asset
mine can require massive amounts of electrical power. Further, our mining operations can only be successful and ultimately profitable
if the costs, including electrical power costs, associated with mining a bitcoin are lower than the price of a bitcoin. As a result,
any mine we establish can only be successful if we can obtain sufficient electrical power for that mine on a cost-effective basis, and
our establishment of new mines requires us to find locations where that is the case. There may be significant competition for suitable
mine locations, and government regulators may potentially restrict the ability of electricity suppliers to provide electricity to mining
operations in times of electricity shortage or may otherwise potentially restrict or prohibit the provision or electricity to mining
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any shortage of electricity supply or increase
in electricity cost in a jurisdiction may negatively impact the viability and the expected economic return for bitcoin mining activities
in that jurisdiction. In addition, the significant consumption of electricity may have a negative environmental impact, including contribution
to climate change, which may give rise to public opinion against allowing the use of electricity for bitcoin mining activities or government
measures restricting or prohibiting the use of electricity for bitcoin mining activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not adequately respond to price
fluctuations and rapidly changing technology, which may negatively affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Competitive conditions within the digital asset
industry require that we use sophisticated technology in the operation of our business. The industry for blockchain technology is characterized
by rapid technological changes, new product introductions, enhancements and evolving industry standards. New technologies, techniques
or products could emerge that might offer better performance than the software and other technologies we currently utilize, and we may
have to manage transitions to these new technologies to remain competitive. We may not be successful, generally or relative to our competitors
in the digital asset industry, in timely implementing new technology into our systems, or doing so in a cost-effective manner. During
the course of implementing any such new technology into our operations, we may experience system interruptions and failures during such
implementation. Furthermore, there can be no assurances that we will recognize, in a timely manner or at all, the benefits that we may
expect as a result of our implementing new technology into our operations. As a result, our business and operations may suffer, and there
may be adverse effects on the price of our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The value of stable coins that we hold
may be subject to volatility and risk of loss</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, we held approximately $0.6 million in USDC, a stablecoin issued by Circle Internet Financial Public Limited Company
(&#8220;Circle&#8221;) that is backed by dollar denominated assets held by the issuer in segregated accounts with U.S. regulated financial
institutions. Stablecoins such as USDC are usually backed by the U.S. Dollar and other short-dated U.S. government obligations, and are
usually pegged to the U.S. dollar. On March 9, 2023, as a result of the closure of Silicon Valley Bank (&#8220;SVB&#8221;), Circle announced
that $3.3 billion of its roughly $40 billion USDC reserves were held at SVB. As a result, Circle depegged the USDC from its $1.00 peg,
trading as low as $0.87. This risk may result in the sell-off of USDC and volatility as to the value of stablecoins, which would expose
us to risk of potential loss and could have a material adverse effect on our ability to raise new funding and on our business, financial
condition, and results of operations and prospects.</span>&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Ethereum Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Associated with Staking on Ethereum
2.0</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
connection with the transition of the Ethereum network from PoW to PoS, which occurred on September 15, 2022, when the Ethereum Mainnet
merged with the PoS Beacon Chain (the &#8220;Merge&#8221;), the Company is deploying Ethereum (ETH) to the beacon chain with a view to
earning an ETH-denominated return thereon. On April 12, 2023, Ethereum&#8217;s Shanghai hard fork, also referred to as &#8220;Shapella,&#8221;
has been finalized, enabling withdrawals for users who have &#8220;staked&#8221; their ETH to secure and validate transactions on the
blockchain.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, by running a validator node, the
Company will be exposed to the risk of loss of its staked digital assets if it equivocates or fails to operate the node in accordance
with applicable protocol rules, as the Company&#8217;s digital assets may be &#8220;slashed&#8221; or inactivity penalties may be applied
if the validator node &#8220;double signs&#8221; or is offline for a prescribed period of time. Disputes on a liquid staking provider
may lead to the value of staking assets diverging from ETH or failure to exit the liquid staking position. The Company intends to mitigate
this risk by utilizing experienced service providers such as Blockdaemon and by carefully monitoring the staking activities performed
by the Company in reliance on such services. See &#8220;<i>Summary of Information &#8211; Digital Asset Transactions &#8211; Blockdaemon
Agreement</i>.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks under the Federal securities laws
associated with Staking</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Merge and the switch from PoW to PoS did not
change our characterization of ETH as a digital asset. We intend to hold our staked ETH for our own account. In the event we exchange
ETH for other digital assets (such as liquid staking tokens) which may be deemed to be securities, it would be for our own account. In
all instances, we will perform a risk-based analysis to evaluate whether the digital asset may be deemed to be a &#8220;security&#8221;
under the Federal securities laws prior to mining the digital asset. We do not believe if we hold for our own account a particular digital
asset which may be deemed to be a security, it will be a risk to our business operations. Nevertheless, we will continue to implement
a compliance infrastructure to ensure full compliance with the federal securities laws. In the event our staking program is found to not
be in compliance with the federal securities laws, we could face legal or regulatory consequences. We would also need to undertake a regulatory
review to ensure compliance with the Federal securities laws if and when we decide to offer staking-as-a-service for value to individuals.
The Company would need to install a fully compliant organic infrastructure or hire third-party contractors.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Speculative
and Volatile Nature of ETH</i></b></span>&#160;&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, the Company has deployed a portion of
the capital it has raised into ETH. The price of ETH is subject to significant volatility. In addition, there is no guarantee that the
Company will be able to sell its ETH at prices quoted on various cryptocurrency trading platforms or at all if it determines to do so.
The supply of ETH is currently controlled by the source code of the Ethereum platform, and there is a risk that the developers of the
code and the participants in the Ethereum network could develop and/or adopt new versions of the Ethereum software that significantly
increase the supply of ETH in circulation, negatively impacting the trading price of ETH. Any significant decrease in the price of ETH
may materially and adversely affect the value of the Company&#8217;s securities and, in turn, the Company&#8217;s business and financial
condition.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ETH markets are sensitive to new developments,
and since volumes are still maturing, any significant changes in market sentiment (by way of sensationalism in the media or otherwise)
can induce large swings in volume and subsequent price changes. Such volatility can adversely affect the business and financial condition
of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Momentum pricing typically is associated with
growth stocks and other assets whose valuation, as determined by the public, accounts for anticipated future appreciation in value. The
Company believes that momentum pricing of ETH has resulted, and may continue to result, in speculation regarding future appreciation
in the value of ETH, inflating and making more volatile the value of ETH. As a result, ETH may be more likely to fluctuate in value due
to changing investor confidence in future appreciation, which could adversely affect the business and financial condition of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Underlying Value Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ETH represents a new form of digital value that
is still being digested by society. Its underlying value is driven by its utility as a store of value, means of exchange, and unit of
account, and notably, the demand for ETH within various use cases of the Ethereum network. Just as oil is priced by the supply and demand
of global markets, as a function of its utility to, for instance, power machines and create plastics, so too is ETH priced by the supply
and demand of global markets for its own utility within Ethereum&#8217;s use cases. There is a risk if we are working through a staking
pool to valuate ETH investors. We rely upon a pool operator to run the validator. There is a counterparty risk that the party with which
we trust our assets may not uphold their side of the deal and fees or penalties may be assessed to the pool. These fees are typically
assessed if the pool operator has downtime or dishonest actions. Finally, blockchains are new technologies and there is always an outside
risk of a catastrophic chain failure that could put locked or staked funds at risk. The speculative and volatile nature of ETH and blockchain
may materially and adversely affect the value of the Company&#8217;s securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The staked ETH is subject to the volatility risks
set forth under &#8220;<i>Speculative and Volatile Nature of ETH</i>&#8221; and the risks related to hacking set forth above under &#8220;Cyberattacks
and security breaches of our system, or those impacting our third parties, could adversely impact our brand and reputation and our business,
operating results, and financial condition&#8221; that could result in a loss of staked ETH.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The risks involved with liquid staking differ
from direct staking. Liquid staking allows participants, including the Company, to maintain the liquidity of their digital assets while
still earning staking rewards. However, it is subject to the following consequence risks apart from direct staking:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Liquid staking requires a certain
                                            level of technical expertise to manage the staking process effectively. This can be a barrier
                                            for some investors, particularly those who are new to the world of digital asset investing.</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The price of the staked derivative
                                            may decrease from its original price. This may happen because the new token has a lower market
                                            price.</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">In we lose our liquid token, we
                                            will also lose our staked token. This can result from bad trades, rebalancing losses when
                                            farming in liquidity pools, and liquidations at lending protocols.</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Token holders will likely choose
                                            to stake their tokens on liquid staking protocols. As a result, the balance of validator
                                            shares taking part in the network may be disrupted, giving room for undue control from more
                                            powerful validators.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Development of the Ethereum Platform</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ethereum platform is an open-source project
being developed by a network of software developers, including Vitalik Buterin, a founder of Ethereum. Mr. Buterin or another key participant
within the core development group could cease to be involved with the Ethereum platform. Factions could form within the Ethereum community,
resulting in different and competing versions of Ethereum being adopted by network participants. Furthermore, network participants running
the Ethereum software may choose not to update their versions of the software, resulting in different versions of the Ethereum software
running on the network. Any of the foregoing developments could have a significant negative impact on the viability and overall health
of the Ethereum platform, the value of ETH and the Company&#8217;s business model and assets.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the beacon chain (the PoS successor
to the Ethereum PoW chain) launched in December 2020 and the &#8220;merging&#8221; of the Ethereum PoW chain into Ethereum 2.0 occurred
on September 15, 2022. In addition, Ethereum&#8217;s Shanghai hard fork, also referred to as &#8220;Shapella,&#8221; has been finalized
on April 12, 2023, enabling withdrawals for users who have &#8220;staked&#8221; their ETH to secure and validate transactions on the
blockchain. Although management believes that these changes to the Ethereum platform will positively impact its potential for mainstream
adoption, no assurance can be given that such impact will materialize. If the Company cannot successfully anticipate and react to the
impacts of this shift, its business and results of operations may be adversely affected. &#160;&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Uncertainty Regarding the Growth of Blockchain
and Web 3 Technologies</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The further development and use of blockchain,
Web 3 technologies and digital assets are subject to a variety of factors that are difficult to evaluate and predict, many of which are
beyond the Company&#8217;s control. The slowing or stopping of the development or acceptance of blockchain networks, specifically Ethereum,
and blockchain assets would be expected to have a material adverse effect on the Company. Furthermore, blockchain and Web 3 technologies,
including Ethereum, may never be implemented to a scale that provides identifiable economic benefit to blockchain-based businesses, including
the Company.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ethereum network and ETH as digital asset
have a limited history. Due to this short history, it is not clear how all elements of ETH will unfold over time, specifically with regard
to governance between miners, developers and users, as well as the long-term security model as the rate of inflation of ETH decreases.
Since the ETH community has successfully navigated a considerable number of technical and political challenges since its inception, the
Company believes that it will continue to engineer its way around future challenges. The history of open-source software development
would indicate that vibrant communities are able to change the software under development at a pace sufficient to stay relevant. The
continuation of such vibrant communities is not guaranteed, and insufficient software development or any other unforeseen challenges
that the community is not able to navigate could have an adverse impact on the business of the Company.</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><i>Potential Decrease
in Global Demand for ETH</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a currency, ETH must serve as a means of exchange,
store of value, and unit of account. Many people using ETH as money-over-internet-protocol (MoIP) do so with it as an international means
of exchange. Speculators and investors using ETH as a store of value then layer on top of means of exchange users, creating further demand.
If consumers stop using ETH as a means of exchange, or its adoption therein slows, then ETH&#8217;s price may suffer, adversely affecting
the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should be aware that there is no assurance
that ETH will maintain its long-term value in terms of purchasing power in the future or that the acceptance of ETH for payments by mainstream
retail merchants and commercial businesses will continue to grow. As relatively new products and technologies, ETH and the Ethereum network
have yet to become generally accepted as a means of payment for goods and services by major retail and commercial outlets, and use of
ETH by consumers to pay such retail and commercial outlets remains limited. Banks and other established financial institutions may refuse
to process funds for Ethereum network-based transactions, process wire transfers to or from digital asset trading platforms, Ethereum-related
companies or service providers, or maintain accounts for persons or entities transacting in ETH. Conversely, a significant portion of
ETH demand is generated by speculators and investors seeking to profit from the short or long-term holding of ETH. The Company believes
that, like any commodity, ETH will fluctuate in value, but over time will gain a level of acceptance as a store of value, medium of exchange
or token of utility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Smart Contract Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Ethereum network is based upon the development and deployment of
smart contracts, which are self-executing contracts with the terms of the agreement written into software code. There are thousands of
smart contracts currently running on Ethereum network. Like any software code, smart contracts are exposed to risk that the code
contains a bug or other security vulnerability, which can lead to loss of assets that are held on or transacted through the contract.
The smart contract deployed on Ethereum and, as such, may contain a bug or other vulnerability that may lead to the loss of digital assets
held in the wallet. The Ethereum developer community audits widely used smart contracts frequently and publishes the results of such audits
on public forums. The Company currently relies on Blockdaemon and Liquid Collective for its liquid staking solution. The smart contract
code via Blockdaemon was audited by Quantstamp. The smart contract code via Liquid Collective was audited by Halborn and Spearbit. Nevertheless,
there is no guaranty against a bug or other vulnerability leading to a loss of digital assets.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Associated with the Ethereum Network</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Dependence on Ethereum Network Developers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While many contributors to the Ethereum network&#8217;s
open-source software are employed by companies in the industry, most of them are not directly compensated for helping to maintain the
protocol. As a result, there are no contracts or guarantees that they will continue to contribute to the Ethereum network&#8217;s software
(https://github.com/ether and https://github.com/orgs/ether/people).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Issues with the Cryptography Underlying
the Ethereum Network</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Ethereum network is one of the world&#8217;s
most established digital asset networks, the Ethereum network and other cryptographic and algorithmic protocols governing the issuance
of digital assets represent a new and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate.
In the past, flaws in the source code for digital assets have been exposed and exploited, including flaws that disabled some functionality
for users, exposed users&#8217; personal information and/or resulted in the theft of users&#8217; digital assets. The cryptography underlying
ETH could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing,
algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious
actor may be able to take the ETH held by the Company. Moreover, functionality of the Ethereum network may be negatively affected such
that it is no longer attractive to users, thereby dampening demand for ETH. Even if digital assets other than ETH were affected by similar
circumstances, any reduction in confidence in the source code or cryptography underlying digital assets generally could negatively affect
the demand for digital assets and therefore adversely affect the business of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Disputes on the Development of the Ethereum
Network may lead to Delays in the Development of the Network</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be disputes between contributors on
the best paths forward in building and maintaining the Ethereum network&#8217;s software. Furthermore, the stakers supporting
the network and other developers and users of the network can disagree with the contributors as well, creating greater debate. Therefore,
the Ethereum community often iterates slowly upon contentious protocol issues, which many perceive as prudently conservative, while others
worry that it inhibits innovation. It will be important for the community to continue to develop at a pace that meets the demand for
transacting in ETH, otherwise users may become frustrated and lose faith in the network. As a decentralized network, strong consensus
and unity is particularly important to respond to potential growth and scalability challenges.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Ethereum Blockchain may Temporarily
or Permanently Fork and/or Split</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ethereum network&#8217;s software and protocol
are open source. When a modification is released by the developers and a substantial majority of participants consent to the modification, the change is implemented and the Ethereum
network continues uninterrupted. However, if a change were activated with less than a substantial majority consenting to the proposed
modification, and the modification is not compatible with the software prior to its modification, the consequence would be what is known
as a &#8220;hard fork&#8221; (i.e., a split) of the Ethereum network (and the blockchain). One blockchain would be maintained by the
pre-modification software and the other by the post-modification software. The effect is that both blockchain algorithms would be running
parallel to one another, but each would be building an independent blockchain with independent native assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A hard fork could present problems such as two
copies of a token for the same non-fungible tokens (NFTs). &#160;It could also present a problem for a customer having to choose to provide
services with respect to digital assets resulting from a fork. In addition, digital asset loan agreements often dictate when and how each
of the lender or the borrower of a digital asset pledging a certain digital asset gets the benefit of forked coins in the event of a hard
fork. Similarly, derivative counterparties using ISDA-based contractual documentation may be subject to hard fork-related termination
events.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although forks are likely to be addressed by
a community-led effort to merge the two groups, such a fork could still adversely affect ETH&#8217;s viability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risk if a Person Gains a 33% or More Share of the Ethereum Validators</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to Ethereum.org, the likelihood of successful attacks on
the Ethereum network increases as the proportion of staked ETH controlled by the attacker increases. If an attacker controls 33% or more
of the total stake, they can prevent the chain from finalizing by having 33% or more of the staked ETH maliciously attesting or failing
to attest. If an attacker controls about 50% of the total stake, they could theoretically split the chain into two equally sized forks
and then simply use their entire 50.1% stake to vote contrarily to the honest validator set, thereby maintaining the two forks and preventing
finality. If an attacker controls 66% or more of the total stake, they simply vote for their preferred fork and then finalize it, simply
because they can vote with a dishonest supermajority.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Dependence on the Internet</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ETH stakers relay transactions to one another
via the Internet, and when blocks are mined, they are also forwarded via the Internet. Users and developers access Ethereum via the Internet.
Thus, the Ethereum network is dependent upon the continued functioning of the Internet.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Attacks on the Ethereum Network</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ethereum network is periodically subject
to distributed denial of service attacks to clog the list of transactions being tabulated by miners, which can slow the confirmation
of authentic transactions. Another avenue of attack would be if a large number of miners were taken offline then it could take some
time before the difficulty of the mining process algorithmically adjusts, which would stall block creation time and therefore
transaction confirmation time. Thus far these scenarios have not plagued the network for long or in a systemic manner. This risk is
expected to be substantially mitigated on Ethereum 2.0, as the PoS method of validating transactions was expected to improve the
speed and efficiency of the network.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Decrease in Block Reward or Yield</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of a material decrease in the
block reward to the Ethereum network, stakers may cease to provide their staked ETH to the consensus mechanism for the Ethereum
network blockchain. This risk was expected to be mitigated in part on Ethereum 2.0, as the rewards earned by stakers of ETH will
proportionately decline as more stakers participate in the network. Conversely, if some stakers decide to stop participating because
the yield is too low, remaining stakers will enjoy a higher yield. Consequently, Ethereum 2.0 is expected to attract a sufficient
number of stakers and validators to keep the network running efficiently.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Competitors to ETH and the Ethereum Network</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, ETH is the second largest digital
asset by market capitalization, with Coingecko citing more than 5,000 alternative digital assets. To the extent a competitor to ETH gains
popularity and greater market share, the use and price of ETH could be negatively impacted, which may adversely affect the investments
of the Company. Similarly, the price of ETH could be negatively impacted by competition from incumbents in the credit card and payments
industries or from other developing blockchain protocols.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial Institutions may Refuse to Support
Transactions Involving ETH</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the uncertain regulatory climate for digital
assets, including ETH, regulated financial institutions may refuse to support transactions involving digital assets, including the receipt
of cash proceeds from sales of digital asset. Should this occur, the Company&#8217;s business, prospects, financial condition, results
of operations or cash flows could be materially adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to United States Government Regulations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>New
York State Moratorium on Cryptocurrency Mining Operations</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
November 22, 2022, the New York State enacted a moratorium on cryptocurrency mining operations that use proof-of-work authentication
methods to validate blockchain operations; provided that such operations shall be subject to a full generic environmental impact statement
review. While the Company&#8217;s bitcoin mining operations in New York State use proof-of-work authentication, they are approximately
98.6% carbon free. The law provides for a two-year moratorium on new applications or new permits for an electric generating facility
that utilizes a carbon-based fuel. Therefore, the Company believes that its New York State hosting facilities, which primarily depended
on hydroelectric power, will be able to comply with the law.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to an extensive and rapidly-evolving
regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our brand,
reputation, business, operating results and financial condition</i></b><i>.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business may be or may become subject to
extensive laws, rules, regulations, policies, orders, determinations, directives, treaties, and legal and regulatory interpretations
and guidance in the markets in which we operate, including those typically applied to financial services and banking, securities, commodities,
the exchange, and transfer of digital assets, cross-border and domestic money and digital asset transmission businesses, as well as those
governing data privacy, data governance, data protection, cybersecurity, fraud detection, payment services (including payment processing
and settlement services), consumer protection, antitrust and competition, bankruptcy, tax, anti-bribery, economic and trade sanctions,
anti- money laundering, and counter-terrorist financing. Many of these legal and regulatory regimes were adopted prior to the advent
of the internet, mobile technologies, digital assets, and related technologies. As a result, they often do not contemplate or address
unique issues associated with digital assets, are subject to significant uncertainty, and vary widely across U.S. federal, state, and
local jurisdictions. These legal and regulatory regimes, including the laws, rules, and regulations thereunder, evolve frequently and
may be modified, interpreted, and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another.
Moreover, the relative novelty and evolving nature of our business and the significant uncertainty surrounding the regulation of digital
assets requires us to exercise our judgement as to whether certain laws, rules, and regulations apply to us, and it is possible that
governmental bodies and regulators may disagree with our conclusions. To the extent we have not complied with such laws, rules, and regulations,
we could be subject to significant fines, limitations on our business, reputational harm, and other regulatory consequences, as well
as criminal penalties, each of which may be significant and could adversely affect our business, operating results and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to existing laws and regulations,
various governmental and regulatory bodies, including legislative and executive bodies, in the United States, as well as in other countries
may adopt new laws and regulations, or new interpretations of existing laws and regulations may be issued by such bodies or the judiciary,
which may adversely impact the development and use of digital assets as a whole, digital asset mining operations, and our legal and regulatory
status in particular by changing how we operate our business, how our operations are regulated, and what products or services we and
our competitors can offer, requiring changes to our compliance and risk mitigation measures, imposing new licensing requirements or new
costs of doing business, or imposing a total ban on certain activities or transactions with respect to digital assets, as has occurred
in certain jurisdictions in the past.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to our business activities, if laws or regulations
or their respective interpretation change, we may become subject to ongoing examinations, oversight, and reviews by U.S. federal and
state regulators, which would have broad discretion to audit and examine our business if we become subject to their oversight. Adverse
changes to, or our failure to comply with, any laws and regulations have had, and may continue to have, an adverse effect on our reputation
and brand and our business, operating results and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to governmental regulation
and other legal obligations related to data privacy, data protection and information security. If we are unable to comply with these,
we may be subject to governmental enforcement actions, litigation, fines and penalties or adverse publicity.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We collect and process data, including personal,
financial and confidential information about individuals, including our employees and business partners; however, not of any customers
or other third parties. The collection, use and processing of such data about individuals are governed by data privacy laws and regulations
enacted in the U.S. (federal and state), and other jurisdictions around the world. These data privacy laws and regulations are complex,
continue to evolve, and on occasion may be inconsistent between jurisdictions leading to uncertainty in interpreting such laws and it
is possible that these laws, regulations and requirements may be interpreted and applied in a manner that is inconsistent with our existing
information processing practices, and many of these laws are significantly litigated and/or subject to regulatory enforcement. The implication
of this includes that various federal, state and foreign legislative or regulatory bodies may enact or adopt new or additional laws and
regulations concerning data privacy, data retention, data transfer, and data protection. Such laws may continue to restrict or dictate
how we collect, maintain, combine and disseminate information and could have a material adverse effect on our business, results of operations,
financial condition and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the United States, there are numerous federal
and state laws and regulations that could apply to our operations or the operations of our partners, including data breach notification
laws, financial information and other data privacy laws, and consumer protection laws and regulations (e.g., Section 5 of the FTC Act),
that govern the collection, use, disclosure, and protection of personal information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to extensive environmental,
health and safety laws and regulations that may expose us to significant liabilities for penalties, damages or costs of remediation or
compliance.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations and properties are subject to
extensive laws and regulations governing occupational health and safety, the discharge of pollutants into the environment or otherwise
relating to health, safety and environmental protection requirements in the United States. These laws and regulations may impose numerous
obligations that are applicable to our operations, including acquisition of a permit or other approval before conducting construction
or regulated activities; restrictions on the types, quantities and concentration of materials that can be released into the environment;
limitation or prohibition of construction and operating activities in environmentally sensitive areas, such as wetlands; imposing specific
health and safety standards addressing worker protection; and imposition of significant liabilities for pollution resulting from our
operations, including investigation, remedial and clean-up costs. Failure to comply with these requirements may expose us to fines, penalties
and/or interruptions in our operations that could have a material adverse effect on our financial position, results of operations and
cash flows. Certain environmental laws may impose strict, joint and several liability for costs required to clean up and restore sites
where hazardous substances have been disposed or otherwise released into the environment, even under circumstances where the hazardous
substances were released by prior owners or operators or the activities conducted and from which a release emanated complied with applicable
law. Moreover, it is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property
damage allegedly caused by noise or the release of hazardous substances into the environment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trend in environmental regulation has been
to place more restrictions and limitations on activities that may be perceived to impact the environment, and thus there can be no assurance
as to the amount or timing of future expenditures for environmental regulation compliance or remediation. New or revised regulations
that result in increased compliance costs or additional operating restrictions could have a material adverse effect on our financial
position, results of operations and cash flows.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The regulatory and legislative developments
related to climate change, may materially adversely affect our brand, reputation, business, operating results and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">A
number of governments or governmental bodies have introduced or are contemplating legislative and regulatory changes in response to various
climate change interest groups and the potential impact of climate change. Given the very significant amount of electrical power required
to operate digital asset mining machines, as well the environmental impact of mining for the rare earth metals used in the production
of mining servers, the digital asset mining industry may become a target for future environmental and energy regulation. For example,
in June and July of 2021, the Chinese government prohibited the operation of mining machines and supply of energy to mining businesses,
citing concerns regarding high levels of energy consumption, which resulted in our suspension of mining operations in China. U.S.
legislation and increased regulation regarding climate change could impose significant costs on us and our suppliers, including costs
related to increased energy requirements, capital equipment, environmental monitoring and reporting, and other costs to comply with such
regulations. Specifically, imposition of a carbon tax or other regulatory fee in a jurisdiction where we operate or on electricity that
we purchase could result in substantially higher energy costs, and due to the significant amount of electrical power required to operate
digital asset mining machines, could in turn put our facilities at a competitive disadvantage. Any future climate change regulations could
also negatively impact our ability to compete with companies situated in areas not subject to such limitations. Given the political significance
and uncertainty around the impact of climate change and how it should be addressed, we cannot predict how legislation and regulation will
affect our financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness
and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry
could harm our reputation. Any of the foregoing could have a material adverse effect on our financial position, results of operations
and cash flows.</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A particular digital asset&#8217;s status
as a &#8220;security&#8221; in any relevant jurisdiction is subject to a high degree of uncertainty and if a regulator disagrees with
our characterization of a digital asset, we may be subject to regulatory scrutiny, investigations, fines, and other penalties, which
may adversely affect our business, operating results and financial condition. Furthermore, a determination that bitcoin or any other
digital asset that we own or mine is a &#8220;security&#8221; may adversely affect the value of bitcoin and our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
SEC and its staff have taken the position that certain digital assets fall within the definition of a &#8220;security&#8221; under the
U.S. federal securities laws. The legal test for determining whether any given digital asset is a security, as described below, is a highly
complex, fact-driven analysis that may evolve over time, and the outcome is difficult to predict. Our determination that the digital assets
we hold are not securities is a risk-based assessment and not a legal standard or one binding on regulators. The SEC generally does not
provide advance guidance or confirmation on the status of any particular digital asset as a security. Furthermore, the SEC&#8217;s views
in this area have evolved over time and it is difficult to predict the direction or timing of any continuing evolution. It is also possible
that a change in the governing administration or the appointment of new SEC commissioners could substantially impact the views of the
SEC and its staff. Public statements made by senior officials at the SEC indicate that the SEC does not intend to take the position that
bitcoin is a security (as currently offered and sold). However, such statements are not official policy statements by the SEC and reflect
only the speakers&#8217; views, which are not binding on the SEC or any other agency or court and cannot be generalized to any other digital
asset. As of the date of this report, with the exception of certain centrally issued digital assets that have received &#8220;no-action&#8221;
letters from the SEC staff, bitcoin and ETH are the only digital assets which senior officials at the SEC have publicly stated are unlikely
to be considered securities. SEC Chairman Gensler stated (at the Penn Law Capital Markets Association Annual Conference on April 4, 2022)
that &#8220;Issuers of crypto tokens that are securities must register their offers and sales of these assets with the SEC and comply
with our disclosure requirements or meet an exemption.&#8221; As a digital asset mining company, we do not believe we are an issuer of
any &#8220;securities&#8221; as defined under the federal securities laws. Our internal process for determining whether the digital assets
we hold or plan to hold is based upon the public statements of the SEC and existing case law. The digital assets we hold or plan to hold,
other than bitcoin and ETH, may have been created by an issuer as an investment contract under the Howey test, <span style="text-decoration:underline">SEC</span> v. <span style="text-decoration:underline">Howey
Co</span>., 328 U.S. 293 (1946), and may be deemed to be securities by the SEC. However, the Company was not the issuer that created these
digital assets and is holding them on an interim basis until liquidated. Should the SEC state in the future that bitcoin, ETH, U.S. digital
currency tokens or other digital assets</span>&#160; <span style="font-family: Times New Roman, Times, Serif">we hold are securities,
we may subject to additional securities laws&#8217; requirements and may no longer be able to hold any of these digital assets. It will
then likely become difficult or impossible for such digital assets to be traded, cleared or custodied in the United States through the
same channels used by non-security digital assets, which in addition to materially and adversely affecting the trading value of the digital
assets is likely to cause substantial volatility and significantly impact their liquidity and market participants&#8217; ability to convert
the digital assets into U.S. dollars. Our inability to exchange bitcoin for fiat currency or other digital assets (and vice versa) and
to administer our treasury management objectives may decrease our earnings potential and have an adverse impact on our business and financial
condition.</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Investment Company Act of 1940, as amended,
a company may fall within the definition of an investment company under Section 3(c)(1)(A) thereof if it is or holds itself out as being
engaged primarily, or proposes to engage primarily in the business of investing, reinvesting or trading in securities, or under Section
3(a)(1)(C) thereof if it is engaged or proposes to engage in business of investing, reinvesting, owning, holding, or trading in securities,
and owns or proposes to acquire &#8220;investment securities&#8221; (as defined) having a value exceeding 40% of its total assets (exclusive
of government securities and cash items) on an unconsolidated basis. There is no authoritative law, rule or binding guidance published
by the SEC regarding the status of digital assets as &#8220;securities&#8221; or &#8220;investment securities&#8221; under the Investment
Company Act. Although we believe that we are not engaged in the business of investing, reinvesting, or trading in investment securities,
and we do not hold ourselves out as being primarily engaged, or proposing to engage primarily, in the business of investing, reinvesting
or trading in securities, to the extent the digital assets which we mine, own, or otherwise acquire may be deemed &#8220;securities&#8221;
or &#8220;investment securities&#8221; by the SEC or a court of competent jurisdiction, we may meet the definition of an investment company.
If we fall within the definition of an investment company under the Investment Company Act, we would be required to register with the
SEC. If an investment company fails to register, it likely would have to stop doing almost all business, and its contracts would become
voidable. Generally non-U.S. issuers may not register as an investment company without an SEC order.</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The classification of a digital asset as a security
under the applicable law has wide-ranging implications for the regulatory obligations that flow from the mining, sale and trading of such
assets. For example, a digital asset that is a security in the United States may generally only be offered or sold in the United States
pursuant to a registration statement filed with the SEC or in an offering that qualifies for an exemption from registration. Persons that
effect transactions in digital assets that are deemed securities in the United States may be subject to registration with the SEC as a
&#8220;broker&#8221; or &#8220;dealer.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurances that we will properly
characterize any given digital asset as a security or non-security for purposes of determining which digital assets to mine, hold and
trade, or that the SEC, or a court, if the question was presented to it, would agree with our assessment. We could be subject to judicial
or administrative sanctions for failing to offer or sell digital assets in compliance with the registration requirements, or for acting
as a broker or dealer without appropriate registration. Such an action could result in injunctions, cease and desist orders, as well as
civil monetary penalties, fines, and disgorgement, criminal liability, and reputational harm. Further, if bitcoin is deemed to be a security
under the laws of any U.S. federal, state, or local jurisdiction, or in a proceeding in a court of law or otherwise, it may have adverse
consequences for such digital asset. For instance, all transactions in such supported digital asset would have to be registered with the
SEC, or conducted in accordance with an exemption from registration, which could severely limit its liquidity, usability and transactability.
For instance, all transactions in such supported digital asset would have to be registered with the SEC, or conducted in accordance with
an exemption from registration, which could severely limit its liquidity, usability and transactability. Further, it could draw negative
publicity and a decline in the general acceptance of the digital asset. Also, it may make it difficult for such digital asset to be traded,
cleared, and custodied as compared to other digital assets that are not considered to be securities.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failure to comply with anti-corruption
and anti-money laundering laws, including the Foreign Corrupt Practices Act (the &#8220;FCPA&#8221;) and similar laws associated with
our activities outside of the United States, could subject us to penalties and other adverse consequences.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate an international business and may
have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities. We are
subject to the FCPA, and other applicable anti-corruption and anti-money laundering laws in certain countries in which we conduct activities.
The FCPA prohibits providing, offering, promising, or authorizing, directly or indirectly, anything of value to government officials,
political parties, or political candidates for the purpose of obtaining or retaining business or securing any improper business advantage.
In addition, U.S. public companies are required to maintain records that accurately and fairly represent their transactions and have
an adequate system of internal accounting controls.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In many foreign countries, including countries
in which we may conduct business, it may be a local custom that businesses engage in practices that are prohibited by the FCPA, or other
applicable laws and regulations. We face significant risks if we or any of our directors, officers, employees, contractors, agents or
other partners or representatives fail to comply with these laws and governmental authorities in the United States and elsewhere could
seek to impose substantial civil and/or criminal fines and penalties which could have a material adverse effect on our business, reputation,
operating results, prospects and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any violation of the FCPA, other applicable anti-corruption
laws, or anti-money laundering laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export
privileges, severe criminal or civil sanctions and, in the case of the FCPA, suspension or debarment from U.S. government contracts,
any of which could have a materially adverse effect on our reputation, business, operating results, prospects and financial condition.
In addition, responding to any enforcement action or internal investigation related to alleged misconduct may result in a significant
diversion of management&#8217;s attention and resources and significant defense costs and other professional fees.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Enactment of the Infrastructure Investment
and Jobs Act of 2021 (the &#8220;Infrastructure Act&#8221;) may have an adverse impact on our business and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 15, 2021, President Joseph R. Biden
signed the Infrastructure Act. Section 80603 of the Infrastructure Act modifies and amends the Internal Revenue Code of 1986 (the &#8220;Code&#8221;)
by requiring brokers of digital asset transactions to report their customers to the IRS. This provision was included to enforce the taxability
of digital asset transactions. Section 80603 defines &#8220;broker&#8221; as &#8220;any person who (for consideration) is responsible
for regularly providing any service effectuating transfers of digital assets on behalf of another person.&#8221; That could potentially
include miners, validators, and developers of decentralized applications. These functions play a critical role in our business and in
the functioning of the blockchain ecosystem. Importantly, these functions have no way of identifying their anonymous users. Indeed, bitcoin&#8217;s
blockchain was designed for anonymity.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This reporting requirement took effect on January
1, 2023 and will impact tax returns filed in 2024. The implementation of these requirements will require further guidance from the federal
government. Disclosing the identity of our bitcoin mining operations and associated accounts to ensure they can be taxed by the IRS could
cause a significant devaluing of our business, the bitcoin currency, and the entire digital assets market. Additionally, noncompliance
with this provision could lead to significant fines and or regulatory actions against our company.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks related to material pending crypto
legislation or regulations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the federal level, by certain accounts, more
than 100 bills were introduced in Congress to regulate cryptocurrency and digital assets. Except as described in other specific risk factors
set forth herein, we do not believe that material pending crypto legislation or regulations would have a material effect on our business,
financial condition and results of operations. Certain of the material pending bills are as follows:</p><div>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Digital Commodity Exchange Act of
                                            2022 (DCEA), introduced on April 28, 2022 in the House of Representatives, would create a
                                            regulatory overview for digital commodity developers, dealers and exchanges, none of which
                                            would currently apply to the Company;</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Securities Clarity Act, introduced
                                            on July 16, 2021 in the House of Representatives, is intended to work with the proposed DCEA.
                                            The Securities Clarity Act would codify that an asset, whether tangible or intangible (including
                                            an asset in digital form), that is not per se a security, does not become a security as a
                                            result of being sold or otherwise transferred pursuant to an investment contract. Thus, certain
                                            digital assets which the Company may acquire, if sold pursuant to an investment contract,
                                            would not become securities, subject to SEC regulations;</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Digital Trading Clarity Act of 2022, introduced on September 29, 2022
in the Senate, provides that if a federal court or the SEC determines that a digital asset is a security, the bill requires the SEC Division
of Enforcement to request information from an intermediary listing that asset to determine if the intermediary meets the requirements
in the bill texts. As stated elsewhere herein, the Company will conduct an extensive compliance review prior to holding any digital asset
that may be deemed to be a security, and would need to avoid holding any such digital asset if this bill becomes law.</td></tr></table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our interactions with a blockchain and
mining pools may expose us to SDN or blocked persons or cause us to violate provisions of law that did not contemplate distributive ledger
technology.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Office of Financial Assets Control of the
U.S. Department of Treasury (&#8220;OFAC&#8221;) requires us to comply with its sanction program and not conduct business with persons
named on its specially designated nationals (&#8220;SDN&#8221;) list. However, because of the pseudonymous nature of blockchain transactions
we may inadvertently and without our knowledge engage in transactions with persons named on OFAC&#8217;s SDN list or from countries on
OFAC&#8217;s sanctioned countries&#8217; list. We also rely on a third-party mining pool service provider for our mining revenue payments
and other participants in the mining pool, that, unknown to us, may also be persons from countries on OFAC&#8217;s SDN list or from countries
on OFAC&#8217;s sanctioned countries list. Our Company&#8217;s policy prohibits any transactions with such SDN individuals or persons
from sanctioned countries, but we may not be adequately capable of determining the ultimate identity of the individual with whom we transact
with respect to selling bitcoin assets. Moreover, federal law prohibits any U.S. person from knowingly or unknowingly possessing any visual
depiction commonly known as child pornography. Recent media reports have suggested that persons have imbedded such depictions on one or
more blockchains. Because our business requires us to download and retain one or more blockchains to effectuate our ongoing business,
it is possible that such digital ledgers contain prohibited depictions without our knowledge or consent. To the extent government enforcement
authorities enforce these and other laws and regulations that are impacted by decentralized distributed ledger technology, we may be subject
to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm our
reputation and affect the value of our Ordinary Shares.</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If regulatory changes or interpretations
of our activities require our registration as a money services business (&#8220;MSB&#8221;) under the regulations promulgated by FinCEN
under the authority of the U.S. Bank Secrecy Act (&#8220;BSA&#8221;), or otherwise under state laws, we may incur significant compliance
costs, which could be substantial or cost-prohibitive. If we become subject to these regulations, our costs in complying with them may
have a material negative effect on our business and the results of our operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that our activities cause us to
be deemed a money service business (MSB) under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act,
we may be required to comply with FinCEN regulations, including those that would mandate us to implement anti-money laundering programs,
make certain reports to FinCEN and maintain certain records. The Digital Asset Anti-Money Laundering Act of 2022 (DAAMLA) was introduced
on December 14, 2022 in the Senate. The bill would authorize FinCEN to designate digital asset wallet providers, miners, validators, and
other select network participants as MSBs. This designation would require these parties to register with FinCEN and would extend to these
parties anti-money laundering (AML) responsibilities under the BSA.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">To
the extent that our activities cause us to be deemed an MSB and/or a &#8220;money transmitter&#8221; (&#8220;MT&#8221;) or equivalent
designation, under state law in any state in which we operate (currently,
New York ), we may be required to seek a license or otherwise register with a state regulator and comply with state regulations that may
include the implementation of AML programs, maintenance of certain records and other operational requirements. Such additional federal
or state regulatory obligations may cause us to incur extraordinary expenses, possibly affecting an investment in our securities in a
materially adverse manner. Furthermore, the Company and our service providers may not be capable of complying with certain federal or
state regulatory obligations applicable to MSBs and MTs. If we are deemed to be subject to and determine not to comply with such additional
regulatory and registration requirements, we may act to leave a particular state or the United States completely. Any such action would
be expected to materially adversely affect our operations.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Current regulation of the exchange of bitcoins
under the CEA by the CFTC is unclear; to the extent we become subject to regulation under the CFTC in connection with our exchange of
bitcoin, we may incur additional compliance costs, which may be significant.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current legislation, including the Commodities
Exchange Act of 1936, as amended (the &#8220;CEA&#8221;) is unclear with respect to the exchange of bitcoins. Changes in the CEA or the
regulations promulgated thereunder, as well as interpretations thereof and official promulgations by the Commodity Futures Trading Commission
(&#8220;CFTC&#8221;), which oversees the CEA, may impact the classification of bitcoins and therefore may subject them to additional regulatory
oversight by the CFTC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Presently, bitcoin derivatives are not excluded
from the definition of a &#8220;commodity future&#8221; by the CFTC. We cannot be certain as to how future regulatory developments will
impact the treatment of bitcoins under the law. Bitcoins have been deemed to fall within the definition of a commodity and, we may be
required to register and comply with additional regulation under the CEA, including additional periodic report and disclosure standards
and requirements. Moreover, we may be required to register as a commodity pool operator or as a commodity pool with the CFTC through the
National Futures Association. Such additional registrations may result in extraordinary, non-recurring expenses, thereby materially and
adversely impacting an investment in us. If we determine not to comply with such additional regulatory and registration requirements,
we may seek to curtail our U.S. operations. Any such action would be expected to materially adversely affect our operations. As of the
date of this report, no CFTC orders or rulings are applicable to our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Because
there has been limited precedent set for financial accounting of bitcoin and other digital assets, the determination that we have made
for how to account for bitcoin and other digital assets </i></b></span>&#160;<span style="font-family: Times New Roman, Times, Serif"><b><i>transactions
may be subject to change.</i></b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because there has been limited precedent set for
the financial accounting of digital assets and related revenue recognition and no official guidance has yet been provided by the Financial
Accounting Standards Board, the Public Company Accounting Oversight Board or the SEC, it is unclear how companies may in the future be
required to account for bitcoin and other digital assets transactions and related revenue recognition. A change in regulatory or financial
accounting standards could result in the necessity to change our accounting methods and restate our financial statements. Such a restatement
could adversely affect the accounting for our newly mined bitcoin rewards and more generally negatively impact our business, prospects,
financial condition and results of operation. Such circumstances would have a material adverse effect on our ability to continue as a
going concern or to pursue our business strategy at all, which would have a material adverse effect on our business, prospects or operations
as well as and potentially the value of any digital assets we hold or expects to acquire for our own account and harm investors.</p><div>
</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Singapore Government Regulations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Regulations on Payment
Services in Singapore</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Staking activities will be performed by one of
our subsidiaries, Bit Digital Singapore Pte. Ltd. (&#8220;BTSG&#8221;) which is incorporated under the laws of the Republic of Singapore
and currently does not possess any financial regulatory licenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">BTSG</span>&#160;
<span style="font-family: Times New Roman, Times, Serif">intends to use its own proprietary assets to trade and stake ETH, which is defined
as a digital payment token (&#8220;DPT&#8221;) (as defined under the Payment Services Act 2019 of Singapore (&#8220;PS Act&#8221;) with
licensed or otherwise exempt third party service providers under applicable laws (including the PS Act or the Securities and Futures Act
2001 of Singapore (&#8220;SFA&#8221;)). BTSG&#8217;s current business practices in Singapore are subject to the following regulatory risks,
as described herein.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Monetary Authority of Singapore
(&#8220;MAS&#8221;) regulates the provision of payment services in Singapore under the PS Act. Unless excluded or exempt, an entity must
obtain the relevant license to carry on a business in providing regulated payment services under the PS Act, which include account issuance
service, e-money issuance service, domestic money transfer service, cross-border money transfer service, merchant acquisition service,
digital payment token service, and money-changing service.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the PS Act, licensees may be subject to
obligations relating to general approval requirements for changes of control, appointment and removal of CEOs and directors, general notification
and record-keeping requirements, audit requirements, base capital requirements, anti-money laundering requirements (see below), the requirement
to furnish security (for a major payment institution), the requirement to safeguard customer monies (for a major payment institution),
and other applicable requirements. Licensees are expected to implement certain systems, processes and controls in line with MAS&#8217;
Guidelines on Risk Management Practices applicable to financial institutions in Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BTSG intends to trade and stake ETH on its own
account, not to provide any payment service to customers and not to carry on a business of &#8220;dealing in&#8221; DPT as a service to
any third-party. In particular, BTSG: (i) will use its own proprietary money for trading and/or staking (no customer money is used); (ii)
will not trade or stake DPTs for or on behalf of customers; (iii) will not market or advertise that it provides any such service to customers;
(iv) will not enter into trades with counterparties as a matter of course (e.g. at the customer&#8217;s request) or stake DPT at a customer&#8217;s
request; (v) will only enter into trades or staking arrangements based on its own personal/proprietary needs; (vi) will not collect any
fees from counterparties (instead, it is the counterparties that are service providers, providing services to BTSG); and (vii) will only
trade or stake through or with licensed or licensed service providers. Accordingly, BTSG is unlikely to be regarded as carrying on a business
in providing a &#8220;digital payment token service&#8221; under the PS Act&#8217;s current regulatory regime.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, there remains a risk that MAS may take
a more restrictive view, with the trading of ETH being construed as &#8220;dealing in DPT&#8221;, requiring a license under the PS Act.
In addition, laws and regulations related to payments and financial services are evolving in Singapore, and changes in such laws and regulations
could affect our business practices in the manner that we have done, expect to do, or at all. MAS could enact new regulations, change
regulations that were previously adopted, modify, through supervision or enforcement, past regulatory guidance, or interpret existing
regulations in a manner different or stricter than have been previously interpreted, any of which could adversely affect or require us
to change BTSG&#8217;s business practices in Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><i>Regulations on Anti-money
Laundering and Countering the Financing of Terrorism (&#8220;AML/CFT&#8221;)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We and our partners who work
with us are required to comply with certain anti-money laundering requirements in the jurisdictions where we and our partners operate.
In Singapore, regulated financial institutions must comply with all applicable AML/CFT obligations, including the relevant AML/CFT Notices
and Guidelines issued by MAS (e.g. the Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism &#8211; Digital
Payment Token Service and the Guidelines to Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism -
Digital Payment Token Service). Among other things, the AML/CFT Notices require financial institutions to put in place robust controls
to detect and deter the flow of illicit funds through Singapore&#8217;s financial system, identify and know their customers (including
beneficial owners), conduct regular account reviews, and to monitor and report any suspicious transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The primary AML/CFT legislation
in Singapore that are of general application are the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits)
Act, Chapter 84A of Singapore (the &#8220;CDSA&#8221;) and Terrorism (Suppression of Financing) Act, Chapter 325 of Singapore (the &#8220;TSOFA&#8221;).
The CDSA provides for the confiscation of benefits derived from, and to combat, corruption, drug dealing and other serious crimes. Generally,
the CDSA criminalizes the concealment or transfer of the benefits of criminal conduct as well as the knowing assistance of the concealment,
transfer or retention of such benefits. The TSOFA criminalizes terrorism financing and prohibits any person in Singapore from dealing
with or providing services to a terrorist entity, including those designated pursuant to the TSOFA. The CDSA and the TSOFA also require
suspicious transaction reports to be lodged with the Suspicious Transaction Reporting Office. If any person fails to lodge the requisite
reports under the CDSA and the TSOFA, it may be subject to criminal liability. In addition, financial institutions, non-financial institutions
and individuals in Singapore are required to comply with financial sanction requirements in relation to individuals and entities designated
by the United Nations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">As BTSG does not currently hold any financial regulatory
licenses in Singapore, it only complies with the CDSA and the TSOFA, the primary AML/CFT legislation in Singapore that are of general
application (and does not comply with PSN02 and the related guidelines). It is possible that financial institutions in Singapore may not
be willing to offer financial services to BTSG due to concerns on the origin of BTSG&#8217;s funds, from an AML/CFT perspective.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expects to acquire digital assets
on liquid, regulated exchanges with robust anti-money laundering (&#8220;AML&#8221;) and know-your-client (&#8220;KYC&#8221;) policies
and procedures. However, there are no assurances that cryptocurrency trading platforms on which the Company transacts business will continue
to operate effectively, maintain adequate liquidity or that their AML and KYC policies and procedures will be effective, which could negatively
impact the Company and its ability to acquire or sell ETH and other digital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">MAS could enact new regulations, change regulations that were previously
adopted, modify, through supervision or enforcement, past regulatory guidance, or interpret existing regulations in a manner different
or stricter than have been previously interpreted, any of which could adversely affect or require us to change BTSG&#8217;s business practices
in Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Involving Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We rely upon licenses of third-party intellectual property rights
and may be unable to protect our software codes.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We actively use specific hardware and software
for our bitcoin mining operation. In certain cases, source code and other software assets may be subject to an open source license, as
much technology development underway in this sector is open source. For these works, the Company intends to adhere to the terms of any
license agreements that may be in place.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not currently own, and do not have any current
plans to seek, any patents in connection with our existing and planned blockchain and digital asset related operations. We rely upon trade
secrets, trademarks, service marks, trade names, copyrights and other intellectual property rights and expect to license the use of intellectual
property rights owned and controlled by others. In addition, we have developed and may further develop certain proprietary software applications
for purposes of our digital asset mining operation. Our open source licenses may not afford us the protection we need to protect our intellectual
property.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our internal systems rely on software that
is highly technical, and, if it contains undetected errors, our business could be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our internal systems rely on software that is
highly technical and complex. In addition, our internal systems depend on the ability of such software to store, retrieve, process and
manage immense amounts of data. The software on which we rely has contained, and may now or in the future contain, undetected errors or
bugs. Some errors may only be discovered after the code has been released for external or internal use. Any errors, bugs or defects discovered
in the software on which we rely could result in harm to our reputation, or liability for damages, any of which could adversely affect
our business, results of operations and financial conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to prevent others from
unauthorized use of our intellectual property, which could harm our business and competitive position.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We regard trademarks, domain names, know-how,
proprietary technologies and similar intellectual property as critical to our success, and we rely on a combination of intellectual property
laws and contractual arrangements, including confidentiality and non-compete agreements with our employees and others, to protect our
proprietary rights. See &#8220;<i>Section 4. Information on the Company&#8212;Business-Intellectual Property&#8221; and &#8220;Regulation&#8212;Regulation
on Intellectual Property Rights</i>.&#8221; Thus, we cannot assure you that any of our intellectual property rights would not be challenged,
invalidated, circumvented or misappropriated, or such intellectual property will be sufficient to provide us with competitive advantages.
In addition, because of the rapid pace of technological change in our industry, parts of our business rely on technologies developed or
licensed by third parties, and we may not be able to obtain or continue to obtain licenses and technologies from these third parties on
reasonable terms, or at all.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preventing any unauthorized use of our intellectual
property is difficult and costly and the steps we take may be inadequate to prevent the misappropriation of our intellectual property.
In the event that we resort to litigation to enforce our intellectual property rights, such litigation could result in substantial costs
and a diversion of our managerial and financial resources. We can provide no assurance that we will prevail in such litigation. In addition,
our trade secrets may be leaked or otherwise become available to, or be independently discovered by, our competitors. To the extent that
our employees or consultants use intellectual property owned by others in their work for us, disputes may arise as to the rights in related
know-how and inventions. Any failure in protecting or enforcing our intellectual property rights could have a material adverse effect
on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to intellectual property
infringement claims, which may be expensive to defend and may disrupt our business and operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot be certain that our operations or any
aspects of our business do not or will not infringe upon or otherwise violate trademarks, patents, copyrights, know-how or other intellectual
property rights held by third parties. We may be, from time to time in the future, subject to legal proceedings and claims relating to
the intellectual property rights of others. In addition, there may be third-party trademarks, patents, copyrights, know-how or other intellectual
property rights that are infringed by our products, services or other aspects of our business without our awareness. Holders of such intellectual
property rights may seek to enforce such intellectual property rights against us in China, the United States or other jurisdictions. If
any third-party infringement claims are brought against us, we may be forced to divert management&#8217;s time and other resources from
our business and operations to defend against these claims, regardless of their merits. If we were found to have violated the intellectual
property rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual
property, and we may incur licensing fees or be forced to develop alternatives of our own. As a result, our business and results of operations
may be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading price of our Ordinary Shares is subject
to pricing factors that are not necessarily associated with traditional factors that influence stock prices or the value of non-bitcoin
assets such as revenue, cash flows, profitability, growth prospects or business activity levels since the value and price, as determined
by the investing public, may be influenced by future anticipated adoption or appreciation in value of digital assets or blockchains generally,
factors over which we have little or no influence or control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other factors that could cause volatility in the
market price of our Ordinary Shares include, but are not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated fluctuations in our financial condition and operating results or those of companies perceived to be similar to us;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated changes in our growth rate relative to our competitors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commercial success and market acceptance of blockchain and bitcoin and other digital assets;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions by our competitors, such as new business initiatives, acquisitions and divestitures;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategic transactions undertaken by us;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -15.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the stock markets in general have
experienced extreme volatility that has often been unrelated to the operating performance of issuers. These broad market fluctuations
may negatively impact the price or liquidity of our Ordinary Shares. When the price of a stock has been volatile, holders of that stock
have sometimes instituted securities class action litigation against the issuer, and we have been impacted in that way. See Item 4 &#8220;Information
on the Company &#8211; Legal Proceedings&#8221; below, and the risk factor below titled &#8220;We are defendants in securities class action
litigation which could result in substantial costs and liabilities for the Company.&#8221; The pending lawsuit has required significant
management time and attention, resulting in significant legal expenses and potential damages.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Chief Financial Officer and Chairman
currently have voting power to control all significant corporate actions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Erke Huang, our Chief Financial Officer and a director,
and Zhaohui Deng, our Chairman of the Board, collectively beneficially own 1,000,000 preferred shares, each having fifty (50) votes, which
equals approximately 60.6%&#160;of the voting power of our 82,535,471 outstanding Ordinary Shares as of April 11, 2023 or approximately
38% of all votes cast on an as-converted basis. The Board authorized the exchange by Messrs. Huang and Deng of 1,000,000 Ordinary Shares
for an equivalent number of preferred shares, in the form of a poison pill, to enable them to carry out the Company&#8217;s business plan
without the threat of a hostile takeover. Nevertheless, as a result of their shareholdings, Mr. Huang and Mr. Deng may be able to control
the vote over decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, the election of directors,
and other significant corporate actions. They may take action that is not in the best interests of our other shareholders. This concentration
of voting power may discourage or delay our Company, which could deprive our shareholders of an opportunity to receive a premium for their
shares as part of the sale of our Company and might reduce the market price of our Ordinary Shares. These actions may be taken even if
they are opposed by our other shareholders.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be unable to comply with the applicable
continued listing requirements of the Nasdaq Capital Market, which may adversely impact our access to capital markets and may cause us
to default certain of our agreements.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ordinary Shares are currently traded on the
Nasdaq Capital Market. Nasdaq rules require us to maintain a minimum closing bid price of $1.00 per Ordinary Share. The closing bid price
of our Ordinary Shares fell below $1.00 per share for 30 consecutive trading days twice, so we were not in compliance with Nasdaq&#8217;s
rules for listing standards. Although we regained compliance each time, there can be no assurance we will continue to meet the minimum
bid price requirements or any other Nasdaq requirements in the future, in which case our Ordinary Shares could be delisted.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that our Ordinary Shares are delisted
from Nasdaq and are not eligible for quotation or listing on another market or exchange, trading of our Ordinary Shares could be conducted
only on the over-the-counter market or on an electronic bulletin board established for unlisted securities, such as the OTC. In such event,
it could become more difficult to dispose of, or obtain accurate price quotations for, our Ordinary Shares, and there would likely also
be a reduction in our coverage by securities analysts and the news media, which could cause the price of our Ordinary Shares to decline
further. In addition, our ability to raise additional capital may be severely impacted if our shares are delisted from Nasdaq, which may
negatively affect our business plans and the results of our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If securities or industry analysts do not
publish research or publish unfavorable research about our business, our share price and trading volume could decline</i>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading market for our Ordinary Shares will
be influenced by whether industry or securities analysts publish research and reports about us, our business, our market or our competitors
and, if any analysts do publish such reports, what they publish in those reports. We may not obtain or maintain analyst coverage in the
future. Any analysts that do cover us may make adverse recommendations regarding our shares, adversely change their recommendations from
time to time and/or provide more favorable relative recommendations about our competitors. If analysts who may cover us in the future
were to cease coverage of our company or fail to regularly publish reports on us, or if analysts fail to cover us or publish reports about
us at all, we could lose (or never gain) visibility in the financial markets, which in turn could cause the share price of our Ordinary
Shares or trading volume to decline. Moreover, if our operating results do not meet the expectations of the investor community, one or
more of the analysts who cover our Company may change their recommendations regarding our Company, and our share price could decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Ordinary Shares may be thinly traded,
and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate
your shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ordinary Shares may become &#8220;thinly-traded&#8221;,
meaning that the number of persons interested in purchasing our Ordinary Shares at or near bid prices at any given time may be relatively
small or non-existent. This situation may be attributable to a number of factors, including the fact that we may not be well-known to
stock analysts, stock brokers, institutional investors and others in the investment community that generate or influence sales volume,
and that, even if we came to the attention of such persons, they tend to be risk-averse and might be reluctant to follow a relatively
unknown company such as ours or purchase or recommend the purchase of our shares until such time as we became more seasoned. As a consequence,
there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned
issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect
on share price. A broad or active public trading market for our Ordinary Shares may not develop or be sustained.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We defended and settled a securities class
action litigation which resulted in significant costs for the Company. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market for our Ordinary Shares may have, when
compared to seasoned issuers, significant price volatility, and we expect that our share price may continue to be more volatile than that
of a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated securities class action litigation against
a company following periods of volatility in the market price of its securities. On January 20, 2021, a securities class action lawsuit
was filed against the Company and its Chief Executive Officer and Chief Financial Officer titled&#160;<span style="text-decoration:underline">Anthony Pauwels v. Bit Digital,
Inc., Min Hu and Erke Huang</span>&#160;(Case No. 1:21-cv-00515) (U.S.D.C. S.D.N.Y.). The class action was brought on behalf of persons that
purchased or acquired our Ordinary Shares between December 21, 2020 and January 11, 2021, a period of volatility in our Ordinary Shares,
as well as volatility in the price of bitcoin. On April 29, 2021, the Court consolidated several related cases under the caption&#160;<span style="text-decoration:underline">In
re Bit Digital, Inc. Securities Litigation</span>. Joseph Franklin Monkam Nitcheu was appointed as lead plaintiff. On July 6, 2021, the lead
plaintiff filed a consolidated class action complaint (the &#8220;Amended Complaint&#8221;). The Amended Complaint was still based primarily
upon a January 11, 2021 short seller report and included, among other things, additional information concerning our previously discontinued
peer to peer lending business. We filed a motion to dismiss the lawsuit and vigorously defended the action. While that motion was pending,
the Company agreed with the lead plaintiff selected in the case to settle the class action by paying $2,100,000. The Company chose to
do that to eliminate the burden, expense and uncertainties of further litigation. The Company continues to deny the allegations in the
Amended Complaint and nothing in the settlement is evidence of any liability on the Company&#8217;s behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 7, 2023, a final judgment in this matter
was entered approving the settlement and certifying the class for purposes of enforcing the settlement and payment was then made by the
Company.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have not paid ordinary share dividends
in the past and do not anticipate paying cash dividends in the foreseeable future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never declared or paid any cash dividends
with respect to our Ordinary Shares and do not intend to pay any cash dividends in the foreseeable future. The Preference Shares held
by our Chairman of the Board and Chief Financial Officer provide for an eight percent (8%) annual dividend when and if declared by the
Board. On February 7, 2023, the Board of Directors declared an eight (8%) percent dividend on the preference shares to Geney Development
Ltd., an entity beneficially owned by the Company&#8217;s Chairman and Chief Financial Officer. We currently plan to retain any future
earnings to cover operating costs and otherwise fund the growth of our business. We cannot assure you that we would, at any time, generate
sufficient surplus cash that would be available for distribution to the holders of our Ordinary Shares as a dividend. As a result, capital
appreciation, if any, of our Ordinary Shares will be the sole source of gain for the foreseeable future. There is no guarantee that our
Ordinary Shares will appreciate in value or even maintain the price at which a shareholder purchased such shareholder&#8217;s shares.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>You may face difficulties in protecting
your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the United
States and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the U.S. courts.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our corporate affairs are governed by our amended
and restated memorandum and articles of association and by the Companies Act (Revised) of the Cayman Islands and common law of the Cayman
Islands. The rights of shareholders to take legal action against our directors and us, actions by minority shareholders and the fiduciary
responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands.
The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as
from English common law. Decisions of the Privy Council (which is the final court of appeal for British overseas territories such as the
Cayman Islands) are binding on a court in the Cayman Islands. Decisions of the English courts, and particularly the Supreme Court of the
United Kingdom and the Court of Appeal are generally of persuasive authority but are not binding on the courts of the Cayman Islands.
The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are not as clearly established
as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands has a less developed body
of securities laws as compared to the United States and provide significantly less protection to investors. In addition, Cayman Islands
companies may not have standing to initiate a shareholder derivative action before the U.S. federal courts. The Cayman Islands courts
are also unlikely to impose liabilities against us in original actions brought in the Cayman Islands, based on certain civil liability
provisions of U.S. securities laws. It may be difficult for a shareholder to enforce against us judgments obtained in U.S. courts, including
judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of all of the above, our shareholders
may have more difficulty in protecting their interests through actions against us or our officers, directors or major shareholders than
would shareholders of a corporation incorporated in a jurisdiction in the United States. See &#8220;<i>Description of Share Capital &#8211;
Provisions in Corporate Law</i>&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>You may experience difficulties in effecting service of legal
process and enforcing judgments against us and our management, and the ability of U.S. authorities to bring actions abroad.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Currently,
a portion of our operations and of our assets and personnel are located outside the United States. Four of five members of our Board
of Directors are nationals or residents of jurisdictions other than the United States, and a substantial portion, if not all, of
their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process
within the United States upon these persons, or to enforce against us or them judgments obtained in U.S. courts, including judgments
predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.
Foreign countries may have no arrangement for the reciprocal enforcement of judgments with the United States. As a result,
recognition and enforcement in a foreign country of judgments of a court in the United States and any of the other jurisdictions in
relation to any matter not subject to a binding arbitration provision may be difficult or impossible. Even if you sue successfully
in a U.S. court or any other jurisdictions, you may not be able to collect on such judgment against us or our directors and
officers. In addition, the SEC, the U.S. Department of Justice and other U.S. authorities may also have difficulties in bringing and
enforcing actions against us or our directors or officers outside the United States.</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are currently a foreign private issuer
within the meaning of the rules under the Exchange Act, and, as such, we are exempt from certain provisions applicable to United States
domestic public companies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are currently a foreign private issuer within
the meaning of the rules under the Exchange Act through December 31, 2022. As such, we are exempt from certain provisions applicable to
United States domestic public companies. For example:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to provide the same level of disclosure on certain issues, such as executive compensation;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any &#8220;short-swing&#8221; trading transaction; and.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we file annual reports on Form 20-F and reports on Form 6-K as a foreign private issuer. As a result of our reduced reporting requirements, our shareholders may not have access to certain information they may deem important.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are an &#8220;emerging growth company&#8221;
within the meaning of the Securities Act, and we take advantage of certain exemptions from disclosure requirements available to emerging
growth companies, which could make it more difficult to compare our performance with other public companies and make our Ordinary Shares
less attractive to investors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &#8220;emerging growth company&#8221;
within the meaning of the Securities Act, as modified by the JOBS Act. Section 102(b)(1) of the JOBS Act exempts emerging growth companies
from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not
had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act)
are required to comply with the new or revised financial accounting standards. We have elected to take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not &#8220;emerging growth companies&#8221;,
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments
not previously approved. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the
requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt
out of such extended transition period, which means that, when a financial accounting standard is issued or revised and it has different
application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time
private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company
that is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period
difficult or impossible because of the potential differences in accountant standards used. Because of these lessened regulatory requirements,
our shareholders are left without information or rights available to shareholders of more mature companies. If some investors find our
Ordinary Shares less attractive as a result, there may be a less active trading market for our Ordinary Shares, and our share price may
be more volatile.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We incur significant costs as a result of
being a public company and will continue to do so in the future, particularly after we cease to qualify as an &#8220;emerging growth company.&#8221;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incur significant legal, accounting and other
expenses as a public company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and the NASDAQ Capital
Market, impose various requirements on the corporate governance practices of public companies. We are an &#8220;emerging growth company,&#8221;
as set forth above, and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) ending December
31, 2023, or (b) in which we have a total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large
accelerated filer, which means the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior
June 30<sup>th</sup>, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year
period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable
generally to public companies. If we are no longer an emerging growth company, we will incur additional costs which could have a material
adverse effect on our financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are classified as a passive foreign
investment company, United States taxpayers who own our Ordinary Shares may have adverse United States federal income tax consequences.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. corporation such as ourselves will
be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least 75% of our gross income for the year is passive income; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the average percentage of our assets (determined at the end of each quarter) during the taxable year which produce passive income or which are held for the production of passive income is at least 50%.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Passive income generally includes dividends, interest,
rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition
of passive assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are determined to be a PFIC for any taxable
year (or portion thereof) that is included in the holding period of a U.S. shareholder who holds our Ordinary Shares, the U.S. shareholder
may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whether we are a PFIC for 2022 or any future taxable
year is uncertain because, among other things, the treatment of digital asset such as bitcoin for purposes of the PFIC rules is unclear.
We express no opinion with respect to our PFIC status and also express no opinion with regard to our expectations regarding our PFIC status.
Given this uncertainty, prospective U.S. shareholders contemplating an investment in the Ordinary Shares may want to assume that we are
a PFIC and are urged to consult their own tax advisors regarding our PFIC status and the resulting U.S. federal income tax consequences
in light of their own particular circumstances.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This report contains &#8220;forward-looking statements&#8221;
within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act about us and our industry that involve substantial
risks and uncertainties. All statements other than statements of historical fact contained in this document and the materials accompanying
this document are forward-looking statements. These statements are based on current expectations of future events. Frequently, but not
always, forward-looking statements are identified by the use of the future tense and by words such as &#8220;believes,&#8221; &#8220;expects,&#8221;
&#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;predicts,&#8221;
&#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;plans,&#8221; &#8220;continues,&#8221; &#8220;estimates&#8221; or similar expressions.
Forward-looking statements are not guarantees of future performance and actual results could differ materially from those indicated by
such forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may
cause our or our industry&#8217;s actual results, levels of activity, performance, or achievements to be materially different from any
future results, levels of activity, performance, or achievements expressed or implied by the forward-looking statements. These forward-looking
statements speak only as of the date made and are subject to a number of known and unknown risks, uncertainties and assumptions, as updated
by our subsequent filings under the Exchange Act and in our other filings with the SEC, that may cause our actual results, performance
or achievements to differ materially from those expressed or implied by the forward-looking statements.</p><div>

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</div><div><a id="s_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#8239;4. INFORMATION ON THE COMPANY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>History and Development of the Company</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bit Digital, Inc. (&#8220;BTBT&#8221; or the &#8220;Company&#8221;),
a Cayman Islands exempted company (formerly known as Golden Bull Limited) is a holding company incorporated on February 17, 2017. Since
February 2020, the Company has been engaged in the digital assets mining business currently through its wholly-owned subsidiaries in the
United States, Canada, Hong Kong and Singapore and prior to June 21, 2021, in mainland China. Previously, before the involvement of the
current management, employees and board of directors, Golden Bull Limited was primarily an online finance marketplace, or &#8220;peer-to-peer&#8221;
lending company, in China that provided borrowers access to loans. On October 24, 2019, the Pudong Branch of the Shanghai Public Security
Bureau (the &#8220;Bureau&#8221;) announced that it was conducting an investigation of Shanghai Dianniu Internet Finance Information Service
Co., Ltd., which was a variable interest entity (&#8220;VIE&#8221;) of the Company, for suspected illegal collection of public deposits.
The Bureau took criminal enforcement measures against 17 suspects in the case and detained at least six of those suspects. While the Company
has not been subject to any enforcement actions or investigations, nine persons, including a former director of the Company, have been
found guilty of fund-raising fraud or illegally collecting public deposits by the People&#8217;s Court of Shanghai Pudong New District
and were sentenced to imprisonment.&#160;

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a sustainability-focused generator
of digital assets with large-scale global mining operations in North America. On June 24, 2021, the Company signed the Crypto Climate
Accord, a private sector-led initiative to decarbonize the crypto and blockchain sectors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company commenced its mining operations in
February 2020. Our bitcoin mining operations, hosted by third party suppliers, use specialized computers, known as miners, to generate
bitcoins, a digital asset. The miners use application specific integrated circuit (&#8220;ASIC&#8221;) chips. These chips enable the miners
to apply greater computational power, or &#8220;hash rate&#8221;, to provide transaction verification services (known as solving a block)
which helps support the bitcoin blockchain. For every block added, the bitcoin blockchain awards a bitcoin award equal to a set number
of bitcoins per block. These bitcoin awards are subject to &#8220;halving,&#8221; whereby the bitcoin award per block is reduced by half
in order to control the supply of bitcoins on the market. When bitcoin was first launched in 2009, miners were awarded 50 bitcoin if they
first solved a new block; this award was halved to 25 bitcoin per new block in 2012, and halved again in 2016 to 12.5 bitcoin per new
block. Most recently, in May 2020, the then prevailing reward of 12.5 bitcoin per new block was halved to 6.25 bitcoin. This reward rate
is expected to next halve in March 2024 to 3.125 bitcoin per new block and will continue to halve at approximately four-year intervals
until all potential 21 million bitcoin have been mined. Miners with a greater hash rate generally have a higher chance of solving a block
and receiving a bitcoin award.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After a third halving of bitcoins in May 2020,
our mining strategy was to mine bitcoins as fast and as many as possible given there are less bitcoins and a lower efficiency of mining.
In view of the long delivery time to purchase new miners from miner suppliers like Bitmain and MicroBT, as described below, we initially
chose to acquire second-hand miners which can be delivered in only a few weeks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">While
the Company remains bullish on bitcoin, and supporting the bitcoin blockchain, it expects to derive revenue from the Ethereum network
which powers a smart contract platform, that is the second biggest blockchain by market capitalization at $200 billion as of July 2022
per CoinMarketCap. After many years of development, in connection with the Merge (described below), the Ethereum blockchain made its
transition from a proof-of-work (PoW) consensus mechanism, like the bitcoin network, to a proof-of-stake (PoS) model. A proof-of-stake
system generally does not expend as much energy to verify transactions as does the bitcoin blockchain. Instead, a participant&#8217;s
digital assets are deposited in a specific smart contract, which enters them in a lottery. Each time an exchange occurs, a participant
is selected from the lottery to verify the transaction and win the reward. The transition to a PoS blockchain occurred on September 15,
2022, when the Ethereum Mainnet merged with the PoS Beacon Chain, a system upgrade that is referred to as the &#8220;Merge.&#8221; Notwithstanding
the fact that a not-for-profit called The Ethereum Foundation helps supervise the blockchain, Ethereum is run by a decentralized group
of engineers across the world. As of December 31, 2022, we had 8,799.9 ETH and 2,004.0 sETH-h with a fair market value of approximately
$13.0 million. A total of 2,164 ETH were actively staked as of December 31, 2022 using either native staking or liquid staking protocols.</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We completed our miner fleet&#8217;s exit from
China during the third quarter of 2021. Since November 17, 2021, 100% of our miner fleet had arrived in North America.&#160;The Company
owned 37,676 bitcoin miners and 730 Ethereum miners as of December 31, 2022, with an estimated maximum total hash rate of 2.6 EH/s and
0.3 TH/s, respectively. The reduction of hash rate compared to the beginning of 2021 was due to the aforementioned fleet repositioning
from China, in which the Company sold or disposed of certain models (partially offset by purchases).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As previously announced on May 19, 2022, the Company
faced interruptions at certain hosting partners&#8217; sites. We signed a new hosting agreement with Coinmint, as described below, for
approximately 20 MW of primarily carbon-free power, more than enough to offset the effect of the interruptions. Coinmint has fulfilled
all of this capacity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2022, we recognized a net loss of $105,296,603, comprised of (a) a $24,654,267 impairment of digital
assets as a result of the decline in value of bitcoin and ETH, (b) a $50,038,650 impairment of property and equipment, and (c) the
decline in revenue from digital asset mining of $63,781,977 (66.4%) percent from $96,078,570 to $32,296,593 compared to the year
ended December 31, 2021. The decrease in the average price of bitcoin during 2022, as well as the Merge involving Ethereum described
below, reduced industrywide margins and forced difficult decisions across the industry. Fortunately, we believe that our strong
balance sheet partially has insulated us from short-term price movements and has enabled us to advance our long-term vision. We
ended the year 2022 with $32.7 million in cash and cash equivalents, over $62.2 million in total liquidity, zero debt, and no
outstanding obligations under any miner purchase agreements. This provides us ample flexibility to continue deploying miners and
canvas the market for opportunistic purchases at potentially distressed pricing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2022, we received 1,247.5 bitcoins and 294.3 ETHs from one bitcoin mining pool operator one ETH mining pool
operator.</span>&#160;&#160; <span style="font-family: Times New Roman, Times, Serif">We managed to modestly increase bitcoin production
on a sequential basis despite previous announced interruptions in our hosting partners&#8217; operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximately 85% of our fleet&#8217;s run-rate
electricity consumption was generated from carbon-free energy sources as of December 31, 2022, based on data provided by our hosts, publicly
available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe there is currently an excess supply
of both used and new miners in the market. Historically, when the market for miners has been tighter, we have utilized the spot market
for miner acquisition which can result in delivery within a few weeks. If the supply for miners should tighten significantly, we may not
be able to acquire the desired number of miners in a timely manner. However, management will only seek to deploy its miners if the economics
present an acceptable return to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company signed a hash rate swap agreement
with Riot Platform, Inc. (f/k/a Riot Blockchain, Inc., hereinafter &#8220;Riot&#8221;) on June 9, 2022, and concurrently signed a new
hosting agreement with Coinmint LLC (&#8220;Coinmint&#8221;). Under the hash rate swap agreement, the Company received an approximate
aggregate of 0.625 Exahash (&#8220;EH/s&#8221;) of hash rate from Riot, in exchange for 0.500 EH/s, delivered by the Company to Riot,
representing a 25% premium to the hash rate delivered. This premium was primarily designed to reflect the fact that Riot received miners
from the Company that were &#8220;factory new,&#8221; whereas Riot delivered miners that had previously been in operation. Bit Digital
delivered S19j Pro miners to Riot in exchange for S19 Pro miners. According to the manufacturer Bitmain, S19j Pro miners achieve approximately
104 TH/s (<span style="text-decoration:underline"><sup>+</sup></span>3%) and have a power consumption of 3068W (<span style="text-decoration:underline"><sup>+</sup></span>5%) and power efficiency of 29.5 J/TH (<span style="text-decoration:underline"><sup>+</sup></span>5%)
while S19 Pro miners achieve approximately 110&#160;TH/s (<span style="text-decoration:underline"><sup>+</sup></span>3%) and have a power consumption of 3250 W(<span style="text-decoration:underline"><sup>+</sup></span>5%)
and power efficiency of 29.5&#160;J/TH (<span style="text-decoration:underline"><sup>+</sup></span>5%). Thus, the miners received from Riot have the same power efficiency and
a slightly higher power consumption, but were expected to have experienced some degree of economic depreciation as a result of having
previously been placed into service. The first tranche of the swap was delivered to the Company on June 17, 2022, and the final tranche
was delivered on July 1, 2022. As of July 2, 2022, all of the Company&#8217;s newly-acquired miners were actively deployed at the Coinmint
facility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bit Digital, Inc. (&#8220;BTBT&#8221; or the &#8220;Company&#8221;),
formerly known as Golden Bull Limited, is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We listed our Ordinary Shares on the Nasdaq Capital
Market under the symbol &#8220;DNJR&#8221; on March 19, 2018 and completed an initial public offering of 1,550,000 Ordinary Shares on
March 22, 2018 (&#8220;IPO&#8221;), raising approximately $5.2 million in net proceeds after deducting underwriting commissions and the
offering expenses payable by us. On March 28, 2018, ViewTrade Securities, Inc., who acted as the sole underwriter and book-runner of the
Company&#8217;s IPO exercised the full over-allotment option to purchase an additional 232,500 Ordinary Shares raising approximately $850,000
in net proceeds after deducting underwriting commissions and the offering expenses payable by us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 3, 2019, Golden Bull USA, Inc. was incorporated
in the State of New York, as a wholly-owned subsidiary of the Company. This entity was formed to develop a car rental business in the
United States, which did not commence and was terminated. On March 16, 2022, the Company entered into a Share Purchase Agreement with
Star Choice Investments Limited (&#8220;Star Choice&#8221;). Pursuant to the agreement, Star Choice agreed to purchase 100% of the outstanding
shares of Golden Bull USA, Inc for $10.00 and other good and valuable consideration. The sale was completed on March 16, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2019, the Company decided to enter
the bitcoin mining business and commenced operations in February 2020. On April 8, 2020 the Company acquired Bit Digital Hong Kong Limited
(&#8220;Bit Digital Hong Kong&#8221;) (formerly known as XMAX Chain Limited and with no relation to XMAX Foundation PTE Ltd., a Singapore
company), as a wholly-owned subsidiary in Hong Kong. Bit Digital Hong Kong was purchased from an unaffiliated third party. Management
determined that Bit Digital Hong Kong was formed in March 2018 under the name XMAX Chain Limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 7, 2020, the Company changed its Nasdaq
trading symbol to &#8220;BTBT&#8221;. On September 10, 2020, the Cayman Islands recorded the Certification of Incorporation on Change
of Name, officially changing the Company&#8217;s name to &#8220;Bit Digital, Inc.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 1, 2020, the Company formed Bit Digital
USA, Inc. (&#8220;BT USA&#8221;), as a wholly-owned Delaware subsidiary in order to conduct its bitcoin mining business in the U.S.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 8, 2020, the Board approved the disposal
of Point Cattle Holdings Limited, a former wholly owned subsidiary of the Company in the British Virgin Islands, and its subsidiaries
and VIEs, through which Golden Bull Limited previously operated its peer-to-peer lending business and the car rental business in PRC.
Prior to the sale, we discontinued our peer-to-peer lending business and the car rental business in the PRC (&#8220;discontinued operations&#8221;).
On the same date, the Company entered into a certain share purchase agreement (the &#8220;Disposition SPA&#8221;) by and among a BVI company,
Sharp Whale Limited (the &#8220;Purchaser&#8221;), Point Cattle Holdings Limited (the &#8220;Subsidiary&#8221;) and the Company (the &#8220;Seller&#8221;).
Pursuant to the Disposition SPA, the Purchaser purchased the Subsidiary in exchange for nominal consideration of $10.00 and other good
and valuable consideration. The former subsidiaries and VIEs in the PRC&#160;that had been engaged in the discontinued operations&#160;no
longer have any relationship with the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 31, 2020, the Company entered into
a Securities Purchase Agreement (the &#8220;SPA&#8221;) with Ionic Ventures LLC (&#8220;Ionic&#8221;), an accredited institutional investor,
for the sale of subordinated convertible notes due May 5, 2021 (the &#8220;Notes&#8221;) up to an aggregate original principal amount
of $1,650,000 with an original issue discount (OID) of 10% in a private placement. On February 5 and March 12, 2021, the Company completed
the sale of the Notes in the principal amounts of $1,100,000 and $550,000, respectively, to Ionic pursuant to a Securities Purchase Agreement
dated as of January 11, 2021. On May 5, 2021, the Notes were automatically converted into 289,662 Ordinary Shares at $5.70 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
January 11, 2021, the Company entered into a Purchase Agreement, as amended and restated on July 30, 2021, with Ionic whereby we have
the right, but not the obligation, to sell to Ionic, and Ionic is obligated to purchase up to in the aggregate $80,000,000 worth of Ordinary
Shares. Sales of Ordinary Shares by the Company, if any, will be subject to certain limitations, and may occur from time, at the Company&#8217;s
sole discretion, over the 36-month period commencing on May 20, 2021 (the &#8220;Commencement Date&#8221;). The Company had sold to Ionic
an aggregate of approximately 16,962,521 Ordinary Shares for an aggregate price of approximately $58 million prior to suspending </span>&#160;<span style="font-family: Times New Roman, Times, Serif">sales.
A registration statement concerning the remaining $44 million of Ordinary Shares the Company may sell to Ionic was declared effective
by the SEC on February 7, 2022.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 23, 2021, the Company formed Bit Digital
Canada Inc., a Government of Alberta, Canada corporation as a wholly-owned subsidiary to conduct its digital asset mining operations in
Canada.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 1, 2021, the Company formed Bit Digital
Strategies Limited, as a wholly-owned Hong Kong subsidiary in order to conduct treasury management activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 24, 2021, the Company signed the Crypto
Climate Accord, a private sector-led initiative that aims to decarbonize the crypto and blockchain sectors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 1, 2021, the Company formed Bit Digital
Singapore PTE. LTD., as a wholly-owned Singapore subsidiary in order to conduct digital asset staking activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 29, 2021, the Company entered into
a Securities Purchase Agreement with certain purchasers thereto, pursuant to which the Company agreed to issue and sell, in a private
offering, an aggregate of $80,000,017 of securities, consisting of 13,490,728 Ordinary Shares of the Company and Ordinary Share Purchase
Warrants to purchase an aggregate of 10,118,046 Ordinary Shares at an exercise price of $7.91 per whole share (subject to adjustment),
for a combined purchase price of $5.93 per share and accompanying warrant. The transaction was closed on October 4, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 6, 2021, Bit Digital USA, Inc. entered
into a Non-Fixed Price Sales and Purchase Agreement (the &#8220;Agreement&#8221;) with Bitmain Technologies Limited to purchase 10,000
Antminer bitcoin miners. The miners were expected to increase the Company&#8217;s miner fleet hash rate by approximately 1.0 Exahash (&#8220;EH/s&#8221;).
The total maximum purchase price is estimated at $65 million (subject to certain potential discounts). Net of discounts, the Company paid
$58 million for the order. As of September 30, 2022, the Company had received the previously announced 10,000-unit miner purchase from
Bitmain.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 7, 2021, the Company became a member
of the Bitcoin Mining Council (&#8220;BMC&#8221;), joining MicroStrategy and other founding members to promote transparency, share best
practices, and educate the public on the benefits of bitcoin and bitcoin mining.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 4, 2022, the SEC declared effective the Company&#8217;s Shelf Registration Statement on Form F-3. Under
the registration statement, the Company may offer and sell equity securities from time to time in one or more offerings at the market
(ATM) at prices and on terms which the Company will then determine for an initial aggregate offering price of $500,000,000. To date, no
securities have been sold under such registration statement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Bit
Digital has operations in North America, Hong Kong and Singapore. The
Company has no subsidiary or VIE legal entities in mainland China, with a portion of non-mining assets and personnel located in Hong Kong.
Four of five members of the Board of Directors are nationals or residents of jurisdictions, other than the United States. As of the report
date, the Company is a Cayman entity with two Hong Kong subsidiaries, one U.S. operating subsidiary, one Canadian subsidiary and one Singapore
subsidiary.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Private Issuer Status</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2022, the date of determination,
we determined that we remain a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended
(the &#8220;Exchange Act&#8221;). As such, we are exempt from certain provisions applicable to United States domestic public companies.
For example:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to provide the same level of disclosure on certain issues, such as executive compensation;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our insiders are not required to comply with Section 16 of the Exchange Act requiring such individuals, and entities to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any &#8220;short-swing&#8221; trading transaction.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Emerging Growth Company Status</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &#8220;emerging growth company,&#8221;
as defined in the Jumpstart Our Business Startups Act (the &#8220;JOBS Act&#8221;), and we are eligible to take advantage of certain exemptions
from various reporting and financial disclosure requirements that are applicable to other public companies, that are not emerging growth
companies, including, but not limited to, (1)&#160;presenting only two years of audited financial statements and only two years of related
management&#8217;s discussion and analysis of financial condition and results of operations in this report, (2) not being required to
comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the &#8220;Sarbanes-Oxley Act&#8221;),
(3) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and (4) exemptions from
the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments
not previously approved. We intend to take advantage of these exemptions. As a result, investors may find investing in our Ordinary Shares
less attractive.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, Section 107 of the JOBS Act also
provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities
Act of 1933, as amended (the &#8220;Securities Act&#8221;), for complying with new or revised accounting standards. As a result, an emerging
growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We intend to take advantage of such extended transition period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We could remain an emerging growth company for
up to five years ending December 31, 2023, or until the earliest of (1) the last day of the first fiscal year in which our annual gross
revenues exceed $1.07 billion, (2) the date that we become a &#8220;large accelerated filer&#8221; as defined in Rule 12b-2 under the
Exchange Act, which would occur if the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the
last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 months, or
(3) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Corporate Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
principal executive offices are located at 33 Irving Place, New York, New York 10003. Our telephone number at this address is +1 (212)
463-5121.</span>&#160;&#160; <span style="font-family: Times New Roman, Times, Serif">Our office in Hong Kong is located at Room 3603,
Tower 2 Metro Plaza, Hong Kong, China. Our registered office in the Cayman Islands is located at Corporate Filing Services Ltd., 3rd Floor,
Harbour Centre, 103 South Church Street, George Town, Grand Cayman, KY 1-1002, Cayman Islands. Our office in Singapore is located at 21
Floor, 88 Market Street, Capital Spring, S048948. Our agent for service of process in the United States is Corporation Service Company,
19 West 44th Street, Suite 201, New York, NY 10036. The Company&#8217;s legal advisers are as follows: in the PRC: Tian Yuan Law Firm,
10F, Tower B, China Pacific Insurance Plaza, 28 Fengsheng Hutong, Xicheng District, Beijing 10032 China; in the Cayman Islands: Ogier,
89 Nexus Way, Camana Bay, Grand Cayman, Cayman Islands KY1-9009; and in the United States: Davidoff Hutcher &amp; Citron LLP, 605 Third
Avenue, New York, New York 10158. Our Auditors are: Audit Alliance, LLP, 20 Maxwell Road #11-09, Maxwell House, Singapore 069113. See
&#8220;<i>Experts</i>&#8221; regarding prior auditors. Investors should contact us for any inquiries through the address and telephone
number of our principal executive offices.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We filed annual, semi-annual, quarterly (on a
voluntary basis as a foreign private issuer) and current reports and other information with the SEC. Our public filings are available
from the Internet web site maintained by the SEC at www.sec.gov. In addition, our Ordinary Shares are listed on the Nasdaq Capital Market.
Accordingly, our reports, statements and other information may be inspected at the offices of Nasdaq, One Liberty Plaza, 165 Broadway,
New York, New York 10006.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Capital Expenditures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020, we incurred capital expenditures of approximately $19.3 million, $46.8 million, and
$4.5 million, respectively for purchases of miners&#160;for our bitcoin mining business in cash. In addition, for the year ended December
31, 2022, we incurred 2.4 million in USDC for purchases of bitcoin miners for our bitcoin mining business. These capital expenditures
were financed by cash provided by operating and financing activities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Digital Asset Mining</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Bitcoin mining operations</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In view of the widespread adoption of blockchain
technology and bitcoin worldwide, the Company determined to enter the bitcoin mining industry, which is focused on the production of bitcoin.
We commenced investigation of the business in August 2019 and found that bitcoin mining is believed to be profitable and our business
plan is viable. In October 2019, the Company decided to implement its business strategy with the temporary suspension of its existing
P2P lending business. On October 18, 2019, Mr. Erke Huang joined the Company as Chief Financial Officer and as a Director on October 29,
2019. On March 31, 2021, Bryan Bullett and Sam Tabar joined the Company as Chief Executive Officer (&#8220;CEO&#8221;) and Chief Strategy
Officer (&#8220;CSO&#8221;), respectively, until March 31, 2023. The Company contemporaneously established its worldwide headquarters
office in New York City. Mr. Bullett resigned his employment with the Company as CEO effective March 31, 2023 and became a non-executive
senior advisor of the Company. Mr. Tabar succeeded Mr. Bullett as CEO effective March 31, 2023.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Today, we are a sustainability-focused generator
of digital assets with large-scale, global mining operations in North America. On June 24, 2021, the Company signed the Crypto-Climate
Agreement, a private sector-led initiative to decarbonize the crypto and blockchain sector. On December 7, 2021, the Company became a
member of the Bitcoin Mining Council (&#8220;BMC&#8221;), joining MicroStrategy and other founding members to promote transparency, share
best practices, and educate the public on the benefits of bitcoin and bitcoin mining.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company operates, through its partnerships
with third party hosting firms, for purpose of mining bitcoin. Our facilities and mining platform are operating with the primary intent
of accumulating bitcoin which we may sell for fiat currency from time to time depending on market conditions and management&#8217;s determination
of our cash flow needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Migration and Status of Mining Operations</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2020, we commenced our strategy of
migrating assets from China to North America. The Company had already migrated its miners out of Inner Mongolia when the government of
China&#8217;s Inner Mongolia banned all crypto mining facilities in March 2021. On May 21, 2021, when the Financial Stability and Development
Committee of the State Council in China proposed to &#8220;crack down on bitcoin mining and trading,&#8221; local governments began to
issue corresponding measures to respond to the central government&#8217;s proposal. From May 21, 2021 until June 18, 2021, when the Sichuan
Province issued a notice on the shutdown of digital asset mining operations, the Company had mining operations only in Sichuan Province
which it terminated on June 21, 2021, prior to the June 25, 2021 deadline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From April through June 2021, we migrated 14,500
miners from China to the United States. As of June 30, 2021, 9,489 of our miners in China were warehoused and were not in operation, awaiting
disposition or migration to North America. As a result, a significant portion of our fleet was offline in 2021. Prior to shipment, we
generally refurbished our miners in a facility in Shenzhen, China, to ensure resilience during transfer and operability upon arrival.
Miners are securely packaged and shipped via air or by sea, depending on market conditions. We completed the migration of all of our remaining
China-based miners out of China by September 2021. The last miner shipments arrived in the U.S. on November 17, 2021. 27.8% of our fleet,
or 7,710 bitcoin miners representing 0.457 EH/s, was deployed in North America as of December 31, 2021. As of June 30, 2022, 23% of our
currently-owned fleet, or 8,990 bitcoin miners representing 0.76 Exahash (&#8220;EH/s&#8221;), was deployed in North America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 7, 2021, the Company contracted to
purchase an additional 10,000 Antminers from Bitmain Technologies Limited (&#8220;Bitmain&#8221;) under a Sales and Purchase Agreement
(the &#8220;SPA&#8221;) at an original estimated cost of $65,000,000. Those miners were expected to increase the Company&#8217;s miner
hash rate by approximately 1.0 Exahash (&#8220;EH/s&#8221;). The initial payment of $27,500,000 under the SPA was made on October 7, 2021
upon the signing of the SPA and an aggregate of $58,000,000, net of discounts, had been paid, in full, as of May 24, 2022. The last shipment
of miners was received on June 27, 2022. The Company used funds on hand and proceeds from the sale of securities in our September 2021
private placement, as well as the liquidation of bitcoins we held, to fund the purchase of these additional miners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The miners we own are primarily made by manufacturers
MicroBT and Bitmain for bitcoin mining, which we believe are the top two brands in the industry, and the standard bitcoin ASIC miners
providing hash computing power to the bitcoin network. The market for miners is sensitive to fluctuations in both supply and demand. We
believe there is currently an excess supply of miners in the market. Historically, when the market for miners has been tighter, we have
utilized the spot market for miner acquisition which can result in delivery within a few weeks. If the supply for miners should tighten
significantly, we may not be able to acquire the desired numbered of miners in a timely manner.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Miner Fleet Update and Overview</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, we had 37,676 miners for bitcoin mining and 730 miners for Ethereum mining, with a total maximum hash rate of 2.6
EH/S and 0.3 TH/s, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 7, 2021, we contracted to purchase
an additional 10,000 Antminers from Bitmain under a Sales and Purchase Agreement (the &#8220;SPA&#8221;) at an initial estimated cost
of $65 million. Net of discounts, the Company paid $58 million for the order. As of September 30, 2022, the Company had received the previously
announced 10,000-unit miner purchase from Bitmain. The Company currently has no outstanding payment obligations for miner purchases.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 27, 2022, we entered into Asset Purchase
Agreements with each of four unaffiliated sellers of bitcoin mining computers, from whom we acquired an aggregate of 706 bitcoin miners
on the spot market, including 184 S19 J Pro miners; 197 S19 miners; 197 S19 miners; and 128 S19/S19 Pro miners, respectively. The acquired
miners were delivered during April 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 9, 2022, the Company and Riot Blockchain,
Inc. (&#8220;Riot&#8221;) entered into a Hashrate Swap Agreement (the &#8220;HSA&#8221;). The HSA provides for the exchange of cryptocurrency
mining power (&#8220;Hashrate&#8221;) through the exchange of bitcoin mining computers. As additional consideration to the Company to
exchange its factory-new miners for Riot&#8217;s operating miners, Riot agreed to deliver twenty-five (25%) percent more Hashrate to the
Company than the Company Digital will deliver to Riot. As a result of the HSA, the Company will receive an aggregate of 0.625 EH/s of
Hashrate from Riot, in exchange for 0.500 EH/s. As of July 1, 2022, Riot has delivered 5,682 machines in exchange for our 4,984 machines.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On February 14, 2022, the &#160;&#160;Company sold 100 MicroBT Whatsminer
M21S miners 903 MicroBT Whatsminer M21S miners and 9 MicroBT Whatsminer M20S miners on June 13, 2022, and 103 MicroBT Whatsminer M21S
miners on August 16, 2022. For the year ended December 31, 2022, the Company also wrote off 641 MicroBT Whatsminer M21S, 253 MicroBT Whatsminer
M20S, 23 Bitmain Antminer S17 and 1 Innosilicon A10 series ETH miner.&#160;&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Digital Asset Production</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From the inception of our bitcoin mining business
in February 2020 to December 31, 2022, we earned an aggregate of 4,822.9 bitcoins. </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents our bitcoin mining
activities for the year ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number&#160;of<br/> bitcoins</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount&#160;<sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold">Balance at December 31, 2021</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">808.2</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">28,846,587</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Receipt of BTC from mining services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,247.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">31,414,102</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange of BTC into ETH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(742.5</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,160,450</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sales of and payments made in BTC</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(366.9</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(11,160,996</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Impairment of BTC</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,143,096</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 4pt">Balance at December 31, 2022</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">946.3</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,796,147</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receipt of digital assets from mining services are the product of the number of bitcoins received multiplied by the bitcoin price obtained from CryptoCompare, calculated on a daily basis. Sales of digital assets are the actual amount received from sales.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Due to the volatile price of bitcoin and ETH and the uncertainty
of the number of digital assets mined, it is very difficult for the Company to perform and rely on a breakeven analysis. However, the
Company monitors the direct costs related to our mining business. We have disclosed the direct costs related to the production of digital
assets, cost of revenues, in our quarterly financial statements. Cost of revenues is primarily comprised of direct production cost of
the mining operations, including utilities and other service charges, and excludes general and administrative expenses and other indirect
and overhead costs. Below is the cost of revenues per bitcoin/ETH in fiscal years 2020 and 2021 and in 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Below is the cost of revenue per bitcoin/ETH in
fiscal years 2020, 2021 and in 2022:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid"><b>Year</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">2020</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2021</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">14,884</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2022</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">15,996</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,428</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our mining facilities and mining platform operate
with the primary intent of accumulating bitcoin, which we may sell for fiat currency from time to time depending on market conditions
and management&#8217;s determination of our cash flow needs. Each of our operating subsidiaries in Hong Kong, U.S., Canada and Singapore
received revenue in the form of digital assets, the value of which is determined using the market price of the related digital asset at
the time of receipt. The digital asset is either held by the subsidiary or sold for fiat currency or USD Coin (&#8220;USDC&#8221;). See
&#8220;<i>Digital Asset Transactions</i>&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Performance Metrics of Bitcoin and ETH Mining</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company operates mining hardware which performs
computational operations in support of the bitcoin blockchain network measured in &#8220;hash rate&#8221; or &#8220;hashes per second.&#8221;
A &#8220;hash&#8221; is the computation run by mining hardware in support of the blockchain; therefore, a miner&#8217;s &#8220;hash rate&#8221;
refers to the rate at which it is capable of solving such computations. The original equipment used for mining bitcoin utilized the Central
Processing Unit (CPU) of a computer to mine various forms of bitcoin. Due to performance limitations, CPU mining was rapidly replaced
by the Graphics Processing Unit (GPU), which offers significant performance advantages over CPUs. General purpose chipsets like CPUs&#160;and
GPUs have since been replaced in the mining industry by Application Specific Integrated Circuits (ASIC) chips like those found in the
miners currently utilized by the Company at its mining facilities. These ASIC chips are designed specifically to maximize the rate of
hashing operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company measures our mining performance and
competitive position based on overall hash rate being produced in our mining sites. The latest MicroBT M31S miner performs in the range
of 76 terahash per second (TH/s) per unit, MicroBT M21S miner in the range of 50 - 58 TH/s per unit; M20S performs in the range of 64
- 68 TH/s per unit; M10 performs in the range of 31 &#8211; 35 TH/s per unit; Bitmain S19Pro performs with a maximum hashrate of 110 TH/s
per unit; Bitmain S17Pro performs 53 TH/s per unit; Bitmain S17+ performs in the range of 58-73 TH/s per unit; Bitmain S17E performs in
the range of 56-64 TH/s per unit; Bitmain T17+ performs with a maximum hashrate of 64 TH/s per unit; Innosilicon T17 performs in the range
of 40-50 TH/s per unit; Innosilicon T3 performs in the range of 41 &#8211; 45 TH/s per unit; Innosilicon A10L performs with an average
hashrate of 405 MH/s per unit;&#160;Innosilicon A10U performs with an average hashrate of 438 MH/s per unit. These mining hardware are
on the cutting edge of available mining equipment; however, advances and improvements to the technology are ongoing and may be available
in quantities to the market in the future which may affect our perceived position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An individual mining company such as Bit Digital
has a total company hash rate of its miners seeking to mine a specific coin, and system wide there is a total hash rate of all miners
seeking to mine each specific coin. A higher total hash rate of a specific mining company, as a percentage of the system wide total hash
rate, generally results over time in a correspondingly higher success rate in coin rewards as compared to miners with lower hash rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mining Pools</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A &#8220;mining pool&#8221; is the pooling of
resources by miners, who share their processing power over a network and split rewards according to the amount of work they contributed
to the probability of placing a block on the blockchain. Mining pools emerged in response to the growing difficulty and available hashing
power that competes to place a block on the bitcoin blockchain. Mining pools are subject to various risks such as disruption and down
time. Bit Digital has internally created software that monitors its hashing performance and reward rates to monitor credits for our contributed
hashing power. In the event that a pool experiences down time or is not yielding returns, our results may be impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our former pool operators didn&#8217;t charge
mining pool fees. As of the date of this report, the Company participates in the Foundry USA Mining Pool (&#8220;Foundry&#8221;) solely
for mining digital asset pursuant to the Foundry USA Pool Service Agreement between the Company and Foundry (the &#8220;Pool Service
Agreement&#8221;). Foundry provides the Company with digital currency mining pool and ancillary services and products. Foundry is a mining
pool structured to provide transparency and stable payments to contributing miners. The Company contributes its processing power to Foundry
and receives a fractional share of the pool&#8217;s total mining rewards that is based on its proportionate share of computational power
contributed towards solving the aggregate block rewards. Foundry receives both the block reward and the transaction fees when successfully
adding a block to the blockchain. Thus, the consideration received by the Company is variable. Likewise, the number of digital assets
mined by pool participants is variable. The monthly service, power costs and profit-sharing charge are not used in determining the variable
consideration. Prior to April 19, 2023, in consideration of the Company being an early strategic customer of Foundry and in view of competition,
Foundry has not charged the Company with a fee for its services. Beginning April 19,2023, Foundry applies a 0.27% fee on the total Bitcoin
(BTC) earnings of the Company, referred to as the &#8220;Pool Fee.&#8221; Foundry calculates and deducts the Pool Fee from the total BTC
earned and deposits the remaining net amount into our wallet.&#160;&#160;&#160;&#160;Pursuant to the Pool Service Agreement, Foundry
will reimburse digital assets or U.S. Dollars, at its sole discretion, in the event of a disruption in service which is caused by their
fault. A service agreement is in full force and effect while the Company&#8217;s usage rights to the pool are in effect. The average
and median number of bitcoins we received per month from Foundry is 104.0 and 103.1, respectively, from January to December 2022. The
range of number of bitcoins received per month from Foundry is 53.4 to 152.5 for the same period. Foundry does not currently provide
wallet or custodial services to the Company. Currently, digital asset rewards are deposited to our custodian wallet addresses by Foundry
on a daily basis. The risk of loss or theft of digital assets when Foundry transfers digital assets in a custodian wallet is no different
than any other transfer from one wallet to another.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Hosting Agreements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to achieve lower utility costs, our mining
facilities are maintained by third-party hosting service providers. Our hosts generally install our miners, and provide IT consulting,
maintenance and repair work on site for us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compute North&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our miners&#8217; facilities in Texas and Nebraska
were previously maintained by Compute North LLC, (&#8220;Compute North&#8221;), a well-known miner hosting company in North America pursuant
to a Master Agreement dated September 9, 2020 between Compute North and the Company (the &#8220;Master Agreement&#8221;). The term of
the Master Agreement was for the remainder of any Equipment Term set forth on an Order Form when Compute North notifies the Company in
writing that such equipment has been received and turned on by Compute North. Compute North provided colocation, managerial and other
services at its data center facilities, including rack space, electrical power, ambient air cooling, internet connectivity and physical
security for the Company&#8217;s miners during the equipment term of any miner. From November 2020 through March 2021, the Company signed
additional hosting capacity bringing aggregate capacity with Compute North to approximately 48 MW with terms ranging from 12 to 36 months.
At the facilities maintained by Compute North, the Company installed miners and was responsible for a monthly service fee per unit and
power costs to be set forth on an Order Form as updated from time to time. The monthly service fee ranged from $2.00 to $3.00 per unit.
Power costs ranged from $0.35 to $0.60 per kWh. Pursuant to certain Order Forms, Compute North was entitled to receive a range of 15&#8211;25%
of the bitcoin mined after payment of the Monthly Service and Power Fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, facilities formerly owned
and operated by Compute North in Nebraska and Texas provided approximately 20 MW to power our miners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
the event of a default in payment by the Company under the Master Agreement, Generate Capital could foreclose on the Company&#8217;s assets
and liquidate them. The Master Agreement is terminable by Compute North for cause. The Master Agreement provided for a security interest
in our miners maintained at Compute North&#8217;s location. The security interests are intended to secure the Company&#8217;s obligations
under the Master Agreement. The Master Agreement permitted Compute North to file UCC1 Financing Statements to evidence such security interests.
Compute North was permitted, at any time, to assign, transfer, delegate or subcontract any or all of its rights or obligations under the
Master Agreement without the Company&#8217;s prior written consent. There were no bankruptcy provisions in the agreement and we maintained
ownership of the approximately 7,628 miners previously hosted by Compute North.</span>&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 22, 2022, Compute North filed for
Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. Compute North&#8217;s lender, Generate Capital, has taken
ownership of two (2) hosting facilities previously owned and operated by Compute North in Kearney, Nebraska, where the Company maintains
miners, and Wolf Hollow, Texas, where the Company had contracted for additional capacity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
January 7, 2023, the Company received a purported termination notice from the assignee operating companies of Compute North, affiliated
with Generate Capital, PBC. Each of GC Data Center Kearney, LLC and GC Data Center Granbury, LLC (collectively, &#8220;Generate&#8221;),
bitcoin mining data centers located in Kearney, Nebraska and Wolf Hollow, Texas, claimed to have provided written notice of termination
of the Master Agreement. The Master Agreement and all order forms issued thereunder were claimed to have been assigned to Generate prior
to Compute North&#8217;s filing for bankruptcy protection. Generate claims that it has the right to terminate the Master Agreement for
alleged &#8220;uncured failure to make&#8221; certain &#8220;payments&#8221; in the aggregate amount of $3,289,509.50. Generate has stated
that if the Company fails to pay all amounts due, it will exercise all of its purported rights including, but not limited to, retention
of the Company&#8217;s miners and assorted equipment and deposits in the aggregate amount of $1,476,071 under the Master Agreement. The
Company disputed the propriety of the termination and attempted to resolve the dispute with Generate.</span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
January 20, 2023, Generate cut power to the Company&#8217;s miners at the former Compute North site in Kearney, Nebraska. Pursuant to
a Litigation Standstill Agreement dated January 23, 2023, as amended through March 31, 2023. The Company paid Generate for its operations
and is in the process of relocating its miners to facilities hosted by Coinmint and Blockfusion in New York State.</span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Digihost</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2021, we entered into a strategic co-mining
agreement with Digihost Technologies (&#8220;Digihost&#8221;) in North America. Pursuant to the terms of the agreement, Digihost provides
certain premises to Bit Digital for the purpose of the operation and storage of a 20 MW bitcoin mining system to be delivered by Bit Digital.
Digihost also provides services to maintain the premises for a term of two years. Notwithstanding the foregoing, each party has the right
to terminate the agreement in the event of the enactment of New York Senate Bill S6486, or a similar federal, state or local law, that
would require so-called &#8220;digital asset mining centers&#8221; to cease operations. The collaboration between Digihost and Bit Digital
is expected to power approximately 400 Ph/s between the companies based on certain assumptions, including, but not limited to, the hash
rate and power consumption of miners anticipated to be utilized by the bitcoin mining systems and other factors outside of the Company&#8217;s
control, specifically that the companies deploy, on average, miners with a hash rate per unit of approximately 60 TH/s and power consumption
per unit of approximately 3,000 watts. It further assumes the availability of such miners for purchase, and the availability of capital
to fund such purchases, to the extent that the companies do not have sufficient miner quantities on-hand to fill the aggregate power capacity
at the time of deployment. Under the terms of the agreement, Digihost is obligated to provide power for the operation of the miners and
to also provide management services necessary to maintain 95% uptime on the miners. This agreement required a $511,000 security deposit,
the first month&#8217;s rent of $511,000 and a one-time safety installation fee of $35 per miner. The monthly recurring cost is a Power
Cost of $0.035 per kWh on an averaged basis and may include additional costs per kWh on renewable natural gas usage (TBD). Maintenance
and Service Costs are part of the monthly recurring charge on a performance basis. Digihost shall also be entitled to 20% of the profit
generated by the miners, paid weekly. Profit generated by miners, per calendar month, is defined as (a) the fair value of digital assets
mined by the miners hosted by Digihost, less (b) the amount of digital assets that have a value that is equal to all costs related to
the operation of the Company&#8217;s miners, including power cost, maintenance cost, and service cost. Digihost shall be provided read-only
access to the Company&#8217;s wallet for funds generated by the miners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2021, the Company and Digihost entered
into a second strategic co-mining agreement to provide 100 MW that was expected, at the time of execution, to be powered by approximately
half renewable and/or carbon free energy sources, subject to finalizing our energy procurement strategy with Digihost. The second agreement
brings our total contracted hosting capacity with Digihost to 120 MW. Under this second Colocation Services Agreement (the &#8220;CSA&#8221;),
Digihost will provide the premises to the Company for the operation of a 100 MW bitcoin mining system for a term of two years, subject
to earlier termination described above as a result of the above-described pending New York State legislation, or otherwise for Cause,
as defined in the CSA. This expanded CSA is expected to facilitate an additional increase in hash rate of approximately 2EH between the
two companies and a total increase in hash rate between the two companies of approximately 2.4EH, including the prior colocation described
above, based on certain assumptions including, but not limited to, a hash rate of approximately 8 TH/s and power consumption per unit
of approximately 3,360 watts of miners anticipated to be utilized by the bitcoin mining systems, and other factors including the Company&#8217;s
ability to purchase such equipment and to secure financing for such purchases. Other terms are substantially the same as under the initial
agreement, including 95% uptime for miners and charges for safety installation fees, maintenance costs, power costs, and profit-sharing
provisions. The CSA required a security deposit of $2,555,000 and monthly power costs of $511,000 for each of the five months of December
2021 through April 2022. The Company has been refunded all required deposits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2022, our hosting partner Digihost advised
us that limited operations at its North Tonawanda plant would require 1,580 of the Company&#8217;s miners to temporarily go offline. Digihost
was unable to meet its obligations to provide 95% uptime under the initial co-mining agreement. As of the date of this report, we have
not powered on our miners as it is not currently economical to do so. Additionally, Digihost has informed us that they continue to work
to identify a location to fulfill the remaining 100 MW of contracted hosting capacity pursuant to our agreements. While the Company continues
to work towards its goal of full fleet deployment, it will only seek to deploy its miners if the economics present an acceptable return
on investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Blockfusion</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 25, 2021, the Company entered into a
Mining Services Agreement (the &#8220;MSA&#8221;) with BlockFusion USA, Inc. (&#8220;Blockfusion&#8221;) to provide 35 MW that is expected
to be powered primarily from zero carbon emission energy sources. The MSA is for a two (2) year Term with automatic renewals for one (1)
year terms unless terminated by either party on at least thirty (30) days&#8217; prior written notice. During the Term, Blockfusion shall
provide certain colocation, operation, management and maintenance services (the &#8220;Services&#8221;). If Blockfusion fails to provide
an uptime of 98.5% or better, the Performance Fees under the MSA shall be reduced.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">On May 12, 2022, Blockfusion advised us that the
substation at its Niagara Falls, New York facility was damaged by an explosion and fire, and power was cut off to approximately
2,515 of the Company&#8217;s bitcoin miners and approximately 710 ETH miners that had been operating at the site immediately prior
to the incident. The explosion and fire are believed to have been caused by faulty equipment owned by the power utility. Blockfusion
and the Company have entered into a common interest agreement to jointly pursue any claims evolving from the explosion and fire.
Prior to the incident, our facility with Blockfusion in Niagara Falls provided approximately 9.4 MW to power our miners. We have
estimated the loss of revenue at our Blockfusion site from the disruption of service on May 12, 2022 to December 31, 2022 to be
approximately $3,200,000. Our methodology is based on the historical digital assets reward for those impacted miners and the average
price of bitcoin and ETH earned during the above period. Power was restored to the facility in September 2022. However, the Company
received a notice (the &#8220;Notice&#8221;) dated October 4, 2022, from the City of Niagara Falls. The Notice ordered the cease and
desist from any cryptocurrency mining or related operations at the Niagara Falls facility until such time as Blockfusion complies
with Section 1303.2.8 of the City of Niagara Falls Zoning ordinance (the &#8220;Ordinance&#8221;), in addition to all other city
ordinances and codes. Blockfusion has advised the Company that the Ordinance came into practical effect on October 1, 2022,
following the expiration of a related moratorium on September 30, 2022. Blockfusion has further advised that it submitted
applications for new permits based on the Ordinance&#8217;s new standards and that the permits would take several months to process.
Bit Digital management continues to monitor the situation.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Mining Services Agreement between
Bit Digital and Blockfusion dated August 25, 2021, Blockfusion represents, warrants and covenants that it &#8220;possesses, and will maintain,
all licenses, registrations, authorizations and approvals required by any governmental agency, regulatory authority or other party necessary
for it to operate its business and engage in the business relating to its provision of the Services.&#8221; On October 5, 2022, Bit Digital
further advised Blockfusion that it expects it to comply with the directives of the Notice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the MSA, Blockfusion shall provide the Company
with all necessary access to remotely monitor &#8212; in person or remotely &#8212; the generated digital asset and all other metrics
as reasonably requested by the Company. The Company shall pay the actual expenses incurred for the energy used by the Company on a monthly
basis plus management costs of $2.00 per miner. Blockfusion shall receive a Performance Fee in respect of services relating to the first
20.0 MW Hrs of load power equal to 30% of Net Digital Assets mined for any period, subject to adjustment. In respect to the next 15.0
MW Hrs equal to 20% of Net Digital Assets mined subject to adjustment. The Net Digital Assets for a Payout Period means the Generated
Digital Assets <i>minus </i>the amount of Digital Assets that have a value that is equal to the Estimated Daily Costs for Mining such
Digital Assets for such Payout Period. In other words, the &#8220;Net Digital Assets&#8221; means the digital assets generated by the
miners hosted by Blockfusion minus the amount of digital assets that have a value that is equal to costs incurred to operate and maintain
the Company&#8217;s miners, including power cost and management cost.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company initially provided Blockfusion with
mining equipment for installation in September 2022, and at various times thereafter. The Company paid Blockfusion in advance $3,750,000
(the &#8220;Infrastructure Investment&#8221;) to pay for actual bona fide expenses incurred by Blockfusion. During the Term and for a
twelve (12) month period after termination of the MSA (the &#8220;ROFR Period&#8221;), the Company may propose to match the terms of a
bona fide offer from a third party to finance or otherwise sell any interest in Blockfusion, or any of its material assets or business
interests (a &#8220;Covered Transaction&#8221;), provided that Company shall be credited the amount of the Infrastructure Investment paid
and not reimbursed (the &#8220;Discount&#8221;). If the Parties do not enter into definitive agreements in respect of one or more Covered
Transactions pursuant to which the Company obtains the full economic benefit of the Discount, then, within twelve (12) months following
the termination of this Agreement, Blockfusion shall refund the Infrastructure Investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Mining Services Agreement between
Bit Digital and Blockfusion dated August 25, 2021, Blockfusion represents, warrants and covenants that it &#8220;possesses, and will maintain,
all licenses, registrations, authorizations and approvals required by any governmental agency, regulatory authority or other party necessary
for it to operate its business and engage in the business relating to its provision of the Services.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Blockbreakers</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 1, 2022, the Company&#8217;s subsidiary,
Bit Digital Canada, Inc., entered into a Mining Services Agreement (the &#8220;MSA&#8221;) with Blockbreakers, Inc. to provide five (5)
MW of incremental hosting capacity at its facility in Canada. The facility utilizes an energy source that is primarily hydroelectric.
The facility currently powers approximately 650 of the Company&#8217;s miners and is expected to accommodate up to 1,500 miners during
the coming months.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MSA is for a two (2) year term (the &#8220;Term&#8221;),
unless terminated earlier, with automatic renewals for additional one (1) year terms, unless terminated by either party upon at least
sixty (60) days&#8217; prior written notice. During the Term, Blockbreakers shall provide certain colocation, operation, management and
maintenance services (the &#8220;Services&#8221;). The Company shall pay for the actual expenses incurred by Blockbreakers for the energy
used by the Company and for the ancillary energy used in relation to the mining on the premises. The Company was required to make a deposit
of $100,000 to secure the payment of power costs and other sums due under the MSA. The Company shall pay Blockbreakers a Performance Fee
for each twenty-four (24) hour period equal to fifteen (15%) percent of Net Digital Assets, defined as generated digital assets, minus
the monthly fee minus the digital assets that have a value equal to the estimated daily costs for mining such digital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event Blockbreakers fails to provide uptime
of at least 97.5% in any calendar month, provided such failure was not caused principally by the Company or a third party not under the
control of Blockbreakers, then the Performance Fee for that month shall be reduced by ten (10%) percent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company retained sole ownership of all mining equipment and generated digital assets minus the Performance Fee. Blockbreakers retained
all rights in any lease, sublease or license under which Blockbreakers occupies the premises with any equipment and property thereon.
Blockbreakers shall keep required policies in effect with responsible insurers</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Effective
March 20, 2023, Bit Digital USA entered into a Term Loan Facility and Security Agreement (the &#8220;Facility&#8221;) with Blockbreakers
and a Term Loan Note for $400,000. The Facility is to be used to develop a mining site in Quebec for 3 MWh for digital asset mining.
The Note is due on October 10, 2023, or sooner on an Event of Default (as defined) and accrues interest at 9% per annum paid monthly.
The loan is secured by a first priority lien and security interest in all of Blockbreakers&#8217; assets.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Coinmint</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">As of May 26, 2022, we entered into a Master Mining Services
Agreement (the &#8220;MMSA&#8221;) with Coinmint LLC (&#8220;Coinmint&#8221;), pursuant to which Coinmint will provide mining colocation
services for a one-year period automatically renewing for three-month periods unless terminated earlier. The Company will pay Coinmint
electricity costs plus operating costs required to operate the Company&#8217;s mining equipment, as well as a performance fee equal to
27.5% of profit, subject to a ten percent (10%) reduction if Coinmint fails to provide Uptime of ninety-eight (98%) percent or better
for any period. Our average utility costs under the Coinmint Agreement were $0.0504 per kWh during June 2022 and have averaged as high
as $0.0916 and $0.0872 per kWh in August and September, 2022. The average utility costs have decreased in the last quarter of the year
to $0.0580 per kWh in October, $0.0349 per kWh in November, and $0.0508 per kWh in December, after previous highs in August and September.
The Company is required to make an initial collateral deposit of $20,000 per Megawatt of projected capacity. We are not privy to the emissions
rate at the Coinmint facility or at any other facility. However, the Coinmint Facility operates in an upstate New York region that utilizes
power that is reported to be 90% emissions-free as determined by the New York Independent System Operator, Inc. (&#8220;NYISO&#8221;)
report for 2022. As of December 31, 2022, Coinmint provided approximately 20 MW of capacity for our approximately 6,000 miners. On April
5, 2023, the Company entered into a letter agreement and MMSA Amendment pursuant to which Coinmint agreed to provide the Company with
up to ten (10) MW of additional mining capacity to energize the Company&#8217;s mining equipment at Coinmint&#8217;s hosting facility
in Plattsburgh, New York. The agreement is for two (2) years automatically renewable for three (3) months unless not renewed by either
party on ninety (90) days prior written notice. The Performance Fees under this letter agreement range from 30% to 33%.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of its signed hosting agreements,
the Company had contracted for hosting capacity sufficient to complete the redeployment of its fleet in North America, with additional
signed capacity to facilitate potential future fleet growth. However, there can be no assurance as to if and when additional signed capacity
can be delivered due to factors beyond the Company&#8217;s control. The Company continues to evaluate additional hosting arrangements
with existing and prospective new hosting partners in North America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Core Scientific</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 22, 2021, the Company entered into
a Master Services Agreement with Core Scientific Inc. (&#8220;Core Scientific&#8221;) to provide colocation hosting, rack space, security,
monitoring, maintenance, utilities, repair, facility management, account management, network and data access, technical support, and heat
and thermal management services at a data center managed by Core Scientific in Georgia. Core Scientific hosted 100 S19 Pro miners owned
by the Company and provided approximately 0.3 MW to our miners. The agreement was for two (2) years unless earlier terminated and shall
automatically renew for successive twelve (12) month renewal terms unless earlier terminated. On December 21, 2022, Core Scientific filed
for bankruptcy protection in the Southern District of Texas.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
November 2022, Core Scientific notified the Company that the hosting agreement would not be renewed and would be terminated on February
22, 2023. The Company has removed its miners from this hosting facility and relocated them to the Coinmint facility.</span>&#160;&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Competition </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In digital asset mining, companies, individuals
and groups generate units of digital asset through mining. Miners can range from individual enthusiasts to professional mining operators
with dedicated data centers. Miners may organize themselves in mining pools. The Company competes or may in the future compete with other
companies that focus all or a portion of their activities on owning or operating digital asset exchanges, developing programming for the
blockchain, and mining activities. At present, the information concerning the activities of these enterprises is not readily available
as the vast majority of the participants in this sector do not publish information publicly or the information may be unreliable. Published
sources of information include &#8220;bitcoin.org&#8221; and &#8220;blockchain.info&#8221;; however, the reliability of that information
and its continued availability cannot be assured.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our competitors in bitcoin mining include Riot
Blockchain, Inc., Marathon Digital Holdings, Greenidge Generation Holdings Inc., Argo Blockchain PLC, Digihost Technology Inc., Hive Blockchain
Technologies Inc., Hut 8 Mining Corp., Bitcoin Investment Trust, Blockchain Industries, Inc., Bitfarms Technologies Ltd., DMG Blockchain
Solutions Inc., HashChain Technology, Inc., MGT Capital Investments, Inc., DPW Holdings, Inc., Layer1 Technologies, LLC., Northern Data
AG, Cipher Mining Technologies Inc., and TeraWulf Inc. The bitcoin industry is a highly competitive and rapidly changing industry and
new competitors and/or emerging technologies could enter the market and affect our competitiveness in the future. For more information
regarding those risk factors known to us, see the section entitled &#8220;Risk Factors&#8221; herein.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">In the Ethereum staking ecosystem, various entities, including
companies, individuals, and groups, stake a specific number of tokens on the network. This process enables them to actively contribute
to block creation and receive rewards in return. Rather than direct competition, the dynamic between validators is characterized by indirect
or cooperative interaction. Validators are randomly selected by the Ethereum protocol to perform the validation process. The likelihood
of being chosen as a validator is directly proportional to the size of their stake. In simpler terms, the more ETH staked, the greater
the chance of being selected as a validator and earning rewards.</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman,serif">Key competitors
in the Ethereum staking landscape are intermediary staking services such as Lido, Coinbase Global, Inc., and Binance Holdings Ltd. These
companies pool their customers&#8217; Ethereum holdings to collectively stake on the Ethereum network.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Custodian Accounts</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Generally,
we only sell bitcoins when there is a need to fund our working capital requirements and the purchase of mining equipment. We otherwise
store the balance in custody. As of December 31, 2022, we used Cactus Custody,
a division of Matrixport Guard Limited (&#8220;Cactus Custody&#8221;), as our custodian (the &#8220;Custodian&#8221;) to store our digital
assets. While the Custodian holds our digital assets, the ownership and operation rights are always 100% attributed to the Company. Our
custody account status and assets transactions are clearly recorded, and we can log into the Custodian&#8217;s system to query and download
those records at any time. The Custodian will not loan, hypothecate, pledge and/or encumber our assets without express instructions from
us. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cactus Custody can transfer any digital assets
to either cold or hot wallet addresses which transactions are assigned and managed under the Custodian&#8217;s management. The transactions
are broadcast to the blockchain network, where they are validated and then enter the Custodian&#8217;s custody. Digital assets are kept
in unique and segregated blockchain addresses accessible by us and verifiable on blockchain at any time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For storage of digital assets, the Cactus Custody
wallet arrangement includes hardware and software infrastructure and security controls over key generation, storage, management and transaction
signing. Hot storage refers to online key storage. The Cactus Custody&#8217;s proprietary solution adopts HSM (Hardware Security Module)
for key generation, storage and transaction signing. An HSM is a physical computing device that safeguards and manages digital keys for
strong authentication and provides cryptoprocessing. HSMs provide tamper evidence, tamper resistance and tamper responsiveness features
that can safeguard client&#8217;s private keys. Private keys will be generated in HSM by a true random number generator; the plaintext
of the private key will never leave the HSM. Cactus Custody&#8217;s proprietary storage applies industry best practice in security design
for cold storage, such as the highest security level HSM, multi-sig, private key split and stored in geographically distributed vaults.
Vault here refers to a highly secured data center with stringent access control and high-quality environment control. Each cold storage
vault only stores one-half of the encrypted private key in HSM. Vaults are located in three continents and are not prone to single point
of failure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The physical backup is the disaster recovery measure.
Private keys are generated in HSM. Matrixport will split encrypted private keys into 8 pieces. Each piece will be stored in an encrypted
hard disk which will be then kept in a safe deposit box in different banks. Three (3) of eight (8) pieces held by management, the Company
and a third party would be needed to recover private keys. Cold storage withdrawal can only be made to the user&#8217;s hot storage address.
The Custodian provides internal risk control measures like withdrawal limit and whitelist as a tool to help protect client&#8217;s digital
assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Institutional Digital Asset Platform</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to a License Agreement effective August
31, 2022 (the &#8220;Agreement&#8221;), Fireblocks, Inc (&#8220;Fireblocks&#8221;). granted the Company&#8217;s subsidiary a non-exclusive,
non-sublicensable, non-transferable license to Fireblocks Institutional Digital Asset Platform which provides access and use its services
to securely store, manage and administer its own holdings of digital assets on various blockchains, using a combination of encrypted public
and private keys (hereinafter, the &#8220;Service&#8221;). The Company retained ownership of all rights, title and interest to all Licensee
Data (as defined) provided by the Company to Fireblocks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is required to activate a private
key shard generated on its mobile device via the Fireblock&#8217;s app in order to use the Service. In order to access and use the Service&#8217;s
app, the Company&#8217;s permitted users must have an individual recovery passphrase used to remove the private key shard, in the event
the mobile device or the Service&#8217;s app is damaged, stolen or otherwise inaccessible. For a setup of each Fireblocks vault sub-account
and exchange or counterparty connection, the Company must perform testing to the Service by receiving a digital asset to a Fireblocks
vault and executing a transaction from the Fireblocks vault. The Company is solely responsible for maintaining insurance policies for
its digital assets and/or its products, services and operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fireblocks may, from time to time in its sole
discretion, offer to provide optional additional services in connection with its provision of the Fireblocks vault service (such services,
the &#8220;Optional Software Services&#8221;). Optional Software Services are offered on an opt-in basis to the Company if it affirmatively
accesses the Optional Software Services or otherwise specifies them in an order. During the Initial Term of the Agreement, the Company
may elect to use any and all Optional Software Services without any additional fees on top of those applicable subscription fees which
are set forth in the order. The license granted for the Service and the provision of related services, to the extent applicable, are subject
to the full payment of the applicable subscription fees. Payment for the Service is $40,000 per year. However, if quarterly outgoing volume
exceeds $10,000,000, there is an additional charge based on usage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fireblocks may, from time to time, provide updates
or upgrades to the Service, but is not under any obligation to do so. Such updates and upgrades will be supplied according to Fireblocks&#8217;
then-current policies, which may include automatic updating and upgrading. The Service and the services provided by Fireblocks to the
Company are provided &#8220;as is&#8221; and Fireblocks and its suppliers, if any, make no warranty of any kind, express or implied, regarding
the Service, and specifically disclaim the warranties of merchantability, fitness for a particular purpose, to the maximum extent possible
by law. Fireblocks does not warrant that the Service will meet the Company&#8217;s requirements, operate without interruption or be error
free. Fireblocks has no responsibility for any damage resulting from (including, but not limited to, any damage to the Company&#8217;s
account) and the warranty does not apply to any security breach resulting from: (i) any modifications or alteration of the Service, its
functionality or capabilities that is not made by Fireblocks or its agents; and/or (ii) by malicious code, malware, bots, worms, trojans,
backdoors, exploits, cheats, fraud, hacks, hidden diagnostics or other mechanisms to disable security or content protection that is resulting
from the Company&#8217;s network system.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fireblocks agreed to defend, at its expense, any
third-party action or suit brought against the Company alleging that the Service, when used as permitted under this Agreement, infringes
intellectual property rights of a third party; and Fireblocks will pay any damages awarded in a final judgment against the Company that
are attributable to any such claim.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The License is effective for a one-year term,
which shall automatically be renewed for additional one-year terms unless terminated by either party on at least thirty (30) days&#8217;
prior written notice given before the end of the term. Either party may terminate the Agreement upon written notice if the other party
is in breach or default of any material provision of the Agreement and, if curable, fails to cure the breach or default within thirty
(30) days of receipt of written notice of the breach or default.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company agreed that its use of the Service
will comply with applicable export control and trade sanctions laws, rules and regulations, including, without limitation, the regulations
administered by the U.S. Department of Commerce&#8217;s Bureau of Industry and Security (&#8220;BIS&#8221;) and the U.S. Department of
the Treasury&#8217;s Office of Foreign Assets Control (&#8220;OFAC&#8221;) (collectively, &#8220;Export Control Laws&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Digital Asset Transactions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
use Amber Group&#8217;s OTC desk for selling or exchanging bitcoins for U.S. dollars, USDC (USD Coin) or ETH (Ethereum token). Subsequent
to September 30, 2021, we exited our holdings of WBTC and USDT and have no plans to hold these assets in the future. As of the date of
this report, we only own bitcoin, ETH and USDC. We are in the early stage of implementing treasury management alternatives to increase
earnings of the bitcoins we mine and hold. In that regard, we may continue to hold Ethereum (ETH), liquid staking tokens (described below)
and/or USDC (in addition to bitcoin) in order to fund the purchase of bitcoin miners and other mining equipment, to pay operational expenses
such as hosting company fees and for working capital and other general corporate purposes, including treasury management, and in the
case of ETH and/or other digital assets, to stake in connection with our Ethereum staking strategy described herein. We have temporarily
taken receipt of other digital assets, the amounts of which have not been material. However, other than bitcoin, ETH, liquid staking
tokens and/or USDC, we have no holdings of, and have no current plans to hold, any other types of digital assets. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our evaluation as to whether the digital assets
we hold may be deemed securities under the Federal securities laws is a risk-based assessment and not a legal standard or binding on the
SEC or any other regulators. If bitcoin, ETH, liquid staking tokens and/or USDC tokens are deemed to be securities under the laws of any
U.S. federal, state, or foreign jurisdiction, or in a proceeding in a court of law or otherwise, it may have adverse consequences for
such digital asset. See &#8220;<i>Risk Factors &#8211; Risks Related to United States Government Regulation&#8211;A particular digital
asset&#8217;s status as a &#8220;security&#8221; in any relevant jurisdiction is subject to a high degree of uncertainty and if a regulator
disagrees with our characterization of a digital asset, we may be subject to regulatory scrutiny, investigations, fines, and other penalties,
which may adversely affect our business, operating results and financial condition. Furthermore, a determination that bitcoin, ETH, liquid
staking tokens and/or USDC that we own or mine is a &#8220;security&#8221; may adversely affect the value of the digital asset and our
business.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
expect our results of operations to continue to be affected by bitcoin prices as most of our revenue, to date, is sourced from bitcoin
mining production. Since January 2022, the decrease in bitcoin price has affected our results of operations and financial condition. As
of December 31, 2022, we held 946.4 bitcoin, with a carrying value of $15.8 </span>&#160;<span style="font-family: Times New Roman, Times, Serif">million.
The carrying value of our bitcoin assets as of December 31, 2022 reflects the $21.0 million of impairment charges we recorded against
the carrying value of our bitcoin assets due to decrease in the fair value of our bitcoin assets after receipt. The decrease in our revenue
from bitcoin mining from January to December 2022 is substantially driven by the decrease in bitcoin price, as revenue is recognized on
the then-current price as well as the decrease of bitcoin production. Our bitcoin production for the months of January &#8211; December
2022 was as follows:</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USA</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">60.52</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60.52</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">76.23</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">53.21</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">63.56</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.05</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">July</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">135.58</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">142.51</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">137.39</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.89</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">145.28</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">September</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">131.96</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9.32</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">141.28</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">October</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">143.53</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.99</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">152.52</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">November</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">134.34</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9.75</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">144.09</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">December</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">119.93</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">10.07</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">130.00</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt; padding-left: 0.125in">Total:</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,190.21</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">57.24</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,247.45</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any future significant reductions in the price
of bitcoin will likely have a material adverse effect on our results of operations and financial condition. See &#8220;<i>Risk Factors
&#8211; Bitcoin Related Risks &#8211; Our results of operations are expected to continue to be impacted by significant fluctuations in
bitcoin price</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, the Company had loaned
5.19 bitcoins to an unaffiliated third party. During the three and six months ended June 30, 2021, the Company lent an additional 141.99
and 81.78 bitcoins to two third parties, respectively. All loans were subject to interest of 5% per annum. The bitcoins were repayable
on demand. As of June 30, 2021, the unaffiliated third parties repaid all bitcoins under the aforementioned loans. As of December 31,
2022, there were no additional bitcoins lent to third parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 71; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Ethereum</i></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expanded during 2022 from mining bitcoin
to also validating transactions on the Ethereum blockchain. We currently only hold bitcoin, Ether (ETH), liquid staking tokens (described
below) and/or USDC. Transactions on the chain are conducted in ETH. A total of 730 ETH miners we own were first purchased in December
2021 and put into operation in January 2022. We earned 294.3 ETH from mining operations for the year ended December 31, 2022. As the Merge
occurred on September 15, 2022, as described below, all of our ETH miners can no longer be used to mine ETH. Currently, our ETH miners
are not a significant percentage of our fleet. Current market conditions are such that the costs of mining ETH Classic are greater than
their value. For the mining of ETH Classic and/or other digital assets, the Company will need to pay electricity cost, management fee
for the miners and/or profit sharing to our hosting partner. The Company will consider these costs in deciding whether to mine ETH Classic
and/or other digital assets in the future. In the fourth quarter of 2022, the Company planned to use these ETH miners to mine ETH classic
when it&#8217;s economical for us to turn on these miners. The Company performed the impairment testing in the fourth quarter of 2022
and recognized an impairment loss of $3,669,555 for the ETH miners in the consolidated financial statements for the year ended December
31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Company remains bullish on bitcoin,
and supporting the bitcoin blockchain, it expects to derive revenue from the Ethereum network which powers a smart contract platform,
that is the second biggest blockchain by market capitalization at $200 billion as of July 2022 per CoinMarketCap. After many years of
development, in connection with the Merge, the Ethereum blockchain made its transition from a proof-of-work (PoW) consensus mechanism,
like the bitcoin network, to a proof-of-stake (PoS) model. A proof-of-stake system generally does not expend as much energy to verify
transactions as does the bitcoin blockchain. Instead, a participant&#8217;s digital assets are deposited in a specific smart contract,
which enters them in a lottery. Each time an exchange occurs, a participant is selected from the lottery to verify the transaction and
win the reward. The transition to a PoS blockchain occurred on September 15, 2022, when the Ethereum Mainnet merged with the PoS Beacon
Chain, a system upgrade that is referred to as the &#8220;Merge.&#8221; Notwithstanding the fact that a not-for-profit called The Ethereum
Foundation helps supervise the blockchain, Ethereum is run by a group of engineers across the world.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Merge and the switch from PoW to PoS did not
change our characterization of ETH as a digital asset. As a result of the Merge, PoW mining is no longer the means of validating Ethereum
transactions and producing new ETH. Instead, the PoS validators assumed this role and are responsible for processing the validity of all
transactions and preparing blocks. The Company intends to accumulate and actively stake ETH to generate yields. We intend to hold our
staked ETH for our own account, as described below. We have no current plans to convert ETH to cash, other than when needed to support
our operations. By actively staking ETH, we intend to diversify the Company&#8217;s operations into a second highly regarded digital asset
ecosystem and provide our shareholders with exposure to the smart contract economy. This is also expected to provide a new, predictable
and recurring stream of digital asset rewards. Our staking strategy is intended to generate staking-derived yield denominated in ETH,
a digital asset that is expected to have deflationary properties. Consequently, there is a potential for our ETH balances to compound
over time. Furthermore, the net asset value of our held ETH has the potential to appreciate, in the event of an increase in the price
for ETH, driven by demand for participation in Ethereum&#8217;s smart contract economy, a reduction in issuance with &#8220;burning&#8221;
of tokens, removing them from systems and other factors beyond our control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 12, 2023, Ethereum&#8217;s Shanghai hard fork, also referred to as &#8220;Shapella,&#8221; has been
finalized, enabling withdrawals for users who have &#8220;staked&#8221; their ETH to secure and validate transactions on the blockchain.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Blockdaemon Agreement</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of August 30, 2022 (the &#8220;Effective Date&#8221;),
the Company&#8217;s wholly-owned subsidiary, Bit Digital Singapore Pte Ltd., entered into a Master Services Agreement (the &#8220;MSA&#8221;)
with Blockdaemon Ltd. (&#8220;Blockdaemon&#8221;), an Irish company, which is a leading institutional-grade blockchain infrastructure
company for node management and staking.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has deployed ETH liquid staking tokens
into Harbour, a liquid staking solution provider under the consortium of Blockdaemon and Stakewise. In exchange for depositing ETH into
Harbour&#8217;s liquid staking protocols, the Company received sETH-h and rETH. As of December 31, 2022, the Company had 8,800 ETH, 2,004
sETH-h, and 16 rETH with a combined carrying value of approximately $11.8 million. 2,164 ETH were actively staked as of that date, using
either native staking or liquid staking protocols, described below. Considering sETH-h has less liquidity, less utility, and more technical
(smart contract) risk than ETH, an event including a hash, governance attack, slash across modified node operators or market-wide liquidity
crisis, would result in cascading liquidations and a large dislocation in sETH-h, ETH and rETH-h/ETH. In addition, should Harbur suffer
liquidation, it will negatively impact our ability to redeem sETH-h and rETH-h back to ETH. The Company intends to continue accumulating
Ethereum and stake substantially all of its ETH position over time. However, since the Merge users have been unable to remove their staked
tokens, the Shanghai Upgrade occurred on April 12, 2023 resolves this issue and adds withdrawal functionality.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Blockdaemon granted the Company a non-exclusive
right and license to access the services (the &#8220;Services&#8221;) and, when applicable, use the nodes with an actual uptime of at
least 99.9% during each rolling thirty (30) day period. The nodes are the server or virtual server that contains a copy of the distributed
ledger and serves as a communication point that excludes various essential retail functions, such as creating, reviewing or sending information
and validating transactions within a blockchain. The Company will be paid Net Revenue generated by the Services. The Company will pay
Blockdaemon a percentage of Net Revenue directly attributable to customer funds that will vary by protocol specified in the applicable
order form. The Company will pay $8 per validation per month and a three (3%) percent share of participation rewards received by the Company.
All rewards paid to the Company will be made in the same digital assets in which the Company&#8217;s funds sent to Blockdaemon are downloaded.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the performance of the Services,
Blockdaemon will use commercially reasonable endeavors to ensure that it has implemented security procedures that represent good industry
practice. Blockdaemon will provide access to and update daily a dashboard detailing the performance of the Services to the Company. The
dashboard will provide sufficient detail to enable the accurate calculation of Net Revenue. Blockdaemon must keep the dashboard accurate,
complete and up-to-date. The Company will receive a service credit of 10% if service performance is greater than or equal to 99% but less
than 99.9%, and a 25% credit if less than 99%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Blockdaemon must maintain insurances during the
term adequate to cover the potential liability arising under the MSA. The MSA commenced on the Effective Date and continues in full force
and effect until terminated. The term of each subscription to the Services commences as of the date set forth in the relevant Order Form
and continues for a period of twelve (12) months (&#8220;Initial Term&#8221;). Thereafter, the Initial Term of the relevant Order Form
will automatically renew for successive twelve (12) month periods (each, a &#8220;Renewal Term&#8221; and together with the Initial Term,
the &#8220;Term&#8221;) unless written notice is given by one party to the other party of its intention not to renew the Order Form at
least ninety (90) days before the expiration of the then-current Term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Either party may terminate the MSA (or any Order
Form under it) upon the following events: (i) at any time, for any reason, upon ninety (90) calendar days advance written notice to the
party, or (ii) upon written notice to the other party if the other party materially breaches the Agreement and fails to cure such breach
within thirty (30) calendar days of its receipt of written notice identifying the breach (for &#8220;Cause&#8221;), or (iii) the other
party is insolvent. In addition, Blockdaemon may terminate the Agreement (and any Order Form under it) for Cause immediately upon written
notice, after a cure period of seven (7) calendar days if (i) the Company uses the Services in any manner that violates applicable law,
(ii) the Company&#8217;s use of the Services infringes the intellectual property or privacy rights of a third party, (iii) the Company
transmits or attempts to transmit any harmful code of Services, or (iv) Blockdaemon determines that it is appropriate under limited circumstances
of indemnification. The Company may terminate the MSA (and any Order Form) immediately upon written notice (A) should its continued participation
in this Agreement result in a breach of licensing or regulatory requirements on its part, (B) if instructed by any relevant authority,
or (C) should Blockdaemon be instructed by relevant authority that it is in breach of licensing or regulatory requirements (&#8220;Regulatory
Breach&#8221;). Notwithstanding anything to the contrary if the Company would be prevented from withdrawing the customer funds or participatory
rewards following a termination of the Services because such transfer is not permitted under the protocol rules, Blockdaemon must, upon
receipt of a notice from the Company, continue to provide the Services (and the terms of this Agreement will apply) until such time as
the transfer and payment can be made in accordance with the protocol rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All right, title, and interest in and to the Services,
the Nodes, the documentation, and the service performance data, including all modifications, improvements, adaptations, enhancements,
derivatives, or translations made thereto or therefrom, and all intellectual property rights therein, are and will remain the sole and
exclusive property of Blockdaemon. The Company will indemnify, defend and hold Blockdaemon harmless from and against any and all damages,
losses, liabilities, costs and expenses, including reasonable attorneys&#8217; fees (&#8220;Losses&#8221;) incurred by Blockdaemon in
connection with any third-party action, claim or proceeding (each, a &#8220;Claim&#8221;) arising from or relating to (i) the Company&#8217;s
breach or violation of the Agreement; or (ii) the Company&#8217;s gross negligence or willful misconduct.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Blockdaemon will indemnify, defend and hold the
Company harmless from and against any Losses incurred by the Company in connection with any third-party Claim arising from (i) Blockdaemon&#8217;s
gross negligence or willful misconduct; (ii) Blockdaemon&#8217;s breach of the Agreement; (iii) allegations that the Company&#8217;s access
to and use of the Services or Nodes in compliance with the Agreement infringes or misappropriates any third-party intellectual property
rights (an &#8220;Infringement Claim&#8221;); or (iv) any slashing penalties that are the result of any defect of a Node operated by Blockdaemon
on behalf of the Company, excluding any missed Participatory Rewards or imperfect yields resulting from insufficient staking or inactive
Nodes or network-forced inactivity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the order form entered into among
Blockdaemon, DeFi Primitive Ltd. (&#8220;Stakewise&#8221;) and the Company, the Company will also participate in liquid staking via Portara,
the liquid staking protocol developed by Blockdaemon and StakeWise and the first of its kind tailored to institutions. Liquid staking
allows participants to (1) achieve greater capital efficiency by utilizing their staked ETH as collateral and (2) withdraw from staked
positions earlier than natively possible by trading their staked ETH tokens on the secondary market. Unlike other liquid staking solutions,
Portara&#8217;s key differentiator is that it ensures that users can only interact with verified counterparties. As a result, several
regulated institutions which were previously unable to participate in liquid staking have now on-boarded with Portara and are actively
liquid staking. The Company&#8217;s initial order form for liquid staking was for a maximum of 2,000 ETH, unless otherwise approved by
liquid staking providers. Blockdaemon is entitled to a fee equal to 8% of all participation rewards earned.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Company has no current plans to offer
staking-as-a-service (&#8220;SaaS&#8221;) except as set forth below, it is a potential source of revenue in the future. Subject to developing
this potential line of business and a variety of contingencies and uncertainties, among other things, the Company is aware of the issue
that if and when it decides to provide such services for others for consideration (e.g., either cash or other digital assets), it will
need to comply with the Federal securities laws. The Company will disclose that prior to initiating any SaaS plans, it will undertake
a regulatory review to ensure compliance with all regulatory requirements, including, but not limited to, the Federal securities laws.
As described above under &#8220;Digital Asset Transactions,&#8221; our evaluation of whether a digital asset we hold may be deemed to
be a &#8220;security&#8221; under the Federal Securities laws is a risk-based assessment and not a legal standard. The Company will need
to install a fully compliant infrastructure, via either an organic buildout or hiring a third-party contractor. The Company may also elect
to stake and validate other leading proof-of-stake blockchains, such as liquid staking, which may be deemed to be securities. In addition
to traditional Ethereum staking, we also participated in liquid staking solutions of Harbur, a protocol which allows participants to (1)
achieve greater capital efficiency by utilizing their staked ETH as collateral and (2) withdraw from staked positions earlier than natively
possible by trading their staked ETH tokens on the secondary market. In liquid staking, customers who have staked ETH in a smart contract
receive receipt tokens. However, the customer retains ownership of the staked ETH and is in full control of the receipt tokens.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Liquid Collective Slashing Coverage Program</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nexus Mutual is providing the Company with slashing
coverage under Liquid Collective&#8217;s program for up to 2.0 ETH per validator. Liquid Collective is a protocol developed in collaboration
with a diverse group of industry leaders to meet the need for an enterprise-grade liquid staking standard that can be widely adopted.
The coverage is fully scalable and automatically adjusts with the protocol&#8217;s assets on a platform directly for the Company&#8217;s
custody account on platforms it is using for staking ETH. Slashing incidents may result from network-wide events such as a natural disaster
or client bug.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mega Matrix Joint Venture</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
March 1, 2023, the Company formed a joint venture with Mega Matrix Corp. (NYSE: MPU) (&#8220;Mega Matrix&#8221;) by entering into a shareholders&#8217;
agreement (the &#8220;Agreement&#8221;) with MarsProtocol Technologies Pte. Ltd., the joint venture company (the &#8220;Joint Venture
Company&#8221;), to jointly develop proof-of-stake technology tools for digital assets through the staking platform &#8220;MarsProtocol,&#8221;
an institutional grade non-custodial staking technology (the &#8220;Joint Venture&#8221;). Through MarsProtocol, the Joint Venture will
seek to provide non-custodial staking tools whereby users&#8217; private keys are not stored in its database to ensure the safety of
its users&#8217; digital assets. Pursuant to the Agreement, Bit Digital will own forty (40%) percent of the Joint Venture Company. The
Company and Saving Digital Pte Ltd., the Singapore subsidiary of Mega Matrix, will each appoint one director and Saving Digital will
appoint a third director ordinarily residing in Singapore.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mega Matrix is a holding company located in Palo
Alto, California that focuses on digital asset-related businesses. The Joint Venture Company will be domiciled in Singapore. Before offering
any services, the Joint Venture Company will undertake a regulatory review to ensure that its services are fully compliant with the laws
of Singapore and any other nation in which it seeks to conduct business. The services will not be offered to U.S. individual residents.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Coinbase Prime Broker Agreement</i></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 1, 2023, Bit Digital Singapore, Ltd.
(BTSP), the Company&#8217;s wholly-owned subsidiary, entered into a Prime Broker Agreement (the &#8220;Coinbase PBA&#8221;) with Coinbase,
Inc. and its affiliated entities. Under the Prime Broker Agreement, Coinbase will provide services relating to custody, trade execution,
lending or post-trade credit (if applicable) for bitcoin, ETH and other orders. Under the Coinbase PBA, the Company can submit orders
to purchase and sell specified digital assets in accordance with Coinbase Trading Rules (as defined). The Company&#8217;s digital assets
are held, at Coinbase&#8217;s discretion, in either hot wallets, cold wallets or a Connected Trading Venture. Those assets held in the
Trading Venture are held on an omnibus basis and the Company does not have a claim to any particular digital asset. The Company&#8217;s
cash may be held in either an omnibus account or with U.S. insured depository accounts in Coinbase&#8217;s name designed to enable repayment
of FDIC deposit insurance where applicable. The Company agreed to transfer any assets off of the Trading Platform within thirty (30) days
of receipt of termination from Coinbase unless prohibited by law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Insurance</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently do not have any insurance of our
miners; however, we intend to purchase insurance in the future. The market is in its early stages. We monitor the market for insurance
for our miner assets, as well as for our digital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cactus Custody is self-insured for its secure
asset fund (the &#8220;Fund&#8221;). The Fund size is $4 million, with an additional 35% of custody service annual revenue each year to
be added to this Fund, at no additional cost to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund covers:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">damage
caused by insider theft or dishonest acts by Cactus Custody employees or executives;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">third-party
hacks, copying, or theft of private keys for both hot and cold storage; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">damage
caused by loss of keys for both hot and cold storage</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fireblocks</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fireblocks Institutional Digital Asset Program
is insured by leading insurance companies which are A.M. Bests rated &#8220;A&#8221; (excellent). There is an aggregate of $30,000,000
digital asset crime insurance for theft of digital assets, external breach of Fireblocks&#8217; software or any malicious or intentional
misbehavior or fraud by employees. Fireblocks has $12,500,000 of aggregate insurance for errors and omissions; professional liability
insurance and cyber/privacy liability insurance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>-</i></b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transfer of cash</i></b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the Company&#8217;s commencement of mining
operations in February 2020 to December 31, 2022, the Company did not transfer any cash from the holding company to any of its subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2020, the Company
raised proceeds of approximately $5.2 million from certain private placements, and the proceeds were directly transferred from investors
to the designated accounts of Bit Digital Hong Kong Limited (&#8220;BT HK&#8221;), the Company&#8217;s wholly owned subsidiary in Hong
Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">During
the period from January 1, 2021 to December 31, 2021, the
Company raised proceeds of approximately $37 million from an equity line of credit. The proceeds were directly transferred from investors
to designated accounts of Bit Digital USA, Inc. (&#8220;BT USA&#8221;), the Company&#8217;s subsidiary in the U.S. The net proceeds raised
in our $80 million September 2021 private placement were transferred to BT USA.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period from January 1, 2022 to December
31, 2022, the Company raised gross proceeds of approximately $22 million from an equity line of credit. The net proceeds of $21 million
were directly transferred from investors to designated accounts of Bit Digital USA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transfer of other assets</i></b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period from February 2020 to September
30, 2021, Bit Digital Hong Kong transferred 25,006 miners to BT USA, with a carrying value of $19.80 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Payment of dividends or distributions</i></b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">During
the period from February 2020 to the date of this report, the Company did not receive any dividends or distributions from any of its subsidiaries,
nor did the Company make any dividends or distributions to its investors, except as follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">On October 24, 2022, Bit Digital Hong Kong Limited declared a dividend of $353,357 to the Company. Such
dividend was paid directly to Bit Digital Singapore Pte Ltd. (&#8220;BDSG&#8221;) as its payment-in-kind capital contribution for the
Company&#8217;s 500,000 ordinary shares of BDSG.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 0.25in">&#160;</td>
    <td style="text-align: left; padding-right: 5.4pt; font-size: 10pt; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 7, 2023, the Board of Directors declared an eight (8%) percent ($800,000) dividend on the preference shares to Geney Development Ltd. (&#8220;Geney&#8221;). Erke Huang, our Chief Financial Officer, is the President of Geney and the beneficial owner of thirty (30%) percent of the equity of Geney, with the remaining seventy (70%) percent held by Zhao Hui Deng, the Company&#8217;s Chairman of the Board. </span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Enterprise Income Tax Law of the
People&#8217;s Republic of China and its implementation rules, if a non-resident enterprise has not set up an organization or establishment
in the PRC, or has set up an organization or establishment, but the income derived has no actual connection with such organization or
establishment, it will be subject to a withholding tax on its PRC-sourced income at a rate of 10%. Pursuant to the Arrangement between
mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, the withholding
tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise is reduced to 5% from a standard rate of
10% if the Hong Kong enterprise directly holds at least 25% of the PRC enterprise. Pursuant to the Notice of the State Administration
of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements, or Circular 81, a Hong Kong resident enterprise
must meet the following conditions, among others, in order to enjoy the reduced withholding tax: (i) it must directly own the required
percentage of equity interests and voting rights in the PRC resident enterprise; and (ii) it must have directly owned such percentage
in the PRC resident enterprise throughout the 12 months prior to receiving the dividends. There are also other conditions for enjoying
the reduced withholding tax rate according to other relevant tax rules and regulations. In October 2019, Announcement of State Taxation
Administration on Promulgation of the Administrative Measures on Non-resident Taxpayers Enjoying Treaty Benefits, or Circular 35, which
became effective on January 1,2020. Circular 35 provides that non-resident taxpayers claiming treaty benefits shall be handled in accordance
with the principles of &#8220;self-assessment, claiming benefits, retention of the relevant materials for future inspection&#8221;. Where
a non-resident taxpayer self-assesses and concludes that it satisfies the criteria for claiming treaty benefits, it may enjoy treaty benefits
at the time of tax declaration or at the time of withholding through the withholding agent, simultaneously gather and retain the relevant
materials pursuant to the provisions of these Measures for future inspection, and accept follow-up administration by the tax authorities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restrictions or limitations</i></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this report, the Company had
five subsidiaries incorporated in and based in the United States, Canada, Hong Kong and Singapore. The Company is not aware of any restrictions
or limitations on foreign exchange in these countries or areas, or its ability to transfer cash between entities, across borders or to
U.S. investors, nor is the Company aware of any restrictions and limitations on its ability to distribute earnings from its businesses,
including the businesses of its subsidiaries, to the holding company and its U.S. investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Intellectual Property</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We actively use specific hardware and software
for our digital asset mining operation. In certain cases, source code and other software assets may be subject to an open source license,
as much technology development underway in this sector is open source. For these works, we intend to adhere to the terms of any license
agreements that may be in place.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not currently own, and do not have any current
plans to seek, any patents in connection with our existing and planned blockchain and digital asset related operations. We rely upon trade
secrets, trademarks, service marks, trade names, copyrights and other intellectual property rights and expect to license the use of intellectual
property rights owned and controlled by others. In addition, we have developed and may further develop certain proprietary software applications
for purposes of our digital asset mining operation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as set forth herein, we are not currently
a party to any material legal or administrative proceedings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 20, 2021, a securities class action lawsuit was filed against
the Company and its Chief Executive Officer and Chief Financial Officer titled <span style="text-decoration:underline">Anthony Pauwels v. Bit Digital, Inc., Min Hu and Erke
Huang</span> (Case No. 1:21-cv-00515) (U.S.D.C. S.D.N.Y.). The class action was brought on behalf of persons that purchased or acquired our
Ordinary Shares between December 21, 2020 and January 11, 2021, a period of volatility in our shares, as well as volatility in the price
of bitcoin. On April 29, 2021, the Court consolidated several related cases under the caption <span style="text-decoration:underline">In re Bit Digital, Inc. Securities Litigation</span>.
Joseph Franklin Monkam Nitcheu was appointed as lead plaintiff. On July 6, 2021, the lead plaintiff filed a consolidated class action
complaint (the &#8220;Amended Complaint&#8221;). The Amended Complaint was still based primarily upon a January 11, 2021 short seller
report and included, among other things, additional information concerning our previously discontinued peer to peer lending business.
We filed a motion to dismiss the lawsuit and vigorously defended the action.&#160; While that motion was pending, the Company agreed with
the lead plaintiff selected in the case to settle the class action by paying $2,100,000. The Company chose to do that to eliminate the
burden, expense and uncertainties of further litigation. The Company continues to deny the allegations in the Amended Complaint and nothing
in the settlement is evidence of any liability on the Company&#8217;s behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 7, 2023, a final judgment in this matter was entered approving
the settlement and certifying the class for purposes of enforcing the settlement and payment was then made by the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Regulations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government Regulation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. government regulation of blockchain and digital
asset is being actively considered by the United States federal government via its agencies and regulatory bodies, as well as similar
entities in other countries and transnational organizations, such as the European Union. State and local regulations also may apply to
our activities and other activities in which we may participate in the future. Other governmental or semi-governmental regulatory bodies
have shown an interest in regulating or investigating companies engaged in the blockchain or digital asset business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the regulatory and legal environment evolves,
we may become subject to new laws, such as further regulation by the SEC and other agencies, which may affect our mining and other activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Holding Foreign Companies Accountable Act/PCAOB</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the audit reports of Audit Alliance LLP
incorporated by reference into this report are prepared by Singapore auditors who are subject to inspection by the Public Company Accounting
Overnight Board (the &#8220;PCAOB&#8221;), there is no guarantee that future audit reports will be prepared by auditors that are completely
inspected by the PCAOB and, as such, future investors may be deprived of such inspections, which could result in limitations or restrictions
to our access in the U.S. capital markets under the Holding Foreign Companies Accountable Act (the &#8220;HFCA Act&#8221;) or the Accelerating
Holding Foreign Companies Accountable Act. The United States enacted the Holding Foreign Companies Accountable Act, or the HFCA Act, in
December 2020. The HFCA Act includes requirements for the SEC to identify issuers whose audit reports are prepared by auditors that the
PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor&#8217;s local
jurisdiction. The HFCA Act also requires public companies on this SEC list to certify that they are not owned or controlled by a foreign
government and make certain additional disclosures in their SEC filings. In December 2022, the HFCA Act was amended to reduce from three
years to two years the number of consecutive years an issuer can be identified as an identified issuer before the SEC can prohibit an
issuer&#8217;s securities from trading on any U.S. national securities exchange and on the over-the- counter market. Accordingly, our
securities may be prohibited from trading on Nasdaq or other U.S. stock exchange. If our auditor is not inspected by the PCAOB for two
consecutive years, and this ultimately could result in our Ordinary Shares being delisted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, which if enacted into law would amend the HFCA Act and require the SEC to prohibit an issuer&#8217;s
securities from trading on U.S. stock exchanges if its auditors are not subject to PCAOB inspections for two consecutive &#8220;non-inspection&#8221;
years instead of three. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for
the PCAOB to use when determining, as contemplated under the HFCA Act, whether the Board is unable to inspect or investigate completely
registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
On December 16, 2021, the PCAOB issued PCAOB Rule 6100 Board Determinations Under the Holding Foreign Companies Accountable Act. The PCAOB
notified the SEC that it was unable to inspect or investigate completely registered public accounting firms headquartered in mainland
China and in Hong Kong, because of the positions taken by authorities in mainland China and Hong Kong. As stated above, our current auditors
are based in Singapore and the PCAOB is permitted to inspect and investigate them. The PCAOB issued a Determination Report on December
15, 2022, determining that the PCAOB secured complete access to inspect and investigate registered public accounting firms headquartered
in mainland China and Hong Kong, and vacating the 2021 Determinations to the contrary. However, the PCAOB further noted that it will act
immediately to consider the need to issue a new determination if the PRC authorities obstruct or otherwise fail to facilitate the PCAOB&#8217;s
access. While the audit reports of Audit Alliance LLP incorporated by reference into this prospectus are prepared by auditors based in
Singapore who are subject to inspection and investigation by the PCAOB, there can be no assurance that our auditor or we will be able
to comply with these and other requirements imposed by U.S. regulators in the future. The market prices of our Ordinary Shares and/or
other securities could be adversely affected as a result of possible negative impacts of the HFCA Act and other similar rules and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Data Privacy</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We collect and process data, including personal,
financial and confidential information about individuals, including our employees and business partners; however, none of any customers
or other third parties. The collection, use and processing of such data about individuals are governed by data privacy laws and regulations
enacted in the United States (federal and state), and other jurisdictions around the world. These data privacy laws and regulations are
complex, continue to evolve, and, on occasion, may be inconsistent between jurisdictions leading to uncertainty in interpreting such laws
and it is possible that these laws, regulations and requirements may be interpreted and applied in a manner that is inconsistent with
our existing information processing practices, and many of these laws are significantly litigated and/or subject to regulatory enforcement.
The implication of this includes that various federal, state and foreign legislative or regulatory bodies may enact or adopt new or additional
laws and regulations concerning data privacy, data retention, data transfer, and data protection. Such laws may continue to restrict or
dictate how we collect, maintain, combine and disseminate information and could have a material adverse effect on our business, results
of operations, financial condition and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the United States, there are numerous federal
and state laws and regulations that could apply to our operations or the operations of our partners, including data breach notification
laws, financial information and other data privacy laws, and consumer protection laws and regulations (e.g., Section 5 of the FTC Act),
that govern the collection, use, disclosure, and protection of personal information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Environmental, Health and Safety Laws and
Regulations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations and properties are subject to extensive
laws and regulations governing occupational health and safety, the discharge of pollutants into the environment or otherwise relating
to health, safety and environmental protection requirements in the United States. These laws and regulations may impose numerous obligations
that are applicable to our operations, including acquisition of a permit or other approval before conducting construction or regulated
activities; restrictions on the types, quantities and concentration of materials that can be released into the environment; limitation
or prohibition of construction and operating activities in environmentally sensitive areas, such as wetlands; imposing specific health
and safety standards addressing worker protection; and imposition of significant liabilities for pollution resulting from our operations,
including investigation, remedial and clean-up costs. Certain environmental laws may impose strict, joint and several liability for costs
required to clean up and restore sites where hazardous substances have been disposed or otherwise released into the environment, even
under circumstances where the hazardous substances were released by prior owners or operators or the activities conducted and from which
a release emanated complied with applicable law. Moreover, it is not uncommon for neighboring landowners and other third parties to file
claims for personal injury and property damage allegedly caused by noise or the release of hazardous substances into the environment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trend in environmental regulation has been
to place more restrictions and limitations on activities that may be perceived to impact the environment, and thus there can be no assurance
as to the amount or timing of future expenditures for environmental regulation compliance or remediation. New or revised regulations that
result in increased compliance costs or additional operating restrictions could have a material adverse effect on our financial position,
results of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Climate Change</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A number of governments or governmental bodies
have introduced or are contemplating legislative and regulatory changes in response to various climate change interest groups and the
potential impact of climate change. Given the very significant amount of electrical power required to operate digital asset mining machines,
as well the environmental impact of mining for the rare earth metals used in the production of mining servers, the digital asset mining
industry may become a target for future environmental and energy regulation. For example, in June and July of 2021, the Chinese government
prohibited the operation of mining machines and supply of energy to mining businesses, citing concerns regarding high levels of energy
consumption, which resulted in our suspension of mining operations in China. U.S. (federal and state) legislation and increased regulation
regarding climate change could impose significant costs on us and our suppliers, including costs related to increased energy requirements,
capital equipment, environmental monitoring and reporting, and other costs to comply with such regulations. Specifically, imposition of
a carbon tax or other regulatory fee in a jurisdiction where we operate or on electricity that we purchase could result in substantially
higher energy costs, and due to the significant amount of electrical power required to operate digital asset mining machines, could in
turn put our facilities at a competitive disadvantage. Any future climate change regulations could also negatively impact our ability
to compete with companies situated in areas not subject to such limitations. Given the political significance and uncertainty around the
impact of climate change and how it should be addressed, we cannot predict how legislation and regulation will affect our financial condition,
operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity
in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm our reputation.
Any of the foregoing could have a material adverse effect on our financial position, results of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Federal Securities Laws</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC and its staff have taken the position
that certain digital assets fall within the definition of a &#8220;security&#8221; under the U.S. federal securities laws. The legal test
for determining whether any given digital asset is a security is a highly complex, fact-driven analysis that may evolve over time, and
the outcome is difficult to predict. Our determination that the digital assets we hold are not securities is a risk-based assessment and
not a legal standard or binding on regulators. The SEC generally does not provide advance guidance or confirmation on the status of any
particular digital asset as a security. Furthermore, the SEC&#8217;s views in this area have evolved over time and it is difficult to
predict the direction or timing of any continuing evolution. It is also possible that a change in the governing administration or the
appointment of new SEC commissioners could substantially impact the views of the SEC and its staff. Public statements made by senior officials
at the SEC indicate that the SEC does not intend to take the position that Bitcoin is a security (as currently offered and sold). However,
such statements are not official policy statements by the SEC and reflect only the speakers&#8217; views, which are not binding on the
SEC or any other agency or court and cannot be generalized to any other digital asset. As of the date of this report, with the exception
of certain centrally issued digital assets that have received &#8220;no-action&#8221; letters from the SEC staff, bitcoin and ETH are
the only digital assets which senior officials at the SEC have publicly stated are unlikely to be considered securities. chairman Gensler
stated (at the Penn Law Capital Markets Association Annual Conference on April 4, 2022) that &#8220;Issuers of crypto tokens that are
securities must register their offers and sales of these assets with the SEC and comply with our disclosure requirements or meet an exemption.&#8221;
As a bitcoin mining company, we do not believe we are an issuer of any &#8220;securities&#8221; as defined under the federal securities
laws. Our internal process for determining whether the digital assets we hold or plan to hold is based upon the public statements of the
SEC and existing case law. The digital assets we hold or plan to hold, other than bitcoin and ETH, may have been created by an issuer
as an investment contract under the Howey test, <span style="text-decoration:underline">SEC</span> v. <span style="text-decoration:underline">Howey Co.</span>, 328 U.S. 293 (1946), and may be deemed to be securities
by the SEC. However, the Company was not the issuer that created these digital assets and is holding them on an interim basis until liquidated.
Should the SEC state in the future that bitcoin, ETH or USDC tokens we hold are securities, we may no longer be able to hold any of these
digital assets. It will then likely become difficult or impossible for such digital asset to be traded, cleared or custodied in the United
States through the same channels used by non-security digital assets, which in addition to materially and adversely affecting the trading
value of the digital asset is likely to cause substantial volatility and significantly impact its liquidity and market participants&#8217;
ability to convert the digital asset into U.S. dollars. Our inability to exchange bitcoin for fiat currency or other digital assets (and
vice versa) to administer our treasury management objectives may decrease our earnings potential and have an adverse impact on our business
and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Investment Company Act of 1940, as amended,
a company may fall within the definition of an investment company under section 3(c)(1)(A) thereof if it is or holds itself out as being
engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities, or under section
3(a)(1)(C) thereof if it is engaged, or proposes to engage, in business of investing, reinvesting, owning, holding, or trading in securities,
and owns, or proposes to acquire, &#8220;investment securities&#8221; (as defined) having a value exceeding 40% of its total assets (exclusive
of government securities and cash items) on an unconsolidated basis. There is no authoritative law, rule or binding guidance published
by the SEC regarding the status of digital assets as &#8220;securities&#8221; or &#8220;investment securities&#8221; under the Investment
Company Act. Although we believe that we are not engaged in the business of investing, reinvesting, or trading in investment securities,
and we do not hold ourselves out as being primarily engaged, or proposing to engage primarily, in the business of investing, reinvesting
or trading in securities to the extent the digital assets which we mine, own, or otherwise acquire may be deemed &#8220;securities&#8221;
or &#8220;investment securities&#8221; by the SEC or a court of competent jurisdiction, we may meet the definition of an investment company.
If we fall within the definition of an investment company under the Investment Company Act, we would be required to register with the
SEC. If an investment company fails to register, it likely would have to stop doing almost all business, and its contracts would become
voidable. Generally non-U.S. issuers may not register as an investment company without an SEC order.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The classification of a digital asset as a security
under applicable law has wide-ranging implications for the regulatory obligations that flow from the mining, sale and trading of such
assets. For example, a digital asset that is a security in the United States may generally only be offered or sold in the United States
pursuant to a registration statement filed with the SEC or in an offering that qualifies for an exemption from registration. Persons that
effect transactions in digital assets that are securities in the United States may be subject to registration with the SEC as a &#8220;broker&#8221;
or &#8220;dealer.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">There can be no assurances that we will properly characterize any given
digital asset as a security or non-security for purposes of determining which digital assets to mine, hold and trade, or that the SEC,
or a court, if the question was presented to it, would agree with our assessment. We could be subject to judicial or administrative sanctions
for failing to offer or sell digital assets in compliance with the registration requirements, or for acting as a broker or dealer without
appropriate registration. Such an action could result in injunctions, cease and desist orders, as well as civil monetary penalties, fines,
and disgorgement, criminal liability, and reputational harm. Further, if any of our digital assets &#160;is deemed to be a security under
the laws of any U.S. federal, state, or foreign jurisdiction, or in a proceeding in a court of law or otherwise, it may have adverse consequences
for such digital asset. For instance, all transactions in such supported digital asset would have to be registered with the SEC, or conducted
in accordance with an exemption from registration, which could severely limit its liquidity, usability and transactability. For instance,
all transactions in such supported digital asset would have to be registered with the SEC, or conducted in accordance with an exemption
from registration, which could severely limit its liquidity, usability and transactability. Further, it could draw negative publicity
and a decline in the general acceptance the digital asset. Also, it may make it difficult for such digital asset to be traded, cleared,
and custodied as compared to other digital assets that are not considered to be securities.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Anti-corruption and anti-money laundering
laws, including the Foreign Corrupt Practices Act (the &#8220;FCPA&#8221;)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate an international business and may have
direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities. We are subject
to the FCPA, and other applicable anti-corruption and anti-money laundering laws in certain countries in which we conduct activities.
The FCPA prohibits providing, offering, promising, or authorizing, directly or indirectly, anything of value to government officials,
political parties, or political candidates for the purpose of obtaining or retaining business or securing any improper business advantage.
In addition, U.S. public companies are required to maintain records that accurately and fairly represent their transactions and have an
adequate system of internal accounting controls.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In many foreign countries, including countries
in which we may conduct business, it may be a local custom that businesses engage in practices that are prohibited by the FCPA, or other
applicable laws and regulations. We face significant risks, if we or any of our directors, officers, employees, contractors, agents or
other partners or representatives fail to comply with these laws. Governmental authorities in the United States and elsewhere could seek
to impose substantial civil and/or criminal fines and penalties which could have a material adverse effect on our business, reputation,
operating results, prospects and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Any violation of the FCPA, other applicable anti-corruption laws, or
anti-money laundering laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges,
severe criminal or civil sanctions and, in the case of the FCPA, suspension or debarment from U.S. government contracts, any of which
could have a materially adverse effect on our reputation, business, operating results, prospects and financial condition. In addition,
responding to any enforcement action or internal investigation related to alleged misconduct may result in a significant diversion of
management&#8217;s attention and resources and significant defense costs and other professional fees.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Infrastructure Investment and Jobs Act of
2021 (the &#8220;Infrastructure Act&#8221;)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 15, 2021, President Joseph R. Biden signed the Infrastructure
Act. Section 80603 of the Infrastructure Act modifies and amends the Internal Revenue Code of 1986 (the &#8220;Code&#8221;) by requiring
brokers of digital asset transactions to report their customers to the IRS. This provision was included to enforce the taxability of digital
asset transactions. Section 80603 defines &#8220;broker&#8221; as &#8220;any person who (for consideration) is responsible for regularly
providing any service effectuating transfers of digital assets on behalf of another person.&#8221; That could potentially include miners,
validators, and developers of decentralized application. These functions play a critical role in our business and in the functioning of
the blockchain ecosystem. Importantly, these functions have no way of identifying their anonymous users. Indeed, bitcoin&#8217;s blockchain
was designed for anonymity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This reporting requirement took effect on&#160; January 1, 2023 and
thus affects tax returns filed in 2024. The implementation of these requirements will require further guidance from the federal government.
Disclosing the identity of our digital asset mining/staking operations and associated accounts to ensure they can be taxed by the IRS
could cause a significant devaluing of our business, the bitcoin currency, and the entire digital asset market. Additionally, noncompliance
with this provision could lead to significant fines and or regulatory actions against our Company.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Office of Financial Assets Control (OFAC)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Office of Financial Assets Control of the U.S. Department of Treasury
(&#8220;OFAC&#8221;) requires us to comply with its sanction program and not conduct business with persons named on its specially designated
nationals (&#8220;SDN&#8221;) list. However, because of the pseudonymous nature of blockchain transactions we may inadvertently and without
our knowledge engage in transactions with persons named on OFAC&#8217;s SDN list or from countries on OFAC&#8217;s sanctioned countries&#8217;
list. We also rely on a third-party mining pool service provider for our mining revenue payments and other participants in the mining
pool, unknown to us, may also be persons from countries on OFAC&#8217;s SDN list or from countries on OFAC&#8217;s sanctioned countries
list. Our Company&#8217;s policy prohibits any transactions with such SDN individuals or persons from sanctioned countries, but we may
not be adequately capable of determining the ultimate identity of the individual with whom we transact with respect to selling bitcoin
assets. Moreover, federal law prohibits any U.S. person from knowingly or unknowingly possessing any visual depiction commonly known as
child pornography. Recent media reports have suggested that persons have imbedded such depictions on one or more blockchains. Because
our business requires us to download and retain one or more blockchains to effectuate our ongoing business, it is possible that such digital
ledgers contain prohibited depictions without our knowledge or consent. To the extent government enforcement authorities enforce these
and other laws and regulations that relate to decentralized distributed ledger technology, we may be subject to investigation, administrative
or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm our reputation and affect the value
of our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>U.S. Bank Secrecy Act</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that our activities cause us to
be deemed a money services business, herein an &#8220;MSB&#8221;, pursuant to the regulations promulgated by FinCEN under the authority
of the U.S. Bank Secrecy Act, we may be required to comply with FinCEN regulations, including those that would mandate us to implement
anti-money laundering programs, make certain reports to FinCEN and maintain certain records.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that our activities cause us to be deemed a &#8220;money
transmitter&#8221; (&#8220;MT&#8221;) or equivalent designation, under state law in any state in which we operate (currently, New York),
we may be required to seek a license or otherwise register with a state regulator and comply with state regulations that may include the
implementation of anti-money laundering programs, maintenance of certain records and other operational requirements. Such additional federal
or state regulatory obligations may cause us to incur extraordinary expenses, possibly affecting an investment in our securities in a
materially adverse manner. Furthermore, the Company and our service providers may not be capable of complying with certain federal or
state regulatory obligations applicable to MSBs and MTs. If we are deemed to be subject to and determine not to comply with such additional
regulatory and registration requirements, we may act to leave a particular state or the United States completely. Any such action would
be expected to materially adversely affect our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Commodities Exchange Act of 1936</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current legislation, including the Commodities Exchange Act of 1936,
as amended (the &#8220;CEA&#8221;) is unclear with respect to the exchange of bitcoins and other digital assets. Changes in the CEA or
the regulations promulgated thereunder, as well as interpretations thereof and official promulgations by the Commodity Futures Trading
Commission (&#8220;CFTC&#8221;), which oversees the CEA, may impact the classification of bitcoins and therefore may subject them to additional
regulatory oversight by the CFTC. Presently, bitcoin derivatives are not excluded from the definition of a &#8220;commodity future&#8221;
by the CFTC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot be certain as to how future regulatory
developments will impact the treatment of bitcoins under the law. Bitcoins have been deemed to fall within the definition of a commodity
and, we may be required to register and comply with additional regulation under the CEA, including additional periodic report and disclosure
standards and requirements. Moreover, we may be required to register as a commodity pool operator or as a commodity pool with the CFTC
through the National Futures Association. Such additional registrations may result in extraordinary, non-recurring expenses, thereby materially
and adversely impacting an investment in us. If we determine not to comply with such additional regulatory and registration requirements,
we may seek to curtail our U.S. operations. Any such action would be expected to materially adversely affect our operations. As of the
date of this report, no CFTC orders or rulings are applicable to our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><b>Regulations in the People&#8217;s Republic of China (the PRC)</b>&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Registration to do business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Pursuant to laws and regulations of the&#160; PRC, there are two ways
for foreign legal persons/entities to be considered to be engaging in operation activities within the territory of China. One way is to
establish a foreign-invested enterprise, that is incorporated, according to the Foreign Investment Law of the&#160; PRC, within the territory
of China and that is wholly or partly invested by a foreign investor. The organization form, institutional framework and standard of conduct
of a foreign-invested enterprise are subject to the provisions of the Company Law of the PRC and the Partnership Enterprise Law of the
PRC and other law related regulations. Another way to be deemed to be operating within China is to complete the approval and registration
procedures with the relevant regulatory authorities in accordance with the provisions of Administrative Measures for the Registration
of Enterprises of Foreign Countries (Regions) Engaging in Production and Operation Activities within the Territory of China (Revised in
2020), or Order No. 31. Notwithstanding the fact that we no longer have bitcoin mining operations in China and we have not received any
penalty, our prior operations may subject us to the statutes and regulations of China, as the Company conducted its bitcoin mining operations
in the PRC through its Hong Kong subsidiary and did not register to do business in the PRC and, as described below, we may be subject
to fines, penalties and other sanctions.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Regulations and Government Policies Relating to Digital Assets</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">China has now taken harsh regulatory action to ban digital asset mining
operations and to severely restrict the right to acquire, own, hold, sell or use these virtual currencies &#160;or to exchange them for
fiat currency. Such restrictions may adversely affect us as the large-scale use of digital assets as a means of exchange is presently
confined to certain regions globally. Ongoing and future regulatory actions may impact our ability to continue to operate, and such actions
could affect our ability to continue as a going concern or to pursue our business strategy at all, which could have a material adverse
effect on our business, prospects or operations.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On May 21, 2021, the Financial Stability and Development Committee
of the State Council in China proposed to &#8220;crack down on bitcoin mining and trading.&#8221; However, it was not until September
24, 2021 that all digital asset transactions were banned in China. In May 2021, local governments began to issue corresponding measures
in succession to respond to the central government, including Xinjiang Changji Hui Autonomous Prefecture Development and Reform Commission
issuing a notice on the immediate shutdown of enterprises engaged in digital asset mining on June 9, 2021. At the time of the announcement
of the ban in Xinjiang, we no longer had &#160;mining operations in Xinjiang. On June 18, 2021, according to public media reports&#160;&#8212;&#160;the Sichuan Provincial Development and Reform Commission and Sichuan Energy Bureau issued a notice on the shutdown of digital asset mining
projects with the deadline of June 25, 2021. That is the reason why we had already ceased all remaining operations in PRC on June 21,
2021. Accordingly, we ceased all of our remaining operations in PRC on June 21, 2021. On September 24, 2021, the newly issued Notification
of Overhauling the Mining Activity of Cryptocurrency (or the Notification No. 1283), by the National Development and Reform Commission
(the &#8220;NDRC&#8221;), banned all new digital asset operations in China. The NDRC notice set forth penalties on a going forward
basis for all of the PRC. In consideration of the PRC government&#8217;s policies and general attitude toward our industry, as well as
our business plans, we will not conduct any digital asset mining operations or digital asset trading operations in mainland PRC. All of
our miners have been migrated out of the PRC as of September 30, 2021.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Foreign Investment-Access</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The Chinese government implements the management systems of pre-establishment
national treatment and negative list for foreign investment. Pre- establishment national treatment refers to the treatment given to foreign
investors and their investments during the investment access stage, which is not lower than that given to their domestic counterparts;
negative list for foreign investment refers to special administrative measures for the restricted or prohibited access of foreign investment
in specific fields as stipulated by the Chinese government.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the Special Administrative Measures for Foreign Investment
Access (2021 Edition), or the 2021 Edition Negative List for Foreign, issued by the Ministry of Commerce of the PRC (the &#8220;MOFCOM&#8221;)
and the National Development and Reform Commission (the &#8220;NDRC&#8221;) on December 27, 2021 which came into effect on January 1,
2022, our bitcoin mining business does not fall into the Negative List for Foreign. However, the 2021 Edition Negative List for Foreign
regulates that &#8220;Fields not mentioned in the Negative List for Foreign Investment Access shall be subject to administration under
the principle of consistency for domestic and foreign investments. The relevant provisions of the Negative List for Market Access shall
apply to domestic and foreign investors on a unified basis.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Also, based on the Negative List for Market Access (2022 Edition),
&#8220;the Catalogue for Guidance on Industrial Restructuring shall be included in the Negative List for Market Access&#8221;; plus, according
to the Decision of the State Council on Promulgating and Implementing the &#8220;Temporary Provisions on Promoting Industrial Structure
Adjustment&#8221;, valid from December 2, 2005, &#8220;In principle, the &#8216;Guidance Catalogue for the Industrial Structure Adjustment&#8217;
shall apply to various types of enterprises inside China&#8221;, &#8220;The industries of the eliminated category under the &#8216;Guidance
Catalogue for the Industrial Structure Adjustment&#8217; shall apply to the foreign investment enterprises.&#8221; and &#8220;Investments
are prohibited from being contributed to projects under the eliminated category.&#8221; Furthermore, on December 30, 2021, the NDRC released
its No. 49 Decree, announcing that the Decision of the National Development and Reform Commission on Amending the Guiding Catalog for
Industrial Restructuring (2019 Version) (the &#8220;Amended Catalog&#8221;). The Amended Catalog added &#8216;virtual currency mining
activities&#8217; to the eliminated category of &#8216;1. outdated production processing and equipment&#8217; under the original Catalog.
Therefore, the foreign investment enterprises are prohibited from virtual currency activities and our bitcoin mining business is banned
in China as well. There can be no assurance that our prior mining activities in China will not be subject to fines and penalties on a
retroactive basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Regulations on Illegal Fund-Raising</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Raising funds by entities or individuals from the general public must
be conducted in strict compliance with applicable PRC laws and regulations to avoid administrative and criminal liabilities. The Notice
on Relevant Issues Concerning the Penalty on Illegal Fund-Raising (the &#8220;Notice&#8221;), issued by the General Office of the State
Council in July 2007, explicitly prohibits illegal public fund-raising. In accordance with the Notice, the main features of illegal public
fund-raising include: (i) illegally soliciting and raising funds from the general public by means of issuing stocks, bonds, lotteries
or other securities without obtaining the approval of relevant authorities, (ii) promising a return of interest or profits or investment
returns in cash, properties or other forms within a specified period of time, and (iii) using a legitimate form to disguise the unlawful
purpose.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">To further clarify the criminal charges and punishments relating to
illegal public fund-raising, the Supreme People&#8217;s Court promulgated the Judicial Interpretations to Issues Concerning Applications
of Laws for Trial of Criminal Cases on Illegal Fund-Raising, or the Illegal Fund-Raising Judicial Interpretations, which came into force
in January 2011 and was amended in February 2022. The Illegal Fund-Raising Judicial Interpretations, provide that a public fund-raising
will constitute a criminal offense related to &#8220;illegally soliciting deposits from the public&#8221; under the PRC Criminal Law,
if it meets all the following four criteria: (i) the fund-raising has not been approved by the relevant authorities or is concealed under
the guise of legitimate acts; (ii) the fund-raising employs public solicitation via such channels as internet, social media, promotion
meetings, leafleting and SMS advertising; (iii) the fundraiser promises to repay, after a specified period of time, the capital and interests,
or investment returns in cash, properties in kind, equity and other forms; and (iv) the fund-raising targets at the general public as
opposed to specific individuals. An illegal fund-raising activity will be fined or prosecuted in the event that it constitutes a criminal
offense. Pursuant to the Illegal Fund-Raising Judicial Interpretations, an offender that is an entity will be subject to criminal liabilities,
if it illegally solicits deposits from the general public or illegally solicits deposits in disguised form (i) with the amount of deposits
involved exceeding RMB1,000,000;(ii) with over 150 fund-raising targets involved, or (iii) with the direct economic loss caused to fund-raising
targets exceeding RMB500,000. Also, in accordance with the Illegal Fund-Raising Judicial Interpretations, whoever accepts illegally or
in a disguised manner deposits from the general public in an amount of more than RMB500,000 or causes direct economic losses of more than
RMB250,000 to the depositors and falls under any of the following circumstances concurrently will be investigated for criminal liability
in accordance with the law: (i) where it/he has been criminally prosecuted due to illegal fundraising practices; (ii) where it/he has
been subject to any administrative penalty due to any illegal fundraising practice within two years; and (iii) where there is adverse
social influence or other serious consequences. In accordance with the Opinions of the Supreme People&#8217;s Court, the Supreme People&#8217;s
Procurator and the Ministry of Public Security on Several Issues concerning the Application of Law in the Illegal Fund-Raising Criminal
Cases, an individual or an entity who has aided in illegal fund-raising from the general public and charges fees including but not limited
to agent fees, rewards, rebates and commission, constitute an accomplice of the crime of illegal fund-raising. In addition, the administrative
proceeding for determining the nature of illegal fund-raising activities is not a prerequisite procedure for the initiation of criminal
proceeding concerning the crime of illegal fund-raising, and the administrative departments&#8217; failure in determining the nature of
illegal fund-raising activities does not affect the investigation, prosecution and trial of cases concerning the crime of illegal fund-raising.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Anti-money Laundering Regulations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The PRC Anti-money Laundering Law, which became effective in January
2007, sets forth the principal anti-money laundering requirements applicable to financial institutions as well as non-financial institutions
with anti-money laundering obligations, including the adoption of precautionary and supervisory measures, establishment of various systems
for client identification, retention of clients&#8217; identification information and transactions records, and reports on large transactions
and suspicious transactions. According to the PRC Anti-money Laundering Law, financial institutions subject to the PRC Anti-money Laundering
Law include banks, credit unions, trust investment companies, stock brokerage companies, futures brokerage companies, insurance companies
and other financial institutions as listed and published by the State Council, while the list of the non-financial institutions with anti-money
laundering obligations will be published by the State Council. The PBOC and other governmental authorities issued a series of administrative
rules and regulations to specify the anti-money laundering obligations of financial institutions and certain non-financial institutions,
such as payment institutions. Also, according to the PRC Anti-money Laundering Law, the scope of the special non-financial institutions
subject to the performance of the duties of anti-money laundering, the duties to be performed by them and the specific measures for their
regulatory shall be formulated by the competent administrative authority of anti-money laundering under the State Council jointly with
the relevant departments of the State Council.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Administrative Measures for Anti-money Laundering and Counter-terrorism
Financing by Internet Finance Service Agencies (for Trial Implementation)(the &#8220;Measures for AML and CTF&#8221;), which became effective
in January 2019, provides that institutions established within the territory of the PRC to legally carry out internet finance business,
upon approval of, or after filing a record with, the department with the authority, shall be governed by the Measures for AML and CTF.&#160;Internet
finance governed by the Measures for AML and CTF is a new-type financial business model under which internet-based technologies and information
communication technologies are employed to make possible fund financing, payments, investments and information intermediary services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">According to the Measures for AML and CTF, the entity that subject
to AML and CTF obligations has two elements: (1) the entity is established in China with the approval or filing of the authorities; (2)
the entity operates Internet financial business. Internet finance institutions including online payment, P2P lending, P2P lending information
intermediary services, equity crowdfunding financing, internet fund sale, internet insurance, internet trust and internet consumption
finance etc. naturally become the subject of Anti-money Laundering and Counter-terrorism Financing obligations under the Measures for
AML and CTF.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Regulations on Internet Information Security</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Internet information in China is also regulated and restricted from
a national security standpoint. The National People&#8217;s Congress, China&#8217;s national legislative body, has enacted the Decisions
on Maintaining Internet Security, which has been partly amended in August 2009. According to the Decisions on Maintaining Internet Security,
some behaviors may subject violators to criminal punishment in China for any effort to: (i) gain improper entry into a computer or system
of strategic importance; (ii) disseminate politically disruptive information; (iii) leak state secrets; (iv) spread false commercial information;
or (v) infringe intellectual property rights and so on.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">In addition, Guiding Opinions on Promoting the Healthy Development
of Internet Finance (&#8220;Guiding Opinions&#8221;) jointly released by ten PRC regulatory agencies in July 2015 purport, among other
things, to require internet finance service providers, including peer-to-peer lending platforms, to improve technology security standards,
and safeguard customer and transaction information. The PBOC and other relevant regulatory authorities will jointly adopt the implementing
rules and technology security standards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Cybersecurity Law of the PRC became effective on June 1, 2017, which
shall apply to the construction, operation, maintenance and use of the network as well as the supervision and administration of the cybersecurity
within the territory of the PRC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Regulations on Privacy Protection</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">According to Cybersecurity Law of the PRC, personal
information refers to all kinds of information recorded by electronic or otherwise that can be used to independently identify or be combined
with other information to identify natural persons&#8217; personal information, including but not limited to: natural persons&#8217;
names, dates of birth, ID numbers, biologically identified personal information, addresses, telephone numbers, and other similar information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The National Standard Entitled Information Security Technology-Personal
Information Security Specifications (GB/T 35273-2020, &#8220;Personal Information Security Specification&#8221;) issued by the State Administration
for Market Supervision of the PRC and Standardization Administration of the PRC on March 6, 2020, which has been implemented on October
1, 2020 and replaced GB/T 35273-2017, it further defines the connotation and extension of &#8220;sensitive personal information&#8221;.
In accordance with the Personal Information Security Specification, personal sensitive information means the personal information that
may cause harm to personal or property security or is very likely to result in damage to an individual&#8217;s personal reputation or
physical or mental health or give rise to discriminatory treatment, etc., once it is leaked, unlawfully provided or abused.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The Cybersecurity Review Measures (2021) was officially released to
the public on December 28, 2021, and became effective on February 15, 2022. According to the Cybersecurity Review Measures (2021) (the
&#8220;Measures&#8221;)&#8221; to go public abroad, an online platform operator who possesses the personal information of more than 1
million users shall declare to the Office of Cybersecurity Review for cybersecurity review. Currently, we have not been involved in any
investigations on cybersecurity review initiated by the CAC or related governmental regulatory authorities, and we have not received any
inquiry, notice, warning, or sanction in such respect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Regulations Relating to PRC Enterprise Income Tax</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Under the PRC Enterprise Income Tax Law and its
implementation rules, an enterprise established outside of the PRC with a &#8220;de facto management body&#8221; within the PRC is considered
a resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules
define the term &#8220;de facto management body&#8221; as the body that exercises full and substantial control over and overall management
of the business, productions, personnel, accounts and properties of an enterprise. In April 2009, the State Administration of Taxation
issued a circular, known as Circular 82, (partly amended) which provides certain specific criteria for determining whether the &#8220;de
facto management body&#8221; of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular
only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals
or foreigners like us, the criteria set forth in the circular may reflect the State Administration of Taxation&#8217;s general position
on how the &#8220;de facto management body&#8221; test should be applied in determining the tax resident status of all offshore enterprises.
According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded
as a PRC tax resident by virtue of having its &#8220;de facto management body&#8221; in China and will be subject to PRC enterprise income
tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management
is in the PRC; (ii) decisions relating to the enterprise&#8217;s financial and human resource matters are made or are subject to approval
by organizations or personnel in the PRC; (iii) the enterprise&#8217;s primary assets, accounting books and records, company seals, and
board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives
habitually reside in the PRC.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Regulations Relating to Dividend Withholding Tax</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the Enterprise Income Tax Law and its implementation rules,
if a non-resident enterprise has not set up an organization or establishment in the PRC or has set up an organization or establishment
but the income derived has no actual connection with such organization or establishment, it will be subject to a withholding tax on its
PRC-sourced income at a rate of 10%. Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region
for the Avoidance of Double Taxation and Tax Evasion on Income, the withholding tax rate in respect to the payment of dividends by a PRC
enterprise to a Hong Kong enterprise is reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds at least
25% of the PRC enterprise. Pursuant to the Notice of the State Administration of Taxation on the Issues concerning the Application of
the Dividend Clauses of Tax Agreements, or Circular 81, a Hong Kong resident enterprise must meet the following conditions, among others,
in order to enjoy the reduced withholding tax: (i) it must be limited to a company in accordance with the tax treatment; (ii) it must
directly own the required percentage of equity interests and voting rights in the PRC resident enterprise; and (iii) it must have directly
owned such percentage in the PRC resident enterprise throughout the 12 months prior to receiving the dividends. There are also other conditions
for enjoying the reduced withholding tax rate according to other relevant tax rules and regulations. In October 2019, the State Administration
of Taxation promulgated the Announcement of the State Taxation Administration on Issuing the Administrative Measures for Entitlement to
Treaty Benefits for Non-resident Taxpayers or Circular 35, which became effective on January1, 2020. Circular 35 provides that non-resident
enterprises are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax rate.
Instead, non-resident enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria
to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents
when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Regulations on Foreign Exchange Registration of Overseas Investment
by PRC Residents</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"> State Administration of Foreign
Exchange (the &#8220;SAFE&#8221;) issued SAFE Circular on Relevant Issues Relating to Domestic Resident&#8217;s Investment and
Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, that became effective in July 2014,
replacing the previous SAFE Circular 75. SAFE Circular 37 regulates foreign exchange matters in relation to the use of special
purpose vehicles, or SPVs, by PRC residents or entities to seek offshore investment and financing or conduct round trip investment
in China. Under SAFE Circular 37, a SPV refers to an offshore entity established or controlled, directly or indirectly, by PRC
residents or entities for the purpose of seeking offshore financing or making offshore investment, using legitimate onshore or
offshore assets or interests, while &#8220;round trip investment&#8221; refers to direct investment in China by PRC residents or
entities through SPVs, namely, establishing foreign-invested enterprises to obtain the ownership, control rights and management
rights. SAFE Circular 37 provides that, before making contribution into an SPV, PRC residents or entities are required to complete
foreign exchange registration with SAFE or its local branch. SAFE promulgated the Notice on Further Simplifying and Improving the
Administration of the Foreign Exchange Concerning Direct Investment in February 2015, which took effect on June 1, 2015 and partly
repealed by the Notice of State Administration of Foreign Exchange on Repeal or Invalidation of Five Regulatory Documents on Foreign
Exchange Administration and Some Clauses of Seven Regulatory Documents on Foreign Exchange Administration. This notice has amended
SAFE Circular 37 requiring PRC residents or entities to register with qualified banks rather than SAFE or its local branch in
connection with their establishment or control of an offshore entity established for the purpose of overseas investment or
financing.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">PRC residents or entities who had contributed legitimate onshore or
offshore interests or assets to SPVs but had not obtained registration as required before the implementation of the SAFE Circular 37 must
register their ownership interests or control in the SPVs with qualified banks. An amendment to the registration is required if there
is a material change with respect to the SPV registered, such as any change of basic information (including change of the PRC residents,
name and operation term), increases or decreases in investment amount, transfers or exchanges of shares, and mergers or divisions. Failure
to comply with the SAFE registration described above could result in liability under PRC laws for evasion of applicable foreign exchange
restrictions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Regulations Concerning our Hong Kong Subsidiary</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The national laws of the PRC, including but not limited to the Cybersecurity
Review Measures which became effective on February 15, 2022 do not currently apply to our Hong Kong subsidiaries, except for those listed
in the Basic Law of Hong Kong and set forth under &#8220;Risk Factors&#8221; above. However, due to the changes in laws, regulations or
policies, including how these laws, regulations or policies would be interpreted or implemented, and the national laws applicable in Hong
Kong, the Basic Law might be revised in the future.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Article 18 of the Basic Law of the Hong Kong Special Administrative
Region of the PRC (the &#8220;Basic Law&#8221;), &#8220;The laws in force in the Hong Kong Special Administrative Region shall be the
Basic Law, the laws previously in force in Hong Kong as provided for in Article 8 of this Law, and the laws enacted by the legislature
of the Region. National laws shall not be applied in the Hong Kong Special Administrative Region except for those listed in Annex III
to the Basic Law. The laws listed therein shall be applied locally by way of promulgation or legislation by the Region. Also, regarding
the Annex III and several Instruments of the Basic Law, National Laws, which have applied in Hong Kong until now are as following:</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Resolution on the Capital, Calendar, National Anthem and National Flag
of the PRC; Resolution on the National Day of the PRC; Declaration of the Government of the PRC on the Territorial Sea; Nationality Law
of the PRC; Regulations of the PRC Concerning Diplomatic Privileges and Immunities; Law of the PRC on the National Flag; Regulations of
the PRC Concerning Consular Privileges and Immunities; Law of the PRC on the National Emblem; Law of the PRC on the Territorial Sea and
the Contiguous Zone; Law of the PRC on Garrisoning the Hong Kong Special Administrative Region; Law of the PRC on the Exclusive Economic
Zone and the Continental Shelf; Law of the PRC on Judicial Immunity from Compulsory Measures Concerning the Property of Foreign Central
Banks; Law of the PRC on the National Anthem; Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative
Region.&#8221;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Indirect Transfer of Equity</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The PRC tax authorities have enhanced their scrutiny over the direct
or indirect transfer of certain taxable assets, including, in particular, equity interests in a PRC resident enterprise, by a non-resident
enterprise by promulgating and implementing SAT Circular 59 and Circular 698, which became effective in January 2008, and a Circular 7
to replace some of the existing rules in Circular 698, which became effective in February 2015.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Circular 7, where a non-resident enterprise conducts an &#8220;indirect
transfer&#8221; by transferring the equity interests of a PRC &#8220;resident enterprise&#8221; indirectly by disposing of the equity
interests of an overseas holding company, the non-resident enterprise, being the transferor, may be subject to PRC enterprise income tax
if the indirect transfer is considered to be an abusive use of company structure without reasonable commercial purposes. As a result,
gains derived from such indirect transfer may be subject to PRC tax at a rate of up to 10%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October 17, 2017, the SAT issued the Announcement of the State
Administration of Taxation on Issues Concerning the Withholding of Nonresident Enterprise Income Tax at Source (partly revised), or SAT
Circular 37, which came into effect on December 1, 2017. The SAT Circular 37 further clarifies the practice and procedure of the withholding
of non-resident enterprise income tax. SAT Circular 698 was repealed from the date SAT Circular 37 was enacted. Also, the SAT Circular
37 has been partially revised by the Announcement of the State Administration of Taxation on the Revision to Certain Taxation Regulatory
Documents, namely Circular 31, which has been effective on June 15,2018.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where a non-resident enterprise transfers taxable assets in China indirectly
by disposing of the equity interests of an overseas holding company, which is an Indirect Transfer, the non-resident enterprise as either
transferor or transferee, or the PRC entity whose equity is transferred, may report such Indirect Transfer to the relevant tax authority.
Using a &#8220;substance over form&#8221; principle, the PRC tax authority may disregard the existence of the overseas holding company
if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result,
gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated
to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee
fails to withhold the taxes and the transferor fails to pay the taxes. We face uncertainties as to the reporting and other implications
of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale of the shares in our
offshore subsidiaries and investments. Our Company may be subject to filing obligations or taxed if our company is transferor in such
transactions and may be subject to withholding obligations if our company is transferee in such transactions, under Circular 7 and/or
SAT Circular 37. For transfer of shares in our Company by investors who are non-PRC resident enterprises, our former PRC subsidiaries
may be requested to assist in the filing under SAT Circular 7 and/or Circular 37. As a result, we may be required to expend valuable resources
to comply with SAT Circular 7 and/or Circular 37 or to request the relevant transferors from whom we purchase taxable assets to comply
with these circulars, or to establish that our Company should not be taxed under these circulars, which may have a material adverse effect
on our financial condition and results of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this report, we had 18 employees
across our Company and subsidiaries, including our Chief Executive Officer, Chief Financial Officer, Senior Vice President of Finance,
Managing Director, Vice President, Head of Investor Relations, and Senior Mining Hardware Engineer. In addition, we retain consulting
services as needed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Property, Plant and Equipment</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal executive office is located on leased
premise at 33 Irving Place Room 2006, New York, New York, United States 10003. The lease for our principal executive office is for a term
ending August 31, 2023, with a monthly rental of $11,550. In addition, we leased another office, Room 2055 in the same building. The lease
is for a term ending November 30, 2023, with a monthly rental of $5,170.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have an office Room 3603 located on a leased
premise at Tower 2, Metro Plaza, Hong Kong, China. The lease is for a term ending April 30, 2023 at a monthly rental of $600.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that we will be able to obtain adequate
facilities, principally through leasing, to accommodate our future expansion plans. We believe that our current property rights are sufficient
for our current operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 4A. UNRESOLVED STAFF COMMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Not applicable.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 5. OPERATING AND FINANCIAL REVIEW AND
PROSPECTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with our financial statements and the related notes included
elsewhere in this report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and
uncertainties. See &#8220;Disclosure Regarding Forward-Looking Statements&#8221; for a discussion of the uncertainties, risks, and assumptions
associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward-looking
statements as a result of many factors, including those set forth under &#8220;Risk Factors&#8221; and elsewhere in this report.</i><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in Item 17. Financial Statements,
in Note 2.&#160;<i>Restatement of Previously Issued Financial Statements</i>, we have restated our previously issued audited Consolidated
Financial Statements as of December 31, 2021, and for the years ended December 31, 2021 and 2020, and our unaudited quarterly financial
information for the quarterly periods ended March 31, June 30 and September 30, 2022 and 2021. Accordingly, Management&#8217;s discussion
and analysis of our financial condition and results of operations have been revised for the effects of the restatement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Digital Asset Mining Business</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a digital asset mining company with mining
operations in the United States and Canada. We commenced our bitcoin mining business in February 2020. We commenced limited Ethereum mining
operations in January 2022 and discontinued the operations by September 2022 due to Ethereum blockchain switching from proof-of-work (&#8220;PoW&#8221;)
consensus mechanism to proof-of-stake (&#8220;PoS&#8221;) validation. Our mining operations, hosted by third party providers, use specialized
computers, known as miners, to generate digital assets. Our miners use application specific integrated circuit (&#8220;ASIC&#8221;) chips.
These chips enable the miners to apply high computational power, expressed as &#8220;hash rate&#8221;, to provide transaction verification
services (generally known as &#8220;solving a block&#8221;) which helps support the blockchain. For every block added, the blockchain
provides an award equal to a set number of digital assets per block. Miners with a greater hash rate generally have a higher chance of
solving a block and receiving an award.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate our mining assets with the primary
intent of accumulating digital assets which we may sell for fiat currency from time to time depending on market conditions and management&#8217;s
determination of our cash flow needs, exchange for other digital or other assets. Our mining strategy has been to mine bitcoins as quickly
and as many as possible given the fixed supply of bitcoins. In view of historically long delivery lead times to purchase miners from manufacturers
like Bitmain Technologies Limited (&#8220;Bitmain&#8221;) and MicroBT Electronics Technology Co., Ltd (&#8220;MicroBT&#8221;), and other
considerations, we may choose to acquire miners on the spot market, which can typically result in delivery within a few weeks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have signed services agreements with third
party hosting partners in North America. These partners operate specialized mining data centers, where they install and operate our miners
and provide IT consulting, maintenance, and repair work on-site for us. Our mining facilities in Texas and Nebraska were previously maintained
by Compute North LLC prior to being transferred to a third party before Compute North&#8217;s bankruptcy filing. We are in the process
of relocating those miners to facilities operated by Coinmint and Blockfusion in New York State. Our mining facility in Georgia was previously
maintained by Core Scientific, Inc. Our mining facilities in New York are maintained by Blockfusion USA, Inc. (&#8220;Blockfusion&#8221;),
Coinmint LLC (&#8220;Coinmint&#8221;) and Digihost Technologies Inc. (&#8220;Digihost&#8221;). Our mining facility in Canada is maintained
by Blockbreakers Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>ETH Staking Business</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In Fourth quarter of 2022, we formally commenced
Ethereum staking operations. We intend to delegate, or stake, its ETH holdings to an Ethereum validator node to help secure and strengthen
the blockchain network. Stakers are compensated for this commitment in the form of a reward of the native network token.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our staking operations are enhanced by a new partnership
with Blockdaemon, the leading institutional-grade blockchain infrastructure company for node management and staking. Following a similar
mechanism to traditional Ethereum staking, we will also participate in liquid staking via Portara (formerly known as Harbour), the liquid
staking protocol developed by Blockdaemon and StakeWise and the first of its kind tailored to institutions. Liquid staking allows participants
to 1) achieve greater capital efficiency by utilizing their staked ETH as collateral and 2) withdraw from staked positions earlier than
natively possible by trading their staked ETH tokens on the secondary market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a sustainability-focused digital asset
mining company. On June 24, 2021, we signed the Crypto Climate Accord, a private sector-led initiative that aims to decarbonize the crypto
and blockchain sectors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 7, 2021, we became a member of the
Bitcoin Mining Council (&#8220;BMC&#8221;), joining MicroStrategy and other founding members to promote transparency, share best practices,
and educate the public on the benefits of bitcoin and bitcoin mining.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Miner Deployments</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2022, we continued
to work with our hosting partners to deploy our miners in North America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company signed a hash rate swap agreement
with Riot Blockchain, Inc. (&#8220;Riot&#8221;) on June 9, 2022, and concurrently signed a new hosting agreement with Coinmint LLC (&#8220;Coinmint&#8221;).
Under the hash rate swap agreement, the Company received an approximate aggregate of 0.625 EH/s of hash rate from Riot, in exchange for
0.500 EH/s. This premium was primarily designed to reflect the fact that Riot received miners from the Company that were &#8220;factory
new,&#8221; whereas Riot delivered miners that had previously been in operation. The first tranche of the swap was delivered to the Company
on June 17, 2022, and the final tranche was delivered on July 1, 2022. As of July 2, 2022, all of the Company&#8217;s newly-acquired miners
were actively deployed at the Coinmint facility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, 13,595 bitcoin miners representing 1.23 EH/s
were deployed in North America.&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Power and Hosting Overview</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2022, our hosting
partners continued to prepare sites to deliver our contracted hosting capacity, bringing additional power online for our miners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s subsidiary, Bit Digital Canada,
Inc., entered into a Mining Services Agreement (the &#8220;MSA&#8221;) effective June 1, 2022, for Blockbreakers, Inc. to provide five
(5) MW of incremental hosting capacity at its facility in Canada. The facility utilizes an energy source that is primarily hydroelectric.
The facility currently powers approximately 1,000 of the Company&#8217;s miners and is expected to accommodate up to 1,500 miners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 7, 2022, we entered into a Master Mining
Services Agreement (the &#8220;MMSA&#8221;) with Coinmint LLC (&#8220;Coinmint&#8221;), pursuant to which Coinmint will provide the required
mining colocation services for a one-year period automatically renewing for three-month periods unless earlier terminated. The Company
will pay Coinmint electricity costs, plus operating costs required to operate the Company&#8217;s mining equipment, as well as a performance
fee equal to 27.5% of profit, subject to a ten percent (10%) reduction if Coinmint fails to provide Uptime of ninety-eight (98%) percent
or better for any period. We are not privy to the emissions rate at the Coinmint facility or at any other hosting facility. However, the
Coinmint facility operates in an upstate New York region that utilizes power that is reported to be 90% emissions-free as determined by
the New York Independent System Operating, Inc. (&#8220;NYISO&#8221;) Report for 2022. As of December 31, 2022, Coinmint provided approximately
20 MW of capacity for our miners. On April 5, 2023, the Company entered into a letter agreement and MMSA Amendment pursuant to which Coinmint
agreed to provide the Company with up to ten (10) MW of additional mining capacity to energize the Company&#8217;s mining equipment at
Coinmint&#8217;s hosting facility in Plattsburgh, New York.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, facilities formerly owned and operated by Compute North provided approximately 20 MW of capacity for our miners.
Our overall contracted hosting capacity with Compute North was approximately 48 MW. As previously announced, during the first quarter
of 2022 we signed a renewal hosting agreement extending the term of a prior agreement for an additional 5 years for approximately 6.5
MW of our total hosting capacity with Compute North. In April 2022, we amended and restated an additional existing hosting agreement for
approximately 30 MW of our total hosting capacity with Compute North, to provide for deployment of our miners at a new site in Texas.
The amendment did not materially change the total hosting capacity to be provided by Compute North. In September 2022, Compute North filed
for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. On September 22, 2022, Compute North LLC, our hosting
provider, filed for bankruptcy protection. Our Master Agreement with Compute North was assigned to Generate Capital PBC, a third party
lender to Compute North, prior to the bankruptcy filing, which is operating the contract and is not subject to the bankruptcy proceedings.
In any event, the Master Agreement provided for a security interest in our miners maintained at Compute North&#8217;s location. The Master
Agreement permitted Compute North to file UCC1 Financing Statements to evidence such security interests. Compute North was permitted,
at any time, to assign, transfer, delegate or subcontract any or all of its rights or obligations under the Master Agreement without the
Company&#8217;s prior written consent. There were no bankruptcy provisions in the agreement and we maintain ownership of the approximately
7,628 miners previously hosted by Compute North.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 7, 2023, the Company received a purported termination notice
from the assignee, operating companies of Compute North, affiliated with Generate Capital PBC. Each of GC Data Center Kearney, LLC and
GC Data Center Granbury, LLC (collectively, &#8220;Generate&#8221;), bitcoin mining data centers located in Kearney, Nebraska and Wolf
Hollow, Texas, claimed to have provided written notice of termination of the Master Agreement. The Company disputed the propriety of the
purported termination and attempted to resolve the dispute with Generate. However, on January 20, 2023, Generate cut power to the Company&#8217;s
miners. Pursuant to a Litigation Standstill Agreement dated January 23, 2023, Generate restored power to the Company&#8217;s miners. Bit
Digital paid the cost of operations less its security deposits. The Standstill Agreement expired on March 31, 2023. The Company is in
the process of relocating its miners out of General Capital&#8217;s facilities to those hosted by Blockfusion and Coinmint in New York
State. As a precaution, we have filed a proof of claim in the bankruptcy court as an unsecured creditor of Compute North, while we continue
to work to confirm that all of our assets have been transferred to Generate Capital. We do not believe that Generate Capital took control
of Compute North&#8217;s site at Big Spring, Texas. A new third party is managing hosting operations at the Nebraska and Texas data centers
as Generate Capital&#8217;s strategic operating partner.&#160;



</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In May 2022, our hosting partner Blockfusion USA, Inc. (&#8220;Blockfusion&#8221;)
advised us that the substation at its Niagara Falls, NY facility was damaged by an explosion and fire, and power was cut off to approximately
2,515 of the Company&#8217;s bitcoin miners and approximately 710 ETH miners that had been operating at the site immediately prior to
the incident. The explosion and fire are believed to have been caused by faulty equipment owned by the power utility. Blockfusion and
the Company have entered into a common interest agreement to jointly pursue any claims evolving from the explosion and fire. Prior to
the incident, our facility with Blockfusion in Niagara Falls, provided approximately 9.4 MW to power our miners. Power was restored to
the facility in September 2022. However, we received a notice dated October 4, 2022, from the City of Niagara Falls, which&#160;orders
the cease and desist from any cryptocurrency mining or related operations at the facility until such time as Blockfusion complies with
Section 1303.2.8 of the City of Niagara Falls Zoning Ordinance (the &#8220;Ordinance&#8221;), in addition to all other City ordinances
and codes. Blockfusion has advised us that the Ordinance came into practical effect on October 1, 2022, following the expiration of a
related moratorium on September 30, 2022.&#160;Blockfusion has further advised that it has submitted applications for new permits based
on the Ordinance&#8217;s new standards and that the permits may take several months to process. Our management continues to monitor the
situation.</span> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Mining Services Agreement between
Bit Digital and Blockfusion dated August 25, 2021, Blockfusion represents, warrants and covenants that it &#8220;possesses, and will
maintain, all licenses, registrations, authorizations and approvals required by any governmental agency, regulatory authority or other
party necessary for it to operate its business and engage in the business relating to its provision of the Services.&#8221; On October
5, 2022, Bit Digital further advised Blockfusion that it expects it to comply with directives of the Notice.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2022, our hosting partner Digihost Technology
Inc. (&#8220;Digihost&#8221;) advised us that limited operations at its North Tonawanda plant would require 1,580 of the Company&#8217;s
miners to temporarily go offline. As of the date of this report, power had been partially restored and Digihost continues diligent efforts
to restore power in full. Our facilities with Digihost in North Tonawanda and Buffalo, NY are contracted to deliver an aggregate of 20
MW to power our mines upon completion and full restoration of power. However, we have not yet resumed our mining operations at the Digihost
facility, as it is not currently economical to do so. Additionally, Digihost has informed us that they continue to work to identify a
location to fulfill the remaining 100 MW of contracted hosting capacity pursuant to our agreements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, our facility with Core
Scientific in Georgia provided approximately 0.3 MW to power our miners. In November 2022, Core Scientific notified the Company that the
hosting agreement would not be renewed and would be terminated February 22, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Miner Fleet Update and Overview</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, we had 27,744 miners
for bitcoin mining, with a total maximum hash rate of 1.60 EH/s.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, we had 37,676 miners for bitcoin mining and 730 miners for Ethereum mining, with a total maximum hash rate of 2.6
</span>&#160;<span style="font-family: Times New Roman, Times, Serif">EH/S and 0.3 TH/s, respectively.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 7, 2021, we contracted to purchase
an additional 10,000 Antminers from Bitmain under a Sales and Purchase Agreement (the &#8220;SPA&#8221;) at an initial estimated cost
of $65 million. Net of discounts, the Company paid $58 million for the order. As of December 31, 2022, the Company had received the previously
announced 10,000-unit miner purchase from Bitmain. The Company currently has no outstanding payment obligations for miner purchases.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 27, 2022, we entered into Asset Purchase
Agreements with each of four unaffiliated sellers of bitcoin mining computers, from whom we acquired an aggregate of 706 bitcoin miners
on the spot market, including 184 S19 J Pro miners; 197 S19 miners; 197 S19 miners; and 128 S19/S19 Pro miners, respectively. The acquired
miners were delivered during April 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 9, 2022, the Company and Riot Blockchain,
Inc. (&#8220;Riot&#8221;) entered into a Hashrate Swap Agreement (the &#8220;HSA&#8221;). The HSA provides for the exchange of cryptocurrency
mining power (&#8220;Hashrate&#8221;) through the exchange of bitcoin mining computers. As additional consideration to the Company to
exchange its factory-new miners for Riot&#8217;s operating miners, Riot agreed to deliver twenty-five (25%) percent more Hashrate to Bit
Digital than Bit Digital will deliver to Riot. As a result of the HSA, the Company will receive an aggregate of 0.625 EH/s of Hashrate
from Riot, in exchange for 0.500 EH/s. As of July 1, 2022, Riot has delivered 5,682 machines in exchange for our 4,984 machines.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2022, we entered into an purchase agreement
with an unaffiliated seller of bitcoin mining computers, from whom we acquired 561 M30S+ miners. The acquired miners were delivered in
October 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, the Company
sold 1,106 MicroBT Whatsminer M21S miners and 9 MicroBT Whatsminer M20S miners. For the year ended December 31, 2022, the Company also
wrote off 641 MicroBT Whatsminer M21S, 253 MicroBT Whatsminer M20S, 23 Bitmain Antminer S17, 1 Innosilicon A10 series ETH miner.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Bitcoin Production</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From the inception of our bitcoin mining business
in February 2020 to December 31, 2022, we earned an aggregate of 4,822.9 bitcoins.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table presents our bitcoin mining activities for the
year ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<br/> bitcoins</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount <sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold">Balance at December 31, 2021 (as restated)</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right">808.2</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Receipt of BTC from mining services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,247.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">31,414,102</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange of BTC into ETH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(742.5</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,160,450</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sales of and payments made in BTC</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(366.9</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(11,160,996</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Impairment of BTC</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,143,096</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 4pt">Balance at December 31, 2022</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">946.3</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,796,147</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receipt of digital assets from mining services are the product of the number of bitcoins received multiplied by the bitcoin price obtained from CryptoCompare, calculated on a daily basis. Sales of digital assets are the actual amount received from sales.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Environmental, Social and Governance</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sustainability is a major strategic focus for
us. Several of our mining locations in the US and Canada provide access to partially carbon-free energy and other sustainability-related
solutions, in varying amounts depending on location, including components of hydroelectric, solar, wind, nuclear and other carbon-free
generation sources, based on information provided by our hosts and publicly available data, which we believe helps mitigate the environmental
impact of our operations. We work with an independent ESG (Environmental, Social and Governance) consultant to self-monitor and adopt
an environmental policy to help us to improve our percentage of green electricity and other sustainability initiatives. As we continue
to align ourselves with the future of technology and business, we are dedicated to continuously enhancing sustainability, which we believe
future-proofs our operations and the larger bitcoin network.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the bitcoin network and the mining
that powers it are important inventions in human progress. The process of problem-solving and verifying bitcoin transactions using advanced
computers is energy intensive, and scrutiny has been applied to the industry for this reason. It follows that the environmental costs
of mining bitcoin should be surveyed and mitigated by every company in our fast-growing sector. We aim to contribute to the acceleration
of bitcoin&#8217;s decarbonization and act as a role model in our industry, responsibly stewarding digital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We work with Apex Group Ltd, an independent ESG
consultancy,&#160;with the goal of becoming one the first publicly-listed bitcoin miners to receive an independent ESG rating on our operations,
which we anticipate will provide transparency on the environmental sustainability of our operations, as well as other metrics. Apex&#8217;s
ESG Ratings &amp; Advisory tools allow us to benchmark our ESG performance against international standards and our peers to identify opportunities
for improvement and progress over time. We believe this is an integral approach to improving our sustainable practices and mitigating
our environmental impact. By measuring the sustainability and footprint of Bit Digital&#8217;s mining, we are able to develop targets
to continuously improve as we shift towards our goal of 100% clean energy usage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 7, 2021, the Company became a member
of the Bitcoin Mining Council (&#8220;BMC&#8221;), joining MicroStrategy and other founding members to promote transparency, share best
practices, and educate the public on the benefits of bitcoin and bitcoin mining.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>COVID-19</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2020, the World Health Organization declared
the COVID-19 outbreak (&#8220;COVID-19&#8221;) a global pandemic. We continue to actively monitor the situation and the possible effects
on our financial condition, liquidity, operations, suppliers and industry, and may take further actions that alter our operations and
business practices as may be required by federal, state or local authorities or that we determine are in the best interests of our partners,
customers, suppliers, vendors, employees and shareholders. The extent to which the COVID-19 outbreak will further impact the Company&#8217;s
financial results will depend on future developments, which are unknown and cannot be predicted, including the duration and ultimate scope
of the pandemic, advances in testing, treatment and prevention, as well as actions taken by governments and businesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, we have evaluated the potential
impact of the COVID-19 outbreak on our financial statements, including, but not limited to, the impairment of long-lived assets and valuation
of digital assets. Where applicable, we have incorporated judgments and estimates of the expected impact of COVID-19 in the preparation
of the financial statements based on information currently available. These judgments and estimates may change, as new events develop
and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. Based
on our current assessment, we do not expect any material impact on our long-term strategic plans, operations and liquidity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Results of operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Results of Operations for the Year Ended December
31, 2022 and 2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the results of
our operations during the year ended December 31, 2022 and 2021, respectively, and provides information regarding the dollar increase
or (decrease) during period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended <br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Revenues</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(20,374,633</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(30,739,776</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(27,829,730</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(13,113,964</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(14,715,766</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(23,114,629</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(39,154,204</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,039,575</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Realized gain on exchange of digital assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,548,841</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20,813,167</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(14,264,326</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,746,247</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,818,690</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,449,191</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><b>Net
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Revenues</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generate revenues from digital asset mining
and ETH staking business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenues from digital asset mining</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide computing power to digital asset mining
pools, and receive consideration in the form of digital assets, the value of which is determined using the market price of the related
digital asset at the time of receipt. By providing computing power to successfully add a block to the blockchain, the Company is entitled
to a fractional share of the digital assets award from the mining pool operator, which is based on the proportion of computing power the
Company contributed to the mining pool to the total computing power contributed by all mining pool participants in solving the current
algorithm.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2022, we received 1,247.5&#160;</span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">bitcoins
from Foundry USA Pool (&#8220;Foundry&#8221;) mining pool and 294.3 ETHs from Ethermine mining pool (&#8220;Ethermine&#8221;) operated
by Bitfly Gmbh. We discontinued the ETH mining operations in September 2022 due to Ethereum blockchain switching from proof-of-work (&#8220;PoW&#8221;)
consensus mechanism to proof-of-stake (&#8220;PoS&#8221;) validation.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 95; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, our maximum hash rate
was at an aggregate of 2.6 EH/s and 0.3 TH/s for our bitcoin miners and ETH miners, respectively. For the year ended December 31, 2022,
we recognized revenue of $31.4 million and $0.9 million from bitcoin mining services and ETH mining services, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the year ended December 31, 2021, we received 2,065.3&#160;bitcoins
&#160;&#160;from three mining pool operators. Among the total bitcoins, 589.4, 1,267.1, 208.8 bitcoins were mined through Foundry, Huobi
Pool and Antpool, accounting for 29%, 61% and 10% of total bitcoins, respectively. As of December 31, 2021, our maximum hash rate was
1.60 EH/s. For the year ended December 31, 2021, we recognized revenue of $96.1 million from bitcoin mining operations.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our revenues from digital asset mining services
decreased by $63.8 million, or 66.4%, to $32.3 million for the year ended December 31, 2022 from $96.1 million for the year ended December
31, 2021. The decrease was primarily due to a decrease of 817.8 in the number of BTC earned from mining services, and a decrease in the
average price of BTC for the year ended December 31, 2022 compared to the year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to continue to opportunistically invest
in miners to increase our hash rate capacity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenues from ETH staking</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fourth quarter of 2022, we commenced
ETH staking business, in both native staking and liquid staking.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the ETH native staking business, we stake
ETH, through network-based smart contracts, on a node for the purpose of validating transactions and adding blocks to the network. Through
these contracts, the Company stakes ETH on nodes for the purpose of validating transactions and adding blocks to the Ethereum blockchain
network. The staked ETHs remained locked up until the Shanghai upgrade occurred on April 12, 2023. In exchange for staking the ETH and
validating transactions on blockchain networks, the Company is entitled to the block rewards and transaction fees for successfully validating
or adding a block to the blockchain. These rewards are received by the Company directly from the Ethereum network and are calculated approximately
based on the proportion of the Company&#8217;s stake to the total ETH staked by all validators.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the liquid staking business, the Company has
deployed ETH liquid staking tokens into Portara (formerly known as Harbour), a liquid staking solution provider under the consortium of
Blockdaemon and Stakewise. We receive receipt tokens for the ETH staked and rETH-h for rewards earned which could be redeemed to ETH or
can be traded or collateralized elsewhere, at any time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2022, we earned 3.68 </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">ETH in native
staking and 16.25 </span>&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">rETH-h in liquid staking, respectively.
For the year ended December 31, 2022, we recognized revenues of $5,722 </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">and
$20,182&#160;from native staking and liquid staking, respectively.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cost of revenues</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The Company&#8217;s
cost of revenue consists primarily of i) direct production costs related to mining operations, including electricity costs, profit-sharing
fees and other relevant costs, but excluding depreciation and amortization, which are separately stated in the Company&#8217;s consolidated
statements of operations, and ii) direct cost related to ETH staking business including </span>service fee and profit-sharing fees to
the service providers, which is immaterial during the year ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2022 and 2021,
the cost of revenue were comprised of the following:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Electricity costs</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,113,046</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,790,688</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,027,597</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,669,700</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,233,990</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">279,388</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">20,374,633</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">30,739,776</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Electricity costs. </i></b>These expenses
were incurred by mining facilities for the miners in operation and were closely correlated with the number of deployed miners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year ended December 31, 2022, electricity
costs decreased by $9.7 million, or 39%, compared to the electricity costs incurred in the year of 2021. The decline primarily resulted
from a reduced number of deployed miners due to i) the sale or disposal of certain miners before relocating from Hong Kong to North America,
and ii) partial offline status of miners in two facilities because of previously announced power cut-off incidents.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Profit-sharing fees. </i></b>In 2021, we
entered into hosting agreements with certain mining facilities, which included performance fees calculated as a fixed percentage of net
profit generated by the miners. We refer to these fee as profit-sharing fees.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year ended December 31, 2022, profit-sharing
fees decreased by $1.6 million, or 29%, compared to profit-sharing fees incurred in the year of 2021. This reduction was primarily due
to a decrease in the number of digital assets generated and the comparatively lower average price of bitcoin during 2022. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect a proportionate increase in cost of
revenue as we continue to focus on expansion and upgrade of our miner fleet.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Depreciation and amortization expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022 and 2021,
depreciation and amortization expenses were $27.8 million and $13.1 million, respectively, based on an estimated useful miner life of
three years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>General and administrative expenses</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the year ended December 31, 2022, our general and administrative
expenses, totaling $23.1&#160;million, were primarily comprised of professional and consulting expenses of $7.7 million, transportation
expenses of $0.7 million to relocate miners, salary and bonus expenses of $2.7 million, shared-based compensation expenses of $2.3 million
related to RSUs and share options granted to our employees, consultants and director, directors and officers liability insurance expenses
of $3.3 million, marketing expenses of $1.1 million, and litigation settlement costs of $2.1 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2021, our general
and administrative expenses, totaling $39.2 million, were primarily comprised of professional and consulting expenses of $6.4 million,
transportation expenses of $2.2 million&#160;mainly incurred to relocate miners from China to North America, shared-based compensation
expenses of $20.5 million related to RSUs issued to our directors, management and consultants, shared-based compensation expenses of $1.4
million related to ordinary shares issued to consultants, insurance expenses of $0.9 million, travel expenses of $1.1 million, salary
and bonus expenses of $4.6 million and office expenses of $0.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Realized gain on exchange of digital assets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital assets are recorded at cost less impairment.
Any gains or losses from sales of digital assets are recorded as &#8220;Realized gain on exchange of digital assets&#8221; in the consolidated
statements of operations. For the year ended December 31, 2022, we recorded a gain of $6.5 million from the exchange of 1,109.3&#160;bitcoins
and 87.2 ETH. For the year ended December 31, 2021, we recorded a gain of $20.8 million from the exchange of 1,527.3&#160;bitcoins.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Impairment of digital assets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment of digital assets was $24.7 million
and $28.0 million for the years ended December 31, 2022 and 2021, respectively. We utilized the intraday low price of digital assets in
calculation of impairment of digital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, the
impairment of $24.7 million was comprised of impairment of $<span style="text-decoration:underline;text-decoration: none">21.2	</span> million and $<span style="text-decoration:underline;text-decoration: none">3.5	</span> million on bitcoins and ETH,
respectively. For the year ended December 31, 2021, the impairment of $28.0 million was comprised of impairment of $27.9 million and $0.1 million on
bitcoins and ETH, re<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">spectively</span>.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Impairment of property and equipment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, the Company
recorded impairment of $50.0 million against miners, consisting of impairment of $46.4 million and $3.7 million against bitcoin miners
and ETH miners, respectively. The Company recognized impairment on miners because the estimated fair value of the miners was less than
their carrying value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2021, the Company
did not record impairment against property and equipment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Net gain (loss) from disposal of property and
equipment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, we sold
1,115 bitcoin miners to certain third-party purchasers for a total consideration of $1.8 million. The Company recognized a gain of $1.5
million from the sale of miners which was recorded in the account of &#8220;net gain from disposal of property and equipment&#8221;. In
addition, the Company wrote off 917 BTC miners and 1 ETH miner during the year, and the Company recorded a loss of $0.2 million resulting
from the write-off in the account of &#8220;net gain from disposal of property and equipment&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2021, we sold
or disposed of certain miners, partially in anticipation of purchase opportunities for newer, more efficient machines. As a result, we
recognized a net loss of $3.7 million from sales and disposal of these miners, comprised of a gain of $0.6 million from sales of 15,808
miners to three third parties and a loss of $4.4 million from disposal of 1,779 miners at $nil consideration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Gain from sale of investment security</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, we sold
a portion of our investment in one privately held company with a cost of $0.7 million for consideration of $1.7 million. We recognized
a gain of $1.0 million from the sale which was recorded in the account of &#8220;gain from sale of investment security&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Income tax expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Income
tax benefits were $0.6 million for the year ended December 31, 2022, which was comprised of income tax benefits of $943,578 from our U.S.
operations, a tax expense of $292,646 from our Hong Kong operations, and an unrecognized tax benefit of $58,082 from our Canada </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">operations.
The income tax benefits from U.S. operations are primarily driven recognition of deferred tax assets from net operating losses in the
year ended December 31, 2022, resulting in an income tax benefits of $943,578. The unrecognized tax benefit is related to uncertain Hong
Kong profits tax positions due to offshore non-taxable claim lodged on the business profits and tax deduction claim on share-based compensation
which is however subject to review and approval by the Hong Kong tax authority.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income tax expense was $3.9 million for the year
ended December 31, 2021, which was comprised of income tax expenses of $1.1 million from our U.S. operations, unrecognized tax benefit
of $2.8 million from our Hong Kong operations and a tax benefit of $58,081 from other jurisdictions. The unrecognized tax benefit is related
to uncertain Hong Kong profits tax positions due to offshore non-taxable claim lodged on the business profits and tax deduction claim
on stock-based compensation which is however subject to review and approval by the Hong Kong tax authority.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Net loss and loss per share</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, our net
loss was $105.3 million, representing a change of $104.3 million from a net loss of $1.0 million for the year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Basic and diluted loss per share was $1.34 and $0.02 for the years
ended December 31, 2022 and 2021, respectively. Weighted average number of shares was 78,614,174 &#160;&#160;and 55,440,527 for the years
ended December 31, 2022 and 2021, respectively.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Results of Operations for the Year Ended December
31, 2021 and 2020</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the results of
our operations during the year ended December 31, 2021 and 2020, respectively, and provides information regarding the dollar increase
or (decrease) during period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended <br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Variance in</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="width: 64%; font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Revenue from digital assets mining</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(16,635,148</td><td style="text-align: left">)</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenues</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generate revenues from provision of computing
power to digital asset mining pools, and receive consideration in the form of digital assets, the value of which is determined using the
market price of the related digital asset at the time of receipt. By providing computing power to successfully add a block to the blockchain,
the Company is entitled to a fractional share of the digital assets award from the mining pool operator, which is based on the proportion
of computing power the Company contributed to the mining pool to the total computing power contributed by all mining pool participants
in solving the current algorithm.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2021, we received
2,065.3&#160;bitcoins from three mining pool operators. Among the total bitcoins, 589.4, 1,267.1, 208.8 bitcoins were mined through Foundry,
Huobi Pool and Antpool, accounting for 29%, 61% and 10% of total bitcoins, respectively. As of December 31, 2021, our maximum hash rate
was 1.60 EH/s. For the year ended December 31, 2021, we recognized revenue of $96.1 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2020, we received 1,510.2 bitcoins from three mining pool operators </span>&#160;<span style="font-family: Times New Roman, Times, Serif">and
recognized revenue of $21.1 million. Among the total bitcoins, 1,408.2, 77.1, 24.9 bitcoins were mined through Huobi Pool, Poolin and
Antpool, accounting for 93%, 5% and 2% of total bitcoins, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2021, we sold
or disposed of certain miner models, partially in anticipation of purchase opportunities for newer, more efficient machines. We expect
to continue to invest in miners to increase the hash rate capacity.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 99; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cost of revenues</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The Company&#8217;s
cost of revenue consists primarily of direct production costs related to mining operations, including electricity costs, profit-sharing
fees and other relevant costs, but excluding depreciation and amortization, which are separately stated in the Company&#8217;s consolidated
statements of operations,</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2021 and 2020,
our cost of revenues were comprised of the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Electricity costs</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,790,688</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">279,388</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">14,104,628</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Electricity costs. </i></b>These expenses
were incurred by mining facilities for the miners in operation and were closely correlated with the number of deployed miners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year ended December 31, 2021, electricity
costs increased by $10.7 million, or 76%, compared to that incurred in the year 2020. Although the Company had launched its bitcoin mining
operations in February 2020, the number of miners deployed in the first half of that year was considerably lower than in the second half.
However, throughout 2021, the Company deployed more miners resulting in a higher hash rate, which, in turn, demanded greater electricity
usage, thereby contributing to the surge in electricity costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Profit-sharing fees. </i></b>In the year
2021, we entered into hosting agreements with certain mining facilities, which included performance fees calculated as a fixed percentage
of net profit generated by the miners. We refer to these fee as profit-sharing fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year ended December 31, 2021, profit-sharing
fees were $5.7 million. In 2020, we did not incur profit-sharing fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect an increase in cost of revenue as we
continue to focus on expansion and upgrade of our miner fleet.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Depreciation and amortization expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2021, depreciation
and amortization expenses of $13.1 million based on an estimated useful miner life of 3 years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2020, depreciation
and amortization expenses of $3.3 million based on an estimated useful miner life of 3 years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>General and administrative expenses</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2021, our general
and administrative expenses, totaling $39.2 million, were primarily comprised of professional and consulting expenses of $6.4 million,
transportation expenses of $2.2 million&#160;mainly incurred to relocate miners from China to North America, shared-based compensation
expenses of $20.5 million related to RSUs issued to our directors, management and consultants, shared-based compensation expenses of $1.4
million related to ordinary shares issued to consultants, insurance expenses of $0.9 million, travel expenses of $1.1 million, salary
and bonus expenses of $4.6 million and office expenses of $0.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2020, our general
and administrative expenses, totaling $2.5 million were primarily comprised of professional and consulting expenses of $0.9 million, shared-based
compensation for consulting services of $0.5 million, asset impairment for car rental deposits of $0.6 million, travel expenses of $0.2
million, salary expenses of $0.1 million and office expenses of $0.1 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Realized gain on exchange of digital assets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Digital
assets are recorded at cost less impairment. Any gains or losses from sales of digital assets are recorded as &#8220;Realized gain on exchange of digital assets&#8221; in the consolidated statements of operations. For the year ended December 31, 2021, we recorded a
gain of $20.8 </span>&#160;<span style="font-family: Times New Roman, Times, Serif">million from the exchange of 1,527.3&#160;bitcoins.
For the year ended December 31, 2020, we recorded a gain of $1.4</span>&#160;<span style="font-family: Times New Roman, Times, Serif">million
from the exchange of&#160;1,242.4 bitcoins.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Impairment of digital assets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment of digital assets was $28.0 million
and $1.0 million for the years ended December 31, 2021, and 2020, respectively. We utilized the intraday low price of digital assets in
calculation of impairment of digital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Loss from disposal of property and equipment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2021, we sold
or disposed of certain miner, partially in anticipation of purchase opportunities for newer, more efficient machines. As a result, we
recognized a loss of $3.7 million from sales and disposal of these miners, comprised of a gain of $0.6 million from sales of 15,808 miners
to three&#160;third parties and a loss of $4.3 million from disposal of 1,779 miners at $nil consideration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Income tax expense</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Income
tax expense was $3.9 million for the year ended December 31, 2021, which was comprised of income tax expenses of $1.1 million from our
U.S. operations, unrecognized tax benefits</span> &#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">of $2.8 million
from our Hong Kong operations and a tax benefit of $58,081 from other jurisdictions. The unrecognized tax benefit is related to uncertain
Hong Kong profits tax positions due to offshore non-taxable claim lodged on the business profits and tax deduction claim on stock-based
compensation which is however subject to review and approval by the Hong Kong tax authority.</span></p><div>


</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income tax expense was $nil for the year ended
December 31, 2020, as we are not subject to tax on income or capital gain in the Cayman Islands, the Company&#8217;s U.S. subsidiaries
were in a taxable loss position with a full valuation allowance, and we did not have assessable profits in Hong Kong that is due to an
offshore non-taxable claim lodged on the business profits, which is however subject to review and approval by the Hong Kong tax authority.
In case the offshore non-taxable claim is disallowed, BT HK might be in a tax loss position provided that the amount of expenditure on
the mining equipment would be fully allowed by the Hong Kong tax authority as tax deduction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Net loss and loss per share</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2021, our net loss was $1.0 million, representing a change of $1.3 </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">million
from a net loss of $2.3 </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">million for the same period of the
prior year.</span></p><div>


</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic and diluted loss per share was $0.02
and $0.07 for the years ended December 31, 2021 and 2020, respectively. Weighted average number of shares was 55,440,527 and
30,591,122 for the years ended December 31, 2021 and 2020, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Discussion of Certain Balance Sheet Items</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth selected information
from our consolidated balance sheets as of December 31, 2022 and December 31, 2021. This information should be read together with our
consolidated financial statements and related notes included elsewhere in this report.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">736,445</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,433,999</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,050,616</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,616,617</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cash and cash equivalents</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents primarily consist of
funds deposited with banks, which are highly liquid and are unrestricted as to withdrawal or use. The total balance of cash and cash equivalents
were $32.7 million and $42.4 million as of December 31, 2022 and December 31, 2021, respectively. The decrease in the balance of cash
and cash equivalents was a result of net cash of $8.5 million used in operating activities, net cash of $18.6 million used in investing
activities, partially net off against net cash of $18.7 million provided by financing activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>USDC</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">USD Coin
(&#8220;USDC&#8221;) is accounted for as a financial instrument; one USDC can be redeemed for one U.S. dollar on demand from the issuer.
The balance of USDC was $0.6 million and $15.8 million as of December 31, 2022 and December 31, 2021, respectively. The decrease in the
balance of USDC was attributable to exchange of USDC of $13.5 million into cash, payment of USDC of $2.4 million in transportation expenses
for relocation of certain bitcoin miners and payment of other expenses of $2.3 million, partially offset by collection of USDC of $2.0
million from exchange of cash, collection of USDC of $0.7 million and $0.2 million, as proceeds from sales of bitcoin miners and deposit
for miner sale, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 102; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Digital assets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital assets primarily consist of bitcoin and
ETH. For the year ended December 31, 2022, we earned bitcoins from mining services and ETH from mining services and staking services,
and exchanged bitcoins into ETH, USDC and cash, or used bitcoin and ETH to pay certain operating costs and other expenses. Digital assets
held are accounted for as intangible assets with indefinite useful lives and are subject to impairment losses if the fair value of digital
assets decreases below the carrying value at any time during the period. The fair value is measured using the intraday low price of the
digital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
compared with the balance as of December 31, 2021, the balance of digital assets as of December 31, 2022 decreased by $1.5 million, which
was primarily attributable to a combined impairment of $24.7 </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">million
on bitcoin and ETH, and exchange of bitcoins of $9.8 </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">million
into cash, partially offset against generation of bitcoins and ETH, totaling $32.3 million, from our mining business.</span></p><div>


</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Deposits for property and equipment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deposits for property and equipment represented
advance payments for bitcoin miners. The balance was derecognized once the control of the miners was transferred to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Compared
with December 31, 2021, the balance as of December 31, 2022 decreased by $40.5 </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">million,
which was mainly due to delivery of miners from Bitmain Technology Limited during the year ended December 31, 2022.</span></p><div>


</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Property and equipment, net</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment was primarily comprised
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, we recorded impairment of $46.4 million on
BTC miners and $3.7 million on ETH miners, as the estimated fair value of these miners was less than their net carrying amount. As of
December 31, 2022, we had 37,676 bitcoin miners and 730 ETH miners with net book value of $22.4 million and $0.2 million, respectively.
As of December 31, 2021, we had 27,744 bitcoin miners and 731 ETH miners with net book value of $26.7 million and $5.8 million, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Accounts payable</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable represented the amount due to
the maintenance service provided by our hosting partners. Compared with December 31, 2021, the balance of accounts payable
increased by $1.0 million, largely due to the delayed payments to one of our hosting partners in 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Long-term income tax payable</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Compared
with December 31, 2021, the balance as of December 31, 2022 increased by $276,728, which was recognized for the incremental penalty accrued
on the existing unrecognized tax benefits for the years ended December 31, 2022. Refer to Note 12. Income Taxes for further details. </span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-GAAP Financial Measures</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to consolidated U.S. GAAP financial
measures, we consistently evaluate our use of and calculation of the non-GAAP financial measures, &#8220;Adjusted EBITDA&#8221; and Adjusted
earnings per share (&#8220;Adjusted EPS&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adjusted EBITDA is a financial measure defined
as our EBITDA, adjusted to eliminate the effects of certain non-cash and / or non-recurring items, that do not reflect our ongoing strategic
business operations. EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is EBITDA
further adjusted for certain income and expenses, which management believes results in a performance measurement that represents a key
indicator of the Company&#8217;s core business operations of digital asset mining. The adjustments currently include fair value adjustments
such as investment securities value changes and non-cash share-based compensation expense, in addition to other income and expense items.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adjusted EPS is a financial measure defined as
our EBITDA divided by our diluted weighted-average shares outstanding, adjusted with the EPS impact related to the adjustments made to
EBITDA to derive Adjusted EBITDA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe Adjusted EBITDA and Adjusted EPS can
be important financial measures because they allow management, investors, and our board of directors to evaluate and compare our operating
results, including our return on capital and operating efficiencies, from period-to-period by making such adjustments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adjusted EBITDA and Adjusted EPS are provided
in addition to and should not be considered to be a substitute for, or superior to net income, the comparable measures under U.S. GAAP.
Further, Adjusted EBITDA and Adjusted EPS should not be considered as an alternative to revenue growth, net income, diluted earnings per
share or any other performance measure derived in accordance with U.S. GAAP, or as an alternative to cash flow from operating activities
as a measure of our liquidity. Adjusted EBITDA and Adjusted EPS have limitations as analytical tools, and you should not consider such
measures either in isolation or as substitutes for analyzing our results as reported under U.S. GAAP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">(105,296,603</td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif; width: 1%">&#160;</td>
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    <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-indent: -9pt; padding-left: 9pt">EBITDA</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right">(78,059,723</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold">&#160;</td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 104; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font-family: Times New Roman, Times, Serif">&#160;</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity and capital resources</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, we have financed our operations primarily
through cash flows from operations, and equity financing through public and private offerings of our securities. We plan to support our
future operations primarily from cash generated from our operations and equity financings. We may also consider debt, preferred and convertible
financing as well.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During April 4 through May 12, 2022, we issued
an aggregate of 10,990,327 ordinary shares to Ionic Ventures LLC for gross proceeds of $22.0 million. The Company received net proceeds
of $21.0 million after deducting commissions payable to broker-dealers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, we had working capital
of $57.0 million which includes USDC of $0.6 million and digital assets of $27.6 million as of December 31, 2022. Working capital is the
difference between the Company&#8217;s current assets and current liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Company&#8217;s Purchase Agreement with
Ionic Ventures LLC, the Company has the right, but not the obligation, to sell to Ionic up to $22 million of registered Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may also offer and sell equity securities from time to time in one or more offerings at the market
(ATM) at prices and on terms which the Company will then determine for an initial aggregate offering price of $500 million pursuant to
a registration statement on Form F-3 declared effective by the SEC on May 4, 2022. To date, no securities have been sold under the registration
statement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue from Operations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Funding our operations on a going-forward basis
will rely significantly on our ability to continue to mine digital assets and the spot or market price of the digital assets we mine,
and our ability to earn ETH rewards from ETH native staking and liquid staking and the spot or market price of ETH.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to generate ongoing revenues primarily
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values will be evaluated from time to time to generate cash for operations. Generating digital assets, for example, with spot market values
which exceed our production and other costs, will determine our ability to report profit margins related to such mining operations. Furthermore,
regardless of our ability to generate revenue from our digital assets, we may need to raise additional capital in the form of equity or
debt to fund our operations and pursue our business strategy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
ability to raise funds as equity, debt or conversion of digital assets to maintain our operations is subject to many risks and uncertainties
and, even if we are successful, future equity issuances would result in dilution to our existing stockholders and any future debt or debt
securities may contain covenants that limit our operations or ability to enter into certain transactions. Our ability to realize revenue
through digital asset production and successfully convert digital assets</span>&#160; <span style="font-family: Times New Roman, Times, Serif">into
cash or fund overhead with digital asset is subject to a number of risks, including regulatory, financial and business risks, many of
which are beyond our control. Additionally, the value of digital asset rewards has been extremely volatile historically, and future prices
cannot be predicted.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If
we are unable to generate sufficient revenue from our digital asset production when needed or secure additional funding,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 105; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash flows</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(17,351,892</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(971,690</td><td style="width: 1%; text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(46,841,220</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,494,165</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">106,186,507</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,255,000</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">419,795</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Cash, cash equivalents and restricted cash from continuing operations, end of year</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Operating Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
cash used in operating activities was $8.5 million for the year ended December 31, 2022, derived mainly from (i) net loss of $105.3
million for the year ended December 31, 2022 adjusted for digital assets of $32.3 million from our mining services, depreciation
expenses of miners of $27.8 million, gain from exchange of digital assets of $6.5 million, impairment of digital assets of $24.7
million, impairment of property and equipment of $50.0 million, and share-based compensation expenses of $2.3 million, and (ii) net
changes in our operating assets and liabilities, principally comprising of a decrease in
digital assets and stable coins of $25.1 million&#160;as
net proceeds from sales of digital assets and stable coins, and an increase in accounts payable of $3.2 million.</span></p><div>


</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
cash used in operating activities was $17.4 million for the year ended December 31, 2021, derived mainly from (i) digital assets of $96.1
million from our mining services, depreciation expenses of miners of $13.1 million, impairment of digital assets of $28.0 </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">million,
loss from sales and disposal of miners of $3.7 million, gain from exchange of digital assets of $20.8 million, issuance of ordinary shares
to certain service providers for provision of promotion and marketing services and advisory services of $1.4 million, share-based compensation
related to restricted share units granted to the Company&#8217;s directors, senior management and consultants of $20.5 million, and (ii)
net changes in our operating assets and liabilities, principally comprising of (a) a decrease in
digital assets and stable coins of $5.7 </span>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">million&#160;as net
proceeds from sales of digital assets and stable coins, and (b) a change in accounts payable of $21.6 million, primarily because we paid
hosting and power cost of $24.3 million in digital assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in operating activities was $1.0
million for the year ended December 31, 2020, mainly derived from (i) net income of $1.5 million from continuing operations for the year
adjusted for digital assets of $21.1 million from our mining services, depreciation expenses of miners of $3.3 million, gain from exchange
of digital assets of $1.4 million, impairment of digital assets of $1.0 million, share-based compensation expenses for consulting services
of $0.5 million, and (ii) net changes in our operating assets and liabilities, principally comprising of (a) a decrease in digital assets
and coins of $2.8 million&#160;as net proceeds from sales of digital assets and stable coins, (b) an increase in other current assets
of $1.8 million, primarily attributable to payment of deposits of $1.7 million to two service providers who paid hosting and power costs
on behalf of us, and (c) a change in accounts payable of $14.3 million, primarily because we paid hosting and power cost in digital assets.</p><div>

</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in investing activities was $18.6
million for the year ended December 31, 2022, primarily attributable to purchases of bitcoin miners of $19.3 million, investment of $2.0
million in one investment fund, and loss of cash of $59,695 from sale of an inactive subsidiary, partially offset by proceeds of $1.1
million from sales of bitcoin miners, and proceeds of $1.7 million from sale of a portion of long-term investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in investing activities was $46.8 million for the year
ended December 31, 2021, primarily attributable to miner purchases of $6.5 million and deposits made for miners of $40.3 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in investing activities was
$4.5 million for the year ended December 31, 2020, primarily used in purchases of miners of $4.5 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
cash provided by financing activities was $18.7 million for
the year ended December 31, 2022, primarily attributable to the net proceeds of $21.0 million from direct offering with Ionic Ventures,
an institutional investor, and partially offset by the payment of liquidated damage fees of $2.2 million as the registration statement
for resale of shares issued in one of our private placements was not declared effective by the SEC until January 25, 2022.</span></p><div>


</div><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by financing activities was
$106.2 million for the year ended December 31, 2021, primarily provided by net proceeds of $75.0 million of net proceeds from our private
placements with certain investors, net proceeds of $34.3 million from our direct offering with Ionic, an institutional investor, and net
proceeds of $1.3 million from the issuance of convertible notes to Ionic, offset, in part, by the payment of liquidated damage fees of
$3.2 million as the registration statement for resale of shares issued in our private placement was not declared effective by the SEC
by December 31, 2021, and the withholding of ordinary shares of $1.1 million for payment of employee withholding taxes.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by financing activities was
$5.3 million for the year ended December 31, 2020, primarily provided by proceeds of $5.2 million from certain shareholders under private
placement transactions and borrowings of $7,000 from related parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Critical Accounting Policies and Estimates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our discussion and analysis of our financial condition
and results of operations are based upon our consolidated financial statements. These financial statements are prepared in accordance
with U.S. GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of our assets and liabilities
and revenues and expenses, to disclose contingent assets and liabilities on the dates of the consolidated financial statements, and to
disclose the reported amounts of revenues and expenses incurred during the financial reporting periods. The most significant estimates
and assumptions include the valuation of digital assets and other current assets, useful lives of property and equipment, the recoverability
of long-lived assets, provision necessary for contingent liabilities and realization of deferred tax assets. We continue to evaluate these
estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates
is an integral component of the financial reporting process, actual results could differ from those estimates as a result of changes in
our estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe critical
accounting policies as disclosed in this release reflect the more significant judgments and estimates used in preparation of our consolidated
financial statements.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recently issued and adopted accounting pronouncements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has evaluated all other recently issued
accounting pronouncements and believes such pronouncements do not have a material effect on the Company&#8217;s financial statements.
See Note 3  of the consolidated financial statements as of December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Forward Looking Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with our financial statements and the related notes included
elsewhere in this news release. Except for the statements of historical fact, this news release contains &#8220;forward-looking information&#8221;
and &#8220;forward-looking statements reflecting our current expectations that involve risks and uncertainties (collectively, &#8220;forward-looking
information&#8221;) that is based on expectations, estimates and projections as at the date of this news release. Actual results and the
timing of events in this news release includes information about hash rate expansion, diversification of operations, potential further
improvements to profitability and efficiency across mining operations, potential for the Company&#8217;s long-term growth, and the business
goals and objectives of the Company. Factors that could cause actual results, performance or achievements to differ materially from those
discussed in our such forward-looking statements as a result of many factors, including, but not limited to: continued effects of the
COVID19 pandemic may have a material adverse effect on the Company&#8217;s performance as supply chains are disrupted and may prevent
the Company from operating its assets; the ability to establish new facilities for bitcoin mining in North America; a decrease in cryptocurrency
migrating and then operating its assets; a decrease in cryptocurrency pricing; volume of transaction activity or generally, the profitability
of cryptocurrency mining; further improvements to profitability and efficiency may not be realized; the digital currency market; the Company&#8217;s
ability to successfully mine digital currency on the cloud; the Company may not be able to profitably liquidate its current digital currency
inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company&#8217;s operations; the
volatility of digital currency prices; and other related risks as more fully set forth under &#8220;Risk Factors&#8221; and elsewhere
in our Annual Report on Form 20-F for the year ended December 31, 2022 and other documents disclosed under the Company&#8217;s filings
at www.sec.gov. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of
the Company based on information currently available to the Company. In connection with the forward-looking information contained in this
news release, the Company has made assumptions about: the current profitability in mining cryptocurrency (including pricing and volume
of current transaction activity); profitable use of the Company&#8217;s assets going forward; the Company&#8217;s ability to profitably
liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital
currencies on the cloud will be consistent with historical prices; and there will be no regulation or law that will prevent the Company
from operating its business. The Company has also assumed that no significant events occur outside of the Company&#8217;s normal course
of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent
uncertainty therein. </i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.A. Directors and Executive Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information regarding our directors
and executive officers as of December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Directors/Executive Officers</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Age</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Position/Title</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; text-align: justify">Zhaohui Deng</td><td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: center">54</td><td style="width: 1%">&#160;</td>
    <td style="width: 55%; text-align: justify">Chairman of Board of Directors</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Bryan Bullett</td><td>&#160;</td>
    <td style="text-align: center">51</td><td>&#160;</td>
    <td style="text-align: justify">Chief Executive Officer</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Erke Huang</td><td>&#160;</td>
    <td style="text-align: center">34</td><td>&#160;</td>
    <td style="text-align: justify">Chief Financial Officer and Director</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Sam Tabar</td><td>&#160;</td>
    <td style="text-align: center">50</td><td>&#160;</td>
    <td style="text-align: justify">Chief Strategy Officer</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Ichi Shih</td><td>&#160;</td>
    <td style="text-align: center">52</td><td>&#160;</td>
    <td style="text-align: justify">Independent Director</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Yan Xiong</td><td>&#160;</td>
    <td style="text-align: center">58</td><td>&#160;</td>
    <td style="text-align: justify">Independent Director</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Brock Pierce</td><td>&#160;</td>
    <td style="text-align: center">43</td><td>&#160;</td>
    <td style="text-align: justify">Independent Director</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Biographies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Zhaohui Deng</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Deng was elected to serve as a director of
the Company at the September 4, 2020 Annual General Meeting and was elected as Chairman of the Board on January 19, 2021. He was born
in January 1969. From 1995 to 2010, he served as the board secretary and Vice President of Hunan Jinguo Industrial Co., Ltd. From 2011
until now, he has been working as a private investor and serves as private advisor for several listed companies in the PRC. He holds a
bachelor&#8217;s degree in Accounting from Hengyang Industrial College China.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bryan Bullett</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Bullett served as Chief Executive Officer
from March 31, 2021 to March 31, 2023. On March 31, 2023, Mr. Bullet resigned as Chief Executive Officer and as a director of subsidiaries
pursuant to a separation agreement and will serve as non-executive Senior Advisor. Since April 2023 he has been an independent contractor
for Hollister Associates LLC and from January 2020 to April 2023, he was an independent contractor for Centerboard Securities LLC. From
August 2016 to June 2019, Mr. Bullett served as Executive Vice President and Head of Capital Markets for US affiliates of the company
currently known as E&amp;P Financial Group and its predecessors. From August 2012 to July 2016, Mr. Bullett served as a Senior Vice President
at FBR &amp; Co. During 2011 and 2012, Mr. Bullett served as a Vice President at Keefe, Bruyette &amp; Woods. During the years 2006 through
2010, Mr. Bullett served as a Vice President and as an Associate in Investment Banking at Bank of America Merrill Lynch (formerly Banc
of America Securities). During the years 2004 through 2006, Mr. Bullett served as an Associate in Leveraged Finance at Deutsche Bank Securities.
Prior thereto, Mr. Bullett served as an early or founding employee of several technology and/or digital media-related startup companies.
Mr. Bullett received a bachelor&#8217;s degree from Brown University and an MBA from Columbia Business School. Mr. Bullett is a FINRA-registered
representative of Hollister Associates LLC, a registered broker-dealer. Centerboard Securities, LLC did not participate in any offering
of securities by the Company as an underwriter, initial purchaser, placement agent, sales agent or any similar role.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Erke Huang</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Huang has served as Chief Financial Officer
of the Company from October 18, 2019, as a Director since October 30, 2019 &#160;and as Interim Chief Executive Officer from February
2, 2021 until March 31, 2021. Prior thereto, Mr. Huang served as the Co-Founder and Advisor of Long Soar Technology Limited from August
2019 and as the Founder/CEO of Bitotem Investment Management Limited from May 2018. From June 2016 to May 2018, Mr. Huang served as the
Investment Manager of Guojin Capital. From August 2015 to May 2016, Mr. Huang served as an Analyst for Zhengshi Capital. Mr. Huang served
as a Program Officer of Southwest Jiaotong University from February 2015 to August 2015. From March 2013 to November 2014, Mr. Huang served
as the Engineering Analyst Team Leader of Crowncastle International. Mr. Huang received his bachelor&#8217;s degree in Environmental Engineering
from Southwest Jiaotong University in 2011, and received his master&#8217;s degree in Civil &amp; Environmental Engineering from Carnegie
Mellon University in 2012.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sam Tabar</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Mr.
Tabar served as Chief Strategy Officer from March 31, 2021 to March 31, 2023 when he was appointed Chief Executive Officer of the Company.
Since January 2020, he has also been an independent contractor for Centerboard Securities LLC. Prior thereto, Mr. Tabar served as the
Co-Founder and Chief Strategy Officer of Fluidity from April 2017 to June 2020. Prior to this, he served as a Partner to FullCycle Fund
from December 2015 to April 2017. Prior to this, he served as Director and Head of Capital Strategy (Asia Pacific Region) for Bank of
America Merrill Lynch from February 2010 to April 2011. Prior to this, he was Co-Head of Marketing at Sparx Group from January 2004 to
2010. Prior to this, he was an associate at Skadden, Arps, Meagher, Flom LLP &amp; Affiliates from September 2001 to January 2004. Mr.
Tabar received his Bachelor of Arts from Oxford University in 2000 and received his Master of Law (LL.M.) from Columbia University School
of Law in 2001. He was associate editor of the Columbia Law Business Law Journal in 2000, and is a current member of the New York State
Bar Association. Mr. Tabar was a FINRA registered representative with Centerboard during 2022 until his resignation from Centerboard on
March 31, 2023.</span>&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Ichi Shih</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ms. Ichi Shih was elected to serve as a director
of the Company at the September 4, 2020 Annual General Meeting. She has over 15 years of experience building and advising corporations
through internal financial management, M&amp;A transactions, and capital market transaction across several global regions. From 1995 to
1998, Ms. Ichi Shih worked as an Equity Lending Assistant of Societe Generale in New York. From 1998 to 2000, She worked as a Financial
Analyst of Goldman Sachs &amp; Co. in New York. From 2003 to 2007, she worked as Senior Associate of Westminster Securities in New York.
From 2007 to 2009, she worked as Vice President of Brean Murray in New York. From 2009 to 2011, she worked as CFO of China Valves Technologies
in both Hong Kong and U.S. From 2012 to 2014, she worked as Senior Vice President of Glory Sky Group in Hong Kong. In 2015, she worked
as Listing Advisor of Nasdaq Dubai in Dubai and Shanghai. From 2016 to 2017, she worked as CFO of Cubetech Global Asset in Beijing. From
2017 to 2018, she worked as CFO of ProMed Clinical Research Organization Inc. in Beijing. From 2018 until now, she has worked as a Partner
of Cathay Securities Inc. in Beijing and New York. Ms. Ichi Shih received her Bachelor&#8217;s degree in Accounting and International
Business from Stern School of Business at New York University in 1995 and Master&#8217;s degree in International Finance and Business
from School of International and Public Affairs at Columbia University in 2002. Ms. Ichi Shih holds a CPA Certificate from American Institute
of Certified Public Accountants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Yan Xiong</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Yan Xiong has been serving as a director of
the Company since April 19, 2020. Mr. Xiong has worked as chairman of the board of directors at Guangzhou Kangsheng Pharmaceutical Technology
Limited from 2014 to the present. From 2001 to October 2013, Mr. Xiong worked as chairman of the board of directors at Guangzhou Kangsheng
Bio-tech Limited. From 1997 to December 2000, Mr. Xiong worked as the General Manager at Zhuhai Dajiaweikang Wujin Mineral Import and
Outport Company. He holds a bachelor&#8217;s degree in Industrial Accounting from Hunan University Business School, China.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Brock Pierce</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Brock Pierce has been serving as a director
of the Company since October 31, 2021. He is an entrepreneur, artist, venture capitalist, and philanthropist with an extensive track record
of founding, advising and investing in disruptive business. He&#8217;s credited with pioneering the market for digital assets and has
raised more than $5B for companies he has founded. Pierce is Chairman of Bitcoin Foundation and the co-founder of EOS Alliance, Block.One,
Blockchain Capital, Tether, and Mastercoin. Pierced has been involved in bitcoin mining since its genesis days, acquiring a significant
portion of the first batch of Avalons and ran KNC&#8217;s China operation, one of the world&#8217;s first large scale mining operations.
He was also a seed investor in BitFury through Blockchain Capital. He also established the largest Bitcoin mining operation in Washington
State in the industry&#8217;s early days. Pierce has lectured at some of the nation&#8217;s most prestigious institutions, the Milken
Institute Global Conference, International World Congress, and has been featured by the New York Times, Wall Street Journal and Fortune.
Pierce was on the first-ever Forbes List for the &#8220;Richest People in Cryptocurrency&#8221; and was an Independent Party candidate
for President of the United States in 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6.B. Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December 31, 2022,
2021 and 2020, we paid an aggregate of approximately $1,064,000, $2,505,542 and $80,000, respectively, in cash to our executive officers,
and $4,000, $4,000 and $16,000, respectively, to our non-executive directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Summary Compensation Table</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the cash and non-cash
compensation for awarded to or earned by (i) each individual serving as our principal executive officer and principal financial officer
during the fiscal years ended December 31, 2022 and 2021, and (ii) the three (3) most highly compensated individuals; and who received
in excess of $100,000 in the form of salary and bonus during such fiscal year (collectively, the &#8220;named executive officers&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name&#160;and&#160;Principal&#160;Position</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sam Tabar, CSO<sup>(4)</sup></span></td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Bullett served as Chief Executive Office from March 31, 2021 to March 31, 2023.</span></td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Messrs. Bullett &#160;and Tabar were awarded 120,765 restricted stock units (RSUs) pursuant to employment agreements dated March 31, 2021, which shares vested over 24 months commencing in February 2021. In July 2021, Messrs. Bullett and Tabar were each awarded 40,000 RSUs as a bonus. The RSUs awarded to Messrs. Bullett and Tabar were granted under the Company&#8217;s 2021 Omnibus Equity Incentive Plan described in Section 10.B. Memorandum and Articles of Association &#8211; Share Options/Restricted Share Units. In 2022, no new RSUs were issued to Messrs. Bullett and Tabar.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Huang has served as CFO since October 18, 2019 and as Interim CEO from February 2, 2021 until March 31, 2021. On March 31, 2023, with a change in senior management, Mr. Huang&#8217;s salary increased to $600,000 per annum, pursuant to an amendment to his employment agreement with the Company, as summarized below under &#8220;Employment Agreements.&#8221;</span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Tabar served as CSO from March 31, 2021 to March 31, 2023. On March 31, 2023, Mr. Tabar began to serve as Chief Executive Officer of the Company.</span></td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="text-align: justify; font-size: 10pt">

<p style="margin: 0pt 0">The &#8220;Stock Based Comp&#8221; column represents the aggregate grant date fair value for RSUs granted under
the Company&#8217;s 2021 Omnibus Equity Incentive Plan during fiscal year 2021, computed in accordance with Financial Accounting Standards
Board (&#8220;FASB&#8221;) ASC Topic 718 (&#8220;ASC 718&#8221;). See Note 3 to our consolidated financial statements for details on the
assumptions used to determine the grant date fair value of the restricted stock units. As of December 31, 2021, fair value of the vested
and issued RSUs, based on the closing price on the vesting date, for Messrs. Bullett, Huang and Tabar is $897,230, $3,502,400 and $897,230
respectively. <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p> </td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not set aside or accrued any amount to
provide pension, retirement or other similar benefits to our executive officers and directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Page; Sequence: 111; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employment Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Erke Huang</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 28, 2022, the Company and Erke Huang
entered into an employment agreement pursuant to which the Company paid Mr. Huang $60,000 per annum as Chief Financial Officer of the
Company. In connection with a change in senior management of the Company, Mr. Huang&#8217;s base salary was increased to $600,000, with
such compensation commencing on March 10, 2023. The agreement is for a term of two (2) years and will renew automatically for one-year
terms when not terminated by either party. Mr. Huang is eligible for bonuses as determined by the Board and eligible to participate in
equity incentive plans of the Company. The Company shall also reimburse Mr. Huang for reasonable and approved expenses incurred by him
in connection with the performance of his duties under his employment agreement. Mr. Huang is subject to a one-year non-competition and
non-solicitation covenant from the date of termination of employment for any reason. The Company and Mr. Huang also entered into a director
agreement on October 28, 2022, pursuant to which the Company agreed to pay Mr. Huang one thousand (US$1,000) dollars per quarter for
serving on the Board. The Company shall also reimburse Mr. Huang for reasonable and approved expenses incurred by him in connection with
the performance of his duties under his director agreement. Under the director agreement, Mr. Huang is subject to a one-year non-competition
covenant and a three-year non-solicitation covenant. Mr. Huang has no family relationship with any of the executive officers of the Company.
&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bryan Bullett</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Bullett was employed under a two-year Employment
Agreement effective March 31, 2021 until March 31, 2023. He was compensated at the rate of $125,000 per annum during 2021. Pursuant to
an amendment dated January 1, 2022, Mr. Bullett&#8217;s base salary was increased to $500,000 commencing January 1, 2022 through the end
of the two-year term. He was  eligible for a discretionary yearly cash bonus based on targets and performance criteria to be established
by the Board. Mr. Bullett was awarded 120,765 restricted stock units (&#8220;RSUs&#8221;) under his Employment Agreement. The RSUs were
awarded under the 2021 Omnibus Equity Incentive Plan approved by the Company&#8217;s shareholders at its April 2021 Annual General Meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to a Confidential Negotiated Separation
Agreement and General Release dated March 13, 2023, Mr. Bullett resigned his employment with the Company as Chief Executive Officer effective
March 31, 2023. The Company paid Mr. Bullett a lump sum of $1,000,000 of severance pursuant to his Employment Agreement. All of the outstanding
RSUs had already vested. Under the agreement the Company released Mr. Bullett from any and all express or implied lock-ups or restrictions
on trading Company securities and to the extent Mr. Bullett is considered an insider at any time following the effective date of the Agreement
and General Release, the Company will provide him with an open trading window at least once per quarter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, on March 13, 2023, with
effectiveness on March 31, 2023, the Company entered into an Advisory Agreement with an entity wholly owned and controlled by Mr.
Bullett. Through the entity, Mr. Bullett will serve the non-executive role of Senior Advisor to the Company and will provide certain
advisory services to the Company, such as global expansion, business development, product, technology, ecosystem development,
strategic partnerships advice and strategic introductions.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sam Tabar</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Tabar has been employed under a two-year Employment
Agreement, effective March 31, 2021, on substantially the same terms as the Employment Agreement described above for Mr. Bullett. He too
was compensated at a base salary of $125,000 per annum during 2021. Pursuant to an amendment dated January 1, 2022, Mr. Tabar&#8217;s
base salary was increased to $500,000 commencing January 1, 2022 through the end of the two-year term. He was awarded 120,765 RSUs under
his Employment Agreement pursuant to the terms and conditions of the 2021 Omnibus Equity Incentive Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to a second amendment to the Employment
Agreement dated March 31, 2023, the Company extended the term of the Employment Agreement for an additional two years with Mr. Taber assuming
the role of Chief Executive Officer. Mr. Taber&#8217;s salary remains $500,000 and his equity award compensation remains as pursuant to
his original employment agreement and the 2021 Omnibus Equity Incentive Plan. The second amendment also provided that the Employment Agreement
will not be terminated by the Company at any time prior to the end of the Initial two -year Term except for Cause (as defined). In the
event that Mr. Tabar&#8217;s employment is terminated by the Company without Cause commencing two (2) years from the date of the Amendment,
or at any time by Mr. Tabar for Good Reason, or as a result of expiration of the Employment Period by reason of the Company&#8217;s issuance
of a Non-Renewal Notice, the Company shall pay and/or provide Mr. Tabar with a single lump sum cash amount on the next regularly scheduled
payroll date following Executive&#8217;s date of termination, in an amount equal to the number of years employed by the Company (or fraction
thereof) plus two (2) multiplied by one (1) month of Base Salary with a minimum of six (6) months Base Salary at all times during the
Employment Period.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Tabar has agreed to hold, both during and
after the termination or expiry of his employment agreement, in strict confidence and not to use, except as required in the performance
of his duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any
confidential information or trade secrets of our clients or prospective clients, or the confidential or proprietary information of any
third party received by us and for which we have confidential obligations. Mr. Tabar has also agreed to assign all right, title and interest
(including but not limited to patents and trademarks) in all inventions and designs which he conceives, develops or reduces to practice
during his employment with the Company and two (2) years thereafter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, Mr. Tabar has agreed to be bound
by non-competition and non-solicitation restrictions during the term of his employment. Specifically, Mr. Tabar has agreed not to (i)
approach our suppliers, clients, customers or contacts or other persons or entities introduced to him in his capacity as a representative
of the Company for the purpose of doing business with such persons or entities that will harm the Company&#8217;s business relationships
with these persons or entities; or (ii) seek directly or indirectly, to solicit the services of any of the Company&#8217;s employees who
is employed by the Company on or after the date of his termination, or in the year preceding such termination, without our express consent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Director Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company and each of its independent directors, Ms. Ichi Shih, Yan Xiong and Zhaohui Deng, entered into director agreements pursuant to
which the Company agreed to pay each director one thousand ($1,000) dollars per quarter for serving on the Board for a one-year period,
subject to a one-year renewal. In 2021, the Board also authorized one-time 10,000 RSUs award with immediate vesting to Ichi Shih for
her services pursuant to the Company&#8217;s 2021 Omnibus Equity Incentive Plan and 30,000 RSUs were awarded in October 2022 under the
Second 2021 Omnibus Equity Incentive Plan with immediate vesting for her services as Chairman of the Audit Committee during 2022 and
2023. The Company shall also reimburse each director for reasonable and approved expenses incurred by him or her in connection with the
performance of their duties under the director agreements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
an independent director, Mr. Pierce, through an entity for which he serves on the Company&#8217;s Board, was awarded 20,000 RSUs with
immediate vesting pursuant to the Company&#8217;s 2021 Omnibus Equity Incentive Plan. He is eligible for additional compensation, from
time to time, at the discretion of the Board. His term is one year and was renewed for a one-year renewal year re-election by a majority
of the shareholders of the Company at the July 29, 2022 Annual General Meeting. He will be provided with additional compensation for any
renewal of at least the initial 20,000 RSUs award. </span>&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There have been no transactions in the past two
years to which the Company or any of its subsidiaries was or is to be a party, in which each independent director had, or will have, a
direct or indirect material interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Board of Directors and Committees</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board currently only consists of 5 directors,
including Zhaohui Deng, Chairman of the Board, Erke Huang, Yan Xiong, Ichi Shih and Brock Pierce. We maintain an audit committee, a compensation
committee and a nominating and corporate governance Committee. Each of the committees of the Board has the composition and responsibilities
described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Audit Committee</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ms. Ichi Shih, Yan Xiong, Brock Pierce and Zhaohui
Deng are the members of our Audit Committee, where Ichi Shih serves as the Chairwoman. All members of our Audit Committee satisfy the
independence standards promulgated by the SEC and by Nasdaq as such standards apply specifically to members of audit committees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have adopted a charter for the Audit Committee.
In accordance with our Audit Committee Charter, our Audit Committee shall perform several functions, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluates the independence and performance of, and assesses the qualifications of, our independent auditor, and engages such independent auditor;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approves the plan and fees for the annual audit, quarterly reviews, tax and other audit-related services, and approves in advance any non-audit service to be provided by the independent auditor;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitors the independence of the independent auditor and the rotation of partners of the independent auditor on our engagement team as required by law;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviews the financial statements to be included in our Annual Report on Form 20-F and Current Reports on Form 6-K and reviews with management and the independent auditors the results of the annual audit and reviews of our quarterly financial statements;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">oversees all aspects our systems of internal accounting control and corporate governance functions on behalf of the board;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is determined that Ms. Ichi Shih possesses
accounting or related financial management experience that qualifies her as an &#8220;audit committee financial expert&#8221; as defined
by the rules and regulations of the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Compensation Committee</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yan Xiong, Zhaohui Deng, Brock Pierce and Ichi
Shih are the members of our Compensation Committee and Yan Xiong is the chairman. All members of our Compensation Committee are qualified
as independent under the current definition promulgated by Nasdaq. We have adopted a charter for the Compensation Committee.&#160;In accordance
with the Compensation Committee&#8217;s Charter, the Compensation Committee is responsible for overseeing and making recommendations to
the Board regarding the salaries and other compensation of our executive officers and general employees and providing assistance and recommendations
with respect to our&#160;compensation policies and practices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Nominating and Corporate Governance Committee</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zhaohui Deng, Yan Xiong, Brock Pierce and Ichi
Shih are the members of our Nominating and Corporate Governance Committee and Zhaohui Deng is the chairman. All members of our Nominating
and Corporate Governance Committee are qualified as independent under the current definition promulgated by Nasdaq. We have adopted a
charter for the Nominating and Corporate Governance Committee.&#160;In accordance with its charter, the Nominating and Corporate Governance
Committee is responsible for identifying and proposing new potential director nominees to the board of directors for consideration and
reviewing our corporate governance policies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Director Independence</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board reviewed the materiality of any relationship
that each of our directors has with us, either directly or indirectly. Based on this review, it is determined that Zhaohui Deng, Yan Xiong,
Ichi Shih and Brock Pierce are &#8220;independent directors&#8221;&#160;as defined by Nasdaq.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Code of Business Conduct and Ethics</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have adopted a Code of Business Conduct and
Ethics that applies to all of our executive officers, directors and employees. The code of ethics codifies the business and ethical principles
that govern all aspects of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Family Relationships</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no family relationship among any of our
directors or executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Duties of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Cayman Islands law, our directors have a
duty of loyalty to act honestly in good faith with a view to our best interests. Our directors also have a duty to exercise the skill
they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. In fulfilling
their duty of care to us, our directors must ensure compliance with our memorandum and articles of association as amended and restated
from time to time, and the class rights vested thereunder in the holders of the shares. Our board of directors has all the powers necessary
for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among
others:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convening shareholders&#8217; annual and extraordinary general meetings;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">declaring dividends and distributions;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing officers and determining the term of the officers;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising the borrowing powers of our company and mortgaging the property of our company; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving the transfer of shares in our company, including the registration of such shares in our share register.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our company has the right to seek damages if a
duty owed by our directors is breached. A shareholder may in certain limited exceptional circumstances have the right to seek damages
in our name if a duty owed by our directors is breached. You should refer to Item 10B. &#8220;Memorandum and Articles of Association &#8211;
Provisions in Corporate Law&#8221; for additional information on our standard of corporate governance under Cayman Islands law.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6.C. Board Practices</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Terms of Directors and Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our officers are elected by and serve at the discretion
of the Board and the shareholders voting by ordinary resolution. Our directors are not subject to a set term of office and hold office
until the next general meeting called for the election of directors and until their successor is duly elected or such time as they die,
resign or are removed from office by a shareholders&#8217; ordinary resolution or the unanimous written resolution of all shareholders.
A director will be removed from office automatically if, among other things, the director becomes bankrupt or makes any arrangement or
composition with his creditors generally or is found to be or becomes of unsound mind.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Item 6.B &#8220;<i>Compensation</i>&#8221;
for information concerning any directors&#8217; service contracts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Item 6.A &#8220;<i>Directors and Senior Management</i>&#8221;
for information concerning the Company&#8217;s audit committee and compensation committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6.D. Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See the section entitled &#8220;Employees&#8221;
in &#8220;<i>Item 4 Information on the Company</i>,&#8221; above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6.E. Share Ownership</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The following table sets forth information regarding the
beneficial ownership of our Ordinary Shares as of the date of this report by our officers, directors, senior advisor and 5% or greater
beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons known by us to beneficially own more than
5% of our Ordinary Shares.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have determined beneficial ownership in accordance
with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting
power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which
that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table
has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property
laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td style="white-space: nowrap">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif; text-align: right">-</td><td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif">&#160;</td>
    <td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif; text-align: right">-</td><td style="white-space: nowrap; font-family: Times New Roman,serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman,serif; text-align: left">Bryan Bullett</td><td style="font-family: Times New Roman,serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman,serif; text-align: left">Sam Tabar</td><td style="font-family: Times New Roman,serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman,serif; text-align: left">All directors and officers as a group (seven individuals)</td><td style="font-family: Times New Roman,serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman,serif; font-weight: bold; text-align: left">5% shareholders: no others</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
than 1% of issued and outstanding shares.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise noted, the business address of each of the following entities or individuals is c/o Bit Digital, Inc., 33 Irving Place, New York, New York 10003.</span></td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable percentage of voting securities prior to the date of this report is based on 82,535,471 Ordinary Shares outstanding and one million preference shares, each with fifty (50) votes, or an aggregate of 132,535,471 voting securities as of April 11, 2023, together with securities exercisable or convertible into Ordinary Shares within sixty (60) days as of such date for each shareholder. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erke Huang (through Even Green Holdings Limited) and Zhaohui Deng are the beneficial owners of 300,000 and 700,000 Ordinary Shares, respectively, issuable upon the conversion of 1,000,000 Preference Shares owned by Geney Development Limited (&#8220;GDL&#8221;), a BVI entity, located at 4<sup>th</sup> Floor Waters Edge Building, Meridian Plaza, Road Town, Tortola VG1110, British Virgin Islands. The Company&#8217;s Amended and Restated Articles of Association (the &#8220;AOA&#8221;), filed in the Cayman Islands on or about April 30, 2021, provides that (i) all Preference Shares are convertible into Ordinary Shares on a one-for-one basis and (ii) for all Company matters requiring the vote of Members by a poll or by proxy, each Preference Share shall carry the equivalent number of votes as 50 Ordinary Shares, or an aggregate of 50,000,000 votes, which are equal to approximately 60.6% of the 82,535,471 issued and outstanding shares as of April 11, 2023 or approximately 37.9% of the Voting Securities, including the Preference Shares.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(4)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 300,000 preference shares beneficially owned by Mr. Huang carry 15 million votes and the 700,000 preference shares owned by Mr. Deng carry 35 million votes.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(5)</sup></span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(6)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents 20,000 Ordinary
    Shares issued in 2021 under RSUs granted and vested pursuant to the Director Agreement under which Mr. Pierce is serving.&#160; </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(7)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These shares are those remaining issued and outstanding from 120,765 shares issued to each of Mr. Bullett and Mr. Tabar upon exchange of RSUs awarded under their respective employment agreements entered into, each effective as of March 31, 2021 and the remaining 40,000 shares were issued upon exchange of RSUs awarded pursuant to Board of Directors&#8217; resolutions adopted on July 29, 2021. The RSUs were awarded under the Company&#8217;s 2021 Omnibus Equity Incentive Plan approved by the Company&#8217;s shareholders at the 2020 Annual Meeting. The initial 135,765 shares issued to both Mr. Bullett and Mr. Tabar vested in twenty-four (24) equal monthly installments commencing in February 2021.&#160;The 40,000 RSUs (as exchanged for Ordinary Shares) issued to each of Messrs. Bullett and Tabar were fully vested upon award.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY
TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7.A. Major Shareholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Item 6.E., &#8220;Share Ownership,&#8221;
for a description of our major shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7.B. Related Party Transactions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">See
Item 6B. &#8220;Compensation&#8221; for information concerning employment agreements entered into with each of the Company&#8217;s executive
officers: Bryan Bullett, our former Chief Executive Officer, Erke Huang, Chief Financial Officer, and Sam Tabar, current Chief Executive
Officer and former Chief Strategy Officer.</span>&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 21, 2022, the Company and an officer
of the Company entered into a Confidential Settlement, General Release and Separation Agreement (the &#8220;Agreement&#8221;) with a former
employee (the &#8220;Employee&#8221;). The Employee asserted various disputes, which the Company settled for a sum of $500,000. The parties
entered into a non-disclosure agreement and agreed to mutual non-disparagement. The Board of Directors of the Company retained counsel
to review and investigate the matter and made recommendations to the Board to implement concerning our policies and procedures and to
reduce the officer&#8217;s 2022 bonus by $300,000.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 26, 2021, the Company entered into a Share
Exchange Agreement (the &#8220;SEA&#8221;) with Geney Development Limited (&#8220;Geney&#8221;), a corporation formed under the laws of
the British Virgin Islands. Geney is owned seventy (70%) percent by Zhaohui Deng, Chairman of the Board of the Company, and thirty (30%)
percent owned by Erke Huang, the Company&#8217;s Chief Financial Officer and a director of the Company. Under the SEA, Geney exchanged
1,000,000 Ordinary Shares for 1,000,000 Preference Shares. Each Preference Share provides for: (i) an eight (8%) percent annual dividend
when declared by the Board; (ii) a liquidation preference of $10 per share (an aggregate of $10 million) senior to Ordinary Shares; (iii)
converts on a one-for-one basis, subject to a 4.99% blocker; and (iv) fifty (50) votes per Preference Share in order for management to
carry out its intended business plan.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2020, the Company
borrowed funds of $329,722 from the Company&#8217;s interim Chief Executive Officer and Chief Financial officer, Erke Huang as&#160;working
capital to support the Company&#8217;s digital asset mining when needed. As of the date of this report, the outstanding balance due to
Erke Huang was $nil. Such borrowings were non-interest bearing and due on demand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7.C. Interests of Experts and Counsel</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 8. FINANCIAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Consolidated Statements and Other Financial Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements required by this item
may be found at the end of this report on 20-F, beginning on page F-1.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &#8220;Item 4. Information on the Company
&#8211; Legal Proceedings.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dividends</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never declared or paid any dividend on
our Ordinary Shares and we do not anticipate paying any dividends on our Ordinary Shares in the future. We currently intend to retain
all future earnings to finance our operations and to expand our business. The 1,000,000 preference shares beneficially held by an officer
and a director of the Company are entitled to eight (8%) percent annual dividends if and when decided by the Board of Directors. On February
7, 2023, the Board of Directors declared an eight (8%) percent ($800,000) dividend on the preference shares to Geney Development Ltd.
(&#8220;Geney&#8221;). Erke Huang, our Chief Financial Officer, is the President of Geney and the beneficial owner of thirty (30%) percent
of the equity of Geney, with the remaining seventy (70%) percent held by Zhao Hui Deng, the Company&#8217;s Chairman of the Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Significant Changes</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as disclosed elsewhere in this annual report,
no other significant changes to our financial condition have occurred since the date of the annual financial statements contained herein.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 117; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 9. THE OFFER AND LISTING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.A. Offer and Listing Details</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ordinary Shares, $.01 par value, are listed
for trading on the Nasdaq Capital Market under the symbol &#8220;BTBT&#8221; The shares began trading on March 19, 2018 on the Nasdaq
Capital Market. On August 7, 2020, the Company changed its Nasdaq trading symbol from DNJR to BTBT.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.B. Plan of Distribution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.C. Markets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ordinary Shares are currently traded on the
Nasdaq Capital Market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.D. Selling Shareholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.E. Dilution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.F. Expenses of the Issuer</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 10. ADDITIONAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.A. Share Capital</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.B. Memorandum and Articles of Association</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a Cayman Islands exempted company and our
affairs are governed by our memorandum and articles of association and the Companies Act (Revised) of the Cayman Islands, which we refer
to as the Companies Act below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We amended our Memorandum of Association on April
30, 2021, following our Annual General Meeting held on April 20, 2021, to create a new class of 10,000,000 authorized preferred shares
and for a number of changes to the description of Cayman Island laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our authorized share capital is 350,000,000 shares
consisting of 340,000,000 Ordinary Shares, par value $0.01 per share and 10,000,000 preferred shares, par value $0.01 per share. As of
April 11, 2023, there were&#160;82,535,471 Ordinary Shares and 1,000,000 preferred shares issued and outstanding, with 50 votes per preferred
share.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Dividends.</i> Subject to any rights and restrictions
of any other class or series of shares, our board of directors may, from time to time, declare dividends on the shares issued and authorize
payment of the dividends out of our lawfully available funds under Cayman Island laws. No dividends shall be declared by the board of
our Company except out of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">profits; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;share premium account,&#8221; which represents the excess of the price paid to our Company on issue of its shares over the par or &#8220;nominal&#8221; value of those shares, which is similar to the U.S. concept of additional paid in capital.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Voting Rights. </i>The holders of our Ordinary
Shares are entitled to one vote per share, including for the election of directors. Voting at any meeting of shareholders is by show of
hands unless a poll is demanded. On a show of hands, every shareholder present in person or by proxy shall have one vote. On a poll, every
shareholder entitled to vote (in person or by proxy) shall have one vote for each share for which he is the holder. A poll may be demanded
by the chairman or one or more shareholders present in person or by proxy holding not less than fifteen percent of the paid-up capital
of the Company entitled to vote. A quorum required for a meeting of shareholders consists of shareholders who hold at least one-third
of our outstanding shares entitled to vote at the meeting present in person or by proxy. While not required by our articles of association,
a proxy form will accompany any notice of general meeting convened by the directors to facilitate the ability of shareholders to vote
by proxy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any ordinary resolution to be made by the shareholders
requires the affirmative vote of a simple majority of the votes of the Ordinary Shares cast in a general meeting, while a special resolution
requires the affirmative vote of no less than two-thirds of the votes of the Ordinary Shares cast. Under Cayman Islands law, some matters,
such as amending the memorandum and articles, changing the name or resolving to be registered by way of continuation in a jurisdiction
outside the Cayman Islands, require approval of shareholders by a special resolution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no limitations on non-residents or foreign
shareholders in the memorandum and articles to hold or exercise voting rights on the Ordinary Shares imposed by foreign law or by the
charter or other constituent document of our company. However, no person will be entitled to vote at any general meeting or at any separate
meeting of the holders of the Ordinary Shares unless the person is registered as of the record date for such meeting and unless all calls
or other sums presently payable by the person in respect of Ordinary Shares in the Company have been paid.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Winding up; Liquidation. </i>Upon the winding
up of our company, after the full amount that holders of any issued shares ranking senior to the Ordinary Shares as to distribution on
liquidation or winding up are entitled to receive has been paid or set aside for payment, the holders of our Ordinary Shares are entitled
to receive any remaining assets of the Company available for distribution as determined by the liquidator. The assets received by the
holders of our Ordinary Shares in a liquidation may consist in whole or in part of property, which is not required to be of the same kind
for all shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Calls on Ordinary Shares and Forfeiture of
Ordinary Shares. </i>Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary
Shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. Any Ordinary Shares
that have been called upon and remain unpaid are subject to forfeiture.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Redemption of Ordinary Shares.</i> We may,
subject to obtaining the necessary approvals under our memorandum and articles of association, issue shares that are, or at our option
or at the option of the holders are, subject to redemption on such terms and in such manner as we may, before the issue of the shares,
determine. Under the Companies Act, shares of a Cayman Islands exempted company may be redeemed or repurchased out of profits of the company,
out of the proceeds of a fresh issue of shares made for that purpose or out of capital, provided the memorandum and articles of association
authorize this ( and any necessary approvals thereunder are duly obtained) and the company has the ability to pay its debts as they fall
due in the ordinary course of business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>No Preemptive Rights.</i> Holders of Ordinary
Shares do not have preemptive or preferential right to purchase any securities of our company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Variation of Rights Attaching to Shares. </i>If
at any time the share capital is divided into different classes of shares, the rights attaching to any class (unless otherwise provided
by the terms of issue of the shares of that class) may, subject to the memorandum and articles of association, be varied or abrogated
with the consent in writing of the holders of three fourths of the issued shares of that class or with the sanction of a special resolution
passed at a general meeting of the holders of the shares of that class.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Anti-Takeover Provisions. </i>Some provisions
of our current memorandum and articles of association may discourage, delay or prevent a change of control of our company or management
that shareholders may consider favorable, including provisions that authorize our board of directors to issue preferred shares in one
or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares without any further
vote or action by our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Exempted Company. </i>We are an exempted company
with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies.
Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered
as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted
company:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">does not have to file an annual return of its shareholders with the Registrar of Companies;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is not required to open its register of members for inspection;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">does not have to hold an annual general meeting;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may issue shares with no par value;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 7.85pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may register as a limited duration company; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may register as a segregated portfolio company.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Limited liability&#8221; means that the liability of each shareholder
is limited to the amount unpaid by the shareholder on the shares of the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Listing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&#8217;s Ordinary Shares are listed on the Nasdaq Capital
Market under the symbol &#8220;BTBT.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Transfer Agent and Registrar</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for our Ordinary
Shares is TranShare Securities Transfer &amp; Registrar, whose address is Bayside Center 1, 17755 North&#160;U.S. Highway 19, Suite 140,
Clearwater, Florida 33764.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Preferred Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board is empowered to designate and issue
from time to time one or more classes or series of Preferred Shares and to fix and determine the relative rights, preferences, designations,
qualifications, privileges, options, conversion rights, limitations and other special or relative rights of each such class or series
so authorized. Such action could adversely affect the voting power and other rights of the holders of the Company&#8217;s Ordinary Shares
or could have the effect of discouraging or making difficult any attempt by a person or group to obtain control of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Company&#8217;s Annual General Meeting
held on April 20, 2021, the Company&#8217;s shareholders authorized a new class of 1,000,000 Preferred Shares which provide for annual
dividends of eight (8%) percent, a liquidation preference of $10 per share; conversion into Ordinary Shares on a 1:1 basis, subject to
a 4.99% Conversion Limitation; Ranking Senior to Ordinary Shares with a voting right of fifty (50) Ordinary Shares for each Preferred
Share. These preferred shares were issued to our Chairman, Zhaohui Deng (700,000 shares) and our Chief Financial Officer, Erke Huang (300,000
shares) in order to enable them to carry out our business strategy. See Item 8. &#8220;Financial Information &#8211; Dividends.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Provisions in Corporate Law</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cayman Islands&#8217; Companies Act is modeled
after that of English law but does not follow many recent English law statutory enactments. In addition, the Companies Act differs from
laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant provisions of the Companies
Act applicable to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Mergers and Similar Arrangements</i></b>.
A merger of two or more constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the
directors of each constituent company and authorization by (a) a special resolution of the shareholders and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such other authorization, if any, as may be specified in such constituent company&#8217;s articles of association.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A merger between a Cayman Islands parent company
and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman Islands
subsidiary if a copy of the plan of merger is given to every member of that Cayman Islands subsidiary to be merged unless that member
agrees otherwise. For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote
are owned by the parent company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consent of each holder of a fixed or floating
security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except in certain circumstances, a dissenting
shareholder of a Cayman constituent company is entitled to payment of the fair value of such dissenting shareholder&#8217;s shares upon
dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the
right to seek relief on the grounds that the merger or consolidation is void or unlawful.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, there are statutory provisions that
facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of each
class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value
of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting,
or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand
Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought
not to be approved, the court can be expected to approve the arrangement if it determines that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the statutory provisions as to the required majority vote have been met;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When a takeover offer is made and accepted by
holders of 90% of the shares within four months, the offeror may, within a two-month period commencing on the expiration of such four-month
period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the
Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence
of fraud, bad faith or collusion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an arrangement and reconstruction is thus approved,
the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting
shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Shareholders&#8217; Suits. </i></b>In principle,
we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However,
based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to
the foregoing principle, including when:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a company acts or proposes to act illegally or ultra vires;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">those who control the company are perpetrating a &#8220;fraud on the minority.&#8221;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Indemnification of Directors and Executive
Officers and Limitation of Liability</i></b>. Cayman Islands law does not limit the extent to which a company&#8217;s memorandum and articles
of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman
Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing
a crime. Our current memorandum and articles of association permit indemnification of officers and directors for losses, damages, costs
and expenses incurred in their capacities as such unless such losses or damages arise from the willful neglect or default of such directors
or officers. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.
In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with
additional indemnification beyond that provided in our current memorandum and articles of association.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have
been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is
therefore unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Directors&#8217; Fiduciary Duties</i></b><i>.
</i>Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This
duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the
care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of,
and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position
for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation
and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the
shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the
honest belief that the action taken was in the best interests of the corporation and its shareholders. However, this presumption may be
rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director,
the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a matter of Cayman Islands law, a director
of a Cayman Islands company is in the position of a fiduciary with respect to the company and, therefore, owes the following duties to
the company: a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as
director (unless the company permits him or her to do so) and a duty not to put himself or herself in a position where the interests of
the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company also
owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance
of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However,
English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care, and those authorities
are likely to be followed in the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Shareholder Action by Written Consent</i></b>.
Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment
to its certificate of incorporation. Cayman Islands law and our current articles of association provide that shareholders may approve
corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to
vote on such matter at a general meeting without a meeting being held.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Shareholder Proposals</i></b>. Under the
Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided
it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other
person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cayman Islands law does not provide shareholders
any right to put proposals before a meeting or requisition a general meeting. However, these rights may be provided in articles of association.
Our current articles of association allow our shareholders holding not less than one-third of all voting power of our share capital in
issue to requisition a shareholder&#8217;s meeting. Other than this right to requisition a shareholders&#8217; meeting, our current articles
of association do not provide our shareholders other right to put proposal before a meeting. As a Cayman Islands exempted company, we
are not obliged by law to call shareholders&#8217; annual general meetings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cumulative Voting. </i></b>Under the Delaware
General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&#8217;s certificate of incorporation
specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors
since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases
the shareholder&#8217;s voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting
under the laws of the Cayman Islands, but our current articles of association do not provide for cumulative voting. As a result, our shareholders
are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Removal of Directors. </i></b>Under the
Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval
of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our current
articles of association, directors may be removed with or without cause, by an ordinary resolution of our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Transactions with Interested Shareholders.
</i></b>The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless
the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited
from engaging in certain business combinations with an &#8220;interested shareholder&#8221; for three years following the date that such
person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or
more of the target&#8217;s outstanding voting share within the past three years. This has the effect of limiting the ability of a potential
acquirer to make a two- tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if,
among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either
the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential
acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target&#8217;s board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cayman Islands law has no comparable statute.
As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although
Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions
must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Dissolution; Winding up. </i></b>Under the
Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders
holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved
by a simple majority of the corporation&#8217;s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate
of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law,
a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the
company is unable to pay its debts as they come due, by an ordinary resolution of its members. The court has authority to order winding
up of a company in a number of specified circumstances, including where it is, in the opinion of the court, just and equitable to do so.
Under the Companies Act and our current articles of association, our company may be dissolved, liquidated or wound up by a special resolution
of our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Variation of Rights of Shares.</i></b> Under
the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our current articles of
association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the
written consent of the holders of three-fourths of the issued shares of that class or with the sanction of a resolution passed by not
less than three-fourths of such holders of the shares of that class as may be present at a general meeting of the holders of the shares
of that class.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Amendment of Governing Documents. </i></b>Under
the Delaware General Corporation Law, a corporation&#8217;s governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our
current memorandum and articles of association may only be amended with a special resolution of our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Rights of Non-resident or Foreign Shareholders</i></b><i>.
</i>There are no limitations imposed by our post-offering amended and restated memorandum and articles of association on the rights of
non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our current
memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Share Options/Restricted Share Units</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company&#8217;s Board of Directors adopted the 2021
Omnibus Equity Incentive Plan (the &#8220;2021 Plan&#8221;), which was approved by the Company&#8217;s shareholders at the Annual General
Meeting on April 20, 2021. An aggregate of 2,415,293 Restricted Stock awards were granted under the 2021 Plan and no Ordinary Shares remain
reserved for issuance under the 2021 Plan. There are 5,000,000 Ordinary Shares reserved for issuance under the Company&#8217;s 2021 Second
Omnibus Equity Incentive Plan (the &#8220;2021 Second Plan&#8217;), with 333,125 incentive stock options outstanding as of December 31,
2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2021 Second Plan allows the Company to grant
incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, warrants and stock units. The
incentive stock options are exercisable for up to ten years, at an option price per share not less than the fair market value on the date
the option is granted. The incentive stock options are limited to persons who are regular full-time employees of the Company at the date
of the grant of the option. Non-qualified options may be granted to any person, including, but not limited to, employees, independent
agents, consultants and attorneys, who the Company&#8217;s Board believes have contributed, or will contribute, to the success of the
Company. Non-qualified options may be issued at option prices of less than fair market value on the date of grant and may be exercisable
for up to ten years from date of grant. The option vesting schedule for options granted is determined by the Board of Directors at the
time of the grant. The 2021 Second Plan provides for accelerated vesting of unvested options if there is a change in control, as defined
in the 2021 Second Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.C. Material Contracts</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not entered into any material contracts
other than in the ordinary course of business and other than those described in this annual report, including those described in Item
4. &#8220;Information on the Company&#8221; and Item 6. &#8220;Directors, Senior Management and Employees.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.D. Exchange Controls </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cayman Islands</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are currently no exchange control regulations
in the Cayman Islands applicable to us or our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The PRC</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">China regulates foreign currency exchanges primarily
through the following rules and regulations:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign Currency Administration Rules of 1996, as amended; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative Rules of the Settlement, Sale and Payment of Foreign Exchange of 1996.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we disclosed in the risk factors above, Renminbi
is not a freely convertible currency at present. Under the current PRC regulations, conversion of Renminbi is permitted in China for routine
current-account foreign exchange transactions, including trade and service-related foreign exchange transactions, payment of dividends
and service of foreign debts. Conversion of Renminbi for most capital-account items, such as direct investments, investments in PRC securities
markets and repatriation of investments, however, is still subject to the approval of SAFE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the above-mentioned administrative
rules, foreign-invested enterprises may buy, sell and/or remit foreign currencies for current account transactions at banks in China with
authority to conduct foreign exchange business by complying with certain procedural requirements, such as presentment of valid commercial
documents. For capital-account transactions involving foreign direct investment, foreign debts and outbound investment in securities and
derivatives, approval from SAFE is a pre-condition. Capital investments by foreign-invested enterprises outside China are subject to limitations
and requirements in China, such as prior approvals from the PRC Ministry of Commerce or SAFE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.E. Taxation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The following discussion of material Cayman
Islands, PRC mainland, Hong Kong and United States federal income tax consequences of an investment in our Ordinary Shares is based upon
laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This discussion
does not deal with all possible tax consequences relating to an investment in our Ordinary Shares, such as the tax consequences under
state, local and other tax laws. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion
of Ogier, our Cayman Islands counsel. To the extent that the discussion relates to matters of PRC tax law, it represents the opinion of
Tian Yuan Law Firm, our PRC counsel. To the extent the discussion relates to the matters of U.S. tax law, it represents the opinion of
Davidoff Hutcher&amp; Citron LLP. </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Cayman Islands Taxation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cayman Islands currently levies no taxes on
individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax
or estate duty. There are no other taxes levied by the Government of the Cayman Islands that are likely to be material to holders of Ordinary
Shares. The Cayman Islands is not party to any double tax treaties. There are no exchange control regulations or currency restrictions
in the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>People&#8217;s Republic of China
Mainland Taxation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 16, 2007, the National People&#8217;s
Congress promulgated the PRC Enterprise Income Tax Law, or the EIT Law, which was amended on February 24, 2017 and December 29, 2018.
On December 6, 2007, the State Council enacted the Regulations for the Implementation of the EIT Law, which became effective on January
1, 2008 and was amended on April 23, 2019. Under the EIT Law and the relevant implementation regulations, both resident enterprises and
non-resident enterprises are subject to tax in China. Resident enterprises are defined as enterprises that are established in China in
accordance with PRC laws, or that are established in accordance with the laws of foreign countries but are actually or in effect controlled
from within China. Non-resident enterprises are defined as enterprises that are organized under the laws of foreign countries and whose
actual management is conducted outside China, but have established institutions or premises in China, or have no such established institutions
or premises but have income generated from inside China. Under the EIT Law and Implementation Rules, a uniform corporate income tax rate
of 25% is applied. However, if nonresident enterprises have not formed permanent establishments or premises in China, or if they have
formed permanent establishment or premises in China but there is no actual relationship between the relevant income derived in China and
the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect to their income
sourced from inside the PRC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the EIT Law, an enterprise established outside
the PRC with a &#8220;de facto management body&#8221; within the PRC is considered a PRC resident enterprise for PRC enterprise income
tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income as well as tax reporting obligations.
Under the Implementation Rules, a &#8220;de facto management body&#8221; is defined as a body that has material and overall management
and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise. In
addition, SAT Circular 82 issued in April 2009 specifies that certain offshore-incorporated enterprises controlled by PRC enterprises
or PRC enterprise groups will be classified as PRC resident enterprises if all of the following conditions are met: (a) senior management
personnel and core management departments in charge of the daily operations of the enterprises have their presence mainly in the PRC;
(b) their financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c) major
assets, accounting books and company seals of the enterprises, and minutes and files of their board&#8217;s and shareholders&#8217; meetings
are located or kept in the PRC; and (d) half or more of the enterprises&#8217; directors or senior management personnel with voting rights
habitually reside in the PRC. Further to SAT Circular 82, the SAT issued SAT Bulletin 45, which took effect in September 2011, to provide
more guidance on the implementation of SAT Circular 82. SAT Bulletin 45 provides for procedures and administration details of determination
on PRC resident enterprise status and administration on post-determination matters. If the PRC tax authorities determine that the Company
or any of our subsidiaries outside of China is a PRC resident enterprise for PRC enterprise income tax purposes, a number of unfavorable
PRC tax consequences could follow. For example, we or our subsidiaries outside of China may be subject to enterprise income tax at a rate
of 25% with respect to its worldwide taxable income. Also, a 10% withholding tax would be imposed on dividends we pay to our non-PRC enterprise
shareholders and with respect to gains derived by our non-PRC enterprise shareholders from transferring our shares or Ordinary Shares
and potentially a 20% of withholding tax would be imposed on dividends we pay to our non-PRC individual shareholders and with respect
to gains derived by our non-PRC individual shareholders from transferring our shares or Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is unclear whether, if we are considered a
PRC resident enterprise, holders of our shares or Ordinary Shares would be able to claim the benefit of income tax treaties or agreements
entered into between China and other countries or areas. See &#8220;Risk Factors &#8211; Risk Factors Relating to Doing Business in China
&#8211; Under the PRC Enterprise Income Tax Law, we may be classified as a PRC resident enterprise for PRC enterprise income tax purposes.
Such classification would likely result in unfavorable tax consequences to us and our non-PRC Shareholders and have a material adverse
effect on our results of operations and the value of your investment&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under SAT Circular 7, where a non-resident enterprise
conducts an &#8220;indirect transfer&#8221; by transferring taxable assets, including, in particular, equity interests in a PRC resident
enterprise, indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise, being the transferor,
or the transferee or the PRC entity which directly owned such taxable assets may report to the relevant tax authority such indirect transfer.
Using a &#8220;substance over form&#8221; principle, the PRC tax authority may disregard the existence of the overseas holding company
if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result,
gains derived from such Indirect Transfer may be subject to PRC tax at a rate of up to 10%. for the transfer of equity interests in a
PRC resident enterprise. We and our non-PRC resident investors may be at risk of being required to file a return and being taxed under
SAT Circular 7, and we may be required to expend valuable resources to comply with SAT Circular 7, or to establish that we should not
be taxed thereunder. See &#8220;Risk Factors &#8211; Risk Factors Relating to Doing Business in China &#8211; We face uncertainty regarding
the PRC tax reporting obligations and consequences for certain indirect transfers of our operating company&#8217;s equity interests. Enhanced
scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may pursue in
the future.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the EIT Law and its implementation
rules, if a non-resident enterprise has not set up an organization or establishment in the PRC or has set up an organization or establishment
but the income derived has no actual connection with such organization or establishment, it will be subject to a withholding tax on its
PRC-sourced income at a rate of 10%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Arrangement between the Mainland
China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, or the Tax Arrangement,
where a Hong Kong resident enterprise which is considered a non-PRC tax resident enterprise directly holds at least 25% of a PRC enterprise,
the withholding tax rate in respect of the payment of dividends by such PRC enterprise to such Hong Kong resident enterprise is reduced
to 5% from a standard rate of 10%, subject to approval of the PRC local tax authority. Pursuant to the Notice of the State Administration
of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements, or Circular 81, a resident enterprise
of the counter-party to such Tax Arrangement should meet the following conditions, among others, in order to enjoy the reduced withholding
tax under the Tax Arrangement: (i) it must directly own the required percentage of equity interests and voting rights in such PRC resident
enterprise; and (ii) it should directly own such percentage in the PRC resident enterprise anytime in the 12 months prior to receiving
the dividends. Furthermore, the Administrative Measures for Non-Resident Enterprises to Enjoy Treatments under Tax Treaties (For Trial
Implementation), or the Administrative Measures, which became effective in October 2009, requires that the non-resident enterprises must
obtain the approval from the relevant tax authority in order to enjoy the reduced withholding tax rate under the tax treaties. There are
also other conditions for enjoying such reduced withholding tax rate according to other relevant tax rules and regulations. Accordingly,
Bit Digital Hong Kong may be able to enjoy the 5% withholding tax rate for the dividends it receives from the wholly foreign owned enterprise
to be established in China in the near future, if it satisfies the conditions prescribed under Circular 81 and other relevant tax rules
and regulations and obtains the approvals as required under the Administrative Measures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2019, the State Administration of Taxation
promulgated the Announcement of the State Taxation Administration on Issuing the Administrative Measures for Entitlement to Treaty Benefits
for Non-resident Taxpayers or Circular 35, which became effective on January1, 2020. Circular 35 provides that non-resident enterprises
are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax rate. Instead, non-resident
enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria to enjoy the tax treaty
benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents when performing tax
filings, which will be subject to post-tax filing examinations by the relevant tax authorities. However, according to Circular 81, if
the relevant tax authorities consider the transactions or arrangements we have are for the primary purpose of enjoying a favorable tax
treatment, the relevant tax authorities may adjust the favorable withholding tax in the future. Besides, according to Circular 35, where
we and our withholding agents both fail to provide relevant materials as required by tax authorities, or evade, refuse or obstruct the
follow-up investigations carried out by tax authorities, rendering it impossible for tax authorities to verify whether we met the conditions
for entitlement to treaty benefits, it shall be deemed as we not meeting the conditions for entitlement to treaty benefits. In such case,
we will be required to pay back the tax deducted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Hong Kong Taxation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hong Kong adopts territorial source system, under
which only income arising in or derived from Hong Kong is subject to Hong Kong tax under the general charging provision of the Inland
Revenue Ordinance. As regards to income earned by individuals, either in Hong Kong or overseas, from investments in shares listed in stock
exchange located outside of Hong Kong, such income is generally regarded as offshore sourced and non-taxable under Hong Kong tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, Hong Kong does not impose tax on
capital gains. In case share investments are acquired and held by individuals for long-term investment purpose, the resulting gains can
also be claimed as capital in nature and non-taxable in Hong Kong. On the other hand, in case the share investments are acquired and held
by individuals for short-term trading purpose, the resulting investment gains cannot be claimed as non-taxable on the ground that they
are capital in nature. However, individuals can still claim the investment gains as offshore sourced and non-taxable if the shares involved
are traded on a stock exchange located outside of Hong Kong as stated above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To conclude, income earned by individuals from
investments in our Ordinary Shares, which are listed in stock exchange located in the United States, are generally viewed as offshore
in nature by the Hong Kong tax authority and hence not subject to Hong Kong tax. Accordingly, there are no withholding tax obligations/requirements
by any parties under Hong Kong tax.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>United States Federal Income Tax
Considerations</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a discussion of United States
federal income tax considerations relating to the acquisition, ownership, and disposition of our Ordinary Shares by a U.S. Holder, as
defined below, that acquires our Ordinary Shares in this offering and holds our Ordinary Shares as &#8220;capital assets&#8221; (generally,
property held for investment) under the United States Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). This discussion
is based upon existing United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive
effect. No ruling has been sought from the Internal Revenue Service (the &#8220;IRS&#8221;) with respect to any United States federal
income tax consequences described below, and there can be no assurance that the IRS or a court will not take a contrary position. This
discussion does not address all aspects of United States federal income taxation that may be important to particular investors in light
of their individual circumstances, including investors subject to special tax rules (such as, for example, certain financial institutions,
insurance companies, regulated investment companies, real estate investment trusts, broker-dealers, traders in securities that elect mark-to-market
treatment, partnerships and their partners, tax-exempt organizations (including private foundations), investors who are not U.S. Holders,
investors that own (directly, indirectly, or constructively) 10% or more of our voting stock, investors that hold their Ordinary Shares
as part of a straddle, hedge, conversion, constructive sale or other integrated transaction), or investors that have a functional currency
other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition,
this discussion does not address any tax laws other than the United States federal income tax laws, including any state, local, alternative
minimum tax, non-United States tax considerations or the Medicare tax. Each potential investor is urged to consult its tax advisor regarding
the United States federal, state, local and non-United States income and other tax considerations of an investment in our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>General</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this discussion, a &#8220;U.S.
Holder&#8221; is a beneficial owner of our Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who
is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal
income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii)
an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or
(iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more
United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise elected to be
treated as a United States person under the Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a partnership (or other entity treated as a
partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner
in the partnership may vary depending on the status of the partner and the activities of the partnership. Partnerships and partners of
a partnership holding our Ordinary Shares are urged to consult their tax advisors regarding an investment in our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discussion set forth below is addressed only
to U.S. Holders that purchase Ordinary Shares. Prospective purchasers are urged to consult their own tax advisors about the application
of the U.S. federal income tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences
to them of the purchase, ownership and disposition of our Ordinary Shares.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of Dividends and Other Distributions
on our Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the passive foreign investment company
rules discussed below, the gross amount of distributions made by us to you with respect to the Ordinary Shares (including the amount of
any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but
only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal
income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction
allowed to corporations in respect of dividends received from other U.S. corporations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to non-corporate U.S. Holders, including
individual U.S. Holders, dividends are currently taxed at the lower capital gains rate applicable to qualified dividend income, provided
that (1) the Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the
benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are
not a passive foreign investment company (as discussed below) for either our taxable year in which the dividend is paid or the preceding
taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United States and
the Cayman Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily tradable on an established securities market
in the United States. Under U.S. Internal Revenue Service authority, Ordinary Shares are considered for purpose of clause (1) above to
be readily tradable on an established securities market in the United States if they are listed on Nasdaq. You are urged to consult your
tax advisors regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares, in light of your own
particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that the amount of the distribution
exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated
first as a tax-free return of your tax basis in your Ordinary Shares, and to the extent the amount of the distribution exceeds your tax
basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax
principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise
be treated as a non-taxable return of capital or as capital gain under the rules described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of Dispositions of Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the passive foreign investment company
rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to
the difference between the amount realized (in U.S. dollars) for the ordinary share and your tax basis (in U.S. dollars) in the ordinary
share. The character of the gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual
U.S. Holder, who has held the Ordinary Shares for more than one year, you may be eligible for reduced tax rates on any such capital gains.
The deductibility of capital losses is subject to limitations. Gain or loss recognized by a U.S. Holder from the sale or other disposition
of Ordinary Shares will generally be gain or loss from sources within the United States for U.S. foreign tax credit purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Passive Foreign Investment Company</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. corporation is considered a PFIC for
any taxable year if either:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least 75% of its gross income for such taxable year is passive income (the &#8220;income test&#8221;); or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the &#8220;asset test&#8221;).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Passive income generally includes dividends, interest,
rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition
of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income
of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition
of our assets for purposes of the PFIC asset test, the value of our assets must be determined based on the market value of our Ordinary
Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets
on any particular quarterly testing date for purposes of the asset test.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We must make a separate determination each year
as to whether we are a PFIC. Whether we are a PFIC for 2021 or any future taxable year is uncertain because, among other things, the treatment
of digital asset such as bitcoin for purposes of the PFIC rules is unclear. Even if we determine that we are not a PFIC for a taxable
year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would not successfully challenge our position.
Our status as a PFIC is a fact-intensive determination made on an annual basis. Accordingly, we express no opinion with respect to our
PFIC status and also express no opinion with regard to our expectations regarding our PFIC status. Given this uncertainty, prospective
U.S. Holders contemplating an investment in the Ordinary Shares may want to assume that we are a PFIC and are urged to consult their own
tax advisors regarding our PFIC status and the resulting U.S. federal income tax consequences in light of their own particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 128; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are a PFIC for any year during which you
hold Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Ordinary Shares. However,
if we cease to be a PFIC and you did not previously make a timely &#8220;mark-to-market&#8221; election as described below, you may avoid
some of the adverse effects of the PFIC regime by making a &#8220;purging election&#8221; (as described below) with respect to the Ordinary
Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are a PFIC for your taxable year(s) during
which you hold Ordinary Shares, you will be subject to special tax rules with respect to any &#8220;excess distribution&#8221; that you
receive and any gain you realize from a sale or other disposition (including a pledge) of the Ordinary Shares, unless you make a &#8220;mark-to-market&#8221;
election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions
you received during the shorter of the three preceding taxable years or your holding period for the Ordinary Shares will be treated as
an excess distribution. Under these special tax rules:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the excess distribution or gain will be allocated ratably over your holding period for the Ordinary Shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year, and an interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax liability for amounts allocated to years
prior to the year of disposition or &#8220;excess distribution&#8221; cannot be offset by any net operating losses for such years, and
gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as capital, even if you hold the Ordinary Shares
as capital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder of &#8220;marketable stock&#8221;
(as defined below) in a PFIC may make a mark-to-market election for such stock to elect out of the tax treatment discussed above. If you
make a mark-to-market election for first taxable year which you hold (or are deemed to hold) Ordinary Shares and for which we are determined
to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Ordinary
Shares as of the close of such taxable year over your adjusted basis in such Ordinary Shares, which excess will be treated as ordinary
income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over
their fair market value as of the close of the taxable year. However, such ordinary loss is allowable only to the extent of any net mark-to-market
gains on the Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election,
as well as gain on the actual sale or other disposition of the Ordinary Shares, are treated as ordinary income. Ordinary loss treatment
also applies to any loss realized on the actual sale or disposition of the Ordinary Shares, to the extent that the amount of such loss
does not exceed the net mark-to-market gains previously included for such Ordinary Shares. Your basis in the Ordinary Shares will be adjusted
to reflect any such income or loss amounts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mark-to-market election is available only
for &#8220;marketable stock&#8221;, which is stock that is traded in other than de minimis quantities on at least 15 days during each
calendar quarter (&#8220;regularly traded&#8221;) on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations),
including Nasdaq. If the Ordinary Shares are regularly traded on Nasdaq and if you are a holder of Ordinary Shares, the mark-to-market
election would be available to you were we to be or become a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A mark-to-market election will not apply to Ordinary
Shares for any taxable year during which we are not a PFIC, but will remain in effect with respect to any subsequent taxable year in which
we become a PFIC. Such election will not apply to any non-U.S. subsidiaries that we may organize or acquire in the future. Accordingly,
a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier PFICs that we
organize or acquire in the future notwithstanding the U.S. Holder&#8217;s mark-to-market election for the Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alternatively, a U.S. Holder of stock in a PFIC
may make a &#8220;qualified electing fund&#8221; election with respect to such PFIC to elect out of the tax treatment discussed above.
A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable
year such holder&#8217;s pro rata share of the corporation&#8217;s earnings and profits for the taxable year. However, the qualified electing
fund election is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as
required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable
you to make a qualified electing fund election. If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will be required
to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding such Ordinary Shares,
including regarding distributions received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 129; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you do not make a timely &#8220;mark-to-market&#8221;
election (as described above), and if we were a PFIC at any time during the period you hold our Ordinary Shares, then such Ordinary Shares
will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a &#8220;purging
election&#8221; for the year we cease to be a PFIC. A &#8220;purging election&#8221; creates a deemed sale of such Ordinary Shares at
their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election
will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result
of the purging election, you will have a new basis (equal to the fair market value of the Ordinary Shares on the last day of the last
year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your Ordinary
Shares for tax purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are urged to consult your tax advisors regarding
the application of the PFIC rules to your investment in our Ordinary Shares and the elections discussed above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Receipt of Foreign Currency</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The gross amount of any payment in a currency
other than U.S. dollars will be included by each U.S. Holder in income in a U.S. dollar amount calculated by reference to the exchange
rate in effect on the day such U.S. Holder actually or constructively receives the payment in accordance with its regular method of accounting
for U.S. federal income tax purposes regardless of whether the payment is in fact converted into U.S. dollars at that time. If the foreign
currency is converted into U.S. dollars on the date of the payment, the U.S. Holder is not generally required to recognize any foreign
currency gain or loss with respect to the receipt of foreign currency. If, instead, the foreign currency is converted at a later date,
any currency gains or losses resulting from the conversion of the foreign currency is generally treated as U.S. source ordinary income
or loss for U.S. foreign tax credit purposes. U.S. Holders are urged to consult their own U.S. tax advisors regarding the U.S. federal
income tax consequences of receiving, owning, and disposing of foreign currency.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Additional Tax on Net Investment Income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders that are individuals, estates or
trusts are required to pay an additional 3.8% tax on the lesser of (1) the U.S. Holder&#8217;s &#8220;net investment income&#8221; for
the relevant taxable year or (2) the excess of the U.S. Holder&#8217;s modified adjusted gross income for the taxable year over a certain
threshold. A U.S. Holder&#8217;s &#8220;net investment income&#8221; generally includes, among other things, dividends and net gains from
disposition of property (other than property held in the ordinary course of the conduct of a trade or business). Accordingly, dividends
on and capital gain from the sale, exchange or other taxable disposition of Ordinary Shares may be subject to this additional tax. U.S.
Holders are urged to consult their own tax advisors regarding the additional tax on passive income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Information Reporting and Backup Withholding</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividend payments with respect to our Ordinary
Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to information reporting to the IRS and
possible U.S. backup withholding at a current rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes
a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup
withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9.
U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding
rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding is not an additional tax. Amounts
withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess
amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required
information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or
other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required
by law to withhold such taxes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S. Holders are required to report information
relating to our Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained
by certain financial institutions), by attaching a completed Internal IRS Form 8938, Statement of Specified Foreign Financial Assets,
with their tax return for each year in which they hold Ordinary Shares. U.S. Holders should also be aware that if the Company were a PFIC,
they would generally be required to file IRS Form 8261, Information Return by a Shareholder of a Passive Foreign Investments Company or
Qualified Electing Fund, during any taxable year in which such U.S. Holder recognizes gain or receives an excess distribution or with
respect to which the U.S. Holder has made certain elections.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders are urged to consult their own tax
advisors regarding the application of the information reporting rules to the Ordinary Shares and their particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><!-- Field: Page; Sequence: 130; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT
ITS OWN TAX ADVISORS ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN ORDINARY SHARES IN LIGHT OF THE INVESTOR&#8217;S OWN CIRCUMSTANCES</b>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.F. Dividends and Paying Agents</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.G. Statement by Experts</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.H. Documents on Display</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We file annual, semi-annual, quarterly (on a voluntary
basis as a foreign private issuer) and current reports and other information with the Securities and Exchange Commission (the &#8220;SEC&#8221;).
Our public filings are available from the Internet web site maintained by the SEC at WWW.SEC.GOV. In addition, our Ordinary Shares are
listed on the Nasdaq Capital Market. Accordingly, our reports, statements and other information may be inspected at the offices of Nasdaq,
One Liberty Plaza, 165 Broadway, New York, New York 10006.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our web site address is www.bit-digital.com. The
information on, or accessible through, our web site, however, is not, and should not be deemed to be, a part of this report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.I. Subsidiary Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that expose us to concentrations
of credit risk primarily consist of cash and accounts receivables. The maximum amount of loss due to credit risk in the event of other
parties failing to perform their obligations is represented by the carrying amount of each financial asset as stated in our consolidated
balance sheets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are exposed to various types of market risks,
including changes in foreign exchange rates, commodity prices and inflation in the normal course of business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Market price risk of Bitcoin</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price of Bitcoin has experienced significant
fluctuations over its relatively short existence and may continue to fluctuate significantly in the future. Bitcoin prices ranged from
approximately US$7,220 per coin as of December 31, 2019; US$28,922 per coin as of December 31, 2020; to US$34,755 per coin as of June
30, 2021 and a high of US$45,538 as of March 31, 2022 and a low of US$16,547 as of December 31, 2022, according to CoinMarketCap.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect our results of operations to continue
to be affected by the bitcoin price as most of our revenue is from bitcoin mining production as of the date of this report. Any future
significant reductions in the price of bitcoin will likely have a material and adverse effect on our results of operations and financial
condition. We cannot assure you that the bitcoin price will remain high enough to sustain our operation or that the bitcoin price will
not decline significantly in the future. Furthermore, fluctuations in the bitcoin price can have an immediate impact on the trading price
of our Ordinary Shares even before our financial performance is affected, if at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various factors, mostly beyond our control, could
impact the bitcoin price. For example, the usage of bitcoins in the retail and commercial marketplace is relatively low in comparison
with the usage for speculation, which contributes to bitcoin&#8217;s price volatility. Additionally, the reward for bitcoin mining will
decline over time, with the most recent halving event occurred in May 2020 and the next one to occur four years later, which may further
contribute to bitcoin price volatility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 131; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest rate risk</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to risks resulting from fluctuations
in interest rates on our bank balances. To the extent that we may need to raise debt financing in the future, upward fluctuations in interest
rates would increase the cost of new debt. We do not currently use any derivative instruments to manage our interest rate risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Inflation risk</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inflationary factors such as increases in the
cost of our products and overhead costs may adversely affect our operating results. A high rate of inflation may have an adverse effect
on our ability to maintain current levels of gross margin and selling, general and administrative expenses as a percentage of net revenues
if the selling prices of our products do not increase proportionately with these increased costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 132; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 15. CONTROLS AND
PROCEDURES </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) <i>Disclosure Controls and Procedures</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management, with the participation of our
chief executive officer (CEO) and chief financial officer (CFO), has performed an evaluation of the effectiveness of our disclosure controls
and procedures (as defined in Rule 13a-15(c) under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) as of the end
of the period covered by this report, as required by Rule 13a-15(b) under the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon that evaluation, our management has
concluded that, as of December 31, 2022, our disclosure controls and procedures were not effective in ensuring that the information required
to be disclosed by us in the reports that we file and furnish under the Exchange Act was recorded, processed, summarized and reported,
within the time periods specified in the SEC&#8217;s rules and forms, and that the information required to be disclosed by us in the reports
that we file or submit under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate,
to allow timely decisions regarding required disclosure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) <i>Management&#8217;s Report on Internal Control
Over Financial Reporting</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management is responsible for establishing and maintaining adequate internal
control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Our management is also required to assess and
report on the effectiveness of our internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act
of 2002. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&#8217;s internal control over financials reporting includes
those policies and procedures that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our directors; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of our annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency,
or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important
enough to merit attention by those responsible for oversight of the company&#8217;s financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions or because the degree of compliance
with policies or procedures may deteriorate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Under the supervision and with the participation of our
management, including our CEO and CFO, we conducted an assessment of the effectiveness of our internal control over financial reporting
as of December 31, 2022. The assessment was based on criteria established in the framework Internal Control &#8211; Integrated Framework
(2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;). Based on this assessment,
management determined that, as of December 31, 2022, we did not maintain effective internal control over financial reporting due to the
existence of the following significant deficiencies and material weaknesses:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Calibri,sans-serif">&#160;</td>
    <td style="width: 24px; font-family: Calibri,sans-serif"><span style="font-family: Times New Roman,serif; font-size: 10pt">&#9679;</span></td>
    <td>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Lack of a functional internal audit department or
personnel that monitors the consistencies of the internal control procedures and, as a result, the Company may not be able to discover
the existence of problems and prevent the problematic behavior&#160;in internal control;</p>
    <p style="font: 10pt Calibri,sans-serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></p></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman,serif">For example,
the material weakness related to the application and interpretation of GAAP in the area of impairment of digital assets resulted in a
material misstatement to the Company&#8217;s previously issued consolidated financial statements. Such control weakness resulted from
the Company&#8217;s method in calculating impairment that was not in compliance with the ASC 350-30-35-19 requirement to recognize impairment
whenever carrying value exceeds fair value, which effectively calls for the intraday low price to be utilized in calculating impairment.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="font-family: Calibri,sans-serif; width: 24px">&#160;</td>
    <td style="font-family: Calibri,sans-serif; width: 24px"><span style="font-family: Times New Roman,serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-family: Calibri,sans-serif"><span style="font-family: Times New Roman,serif; font-size: 10pt">Information
Technology General Controls. Formal policies and procedures are not in place to govern access and security to data, applications, networks,
hardware and firmware. This includes, but is not limited to, the management of miners at third-party hosting facilities.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Remediation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Management is responsible its assessment of the effectiveness
of internal controls over financial reporting and is committed to improving its controls related to the material weaknesses described
above, such that these controls are designed, implemented, and operating effectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">During and subsequent to the year ended December 31, 2022,
Management has worked to improve the Company&#8217;s internal controls, such as implementation of a reputable cloud based general ledger
system to record and maintain complete and accurate financial information. Our management also has commenced the following actions to
remediate the material weakness described above:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td>
    <td colspan="2" style="text-align: justify; font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in">&#160;</td>
    <td style="font-size: 10pt; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hire a well-established SOX advisory firm
to evaluate internal controls and to report on the results of that evaluation.</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hire an independent IT technical expert to
    audit the IT environment as well as internal controls and to assist in remediation efforts.</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hire an experienced financial and IT controls
expert who will work with management and staff to implement policy, procedure and knowledge management protocols to sustain compliance
with SOX internal controls over financial reporting.</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide training on policies, procedures and GAAP compliance.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; font: 10pt Calibri,sans-serif">&#160;</td>
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    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Reviews of user access will be performed periodically
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  </table><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; font: 10pt Calibri,sans-serif">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; font-size: 10pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman,serif; margin: 0pt 0">The material weaknesses in our internal control over financial reporting will
not be considered remediated until ITGCs and process-level controls operate for a sufficient period of time and can be tested and concluded
by management to be designed and operating effectively. We cannot provide any assurance that these remediation efforts will be successful
or that our internal control over financial reporting will be effective as a result of these efforts. In addition, as we continue to evaluate
and work to improve our internal control over financial reporting related to the identified material weaknesses, management may determine
to take additional measures to address control deficiencies or determine to modify the remediation plan described above. Furthermore,
management will report the progress and status of the above remediation efforts to the Audit Committee on a periodic basis.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(c) <i>Changes in Internal Control
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management is committed to improving the internal controls over financial
reporting and will undertake consistent improvements or enhancements on an ongoing basis. Except as described above, there were no changes
in our internal controls over financial reporting during our twelve months ended December 31, 2022 that have materially affected, or are
reasonably likely to material affect, our internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16. RESERVED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit committee consists of Ms. Ichi Shih,
Yan Xiong, Brock Pierce and Zhaohui Deng. Our board of directors has determined Ichi Shih, Yan Xiong, Brock Pierce and Zhaohui Deng are
&#8220;independent directors&#8221; within the meaning of Nasdaq Stock Market Rule 5605(a)(2) and meet the criteria for independence set
forth in Rule 10A&#8722;3(b) of the Exchange Act. Ichi Shih meets the criteria of an audit committee financial expert as set forth under
the applicable rules of the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16B. CODE OF ETHICS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has adopted a code of business
conduct and ethics. The purpose of the code is to promote ethical conduct and deter wrongdoing. The policies outlined in the code are
designed to ensure that our directors, executive officers and employees act in accordance with not only the letter but also the spirit
of the laws and regulations that apply to our business. We expect our directors, executive officers and employees to exercise good judgment,
to uphold these standards in their day-to-day activities, and to comply with all applicable policies and procedures in the course of their
relationship with the company. During fiscal year 2022, no amendments to or waivers from the Code were made or given for any of our executive
officers. The code of ethics is updated as needed from time to time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the aggregate fees
by categories specified below in connection with certain professional services rendered by our principal external auditors, for the periods
indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font-family: Times New Roman,serif"><span style="font-family: Times New Roman,serif; font-size: 10pt">Audit fees<sup>(1)</sup></span></td><td style="width: 1%; font-family: Times New Roman,serif">&#160;</td>
    <td style="width: 1%; font-family: Times New Roman,serif; text-align: left">$</td><td style="width: 9%; font-family: Times New Roman,serif; text-align: right">232,230</td><td style="width: 1%; font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="width: 1%; font-family: Times New Roman,serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif; text-align: right">50,940</td><td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif">&#160;</td>
    <td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif; text-align: right">-</td><td style="font-family: Times New Roman,serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman,serif"><span style="font-family: Times New Roman,serif; font-size: 10pt">Tax fees<sup>(3)</sup></span></td><td style="font-family: Times New Roman,serif">&#160;</td>
    <td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif; text-align: right">-</td><td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif">&#160;</td>
    <td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif; text-align: right">-</td><td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif">&#160;</td>
    <td style="font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif; text-align: right">-</td><td style="font-family: Times New Roman,serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman,serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman,serif; font-size: 10pt">All other fees<sup>(4)</sup></span></td><td style="font-family: Times New Roman,serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-family: Times New Roman,serif; text-align: left">&#160;</td><td style="font-family: Times New Roman,serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman,serif; padding-bottom: 4pt">Total</td><td style="font-family: Times New Roman,serif; padding-bottom: 4pt">&#160;</td>
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  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit fees&#8221; means the aggregate fees billed for each of the fiscal years for professional services rendered by our principal accountant for the audit of our annual financial statements or services that are normally provided by the accountant in connection with regulatory filings or engagements for those fiscal years.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit related fees&#8221; means the aggregate fees billed for each of the fiscal years for assurance and related services by our principal accountant that are reasonably related to the performance of the audit or review of our financial statements and are not reported under paragraph (1).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Tax fees&#8221; represents the aggregate fees billed in each of the fiscal years listed for the professional tax services rendered by our principal auditors.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;All other fees&#8221; represents the aggregate fees billed in each of the fiscal years listed for services rendered by our principal auditors other than services reported under &#8220;Audit fees,&#8221; &#8220;Audit related fees&#8221; and &#8220;Tax fees.&#8221;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The policy of our audit committee and our board
of directors is to pre-approve all audit and non-audit services provided by our principal auditors, including audit services, audit related
services, and other services as described above, other than those for de minimis services, which are approved by the audit committee or
our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><!-- Field: Page; Sequence: 135; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS
FOR AUDIT COMMITTEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16E. PURCHASES OF EQUITY SECURITIES BY
THE ISSUER AND AFFILIATED PURCHASERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING
ACCOUNTANT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16G. CORPORATE GOVERNANCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ordinary Shares are listed on the Nasdaq Capital
Market, or Nasdaq. As such, we are subject to corporate governance requirements imposed by Nasdaq. Under Nasdaq rules, listed non-US companies
such as ourselves may, in general, follow their home country corporate governance practices in lieu of some of the Nasdaq corporate governance
requirements. A Nasdaq-listed non-US company is required to provide a general summary of the significant differences to its US investors
either on the company website or in its annual report distributed to its US investors. We are committed to a high standard of corporate
governance. As such, we endeavor to comply with the Nasdaq corporate governance practices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2022, the date of determination,
we are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to provide the same level of disclosure on certain issues, such as executive compensation;</span></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our insiders are not required to comply with Section 16 of the Exchange Act requiring such individuals, and entities to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any &#8220;short-swing&#8221; trading transaction.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16H. MINE SAFETY DISCLOSURE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s auditor, Audit Alliance LLP, is PCAOB registered
and based in Singapore. Under the Holding Foreign Companies Accountable Act (the &#8220;HFCAA&#8221;), the PCAOB is permitted to inspect
our independent public accounting firm. There is no guarantee that future audit reports will be prepared by auditors that are completely
inspected by the PCAOB, and, as such, future investors may be deprived of such inspections, which could result in limitations or restrictions
to our access of the U.S. capital markets. On December 2, 2021, the SEC adopted amendments to finalize rules implementing the HFCAA requiring
the SEC to prohibit an issuer&#8217;s securities from trading on any U.S. securities exchange and on the over-the-counter market, if the
auditor is not subject to PCAOB inspections for two consecutive years (as amended) and this ultimately could result in our Ordinary Shares
being delisted. The PCAOB issued a Determination Report on December 15, 2022, determining that the PCAOB secured complete access to inspect
and investigate registered public accounting firms headquartered in mainland China and Hong Kong, and vacating the 2021 Determinations
to the contrary. However, the PCAOB further noted that it will act immediately to consider the need to issue a new determination if the
PRC authorities obstruct or otherwise fail to facilitate the PCAOB&#8217;s access. While the audit reports of Audit Alliance LLP incorporated
by reference into this report are prepared by auditors based in Singapore who are subject to inspection and investigation by the PCAOB,
there can be no assurance that our auditor or we will be able to comply with these and other requirements imposed by U.S. regulators in
the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="z_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16J. INSIDER TRADING POLICIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">(a)   The
Company has adopted an Insider Trading Policy and procedures governing the purchase, sale and other dispositions of the Company&#8217;s
securities by directors, senior management and employees that are reasonably designated to promote compliance with applicable insider
trading laws, rules and regulations and any listing standards applicable to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">(b)   A
copy of the Insider Trading Policy has been filed as Exhibit 11(b) to this Form 20-F. A copy of the Company&#8217;s Code of Ethics is
filed as Exhibit 11(a) to this Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">(c)   The Insider Trading Policy is provided in an Interactive Data File.<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART III</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 17. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidated financial statements and related notes required by
this item follow are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_001">Report of Independent Public Accounting Firm (PCAOB ID # <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">3487</ix:nonNumeric>)</a></span></td> <td style="vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr> <tr> <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audited Consolidated Financial Statements</span></td> <td style="vertical-align: bottom; text-align: center">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_002">Consolidated Balance Sheets as of December 31, 2022 and 2021</a></span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr> <tr> <td style="text-align: left; vertical-align: top; padding-left: 0pt; text-indent: 0pt"><p style="margin: 0pt 0; font: 10pt Times New Roman,serif"><a href="#f_003">Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2022, 2021 and 2020</a></p></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"><p style="margin: 0pt 0; font: 10pt Times New Roman,serif"><a href="#f_004">Consolidated Statements of Equity for the years ended December 31, 2022, 2021 and 2020</a></p></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr> <tr> <td style="text-align: left; vertical-align: top"><p style="margin: 0pt 0; font: 10pt Times New Roman,serif"><a href="#f_005">Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020</a></p></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_006">Notes to Consolidated Financial Statements</a></span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Report
of Independent Registered Public Accounting Firm</b></span></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">To the shareholders and board of directors
of Bit Digital, Inc.:</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Opinion on the Financial Statements</i></b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have audited the accompanying
consolidated balance sheets of Bit Digital, Inc. and its subsidiaries (collectively, the &#8220;Company&#8221;) as of December 31, 2022
and 2021, the related consolidated statements of operations and comprehensive loss, shareholders&#8217; equity, and cash flows for each
of the three years in the period ended December 31. 2022, and the related notes to the consolidated financial statements and schedule
(collectively, the financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each
of the three years in the period ended December 31 2022, in conformity with accounting principles generally accepted in the United States
of America.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Restatement of Previous Issued Financial
Statements</i></b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As discussed in Note
2 to the consolidated financial statements, the Company has restated its consolidated financial statements as of December 2021 and for
the years ended December 31, 2021 and 2020 to correct misstatements.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Basis for Opinion</i></b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">These financial statements
are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We conducted our audits
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our opinion.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">/s/ <ix:nonNumeric contextRef="c0" name="dei:AuditorName">Audit Alliance
LLP</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Singapore</ix:nonNumeric>, April 27,
2023</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have served as the
Company&#8217;s auditor since 2020.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 138; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>CONSOLIDATED
BALANCE SHEETS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As of December 31, 2022 and 2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Expressed in US dollars, except for the number
of shares)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">ASSETS</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Current Assets</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">42,398,528</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsCurrent" scale="0" unitRef="usd">1,433,999</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd">22,609,391</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsNoncurrent" scale="0" unitRef="usd">9,033,200</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsNoncurrent" scale="0" unitRef="usd">6,714,571</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="usd">83,356,691</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNotesPayable" scale="0" unitRef="usd">559,774</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accrued litigation settlement cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd">2,100,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="usd">1,714,735</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="usd">1,875,933</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total Current Liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">7,443,354</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">5,044,606</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Non-Current Liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxLiabilitiesDeferredExpense" scale="0" unitRef="usd">462,372</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Long-term income tax payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtNoncurrent" scale="0" unitRef="usd">3,044,004</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtNoncurrent" scale="0" unitRef="usd">2,767,276</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total Non-Current Liabilities</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd">3,044,004</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd">3,229,648</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 139; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF OPERATIONS AND</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>COMPREHENSIVE LOSS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>For
the Years E<span style="font-size: 10pt">nded December 31, 2022, 2021 and 2020</span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Expressed in US dollars, except for the number
of shares)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC. </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>CONSOLIDATED
STATEMENTS OF EQUITY</b></span>   </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended December 31, 2022, 2021
and 2020</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Expressed in U.S. dollars, except for the number
of shares)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center">paid-in</td><td style="font: bold 8pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 8pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center">controlling</td><td style="font: bold 8pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 8pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center">stockholders&#8217;</td><td style="font: bold 8pt Times New Roman, Times, Serif">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 141; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended December 31, 2022, 2021
and 2020</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Expressed in US dollars)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net (loss) income from continuing operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="usd">105,296,603</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="usd">1,009,952</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="usd">1,555,379</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Adjustments to reconcile net (loss) income to net cash used in operating activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Depreciation of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd">27,829,730</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">(Gain) loss from disposal of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:LossFromDisposalOfPropertyAndEquipment" scale="0" sign="-" unitRef="usd">1,353,299</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:LossFromDisposalOfPropertyAndEquipment" scale="0" unitRef="usd">3,746,247</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-194">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Realized gain on exchange of digital assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfOtherAssets" scale="0" unitRef="usd">6,548,841</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfOtherAssets" scale="0" unitRef="usd">20,813,167</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfOtherAssets" scale="0" unitRef="usd">1,434,544</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Impairment of digital assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentLossandwritedownsOnNoninvestments" scale="0" unitRef="usd">24,654,267</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentLossandwritedownsOnNoninvestments" scale="0" unitRef="usd">27,993,571</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentLossandwritedownsOnNoninvestments" scale="0" unitRef="usd">997,954</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Impairment of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TangibleAssetImpairmentCharges" scale="0" unitRef="usd">50,038,650</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-195">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-196">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Gain from sale of investment security</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfInvestments" scale="0" unitRef="usd">1,039,999</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-197">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-198">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Share based compensation expenses in connection with restricted stock units and share options</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:AmortizationOfStockCompensationExpensesForServices" scale="0" unitRef="usd">2,262,691</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:AmortizationOfStockCompensationExpensesForServices" scale="0" unitRef="usd">20,461,318</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-199">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Share based compensation expenses in connection with issuance of ordinary shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-200">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="usd">1,446,098</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="usd">456,000</ix:nonFraction></p></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Liquidated damage expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StormDamageProvision" scale="0" unitRef="usd">619,355</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-201">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-202">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Gain from divestiture of a subsidiary</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainOrLossOnSaleOfStockInSubsidiary" scale="0" unitRef="usd">52,383</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-203">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-204">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Loss from acquisition of a subsidiary</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-205">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-206">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDeferredLiabilities" scale="0" unitRef="usd">1,964</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Deferred tax (benefits) expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:DeferredTaxBenefits" scale="0" sign="-" unitRef="usd">404,290</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:DeferredTaxBenefits" scale="0" unitRef="usd">404,291</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-207">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Changes in fair value of investment security</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrealizedGainLossOnInvestments" scale="0" sign="-" unitRef="usd">545,412</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-208">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-209">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Provision of doubtful accounts</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForOtherLosses" scale="0" unitRef="usd">129,845</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-210">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-211">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Digital assets mined</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssetsMined" scale="0" unitRef="usd">32,270,689</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssetsMined" scale="0" unitRef="usd">96,078,570</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssetsMined" scale="0" unitRef="usd">21,065,113</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Digital assets earned from staking</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssetsEarnedFromStaking" scale="0" unitRef="usd">25,904</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-212">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-213">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Digital assets and stable coins</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:ProceedsFromSalesOfDigitalAssets" scale="0" unitRef="usd">25,140,951</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:ProceedsFromSalesOfDigitalAssets" scale="0" unitRef="usd">5,706,790</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="btbt:ProceedsFromSalesOfDigitalAssets" scale="0" unitRef="usd">2,856,627</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" sign="-" unitRef="usd">2,472,503</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">257,736</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">1,762,167</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Other non-current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" scale="0" unitRef="usd">2,318,629</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" scale="0" unitRef="usd">5,538,500</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-214">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Accounts payable</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash Flows from Investing Activities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd">19,333,310</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Deposits for property and equipment</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:DepositsForPropertyAndEquipment" scale="0" unitRef="usd">40,374,950</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-218">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from sales of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" scale="0" unitRef="usd">1,081,075</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-219">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-220">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from disposal of long-term investment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleOfLongtermInvestments" scale="0" unitRef="usd">1,706,665</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-221">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-222">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Loss of cash in connection with divestiture of a subsidiary</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromDivestitureOfBusinessesNetOfCashDivested" scale="0" sign="-" unitRef="usd">59,695</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-223">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-224">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Acquisition of cash in connection with acquisition of a subsidiary</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-225">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-226">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="btbt:AcquisitionOfCashInConnectionWithAcquisitionOfASubsidiary" scale="0" unitRef="usd">11,326</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Investment in an equity security</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:InvestmentInAnEquitySecurity" scale="0" sign="-" unitRef="usd">2,000,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-227">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-228">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Net Cash Used in Investing Activities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">18,605,265</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">46,841,220</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">4,494,165</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash Flows from Financing Activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from issuance of ordinary shares under private placement, net of issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="0" unitRef="usd">21,010,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="0" unitRef="usd">5,248,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from issuance of ordinary shares under direct offering, net of issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-229">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:ProceedsFromIssuanceOfOrdinarySharesUnderDirectOffering" scale="0" unitRef="usd">34,255,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-230">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from issuance of convertible notes, net of issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-231">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:ProceedsFromIssuanceOfConvertibleNotesNetOfIssuanceCosts" scale="0" unitRef="usd">1,280,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-232">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Payment of liquidated damages related to private placement transactions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfLiquidatedDamagesRelatedToPrivatePlacementTransactions" scale="0" unitRef="usd">2,219,355</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfLiquidatedDamagesRelatedToPrivatePlacementTransactions" scale="0" unitRef="usd">3,200,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-233">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Withholding of common shares to pay employee withholding taxes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfCommonStock" scale="0" unitRef="usd">76,820</ix:nonFraction></p>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfCommonStock" scale="0" unitRef="usd">1,094,859</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-234">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net (decrease) increase in cash, cash equivalents and restricted cash</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Cash, cash equivalents and restricted cash, beginning of year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:CashCashEquivalentRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd">42,398,528</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:CashCashEquivalentRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd">405,133</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="btbt:CashCashEquivalentRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd">630,650</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash, cash equivalents and restricted cash, end of year</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:CashCashEquivalentRestrictedCashAndRestrictedsCashEquivalents" scale="0" unitRef="usd">34,011,060</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:CashCashEquivalentRestrictedCashAndRestrictedsCashEquivalents" scale="0" unitRef="usd">42,398,528</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="btbt:CashCashEquivalentRestrictedCashAndRestrictedsCashEquivalents" scale="0" unitRef="usd">419,795</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: cash, cash equivalents and restricted cash from discontinued operations, end of year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-239">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-240">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations" scale="0" unitRef="usd">14,662</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Cash, cash equivalents and restricted cash from continuing operations, end of year</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">34,011,060</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">42,398,528</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Supplemental Cash Flow Information</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash paid for interest expense</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-241">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-242">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-243">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash paid for income tax</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaid" scale="0" unitRef="usd">734,200</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaid" scale="0" unitRef="usd">125,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-244">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Non-cash Transactions of Investing and Financing Activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Collection of USDC from private placement</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-245">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd">1,179,368</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd">14,552,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from sales of miners in USDT</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:IssuanceOfOrdinarySharesToServiceProvidersForIpoServices" scale="0" unitRef="usd">9,441,561</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-247">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Investment in an investment security in USDC</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-248">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:InvestmentInAnInvestmentSecurityInUSDC" scale="0" sign="-" unitRef="usd">1,000,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-249">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Purchases of property and equipment in USDT</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-250">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:PurchasesOfPropertyAndEquipmentInUSDT" scale="0" sign="-" unitRef="usd">21,103,910</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-251">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Purchases of property and equipment in USDC</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:PurchasesOfPropertyAndEquipmentInUSDC" scale="0" sign="-" unitRef="usd">2,366,580</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:PurchasesOfPropertyAndEquipmentInUSDC" scale="0" sign="-" unitRef="usd">895,893</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="btbt:PurchasesOfPropertyAndEquipmentInUSDC" scale="0" sign="-" unitRef="usd">14,416,498</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of ordinary shares in exchange of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="0" sign="-" unitRef="usd">5,637,523</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="0" sign="-" unitRef="usd">15,466,787</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Reconciliation of cash, cash equivalents and
restricted cash</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. ORGANIZATION AND PRINCIPAL ACTIVITIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

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formerly known as Golden Bull Limited, is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands. The
Company is currently engaged in the digital asset mining business and Ethereum staking activities through its wholly owned subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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reflect the activities of the Company and each of the following entities:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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utilizing the closing price of digital assets. During the preparation of this Annual Report, the Company determined it has not been appropriately
calculating its impairment of digital assets. The Company determined that its method of calculating impairment of its digital assets &#160;was
not in compliance with the ASC 350-30-35-19 requirement to recognize impairment whenever carrying value exceeds fair value. &#160;Effectively,
the Company determined that ASC 350-30-35-19 calls for the intraday low price of digital assets to be utilized in calculating impairment
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</div><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

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</div><div>

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when Quantifying Misstatements in Current Year Financial Statements</i>, the Company evaluated the materiality of the error from qualitative
and quantitative perspectives, and concluded&#160;that the error was material to the Consolidated Balance Sheet as of December 31, 2021
and Consolidated Statements of Operations, Equity, and Cash Flows for the years ended December 31, 2021 and 2020. Management restated
the impacted financial statements as of December 31, 2021, and for the years ended December 31, 2021 and 2020, and related notes included
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</div><div>

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December 31, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_6" id="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="srt:ScheduleOfCondensedBalanceSheetTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_7" id="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfCondensedIncomeStatementTableTextBlock-c0_cont_1" escape="true" name="srt:ScheduleOfCondensedIncomeStatementTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended <br/>
December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As previously<br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Realized gain on exchange of digital assets</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfOtherAssets" scale="0" unitRef="usd">7,738,557</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetImpairmentCharges" scale="0" sign="-" unitRef="usd">9,045,007</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">Total operating expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" sign="-" unitRef="usd">84,314,394</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income from operations</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" unitRef="usd">11,764,176</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">5,873,954</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Income before income taxes</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" unitRef="usd">8,720,343</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" sign="-" unitRef="usd">5,873,954</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c82" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" unitRef="usd">2,846,389</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net income (loss) from continuing operations</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="usd">4,864,002</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net income (loss) and comprehensive income (loss)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" scale="0" unitRef="usd">4,864,002</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" scale="0" sign="-" unitRef="usd">5,873,954</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Weighted average number of ordinary share outstanding &#8211; diluted</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Earnings (loss) per share &#8211; basic</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c81" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares">0.11</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c82" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares">0.02</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Earnings (loss) per share &#8211; diluted</td><td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><ix:continuation continuedAt="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_8" id="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_7"><ix:continuation id="_ScheduleOfCondensedIncomeStatementTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-264">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetImpairmentCharges" scale="0" sign="-" unitRef="usd">997,954</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetImpairmentCharges" scale="0" sign="-" unitRef="usd">997,954</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">Total operating expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" sign="-" unitRef="usd">19,138,843</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income from operations</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" unitRef="usd">1,926,270</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">368,967</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" unitRef="usd">1,557,303</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Income before income taxes</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" unitRef="usd">1,924,346</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" sign="-" unitRef="usd">368,967</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" unitRef="usd">1,555,379</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net income from continuing operations</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="usd">1,924,346</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="usd">368,967</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="usd">1,555,379</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net loss</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted" scale="0" sign="-" unitRef="usd">1,910,337</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted" scale="0" sign="-" unitRef="usd">368,967</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted" scale="0" sign="-" unitRef="usd">2,279,304</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Comprehensive loss</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" sign="-" unitRef="usd">1,810,152</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" sign="-" unitRef="usd">368,967</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" sign="-" unitRef="usd">2,179,119</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Loss per share &#8211; basic</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c83" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares">0.06</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares">0.01</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c85" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares">0.07</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Loss per share &#8211; diluted</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c83" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareDiluted" scale="0" sign="-" unitRef="usdPershares">0.06</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareDiluted" scale="0" sign="-" unitRef="usdPershares">0.01</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c85" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareDiluted" scale="0" sign="-" unitRef="usdPershares">0.07</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>


</div><!-- Field: Page; Sequence: 144; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>2. RESTATEMENT
OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_9" id="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_8"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended <br/>
December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold">Consolidated Statement of Stockholders&#8217; Equity</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Accumulated deficit</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total shareholders&#8217;<br/>
 equity</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Net income (as previously reported)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd">4,864,002</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd">4,864,002</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">Net loss (adjustment)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">5,873,954</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">5,873,954</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net loss (as restated)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c88" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">1,009,952</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c82" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">1,009,952</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Balance as of December 31, 2021 (as previously reported)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c89" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd">19,876,487</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c77" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd">171,643,727</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Balance as of December 31, 2021 (adjustment)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd">6,242,921</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd">6,242,921</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Balance as of December 31, 2021 (as restated)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c91" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd">26,119,408</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_10" id="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_9"><ix:continuation id="_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended<br/>
 December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold">Consolidated Statement of Stockholders&#8217; Equity</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Accumulated deficit</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total shareholders&#8217;<br/>
 equity</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Net loss (as previously reported)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c92" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">1,910,337</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">Net loss (adjustment)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Balance as of December 31, 2020 (adjustment)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_11" id="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_10"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c0_cont_1" escape="true" name="srt:ScheduleOfCondensedCashFlowStatementTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As restated</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Digital assets generated from mining</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnSalesOfAssets" scale="0" sign="-" unitRef="usd">96,078,570</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Realized gain on exchange of digital assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-266">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="btbt:RealizedGainOnExchangeOfDigitalAssets" scale="0" sign="-" unitRef="usd">20,813,167</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c82" decimals="0" format="ixt:num-dot-decimal" name="btbt:RealizedGainOnExchangeOfDigitalAssets" scale="0" sign="-" unitRef="usd">20,813,167</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Impairment of digital assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetImpairmentCharges" scale="0" unitRef="usd">9,045,007</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Digital assets and stable coins</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssetsAndStableCoins" scale="0" sign="-" unitRef="usd">104,117,143</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssetsAndStableCoins" scale="0" unitRef="usd">109,823,933</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c82" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssetsAndStableCoins" scale="0" unitRef="usd">5,706,790</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Other payables and accrued liabilities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" scale="0" unitRef="usd">8,695,500</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" scale="0" sign="-" unitRef="usd">100,016</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c82" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" scale="0" unitRef="usd">8,595,484</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Net Cash Used in Operating Activities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">23,258,682</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="usd">5,906,790</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c82" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">17,351,892</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Proceeds from sales of digital assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="btbt:ProceedsFromSalesOfDigitalAssets" scale="0" unitRef="usd">5,906,790</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="btbt:ProceedsFromSalesOfDigitalAssets" scale="0" sign="-" unitRef="usd">5,906,790</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-267">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">40,934,430</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">5,906,790</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c82" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">46,841,220</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><ix:continuation id="btbt_RestatementOfPreviouslyIssuedFinancialStatementsTextBlock-c0_cont_11"><ix:continuation id="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As restated</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Net loss</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">1,910,337</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">368,967</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="usd">1,924,346</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="usd">368,967</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="usd">1,555,379</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Digital assets generated from mining</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-268">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnSalesOfAssets" scale="0" sign="-" unitRef="usd">21,065,113</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="btbt:RealizedGainOnExchangeOfDigitalAssets" scale="0" sign="-" unitRef="usd">1,434,544</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="btbt:RealizedGainOnExchangeOfDigitalAssets" scale="0" sign="-" unitRef="usd">1,434,544</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetImpairmentCharges" scale="0" unitRef="usd">997,954</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssetsAndStableCoins" scale="0" sign="-" unitRef="usd">21,440,377</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" scale="0" sign="-" unitRef="usd">207,803</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" scale="0" unitRef="usd">21,072</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" scale="0" sign="-" unitRef="usd">186,731</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">3,419,096</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Proceeds from sales of digital assets</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-271">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">2,046,759</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">2,447,406</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  </table></ix:continuation></ix:continuation><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_2" id="_SignificantAccountingPoliciesTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of presentation and principles of
consolidation</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:continuation continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2" id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The accompanying
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (&#8220;U.S. GAAP&#8221;) and pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_4" id="_SignificantAccountingPoliciesTextBlock-c0_cont_3"><ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries. All material transactions and balances among
the Company and its subsidiaries have been eliminated upon consolidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_5" id="_SignificantAccountingPoliciesTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimates-c0_cont_1" escape="true" name="us-gaap:UseOfEstimates"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; background-color: white"><b><i>Use
of estimates</i></b></span> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:continuation id="_UseOfEstimates-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing the consolidated financial statements
in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant
estimates required to be made by management include, but are not limited to, the valuation of digital assets and other current assets,
useful lives of property and equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities and realization
of deferred tax assets. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_7" id="_SignificantAccountingPoliciesTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fair value of financial instruments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_8" id="_SignificantAccountingPoliciesTextBlock-c0_cont_7"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 825-10 requires certain disclosures regarding
the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes
the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of
unobservable inputs. The three levels of inputs used to measure fair value are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_9" id="_SignificantAccountingPoliciesTextBlock-c0_cont_8"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_10" id="_SignificantAccountingPoliciesTextBlock-c0_cont_9"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_11" id="_SignificantAccountingPoliciesTextBlock-c0_cont_10"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 - inputs to the valuation methodology are unobservable.</span></td></tr>
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_12" id="_SignificantAccountingPoliciesTextBlock-c0_cont_11"><ix:continuation id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value of digital assets is based on quoted
prices in active markets. The fair value of the Company&#8217;s other financial instruments including cash and cash equivalents, restricted
cash, deposits, other receivables, accounts payable, and other payables, approximate their fair values because of the short-term nature
of these assets and liabilities. Warrants were measured at fair value using unobservable inputs and categorized in Level 3 of the fair
value hierarchy (Note 11).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_13" id="_SignificantAccountingPoliciesTextBlock-c0_cont_12"><ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Cash
and cash equivalents</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_14" id="_SignificantAccountingPoliciesTextBlock-c0_cont_13"><ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Cash includes
cash on hand and demand deposits in accounts maintained with commercial banks. The Company considers all highly liquid investment instruments
with an original maturity of three months or less from the date of purchase to be cash equivalents.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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as a financial instrument; USDC which can be redeemed one USDC for one U.S. dollar on demand from the issuer. While not accounted for
as cash or cash equivalents, we treat our USDC holdings as a liquidity resource.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_18" id="_SignificantAccountingPoliciesTextBlock-c0_cont_17"><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_2" id="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital assets (primarily include bitcoin
and ETH) are included in current assets in the accompanying consolidated balance sheets. Digital assets purchased are recorded at
cost and digital assets awarded to the Company through its mining activities and staking activities are accounted for in accordance
with the Company&#8217;s revenue recognition policy disclosed below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_19" id="_SignificantAccountingPoliciesTextBlock-c0_cont_18"><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_3" id="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An intangible asset with an indefinite useful
life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating
that it is more likely than not that the indefinite-lived asset is impaired. Digital assets held are accounted for as intangible assets
with indefinite useful lives and are subject to impairment losses if the fair value of digital assets decreases below the carrying value
at any time during the period. The fair value is measured using the quoted price of the digital assets at the time its fair value is being
measured. In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more
likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative
impairment test is not necessary. If the Company concludes otherwise, it is required to perform a quantitative impairment test. To the
extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses
is not permitted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_20" id="_SignificantAccountingPoliciesTextBlock-c0_cont_19"><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_4" id="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Purchases
of digital assets by the Company and digital assets awarded to the Company through its mining activities and staking activities are
included within operating activities on the accompanying consolidated statements of cash flows. The changes of digital assets are
included within operating activities in the accompanying
consolidated statements of cash flows and any realized gains or losses from such sales are included in &#8220;realized gain (loss)
on exchange of digital assets&#8221; in the consolidated statements of operations and comprehensive loss. The Company accounts for
its gains or losses in accordance with the first-in first-out method of accounting.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_21" id="_SignificantAccountingPoliciesTextBlock-c0_cont_20"><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_5" id="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 820 defines &#8220;principal market&#8221;
as the market with the greatest volume and level of activity for the asset or liability. The determination of the principal market (and,
as a result, the market participants in the principal market) is made from the perspective of the reporting entity. The digital assets
held by the Company are traded on a number of active markets globally. The Company does not use any exchanges to buy or sell of digital
assets. Instead, the Company uses Amber Group&#8217;s OTC desk for selling or exchanging bitcoins for U.S. dollars or vice versa. The
Company determines CoinMarketCap as its principal market, as it is one of the earliest and the most trusted sources by users, institutions,
and media for comparing thousands of crypto assets and selected by the U.S. government.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_22" id="_SignificantAccountingPoliciesTextBlock-c0_cont_21"><ix:continuation id="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also used hourly close price from
CryptoCompare to recognize revenue from our digital asset mining activities. The Company believes the hourly close price can better reflect
revenue recognized from our digital asset mining activities as compared to daily close price from CoinMarketCap.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 147; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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security</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_24" id="_SignificantAccountingPoliciesTextBlock-c0_cont_23"><ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_2" id="_InvestmentPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; background-color: white">As
of December 31, 2022, investment security represents the Company&#8217;s investment in one fund and
one privately held company, over which the Company neither has control nor significant influence through investment in ordinary
share. As of December 31, 2021, investment security represents the Company&#8217;s investment in one privately held company, over
which the Company neither has control nor significant influence through investment in ordinary share. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_25" id="_SignificantAccountingPoliciesTextBlock-c0_cont_24"><ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_3" id="_InvestmentPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Investment
in the fund</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_26" id="_SignificantAccountingPoliciesTextBlock-c0_cont_25"><ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_4" id="_InvestmentPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity securities not accounted for using the
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ASC 321,&#160;<i>Investments - Equity Securities</i>. As a practical expedient, the Company uses Net Asset Value (&#8220;NAV&#8221;) or
its equivalent to measure the fair value of the investment in the fund. NAV is primarily determined based on information provided by the
fund administrator.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_27" id="_SignificantAccountingPoliciesTextBlock-c0_cont_26"><ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_5" id="_InvestmentPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Investment
in the privately held company</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_28" id="_SignificantAccountingPoliciesTextBlock-c0_cont_27"><ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_6" id="_InvestmentPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Equity securities
not accounted for using the equity method are carried at fair value with unrealized gains and losses recorded in the consolidated income
statements, according to ASC 321,&#160;<i>Investments - Equity Securities</i>. The Company elected to record the equity investments in
privately held companies using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price
changes resulting from orderly transactions for identical or similar investments of the same issuer. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_29" id="_SignificantAccountingPoliciesTextBlock-c0_cont_28"><ix:continuation id="_InvestmentPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Equity investments
in privately held companies accounted for using the measurement alternative are subject to periodic impairment reviews. The Company&#8217;s
impairment analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of these
equity securities, including consideration of the impact of the COVID-19 pandemic. In computing realized gains and losses on equity securities,
the Company determines cost based on amounts paid using the average cost method. Dividend income is recognized when the right to receive
the payment is established.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_30" id="_SignificantAccountingPoliciesTextBlock-c0_cont_29"><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentImpairment-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentImpairment"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deposits for property and equipment</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_31" id="_SignificantAccountingPoliciesTextBlock-c0_cont_30"><ix:continuation continuedAt="_PropertyPlantAndEquipmentImpairment-c0_cont_2" id="_PropertyPlantAndEquipmentImpairment-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
deposits for property and equipment represented advance payments for miner purchases. The Company initially recognizes deposits for property
and equipment when cash is advanced to suppliers of our miners. Subsequently, the Company derecognizes and reclassifies deposits for
property and equipment to property and equipment when control over these miners is transferred to and obtained by the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_32" id="_SignificantAccountingPoliciesTextBlock-c0_cont_31"><ix:continuation continuedAt="_PropertyPlantAndEquipmentImpairment-c0_cont_3" id="_PropertyPlantAndEquipmentImpairment-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Below is the roll forward of the balance of deposits
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_33" id="_SignificantAccountingPoliciesTextBlock-c0_cont_32"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock"><ix:continuation id="_PropertyPlantAndEquipmentImpairment-c0_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold; text-align: left">Opening balance</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillGross" scale="0" unitRef="usd">43,094,881</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillGross" scale="0" unitRef="usd">1,324,963</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Reclassification to property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1" scale="0" unitRef="usd">40,500,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Addition of deposits for property and equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-273">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_34" id="_SignificantAccountingPoliciesTextBlock-c0_cont_33"><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Property
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_35" id="_SignificantAccountingPoliciesTextBlock-c0_cont_34"><ix:continuation id="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment is stated at cost and depreciated
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_36" id="_SignificantAccountingPoliciesTextBlock-c0_cont_35"><ix:nonNumeric contextRef="c0" continuedAt="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Impairment
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_37" id="_SignificantAccountingPoliciesTextBlock-c0_cont_36"><ix:continuation id="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Management
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not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted
future cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized
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</div><div>

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obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable
that a significant future reversal will <i>not</i> occur, (iv) allocate the transaction price to the respective performance obligations
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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_43" id="_SignificantAccountingPoliciesTextBlock-c0_cont_42"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_6" id="_RevenueRecognitionPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
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the mining pool. The contract is terminable at any time by either party with no termination penalty. Our enforceable right to compensation
begins when, and lasts for as long as, we provide computing power to the mining pool operator; our performance obligation extends over
the contract term given our continuous provision of computing power. This period of time corresponds with the period of service for which
the mining pool operator determines compensation due to us. Given cancellation terms of the contract, and our customary business practice,
the contract effectively provides the option to renew for successive contract terms daily.</span>&#160; <span style="font-family: Times New Roman, Times, Serif">In
exchange for providing computing power, the Company is entitled to a fractional share of the fixed digital assets award the mining pool
operator receives, for successfully adding a block to the blockchain. The Company&#8217;s fractional share is based on the proportion
of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants
in solving the current algorithm. The Company is entitled to its relative share of consideration even if a block is not successfully placed.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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obligation in the Company&#8217;s contracts with mining pool operators. The transaction consideration the Company receives, if any, is
noncash consideration. ASC 606-10-32-21 requires entities to measure the estimated fair value of noncash consideration at contract inception.
Because the consideration to which the Company expects to be entitled for providing computing power is entirely variable, as well as being
noncash consideration, the Company assesses the estimated amount of the variable noncash consideration at contract inception and subsequently,
to determine when and to what extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not
occur once the uncertainty associated with the variable consideration is subsequently resolved. Because it is probable that a significant
reversal of cumulative revenue will not occur and the Company is able to calculate the payout based on the contractual formula. This amount
should be estimated and recognized in revenue upon inception, which is when hash rate is provided.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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reasons of operational practicality, the Company applies an accounting convention to use the daily quoted closing U.S. dollar spot rate
of digital asset each day to determine the fair value of digital asset on the date received, which is not materially different than the
fair value at contract inception or the time the Company has earned the award from the pools. </span>&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

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is determined using the quoted price of the related digital assets at the time of receipt. There is currently no specific definitive guidance
under US GAAP or alternative accounting framework for the accounting for digital assets
recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment.
In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect
on the Company&#8217;s consolidated financial position and results from operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue recognition (continued)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_51" id="_SignificantAccountingPoliciesTextBlock-c0_cont_50"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_14" id="_RevenueRecognitionPolicyTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note: The revenue by mining pool operator is allocation
of total revenue based on the number of digital assets mined for the years ended on December 31, 2021 and 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_52" id="_SignificantAccountingPoliciesTextBlock-c0_cont_51"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_15" id="_RevenueRecognitionPolicyTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>ETH staking
business </i></span>&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_53" id="_SignificantAccountingPoliciesTextBlock-c0_cont_52"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_16" id="_RevenueRecognitionPolicyTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">The Company also generates revenue
through ETH staking rewards. The ETH staking business is comprised of native staking and liquid staking.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_54" id="_SignificantAccountingPoliciesTextBlock-c0_cont_53"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_17" id="_RevenueRecognitionPolicyTextBlock-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>(a)</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; background-color: white"><i>Native
staking</i></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_55" id="_SignificantAccountingPoliciesTextBlock-c0_cont_54"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_18" id="_RevenueRecognitionPolicyTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has entered into network-based smart
contracts by staking ETH on nodes run by third-party operators or nodes maintained by us in 2022. Through these contracts, the Company
stakes ETH on nodes for the purpose of validating transactions and adding blocks to the Ethereum blockchain network. The staked ETHs remained
locked up until the Shanghai upgrade occurred on April 12, 2023. In exchange for staking the ETH and validating transactions on blockchain
networks, the Company is entitled to the block rewards and transaction fees for successfully validating or adding a block to the blockchain.
These rewards are received by the Company directly from the Ethereum network and are calculated approximately based on the proportion
of the Company&#8217;s stake to the total ETH staked by all validators.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_56" id="_SignificantAccountingPoliciesTextBlock-c0_cont_55"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_19" id="_RevenueRecognitionPolicyTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
provision of validating blockchain transactions is an output of the Company&#8217;s ordinary activities. Each separate block creation
or validation under a smart contract with a network represents a performance obligation. The transaction consideration the Company receives,
the digital asset awards, is a non-cash consideration, which the Company measures at fair value on the date received. The fair value
of the ETH reward received is determined using the quoted price of the ETH at the time of receipt. The satisfaction of the performance
obligation for transaction verification services occurs at a point in time when confirmation is received from the network indicating
that the validation is complete, and the awards are deposited to our address. At that point, revenue is recognized.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_57" id="_SignificantAccountingPoliciesTextBlock-c0_cont_56"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_20" id="_RevenueRecognitionPolicyTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company commenced native staking business in the year ended December 31, 2022. For the year ended December 31, 2022, the Company generated
revenues of $<ix:nonFraction contextRef="c101" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="usd">5,722</ix:nonFraction> from the native staking.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>BIT
DIGITAL, INC.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b>3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_58" id="_SignificantAccountingPoliciesTextBlock-c0_cont_57"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_21" id="_RevenueRecognitionPolicyTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>(b)
<span style="background-color: white">Liquid staking</span></i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_59" id="_SignificantAccountingPoliciesTextBlock-c0_cont_58"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_22" id="_RevenueRecognitionPolicyTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
liquid staking is similar to native staking in terms of performance obligations, determination of transaction price and revenue recognition.&#160;
However liquid staking solves this illiquidity problem arising from the native staking. During the liquid staking transactions Shanghai
upgrade occurred on April 12, 2023, the Company receives receipt tokens sETH-H to represent staked ETH at 1:1 ratio. The liquid staking
rewards are in the form of rETH-H which could be redeemed for ETH from the liquid staking provider or exchange for ETH via OTC.</span>&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_60" id="_SignificantAccountingPoliciesTextBlock-c0_cont_59"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_23" id="_RevenueRecognitionPolicyTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company commenced liquid staking business in the year ended December 31, 2022. For the year ended December 31, 2022, the Company generated
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_61" id="_SignificantAccountingPoliciesTextBlock-c0_cont_60"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_24" id="_RevenueRecognitionPolicyTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Disaggregation of revenues</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_62" id="_SignificantAccountingPoliciesTextBlock-c0_cont_61"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_25" id="_RevenueRecognitionPolicyTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below table presents the disaggregation of Company&#8217;s revenues
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_63" id="_SignificantAccountingPoliciesTextBlock-c0_cont_62"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock"><ix:continuation id="_RevenueRecognitionPolicyTextBlock-c0_cont_25"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Digital asset mining</td><td style="width: 1%">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_64" id="_SignificantAccountingPoliciesTextBlock-c0_cont_63"><ix:nonNumeric contextRef="c0" continuedAt="_CostOfSalesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CostOfSalesPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; background-color: white"><b><i>Cost
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_65" id="_SignificantAccountingPoliciesTextBlock-c0_cont_64"><ix:continuation id="_CostOfSalesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; background-color: white">The
Company&#8217;s cost of revenue consists primarily of i) direct production costs related to mining operations, including electricity
costs, profit-sharing fees/variable performance fees and/or other relevant costs paid to our hosting facilities, but excluding
depreciation and amortization, which are separately stated in the Company&#8217;s consolidated statements of operations, and ii)
direct cost related to ETH staking business, including </span><span style="font-family: Times New Roman, Times, Serif">service fees
payable to the service provider, which was</span>&#160; <span style="font-family: Times New Roman, Times, Serif">immaterial during
the year ended December 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
</p></ix:continuation></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

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</div><div>

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accounts for income taxes under the asset and liability method, in which deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their
respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the
enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

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740, Income Taxes, (&#8220;ASC 740&#8221;), also clarifies the accounting for uncertainty in income taxes recognized in an enterprise&#8217;s
financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and
penalties, accounting in interim period, disclosure and transition.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><div>

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during the period. The computation of diluted net
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</div><div>


</div><!-- Field: Page; Sequence: 151; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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loss consists of two components, net loss and other comprehensive income. For the years ended December 31, 2020, the foreign currency
translation gain or loss resulting from translation of the financial statements expressed in RMB to US$ is reported in other comprehensive
income (loss) in the consolidated statements of operations and other comprehensive loss. For the years ended December 31, 2022 and 2021,
the Company had no other comprehensive income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover
a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount
of the assessment can be reasonably estimated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then
the estimated liability is accrued in the Company&#8217;s financial statements. If the assessment indicates that a potentially material
loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent
liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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</div><div>

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value on grant date and share-based compensation expense is recognized (i) immediately at the grant date if no vesting conditions are
required, or (ii) using the straight-line attribution method, net of estimated forfeitures, over the requisite service period. The fair
values of restricted stock units (&#8220;RSUs&#8221;) and restricted shares are determined with reference to the fair value of the underlying
shares and the fair value of share options is generally determined using the Black-Scholes valuation model. The value is recognized as
an expense over the respective service period, net of estimated forfeitures. Share-based compensation expense, when recognized, is charged
to the consolidated income statements with the corresponding entry to additional paid-in capital, liability or noncontrolling interests.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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internal and external sources of information to assist in the estimation of various attributes to determine the fair value of the share-based
awards granted by the Company, including the fair value of the underlying shares, expected life and expected volatility. The Company recognizes
the impact of any revisions to the original forfeiture rate assumptions in the consolidated income statements, with a corresponding adjustment
to equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_80" id="_SignificantAccountingPoliciesTextBlock-c0_cont_79"><ix:continuation id="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2019, the Company adopted ASU 2018-07,
<i>Compensation &#8211; Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting</i>, which expands
the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. The amendments specify
that ASC 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a
grantor&#8217;s own operations by issuing share-based payment awards. Upon the adoption of this guidance, the Company no longer re-measures
equity-classified share-based awards granted to consultants or non-employees at each reporting date through the vesting date and the accounting
for these share-based awards to consultants or non-employees and employees will be substantially aligned. The adoption of this guidance
did not have a material impact on the Company&#8217;s financial position, results of operations and cash flows. The consolidated financial
statements for the years ended December 31, 2022, 2021 and 2020 were not retroactively adjusted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_82" id="_SignificantAccountingPoliciesTextBlock-c0_cont_81"><ix:continuation continuedAt="btbt_TreasuryStockPolicyTextBlock-c0_cont_2" id="btbt_TreasuryStockPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The Company
accounts for treasury stocks using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury
stocks account on the consolidated balance sheets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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repurchases because they reduce the number of shares that would have been issued upon vesting.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_84" id="_SignificantAccountingPoliciesTextBlock-c0_cont_83"><ix:nonNumeric contextRef="c0" continuedAt="_PriorPeriodReclassificationAdjustmentDescription-c0_cont_1" escape="true" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reclassification</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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items in the financial statements of comparative period have been reclassified to conform to the financial statements for the current
period. The reclassification has no impact on the total assets and total liabilities as of December 31, 2022 or on the statements of operations
for the year </span>&#160;<span style="font-family: Times New Roman, Times, Serif">ended December 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_86" id="_SignificantAccountingPoliciesTextBlock-c0_cont_85"><ix:nonNumeric contextRef="c0" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Recent
accounting pronouncements</i></b></span>&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_87" id="_SignificantAccountingPoliciesTextBlock-c0_cont_86"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company continually assesses any new accounting
pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&#8217;s
financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements
and assures that there are proper controls in place to ascertain that the Company&#8217;s consolidated financial statements properly reflect
the change.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_88" id="_SignificantAccountingPoliciesTextBlock-c0_cont_87"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_3" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the FASB issued ASU 2016-13, <i>Financial
Instruments-Credit Losses (Topic 326)</i>, which requires entities to measure all expected credit losses for financial assets held at
the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing
incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13
was subsequently amended by Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments&#8212;Credit
Losses, Accounting Standards Update 2019-04 Codification Improvements to Topic 326, Financial Instruments&#8212;Credit Losses, Topic 815,
Derivatives and Hedging, and Topic 825, Financial Instruments, and Accounting Standards Update 2019-05, Targeted Transition Relief. For
public entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal years, beginning
after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December
15, 2022, including interim periods within those fiscal years. Early application will be permitted for all entities for fiscal years,
and interim periods within those fiscal years, beginning after December 15, 2018. As an emerging growth company, the Company plans to
adopt this guidance effective January 1, 2023. The Company is currently evaluating the impact of its pending adoption of ASU 2016-13 on
its consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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issued Accounting Standards Update (ASU) 2020-06, <i>Debt&#8212;Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging&#8212;Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an
Entity&#8217;s Own Equity</i>, to address the complexity in accounting for certain financial instruments with characteristics of liabilities
and equity. Amongst other provisions, the amendments in this ASU significantly change the guidance on the issuer&#8217;s accounting for
convertible instruments and the guidance on the derivative scope exception for contracts in an entity&#8217;s own equity such that fewer
conversion features will require separate recognition, and fewer freestanding instruments, like warrants, will require liability treatment.
This guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. As an emerging growth company,
the Company plans to adopt this guidance effective January 1, 2023. The Company is currently evaluating the impact of its pending adoption
of ASU 2020-06 on its consolidated financial statements.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="btbt_USDCTextBlock-c0_cont_1" escape="true" name="btbt:USDCTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4. USDC</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="btbt_USDCTextBlock-c0_cont_2" id="btbt_USDCTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="btbt:ScheduleOfUSDCTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, <br/>
2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="btbt_USDCTextBlock-c0_cont_3" id="btbt_USDCTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents additional information
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</div><div>

</div><ix:continuation id="btbt_USDCTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="btbt:ScheduleOfAdditionalInformationOfUSDCTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralExpense" scale="0" unitRef="usd">2,267,760</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherShortTermInvestments" scale="0" unitRef="usd">1,000,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:PurchasesOfMinersinShares" scale="0" sign="-" unitRef="usd">895,893</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="btbt_DigitalAssetsAbstract-c0_cont_1" escape="true" name="btbt:DigitalAssetsAbstract"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>5. DIGITAL ASSETS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DigitalAssetsAbstract-c0_cont_2" id="btbt_DigitalAssetsAbstract-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital asset holdings were comprised of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DigitalAssetsAbstract-c0_cont_3" id="btbt_DigitalAssetsAbstract-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="btbt_ScheduleOfDigitalAssetHoldingsTableTextBlock-c0_cont_1" escape="true" name="btbt:ScheduleOfDigitalAssetHoldingsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, <br/>
2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">(Restated)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c133" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivablesNetCurrent" scale="0" unitRef="usd">15,796,147</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c134" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivablesNetCurrent" scale="0" unitRef="usd">28,846,587</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c135" decimals="0" format="ixt:num-dot-decimal" id="ix_0_fact" name="us-gaap:OtherReceivablesNetCurrent" scale="0" unitRef="usd">11,791,181</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c136" decimals="0" format="ixt:num-dot-decimal" id="ix_1_fact" name="us-gaap:OtherReceivablesNetCurrent" scale="0" unitRef="usd">193,174</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivablesNetCurrent" scale="0" unitRef="usd">27,587,328</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivablesNetCurrent" scale="0" unitRef="usd">29,039,761</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="btbt_DigitalAssetsAbstract-c0_cont_4" id="btbt_DigitalAssetsAbstract-c0_cont_3"><ix:continuation id="btbt_ScheduleOfDigitalAssetHoldingsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US">The ETH ending balance as of December 31, 2022 includes 16.3 rETH-H earned from the liquid staking activity described below.</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DigitalAssetsAbstract-c0_cont_5" id="btbt_DigitalAssetsAbstract-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, the
Company recognized impairment loss of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges" scale="0" unitRef="usd">24,654,267</ix:nonFraction> on digital assets, consisting of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinanceLeaseImpairmentLoss" scale="0" unitRef="usd">21,143,096</ix:nonFraction> on BTC and $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CapitalizedContractCostImpairmentLoss" scale="0" unitRef="usd">3,511,171</ix:nonFraction> on ETH,
respectively. For the year ended December 31, 2021, the Company recognized impairment of $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentOfAgainstBitcoins" scale="0" unitRef="usd">27,993,571</ix:nonFraction>, consisting of $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:AgainstETH" scale="0" unitRef="usd">27,869,847</ix:nonFraction> on
bitcoins and $123,724 on ETH, respectively. For the year ended December 31, 2020, the Company recognized impairment of $<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentOfAgainstBitcoins" scale="0" unitRef="usd">997,954</ix:nonFraction> on
bitcoins.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DigitalAssetsAbstract-c0_cont_6" id="btbt_DigitalAssetsAbstract-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2022 and 2021, <ix:nonNumeric contextRef="c0" name="us-gaap:EquityMethodInvestmentAdditionalInformation">the Company has native staked 160 ETH and 96 ETH, respectively, on the Ethereum
blockchain. The Company was not able to withdraw the stake until the Shanghai upgrade occurred on April 12, 2023. In addition, the
Company staked 2,004 ETH in a liquid staking protocol with an unaffiliated third party and received receipt tokens which could be
redeemed for ETH from the liquid staking provider or exchanged for cash via OTC. For the years ended December 31, 2022, the Company
earned 19.9 ETH from
such staking activities and recognized the ETH staking rewards as revenues.</ix:nonNumeric></span>&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>


</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>5. DIGITAL ASSETS (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="btbt_DigitalAssetsAbstract-c0_cont_7" id="btbt_DigitalAssetsAbstract-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Additional information about digital assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DigitalAssetsAbstract-c0_cont_8" id="btbt_DigitalAssetsAbstract-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents additional information
about BTC for the years ended December 31, 2022, 2021 and 2020, respectively:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DigitalAssetsAbstract-c0_cont_9" id="btbt_DigitalAssetsAbstract-c0_cont_8"><ix:nonNumeric contextRef="c0" continuedAt="btbt_ScheduleOfAdditionalInformationAboutBTCTableTextBlock-c0_cont_1" escape="true" name="btbt:ScheduleOfAdditionalInformationAboutBTCTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">(Restated)</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">(Restated)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font-weight: bold; text-align: left">Opening balance</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:AdditionalInformationAboutBitcoinAndETHStart" scale="0" unitRef="usd">28,846,587</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-weight: bold">&#160;</td>
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    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-285">-</div></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Receipt of BTC from mining services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:ReceiptOfBitcoinsFromMiningServices" scale="0" unitRef="usd">31,414,102</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:ReceiptOfBitcoinsFromMiningServices" scale="0" unitRef="usd">96,078,586</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="btbt:ReceiptOfBitcoinsFromMiningServices" scale="0" unitRef="usd">21,065,113</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Sales of BTC in exchange of cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:SalesOfBitcoinsInExchangeOfCash" scale="0" sign="-" unitRef="usd">9,837,211</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:SalesOfBitcoinsInExchangeOfCash" scale="0" sign="-" unitRef="usd">16,973,380</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="btbt:SalesOfBitcoinsInExchangeOfCash" scale="0" sign="-" unitRef="usd">2,138,159</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sales of BTC in exchange of ETH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:SalesOfBTCInExchangeOfETH" scale="0" sign="-" unitRef="usd">12,160,450</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-286">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-287">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Payment of BTC for service charges from mining facilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfBTCForUtilityChargesInMiningFacilities" scale="0" sign="-" unitRef="usd">1,199,380</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfBTCForUtilityChargesInMiningFacilities" scale="0" sign="-" unitRef="usd">14,443,484</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfBTCForUtilityChargesInMiningFacilities" scale="0" sign="-" unitRef="usd">11,049,584</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Payment of BTC as deposits for miners</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-288">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfBTCAsDepositsOnPlantAndEquipment" scale="0" sign="-" unitRef="usd">3,527,671</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-289">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Payment of BTC as deposits in hosting facilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfBTCAsDepositsInMiningPools" scale="0" sign="-" unitRef="usd">9,292,646</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfBTCAsDepositsInMiningPools" scale="0" sign="-" unitRef="usd">900,563</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Payment of BTC for other expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfBTCForOtherExpenses" scale="0" sign="-" unitRef="usd">124,405</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfBTCForOtherExpenses" scale="0" sign="-" unitRef="usd">1,053,221</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfBTCForOtherExpenses" scale="0" sign="-" unitRef="usd">18,380</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Collection of BTC from a third party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-290">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:CollectionOfBitcoinsFromAThirdParty" scale="0" unitRef="usd">59,300</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Impairment of BTC</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillAcquiredDuringPeriod" scale="0" unitRef="usd">21,143,096</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="btbt_DigitalAssetsAbstract-c0_cont_10" id="btbt_DigitalAssetsAbstract-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents additional information
about ETH for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DigitalAssetsAbstract-c0_cont_11" id="btbt_DigitalAssetsAbstract-c0_cont_10"><ix:continuation continuedAt="btbt_ScheduleOfAdditionalInformationAboutBTCTableTextBlock-c0_cont_2" id="btbt_ScheduleOfAdditionalInformationAboutBTCTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font-weight: bold; text-align: left">Opening balance</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:ReceiptOfOpeningBalance" scale="0" unitRef="usd">193,174</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-296">-</div></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-305">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation id="btbt_DigitalAssetsAbstract-c0_cont_11"><ix:continuation id="btbt_ScheduleOfAdditionalInformationAboutBTCTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US">It represents 16.3 rETH-H earned from the liquid staking activity in 2022.</ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 155; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_2" id="_OtherCurrentAssetsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other current assets were comprised of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_3" id="_OtherCurrentAssetsTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
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2021</b></span></td>
    <td>&#160;</td></tr>
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" id="ix_3_fact" name="us-gaap:Deposits" scale="0" unitRef="usd">400,000</ix:nonFraction></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" id="ix_4_fact" name="us-gaap:Deposits" scale="0" unitRef="usd">2,981,684</ix:nonFraction></span></td>
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueFromOtherRelatedParties" scale="0" unitRef="usd">307,004</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-309; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid director and officer insurance expenses</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidInsurance" scale="0" unitRef="usd">365,350</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-310; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid consulting service expenses</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-311; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-312; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office rental deposit</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:Others" scale="0" unitRef="usd">325,302</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td style="border-bottom: Black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsCurrent" scale="0" unitRef="usd">1,433,999</ix:nonFraction></b></span></td>
    <td>&#160;</td>
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    <td style="border-bottom: Black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td>
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    <td>&#160;</td></tr>
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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2021, the balance of deposits represented the deposits made to one and two service providers, respectively,
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between the Company and the service provider, which may be due within 12 months from the effective date of the agreement.</span></ix:footnote></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_4" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020, depreciation
expenses were $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepreciationDepletionAndAmortization" scale="0" unitRef="usd">27,829,730</ix:nonFraction>, $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepreciationDepletionAndAmortization" scale="0" unitRef="usd">13,113,964</ix:nonFraction> and $<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepreciationDepletionAndAmortization" scale="0" unitRef="usd">3,342,655</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_5" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2022, adverse
changes in business climate, including decreases in the price of BTC and ETH and resulting decrease in the market price of miners, indicated
that an impairment triggering event had occurred. Testing performed indicated the estimated fair value of the Company&#8217;s miners to
be less than their net carrying value as of December 31, 2022, and an impairment charge of $<ix:nonFraction contextRef="c137" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetImpairmentCharges" scale="0" unitRef="usd">46,369,095</ix:nonFraction> and $<ix:nonFraction contextRef="c138" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetImpairmentCharges" scale="0" unitRef="usd">3,669,555</ix:nonFraction> was recognized for
the BTC miners and ETH miners, respectively, decreasing the net carrying value of the Company&#8217;s miners to their estimated fair value.
The estimated fair value of the Company&#8217;s miners is classified in Level 2 of the fair value hierarchy due to the quoted market prices
for similar assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7. PROPERTY AND EQUIPMENT, NET (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_6" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sales and writing off of miners in the year
of 2022</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_7" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman,serif">For the
year ended December 31, 2022, the Company sold <ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:SaleToMiners" scale="0" unitRef="pure">1,115</ix:nonFraction> bitcoin miners for
a total consideration of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:TotalConsideration" scale="0" unitRef="usd">1,816,870</ix:nonFraction>. On the dates of the transaction, the total original cost and accumulated depreciation of these miners
were $<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:TotalOriginalCost" scale="0" unitRef="usd">571,681</ix:nonFraction> </span>&#160;<span style="font-family: Times New Roman,serif">and $<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="usd">276,610</ix:nonFraction></span>&#160;<span style="font-family: Times New Roman,serif">,
respectively. The Company recognized a gain of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnDispositionOfAssets" scale="0" unitRef="usd">1,521,799</ix:nonFraction> from the sale of miners which was recorded in the account of &#8220;net gain
from disposal of property and equipment&#8221;. As of the date of this report, the Company has collected the cash consideration of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" scale="0" unitRef="usd">1,056,775</ix:nonFraction>,
netting off the related miner testing costs, and consideration of <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:NetOffCostConsideration" scale="0" unitRef="usd">712,800</ix:nonFraction> USDC.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_8" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2022, the Company wrote off 917 BTC miners and 1 ETH miner during the year, and the Company recorded a loss
of $<ix:nonFraction contextRef="c139" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" scale="0" unitRef="usd">168,500</ix:nonFraction> resulting from the writing off in the account of &#8220;net gain from disposal of property and equipment&#8221;.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_9" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sales and disposal of miners in the year of
2021</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_10" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2021, the Company
sold <ix:nonFraction contextRef="c140" decimals="0" format="ixt:num-dot-decimal" name="btbt:SaleToMiners" scale="0" unitRef="pure">15,808</ix:nonFraction> miners to three third party customers for a total consideration of $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" scale="0" unitRef="usd">9,441,561</ix:nonFraction>. On the date of the transaction, the original
cost and accumulated depreciation of these <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:SaleToMiners" scale="0" unitRef="pure">15,808</ix:nonFraction> miners was $<ix:nonFraction contextRef="c141" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="usd">11,044,804</ix:nonFraction> and $<ix:nonFraction contextRef="c142" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="usd">2,213,763</ix:nonFraction>, respectively. The Company recognized a gain on
sales of $<ix:nonFraction contextRef="c143" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnDispositionOfAssets" scale="0" unitRef="usd">610,520</ix:nonFraction> which was recorded as a reduction against &#8220;loss from disposal of property and equipment&#8221;. As of the date
of this report, the Company has collected the consideration in the form of USDT.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2021, the Company
disposed of <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:DisposedOfMiners" scale="0" unitRef="pure">1,779</ix:nonFraction> miners. On the date of disposal, the original cost and accumulated depreciation of these <ix:nonFraction contextRef="c144" decimals="0" format="ixt:num-dot-decimal" name="btbt:DisposedOfMiners" scale="0" unitRef="pure">1,779</ix:nonFraction> miners was $<ix:nonFraction contextRef="c145" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="usd">5,307,790</ix:nonFraction>
and $<ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="usd">951,024</ix:nonFraction>, respectively. The Company incurred a loss of $<ix:nonFraction contextRef="c147" decimals="0" format="ixt:num-dot-decimal" name="btbt:PropertyPlantAndEquipmentIncurredLoss" scale="0" unitRef="usd">4,356,767</ix:nonFraction>, which was recorded in the account of &#8220;loss from disposal
of property and equipment&#8221;.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8. INVESTMENT SECURITIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_2" id="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment securities were comprised of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_3" id="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Investment in Digital Future Alliance Limited (&#8220;DFA&#8221;) (a)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyFinancialCommitmentToInvesteeFutureAmount" scale="0" unitRef="usd">94,534</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyFinancialCommitmentToInvesteeFutureAmount" scale="0" unitRef="usd">1,000,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Investment in Nine Blocks Offshore Feeder Fund (&#8220;Nine Blocks&#8221;) (b)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:InvestmentInNineBlocksOffshoreFeederFund" scale="0" unitRef="usd">1,693,388</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeNet" scale="0" unitRef="usd">1,787,922</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeNet" scale="0" unitRef="usd">1,000,000</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_4" id="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment
in DFA</i></span></td>
</tr></table><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_5" id="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2021, the Company
made an investment of $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedInvestmentIncomeReceivable" scale="0" unitRef="usd">1,000,000</ix:nonFraction>, in the form of USDC, in DFA which is a privately held company, over which the Company neither has control
nor significant influence through investment in ordinary shares. During the years ended December 31, 2022, the Company sold two-thirds
(2/3) of the investment for consideration of $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:InvestmentForConsideration" scale="0" unitRef="usd">1,706,665</ix:nonFraction>. The Company recognized a gain of $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EquitySecuritiesFvNiRealizedGain" scale="0" unitRef="usd">1,039,999</ix:nonFraction> from the sale of investment security
which was recorded in the account of &#8220;gain from sale of investment security&#8221;. As of the date of this report, the Company has
received the full payment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_6" id="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2022, DFA raised proceeds through
equity financing with third party investors. This orderly transaction provided <span style="background-color: white">observable price
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</div><div>

</div><ix:continuation continuedAt="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_7" id="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s impairment analysis considers
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</div><div>


</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8. INVESTMENT SECURITIES (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_8" id="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment
in Nine Blocks</i></span></td>
</tr></table><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_9" id="_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="btbt_OtherNonCurrentAssetsTextBlock-c0_cont_3" id="btbt_OtherNonCurrentAssetsTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfOtherAssetsNoncurrentTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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</div><div>

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upon expiration of the agreement between the Company and the service provider, which may be due 12 months from the effective date of the
agreement.</ix:footnote></p></td>
</tr></table></ix:continuation></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><div>

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stock options, restricted shares, share appreciation rights and share payments may be granted to any directors, employees and consultants
of the Company or affiliated companies under 2021 Omnibus Equity Incentive Plan (&#8220;2021 Plan&#8221;) and 2021 Second Omnibus Equity
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_3" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Restricted Stock Units (&#8220;RSUs&#8221;)</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_4" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to a Consulting Services Agreement dated
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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10. SHARE-BASED COMPENSATION (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_16" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_17" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, there were $<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" scale="0" unitRef="usd">4,873</ix:nonFraction> of
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_18" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022 and 2021,
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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10. SHARE-BASED COMPENSATION (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_19" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Share
options</span></i></span>&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_20" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 16, 2022, the Company granted <ix:nonFraction contextRef="c168" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" scale="0" unitRef="shares">225,000</ix:nonFraction>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_21" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 1, 2022, the Company granted <ix:nonFraction contextRef="c169" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" scale="0" unitRef="shares">100,000</ix:nonFraction>
share options to <ix:nonFraction contextRef="c170" decimals="0" format="ixt-sec:numwordsen" name="btbt:NumberOfConsultants" scale="0" unitRef="pure">one</ix:nonFraction> consultant under 2021 Second Plan. All of these share options are subject to a 3-year vesting schedule, and vest
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_22" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 1, 2022, the Company granted <ix:nonFraction contextRef="c171" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" scale="0" unitRef="shares">25,000</ix:nonFraction> share
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_24" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
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</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_27" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Other
share-based compensation</i></span>&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_28" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
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for a period of 12 months. The Company recognized share-based compensation expenses aggregating $<ix:nonFraction contextRef="c175" decimals="0" format="ixt:num-dot-decimal" name="btbt:OtherSharebasedCompensationExpense" scale="0" unitRef="usd">1,000,000</ix:nonFraction>, at per share price by reference
to the closing price on issuance dates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2021 and July 2021, the Company issued
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services, respectively. The Company recognized share-based compensation expenses aggregating
$<ix:nonFraction contextRef="c178" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense" scale="0" unitRef="usd">1,446,098</ix:nonFraction>, at per share price by reference to the closing price on issuance dates.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>11. SHARE CAPITAL</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Ordinary shares</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
September 29, 2021, the Company entered into a Securities Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with certain purchasers
signatory thereto (the &#8220;Purchasers&#8221;), pursuant to which the Company agreed to issue and sell, in a private offering (the &#8220;Private
Placement&#8221;), an aggregate of $<ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPreviouslyUnissuedStockBySubsidiaryOrEquityInvesteeNonoperatingIncome" scale="0" unitRef="usd">80,000,017</ix:nonFraction> of securities, consisting of <ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" scale="0" unitRef="shares">13,490,728</ix:nonFraction> ordinary shares of the Company, par value $<ix:nonFraction contextRef="c183" decimals="2" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">.01</ix:nonFraction>
per share and warrants to purchase an aggregate of <ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPreviouslyUnissuedStockBySubsidiaryOrEquityInvesteeNonoperatingIncome" scale="0" unitRef="usd">10,118,046</ix:nonFraction> ordinary shares at an exercise price of $<ix:nonFraction contextRef="c185" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares">7.91</ix:nonFraction> per whole share (&#8220;Warrant&#8221;),
at a combined purchase price of $<ix:nonFraction contextRef="c185" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">5.93</ix:nonFraction> per share and accompanying warrant (collectively, the &#8220;Securities&#8221;). Each Warrant is
exercisable immediately and will expire three and one-half years after the effective date&#160;of a resale registration statement (the
&#8220;Registration Statement&#8221;) to be filed. On October 4, 2021, the Company closed the Private Placement. Pursuant to the Registration
Rights Agreement, the Company is subject to liquidated damages if the Registration Statement registering shares for resale is not declared
effective by the SEC per the mutually agreed timeline. The monthly payment is calculated at <ix:nonFraction contextRef="c186" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" scale="-2" unitRef="pure">2</ix:nonFraction>% of gross proceeds, or $<ix:nonFraction contextRef="c186" decimals="0" format="ixt:num-dot-decimal" name="btbt:FinanceGrossProceeds" scale="0" unitRef="usd">1,600,000</ix:nonFraction>. On January
25, 2022, the Registration Statement was declared effective.</span>&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to ASC 450-20, a liability for the contingent
obligation under the registration rights agreement was recognized at inception since it is probable that a payment under the registration
rights agreement would be required and the amount of payment can be reasonably estimated. The contingent liability under the registration
payment arrangement should be included in the allocation of proceeds from the related financing transaction. The remaining proceeds should
then be allocated to the financial instruments issued based on the provisions of other US GAAP. Accordingly, a portion of the proceeds
was allocated to the contingent liquidated payment under the registration payment arrangements and the remaining proceeds were allocated
to the private placement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the years ended December 31, 2022 and 2021, the Company accrued
liquidated damages of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:LossContingencyLiquidatedDamagesValue" scale="0" unitRef="usd">619,355</ix:nonFraction> and $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:LossContingencyLiquidatedDamagesValue" scale="0" unitRef="usd">4,800,000</ix:nonFraction> with corresponding accounts in &#8220;other payables and accrued liabilities&#8221;. For
the year ended December 31, 2022 and 2021, the Company paid liquidated damages of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyDamagesPaidValue" scale="0" unitRef="usd">2,219,355</ix:nonFraction> and $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyDamagesPaidValue" scale="0" unitRef="usd">3,200,000</ix:nonFraction>, respectively. As of December
31, 2022 and 2021, the Company had outstanding accrued liquidated damages of $<span style="-sec-ix-hidden: hidden-fact-326">nil</span> and $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="btbt:OutstandingAccruedLiquidatedDamages" scale="0" unitRef="usd">1,600,000</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, there were <ix:nonFraction contextRef="c46" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c46" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares">69,591,389</ix:nonFraction></ix:nonFraction>
ordinary shares issued and outstanding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2022,
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fully vested restricted stock units awarded to such individuals by the Company pursuant to grants made under the Company&#8217;s
2021 Plan. In addition, the Company also withheld <ix:nonFraction contextRef="c55" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesPaidForTaxWithholdingForShareBasedCompensation" scale="0" unitRef="shares">14,472</ix:nonFraction> shares of its ordinary shares that were surrendered to the Company for
withholding taxes related to restricted stock units granted to certain management.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">During
the year ended December 31, 2022, <ix:nonFraction contextRef="c187" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">24,000</ix:nonFraction> </span>&#160;<span style="font-family: Times New Roman, Times, Serif">ordinary shares were issued
to a consultant in settlement of an equal number of fully vested restricted stock units awarded to such individuals by the Company pursuant
to grants made under the Company&#8217;s 2021 Second Plan.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_9" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2022, the Company issued <ix:nonFraction contextRef="c175" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">245,098</ix:nonFraction> ordinary
shares to a market service provider, at fair value of $<ix:nonFraction contextRef="c188" decimals="-5" format="ixt:num-dot-decimal" name="btbt:FairValue" scale="6" unitRef="usd">1.0</ix:nonFraction> million. The marketing service would be provided for a period of 12 months
from issuance of shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_10" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
April 2022, the Company issued <ix:nonFraction contextRef="c189" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">1,487,473</ix:nonFraction> ordinary shares, at fair value of $<ix:nonFraction contextRef="c188" decimals="-5" format="ixt:num-dot-decimal" name="btbt:FairValuePurchase" scale="6" unitRef="usd">5.6</ix:nonFraction>
million, to purchase certain bitcoin miners.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_11" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">During
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_12" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Preferred shares</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_14" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022 and 2021, there were <ix:nonFraction contextRef="c63" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c63" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c45" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c45" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesOutstanding" scale="0" unitRef="shares">1,000,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction>
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</div><div>

</div><ix:nonNumeric contextRef="c0" name="us-gaap:PreferredStockVotingRights"><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_15" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preference shares are entitled to the following
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per share; 3) convert on a one for one basis for ordinary shares, subject to a 4.99% conversion limitation; 4) rank senior to ordinary
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_16" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Treasury stock</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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share repurchases because they reduce the number of shares that would have been issued upon vesting. For the year ended December 31, 2022,
the Company withheld <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="btbt:PurchaseOfAggregateOrdinaryShare" scale="0" unitRef="shares">14,472</ix:nonFraction> shares of its ordinary shares that were surrendered to the Company for withholding taxes related to restricted
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</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>11. SHARE CAPITAL (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_18" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Warrants</span></span>&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_19" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022 and 2021, the Company
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per whole share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_20" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 815, the Company determined
that the warrants meet the conditions necessary to be classified as equity because the consideration is indexed to the Company&#8217;s
own equity, there are no exercise contingencies based on an observable market not based on its stock or operations, settlement is consistent
with a fixed-for-fixed equity instrument, the agreement contains an explicit number of shares and there are no cash payment provisions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_21" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the warrants was estimated at
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expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on historical
and implied volatilities of selected peer companies as well as its own that match the expected remaining life of the warrants. The risk-free
interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining
life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend
rate is based on the historical rate, which the Company anticipates it to remain at zero.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_22" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides quantitative information
regarding Level 3 fair value measurements inputs for the Company&#8217;s warrants at their measurement dates:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_22"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:FairValueConcentrationOfRiskTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:nonNumeric></ix:continuation><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_2" id="_IncomeTaxDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Cayman Islands</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_3" id="_IncomeTaxDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the current and applicable laws of the Cayman
Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company to its shareholders,
no Cayman Islands withholding tax will be imposed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_4" id="_IncomeTaxDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Hong Kong</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_5" id="_IncomeTaxDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">After
all bitcoin miners were migrated to North America, BT HK operates under a cost-plus model for its general and administration services
which is currently reimbursed by Bit Digital USA Inc. starting in fiscal year 2022. The Company is currently engaging a third-party
service provider to perform a benchmark study for transfer pricing purposes. Currently the mark-up percentage for the general and administration
services provided by BT HK is estimated to be <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="btbt:EstimatedPercentage" scale="-2" unitRef="pure">4.84</ix:nonFraction>% </span>&#160;<span style="font-family: Times New Roman, Times, Serif">and the Company
will update the percentage, if necessary, once the benchmark study is finalized. The Company does not expect any material impact as a
result of change on the mark-up.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_6" id="_IncomeTaxDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our subsidiaries in Hong Kong are taxed at a reduced
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_7" id="_IncomeTaxDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to ASC Topic 740, Income Taxes, (&#8220;ASC
740&#8221;), the uncertainty in income taxes shall be recognized in an enterprise&#8217;s financial statements and prescribes a recognition
threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken
in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by
taxing authorities. Based on the Company&#8217;s evaluation, the Company believes that its income tax positions are more-likely-than-not
to be sustained upon audit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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the year ended December 31, 2021, BT HK record $<span style="-sec-ix-hidden: hidden-fact-342">nil</span> for its current income tax liability due to the offshore claim.</span>&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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virtue of the territorial source system adopted in Hong Kong, BT HK is in the process of applying for the Offshore Non-taxable Claim on
its bitcoin mining income earned for the years ended December 31, 2021 and 2020 </span>&#160;<span style="font-family: Times New Roman, Times, Serif">under
Hong Kong profits tax with the Hong Kong Inland Revenue Department (&#8220;HKIRD&#8221;) on the ground that the said income is not arising
in or derived from Hong Kong. Given the Offshore Non-taxable Claim is still subject to review and agreement by the HKIRD and there are
uncertainties surrounding the claim as well as the Company&#8217;s stock-based compensation deduction tax position, the Hong Kong subsidiary
recorded an unrecognized tax benefit of $<ix:nonFraction contextRef="c109" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrecognizedTaxBenefits" scale="0" unitRef="usd">276,728</ix:nonFraction> and $<ix:nonFraction contextRef="c110" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrecognizedTaxBenefits" scale="0" unitRef="usd">2,767,276</ix:nonFraction> as long-term income tax expenses for the year ended December 31, 2022
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offshore claim for years ended December 31, 2021 and 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12. INCOME TAXES (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_12" id="_IncomeTaxDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the U.S. jurisdiction, the Company is subject
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_13" id="_IncomeTaxDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also evaluated the impact from the
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_14" id="_IncomeTaxDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2022 and 2021,
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_16" id="_IncomeTaxDisclosureTextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="btbt:ScheduleOfUSFederalAndStateIncomeTaxExpensesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_17" id="_IncomeTaxDisclosureTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Canada</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_18" id="_IncomeTaxDisclosureTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to both federal and provincial
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_19" id="_IncomeTaxDisclosureTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For years ended December 31, 2022 and 2021, the
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_20" id="_IncomeTaxDisclosureTextBlock-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_21" id="_IncomeTaxDisclosureTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Singapore</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_22" id="_IncomeTaxDisclosureTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to corporate income tax for its business operation
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</div><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12. INCOME TAXES (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_23" id="_IncomeTaxDisclosureTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Effective tax rate</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_24" id="_IncomeTaxDisclosureTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Below is a reconciliation of the statutory tax
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" scale="-2" unitRef="pure">0</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Non-deductible impairment on digital assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseImpairmentLosses" scale="-2" sign="-" unitRef="pure">8.5</ix:nonFraction></td><td style="text-align: left">)%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseImpairmentLosses" scale="-2" unitRef="pure">0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Withholding tax on intercompany interest payment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="btbt:EffectiveIncomeTaxRateReconciliationExpenseWithholdingTaxOnIntercompanyInterestPaymentinDollars" scale="-2" sign="-" unitRef="pure">0.2</ix:nonFraction></td><td style="text-align: left">)%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Non-taxable capital gain on investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="btbt:EffectiveIncomeTaxRateReconciliationNontaxableCapitalGainOnInvestmentsinDollars" scale="-2" unitRef="pure">8.0</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="btbt:EffectiveIncomeTaxRateReconciliationNontaxableCapitalGainOnInvestmentsinDollars" scale="-2" unitRef="pure">0</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="2" format="ixt:num-dot-decimal" name="btbt:EffectiveIncomeTaxRateReconciliationNontaxableCapitalGainOnInvestmentsinDollars" scale="-2" unitRef="pure">0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Others</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" scale="-2" unitRef="pure">0.2</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" scale="-2" unitRef="pure">0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Effect of change in valuation allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" scale="-2" sign="-" unitRef="pure">14.0</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)%</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c6" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" scale="-2" sign="-" unitRef="pure">21</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -14.1pt; padding-left: 14.15pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" scale="-2" unitRef="pure">44.2</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-333">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_26" id="_IncomeTaxDisclosureTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Deferred Tax Assets/Liabilities</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_27" id="_IncomeTaxDisclosureTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated Deferred tax assets (liabilities)
as of December 31, 2022 and 2021 consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_28" id="_IncomeTaxDisclosureTextBlock-c0_cont_27"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Deferred tax assets:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Net operating losses carry forwards</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" scale="0" unitRef="usd">8,357,549</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" scale="0" unitRef="usd">4,775,905</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Share-based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" scale="0" unitRef="usd">610,298</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" scale="0" unitRef="usd">609,933</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Capital loss carryforwards</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,812,024</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Deferred tax liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Depreciation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:DepreciationOfUSA" scale="0" unitRef="usd">3,855,914</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:DepreciationOfUSA" scale="0" unitRef="usd">5,696,982</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Net deferred tax assets/(liabilities):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="btbt:DeferredTaxAssetsAndLiabilitiesNet" scale="0" sign="-" unitRef="usd">8,923,957</ix:nonFraction></td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-style: normal; font-weight: normal; text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="btbt:DeferredTaxAssetsAndLiabilitiesNet" scale="0" unitRef="usd">311,144</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: valuation allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="usd">8,923,957</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="usd">93,147</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Net deferred tax assets/(liabilities) after valuation allowance</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_29" id="_IncomeTaxDisclosureTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 740 &#8211; Accounting
for Income Taxes, the Company has recognized deferred tax assets and liabilities on its balance sheet. These assets represent temporary
differences between the carrying value of certain assets and liabilities for financial reporting purposes and their tax basis. However,
the realization of these deferred tax assets is dependent upon the generation of future taxable income and the Company is required to
evaluate the realizability of its deferred tax assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_30" id="_IncomeTaxDisclosureTextBlock-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year ended December 31, 2022, the
Company evaluated all the relevant evidence, including both positive and negative evidence, when determining if a valuation
allowance on its deferred tax assets is warranted. After careful consideration, the Company determines that it is more likely than
not that a portion or all of the deferred tax assets will not be realized. The dominant negative evidence is the cumulative <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="btbt:EffectiveIncomeTaxRateCumulativePreTaxLossesYears">3</ix:nonNumeric> years
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_31" id="_IncomeTaxDisclosureTextBlock-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company will continue to evaluate the
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</div><div>




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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>12. INCOME TAXES (CONTINUED)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_32" id="_IncomeTaxDisclosureTextBlock-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Unrecognized Tax Benefits</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_33" id="_IncomeTaxDisclosureTextBlock-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For unrecognized tax benefits, the Company&#8217;s
policy is to recognize interest and penalties that would be assessed in relation to the settlement value of unrecognized tax benefits
as a component of income tax expense. For the years ended December 31, 2022 and 2021, the Company recorded an unrecognized tax benefit
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_34" id="_IncomeTaxDisclosureTextBlock-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">A
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_35" id="_IncomeTaxDisclosureTextBlock-c0_cont_34"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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 December
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given the uncertainty around the timing of the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended<br/>
 December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

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net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The computation
of diluted net loss per share does not include dilutive ordinary shares equivalents in the weighted average shares outstanding, as they
would be anti-dilutive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_EarningsPerShareTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020, the unvested RSUs, warrants, options and convertible preferred shares were
excluded from the calculation of diluted earnings per share because they were anti-dilutive.</span></p></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><div>

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on April 1, 2022, the Company established a 401(k) defined contribution plan. The Company&#8217;s 401(k) Plan is a tax-qualified deferred
compensation arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating U.S. employees may contribute
a portion of their eligible earnings, subject to applicable U.S. Internal Revenue Service and plan limits. The Company matches <ix:nonFraction contextRef="c207" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch" scale="-2" unitRef="pure">100</ix:nonFraction>% of
each employee&#8217;s contributions up to a maximum of <ix:nonFraction contextRef="c207" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" scale="-2" unitRef="pure">4</ix:nonFraction>% of the employee&#8217;s eligible earnings. </span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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Financial Officer in the form of USDC, and repaid the balance of $<ix:nonFraction contextRef="c209" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" scale="0" unitRef="usd">7,000</ix:nonFraction> to one shareholder.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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May 26, 2021, the Company entered into a Share Exchange Agreement (the &#8220;SEA&#8221;) with Geney Development Limited (&#8220;Geney&#8221;),
a corporation formed under the laws of the British Virgin Islands. Geney is owned seventy (<ix:nonFraction contextRef="c210" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">70</ix:nonFraction>%) percent by Zhaohui Deng, Chairman of the
Board of the Company, and thirty (<ix:nonFraction contextRef="c211" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">30</ix:nonFraction>%) percent beneficially </span>&#160;<span style="font-family: Times New Roman, Times, Serif">owned
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shares for 1,000,000 Preference Shares.</ix:nonNumeric> <ix:nonNumeric contextRef="c212" name="btbt:PreferenceShareVoteDescription">Each Preference Share provides for: (i) an eight (8%) percent annual dividend when and if declared
by the Board; (ii) a liquidation preference of $10 per share (an aggregate of $10 million) senior to ordinary shares; (iii) converts on
a one-for-one basis, subject to a 4.99% blocker; and (iv) fifty (50) votes per Preference Share in order for management to carry out its
intended business plan.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 21, 2022, the Company and an officer of the Company entered
into a Confidential Settlement, General Release and Separation Agreement (the &#8220;Agreement&#8221;) with a former employee (the &#8220;Employee&#8221;).
The Employee asserted various disputes, which the Company settled for a sum of $<ix:nonFraction contextRef="c213" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueFromEmployeesNoncurrent" scale="0" unitRef="usd">500,000</ix:nonFraction>. The parties entered into a non-disclosure agreement
and agreed to mutual non-disparagement. The Board of Directors of the Company has retained counsel to review the matter. As of the date
of this Report, the counsel has completed their review and investigation. The Company has updated our policies and procedures based on
their recommendations.&#160;&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022 and 2021, the Company
had no outstanding balances due from or due to related parties.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>16. CONTINGENCIES</b></span>&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>


</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company is a party to various
legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable
and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
January 20, 2021, a securities class action lawsuit was filed against the Company and its former Chief Executive Officer and Chief Financial
Officer titled Anthony Pauwels v. Bit Digital, Inc., Min Hu and Erke Huang (Case No. 1:21-cv-00515) (U.S.D.C. S.D.N.Y.). A second class
action lawsuit was filed, substantially identical on January 26, 2021, titled, Yang v. Bit Digital, Inc., Min Hu and Erke Huang (Case
No. 1:21-cv- 00721). Several other related cases have since been filed seeking lead plaintiff status. The class action is on behalf of
persons that purchased or acquired our ordinary shares between December 21, 2020 and January 11, 2021, a period of volatility in our Ordinary
Shares, as well as volatility in the price of bitcoin. We believe the complaints are based solely upon a research article issued on January
11, 2021, which included false claims and to which the Company responded in a press release filed on Form 6-K on January 19, 2021. On
April 21, 2021, the Court consolidated several related cases under the caption In re Bit Digital Securities Litigation. Joseph Franklin
Monkam Nitcheu was appointed as lead plaintiff. We filed a motion to dismiss the lawsuits and vigorously defended the action. While that
motion was pending, the Company agreed with the lead plaintiff selected in the case to settle the class action by paying $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LitigationSettlementExpense" scale="0" unitRef="usd">2,100,000</ix:nonFraction>. The
Company recorded the liabilities of $<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd">2,100,000</ix:nonFraction> in the account of &#8220;accrued litigation settlement costs&#8221;. The Company chose
to do that to eliminate the burden, expense and uncertainties of further litigation. The Company continues to deny the allegations in
the Amended Complaint and nothing in the settlement is evidence of any liability on the Company&#8217;s behalf.</span>&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On March 7, 2023, a final judgement in this matter
was entered approving the settlement and certifying the class for purposes of enforcing the settlement <span style="font-family: Times New Roman, Times, Serif">and
payment was then made by the Company.</span>&#160;</p></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="btbt_DispositionOfGoldenBullUSATextBlock-c0_cont_1" escape="true" name="btbt:DispositionOfGoldenBullUSATextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>17. DISPOSITION OF GOLDEN BULL USA</b></p><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DispositionOfGoldenBullUSATextBlock-c0_cont_2" id="btbt_DispositionOfGoldenBullUSATextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 16, 2022, the Company into a share purchase
agreement (the &#8220;Disposition SPA&#8221;) with Star Choice Investments Limited (&#8220;Star Choice&#8221;), an unrelated Hong Kong
entity (the &#8220;Purchaser&#8221;). Pursuant to the Disposition SPA, the Purchaser purchased Golden Bull USA in exchange for nominal
consideration of $<ix:nonFraction contextRef="c214" decimals="2" format="ixt:num-dot-decimal" name="btbt:ConsiderationAmount" scale="0" unitRef="usd">10.00</ix:nonFraction> and other good and valuable consideration. Golden Bull USA had been inactive since May 2020. The disposition was
closed on the same date.</p><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DispositionOfGoldenBullUSATextBlock-c0_cont_3" id="btbt_DispositionOfGoldenBullUSATextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the same date, the parties completed all of
the share transfer registration procedures as required by the laws of State of New York and all other closing conditions had been satisfied.
As a result, the disposition contemplated by the Disposition SPA was completed. Upon completion of the disposition, the Purchaser became
the sole shareholder of Golden Bull USA and assumed all assets and obligations of Golden Bull USA. Upon the closing of the transaction,
the Company does not bear any contractual commitment or obligation to the business of Golden Bull USA, nor to the Purchaser.</p><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DispositionOfGoldenBullUSATextBlock-c0_cont_4" id="btbt_DispositionOfGoldenBullUSATextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Golden Bull USA had been inactive since May 2020.
It did not generate revenues or incur any operating expenses since then. On disposal date, Golden Bull USA had total assets of $<ix:nonFraction contextRef="c215" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="usd">72,196</ix:nonFraction>
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net assets of the Company as of March 31, 2022. The Company recorded a gain of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeOtherNetOfTax" scale="0" unitRef="usd">52,383</ix:nonFraction> from the termination in the account of &#8220;other
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</div><div>

</div><ix:continuation id="btbt_DispositionOfGoldenBullUSATextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management believes that the disposition of Golden
Bull USA does not represent a strategic shift that has (or will have) a major effect on the Company&#8217;s operations and financial results.
The disposition is not accounted as discontinued operations in accordance with ASC 205-20.</p></ix:continuation><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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a certain share purchase agreement (the &#8220;Disposition SPA&#8221;) by and among a British Virgin Islands company, Sharp Whale Limited
(the &#8220;Purchaser&#8221;), Point Cattle Holding Limited (&#8220;Point Cattle&#8221;, or the &#8220;Subsidiary&#8221;) and the Company
(the &#8220;Seller&#8221;). Pursuant to the Disposition SPA, the Purchaser purchased the Subsidiary in exchange for nominal consideration
of $<ix:nonFraction contextRef="c217" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee" scale="0" unitRef="usd">10.00</ix:nonFraction> and other good and valuable consideration. Point Cattle Holdings Limited was a former wholly owned subsidiary of the Company
in the British Virgin Islands, and through its subsidiaries and variable interest entities (&#8220;VIEs&#8221;), Golden Bull Limited previously
operated its peer-to-peer lending business and the car rental business in PRC.</p><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DispositionOfPointCattleTextBlock-c0_cont_3" id="btbt_DispositionOfPointCattleTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 8, 2020, the parties completed all
of the share transfer registration procedures as required by the laws of British Virgin Islands and all other closing conditions had been
satisfied. As a result, the disposition contemplated by the Disposition SPA was completed. Upon completion of the disposition, the Purchaser
became the sole shareholder of Point Cattle and as a result, assumed all assets and obligations of all the subsidiaries and VIE entities
owned or controlled by Point Cattle. Upon the closing of the transaction, the Company does not bear any contractual commitment or obligation
to the peer-to-peer business or the employees of Point Cattle and its subsidiaries and VIEs, nor to the Purchaser.</p><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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approve and commit to a plan to sell Point Cattle, therefore the major assets and liabilities relevant to the disposal are reported as
components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of
all discontinued operations, less applicable income taxes, are reported as components of net income (loss) separate from the net loss
of continuing operations in accordance with ASC 205-20-45. Considering the suspension of the former peer-to-peer lending business and
the car rental business in the PRC, the net assets relevant to the sale of Point Cattle was fully impaired by the Company in March 2020.</p><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="btbt_DispositionOfPointCattleTextBlock-c0_cont_5" id="btbt_DispositionOfPointCattleTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASU No.&#160;2014-08, Reporting
Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of
components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or
will have) a major effect on an entity&#8217;s operations and financial results when the components of an entity meets the criteria in
paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including
that management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets,
current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances
of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall
be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.</p><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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</div><div>

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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 168; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CondensedFinancialStatementsTextBlock-c0_cont_1" escape="true" name="srt:CondensedFinancialStatementsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c0_cont_2" id="_CondensedFinancialStatementsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables present the impacts of the
restatement adjustments, as described in Note 2.&#160;<i>Restatement of Previously Issued Financial Statements,</i>&#160;to the previously
reported financial information as of and for the periods ended March 31, 2022 and 2021, June 30, 2022 and 2021, and September 30, 2022
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</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c0_cont_3" id="_CondensedFinancialStatementsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Restated
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-402">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-403">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c224" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd">160,886</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-406">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c221" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">4,874,423</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-408">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c226" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">3,096,578</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; text-indent: -9pt; padding-left: 9pt">Deferred tax liabilities</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-409">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-410">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-411">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c224" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxLiabilities" scale="0" unitRef="usd">30,223</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-412">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-414">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-415">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-416">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-428">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 169; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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<tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; text-indent: -0.25in">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; text-indent: -0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-476">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-478">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-479">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-480">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-481">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-482">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-483">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-484">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-485">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c229" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd">211,441,850</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-486">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 170; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-489">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCash" scale="0" unitRef="usd">1,320,000</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-490">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-491">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-492">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Stable coins</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="btbt:StableCoin" scale="0" unitRef="usd">9,058,567</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-493">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="btbt:StableCoin" scale="0" unitRef="usd">9,058,567</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-494">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c237" decimals="0" format="ixt:num-dot-decimal" name="btbt:StableCoin" scale="0" unitRef="usd">11,197,324</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="btbt:StableCoin" scale="0" unitRef="usd">11,197,324</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Digital assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="usd">23,337,430</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c234" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" sign="-" unitRef="usd">208,518</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="usd">23,128,912</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="usd">35,020,251</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c237" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" sign="-" unitRef="usd">14,738,663</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="usd">20,281,588</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Income tax receivable</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesReceivable" scale="0" unitRef="usd">86,104</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-495">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesReceivable" scale="0" unitRef="usd">86,104</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-496">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-497">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-498">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Other current assets</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsCurrent" scale="0" unitRef="usd">2,316,803</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-499">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsCurrent" scale="0" unitRef="usd">2,316,803</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsCurrent" scale="0" unitRef="usd">3,144,300</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-500">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsCurrent" scale="0" unitRef="usd">3,144,300</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><b>Total Current
    Assets</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">68,384,982</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c234" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" sign="-" unitRef="usd">208,518</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">68,176,464</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">64,625,647</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c237" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" sign="-" unitRef="usd">3,541,339</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">61,084,308</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Investment security</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustCurrent" scale="0" unitRef="usd">2,365,468</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-501">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustCurrent" scale="0" unitRef="usd">2,365,468</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustCurrent" scale="0" unitRef="usd">1,000,000</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-502">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustCurrent" scale="0" unitRef="usd">1,000,000</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Deposits for property and equipment</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-503">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
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  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
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    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c237" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" sign="-" unitRef="usd">3,541,339</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
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  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><b>LIABILITIES
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    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td></tr>
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    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><b>Current Liabilities</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Accounts payable</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">2,111,433</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-509">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">3,011,122</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-510">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">3,011,122</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Income tax payable</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-511">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-512">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-513">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedIncomeTaxesCurrent" scale="0" unitRef="usd">493,703</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-514">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedIncomeTaxesCurrent" scale="0" unitRef="usd">493,703</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Other payables and accrued liabilities</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd">1,348,825</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-515">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd">1,348,825</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd">154,629</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-516">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd">154,629</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><b>Total Current
    Liabilities</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">3,460,258</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b style="-sec-ix-hidden: hidden-fact-517">-</b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">3,460,258</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">3,659,454</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b style="-sec-ix-hidden: hidden-fact-518">-</b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">3,659,454</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Deferred tax liabilities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-519">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-520">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-521">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxLiabilities" scale="0" unitRef="usd">703,924</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-522">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxLiabilities" scale="0" unitRef="usd">703,924</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Long-term income tax payable</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilityForUncertainTaxPositionsNoncurrent" scale="0" unitRef="usd">2,974,822</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-523">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilityForUncertainTaxPositionsNoncurrent" scale="0" unitRef="usd">2,974,822</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-524">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-525">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-526">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><b>Total Liabilities</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">6,435,080</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
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    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">6,435,080</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">4,363,378</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b style="-sec-ix-hidden: hidden-fact-528">-</b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">4,363,378</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><b>Commitments
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    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Shareholders&#8217; Equity</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferred shares</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockShareSubscriptions" scale="0" unitRef="shares">9,050,000</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-529">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockShareSubscriptions" scale="0" unitRef="shares">9,050,000</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c236" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockShareSubscriptions" scale="0" unitRef="shares">9,050,000</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-530">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockShareSubscriptions" scale="0" unitRef="shares">9,050,000</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Common shares</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="usd">824,371</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-531">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="usd">824,371</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="usd">558,174</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-532">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="usd">558,174</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Treasury shares</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValue" scale="0" unitRef="usd">1,171,534</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-533">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValue" scale="0" unitRef="usd">1,171,534</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-534">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-535">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-536">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Additional paid-in capital</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd">212,058,000</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-537">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd">212,058,000</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd">106,849,371</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-538">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd">106,849,371</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Accumulated deficit</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
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    <td style="padding-bottom: 1.5pt; font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="padding-bottom: 1.5pt; font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="padding-bottom: 1.5pt; font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal">&#160;</td>
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  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
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  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
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    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><b>Total Liabilities
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    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd">164,676,801</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c234" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" sign="-" unitRef="usd">208,518</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd">164,468,283</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd">110,378,524</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c237" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" sign="-" unitRef="usd">3,541,339</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c238" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd">106,837,185</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></ix:continuation></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 171; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>Restated
Condensed Consolidated Statements of Operations (Unaudited)</i></b></span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c0_cont_7" id="_CondensedFinancialStatementsTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfOperationsTableTextBlock-c0_cont_1" escape="true" name="btbt:ScheduleOfRestatedCondensedConsolidatedStatementsOfOperationsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: normal; text-align: center">&#160;</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid">For the three months ended<br/> March 31, 2022 (unaudited)</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: normal; text-align: center">&#160;</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: normal; font-style: normal">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td colspan="2" style="font-weight: normal; font-style: normal">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td colspan="2" style="font-weight: normal; font-style: normal">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: justify">Operating costs and expenses</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: justify">Cost of revenue (exclusive of depreciation and amortization shown below)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-540">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: justify">Depreciation and amortization expenses</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepreciationAndAmortization" scale="0" unitRef="usd">3,799,629</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-541">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: justify">General and administrative expenses</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">4,272,695</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-542">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">4,272,695</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: justify">Realized gain on exchange of digital assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtSecuritiesRealizedGainLoss" scale="0" unitRef="usd">1,637,023</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtSecuritiesRealizedGainLoss" scale="0" unitRef="usd">2,064,280</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: justify; padding-bottom: 1.5pt">Impairment of digital assets</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetImpairmentCharges" scale="0" unitRef="usd">10,045,603</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c240" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetImpairmentCharges" scale="0" sign="-" unitRef="usd">5,419,905</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetImpairmentCharges" scale="0" unitRef="usd">4,625,698</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: justify">Total operating expenses</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">20,749,155</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right"><ix:nonFraction contextRef="c240" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd">5,847,162</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">14,901,993</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: justify">Loss from Operations</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">12,175,408</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right"><ix:nonFraction contextRef="c240" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" unitRef="usd">5,847,162</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">6,328,246</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: justify">Gain from disposal of property and equipment</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" unitRef="usd">174,568</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-543">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" unitRef="usd">174,568</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: justify">Gain from sale of investment security</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd">1,039,999</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-544">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd">1,039,999</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: justify; padding-bottom: 1.5pt">Other expenses</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">570,890</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-545">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">570,890</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: justify">Net loss from continuing operations before income taxes</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 172; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c0_cont_8" id="_CondensedFinancialStatementsTextBlock-c0_cont_7"><ix:continuation continuedAt="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfOperationsTableTextBlock-c0_cont_2" id="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfOperationsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    June 30, 2022 (unaudited)</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; font-weight: normal">
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  <tr style="font-style: normal; vertical-align: bottom; font-weight: normal">
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    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
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    <td style="font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in">Realized gain on exchange of digital assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in">Impairment of digital assets</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-style: normal; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in"><b>Total operating
    expenses</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c242" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">25,028,588</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c243" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd">361,315</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c244" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">24,667,273</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">45,777,743</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd">6,208,477</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">39,569,266</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in"><b>Loss from
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    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c242" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">18,213,588</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c243" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" unitRef="usd">361,315</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c244" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">17,852,273</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">30,388,996</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" unitRef="usd">6,208,477</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">24,180,519</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>)</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in">Gain from disposal of property and equipment</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c242" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" unitRef="usd">1,280,328</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-555">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c244" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" unitRef="usd">1,280,328</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" unitRef="usd">1,454,896</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-556">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" unitRef="usd">1,454,896</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in">Gain from sale of investment security</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-557">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-558">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-559">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd">1,039,999</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-560">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd">1,039,999</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in">Other expenses</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c242" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">20,179</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-561">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c244" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">20,179</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">591,069</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-562">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">591,069</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in"><b>Net loss
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    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c242" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd">16,953,439</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c243" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" unitRef="usd">361,315</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
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    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd">28,485,170</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="font-weight: normal; font-style: normal"><b>&#160;</b></td>
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    <td style="font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd">22,276,693</ix:nonFraction></b></td><td style="font-weight: normal; font-style: normal; text-align: left"><b>)</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in">Income tax expenses</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c242" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="usd">1,171,293</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-563">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c244" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="usd">1,171,293</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" sign="-" unitRef="usd">180,649</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-564">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" sign="-" unitRef="usd">180,649</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in"><b>Net loss</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c242" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">18,124,732</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c243" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd">361,315</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c244" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">17,763,417</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">28,304,521</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b><ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd">6,208,477</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><b>(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">22,096,044</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left"><b>)</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-style: normal; text-indent: -0.125in; padding-left: 0.125in; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; font-weight: normal">&#160;</td>
    <td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: right; font-weight: normal">&#160;</td><td style="font-style: normal; text-align: left; font-weight: normal">&#160;</td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in"><b>Weighted
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    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; font-weight: normal"><b>&#160;</b></td>
    <td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: right; font-weight: normal"><b>&#160;</b></td><td style="font-style: normal; text-align: left; font-weight: normal"><b>&#160;</b></td></tr>
  <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal">
    <td style="font-weight: normal; font-style: normal; text-align: justify; text-indent: -0.125in; padding-left: 0.125in">Basic and Diluted</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c242" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">49,737,336</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-565">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c244" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">49,737,336</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c245" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">74,695,686</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">-</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 173; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: bold; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 174; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c0_cont_10" id="_CondensedFinancialStatementsTextBlock-c0_cont_9"><ix:continuation continuedAt="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfOperationsTableTextBlock-c0_cont_4" id="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfOperationsTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="font-weight: normal; font-style: normal">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Operating costs and expenses</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cost of revenue (exclusive of depreciation and amortization shown below)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-587">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Depreciation and amortization expenses</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">2,225,170</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-589">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">2,225,170</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Realized gain on exchange of digital assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Impairment of digital assets</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-590">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c255" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetImpairmentCharges" scale="0" unitRef="usd">5,129,213</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetImpairmentCharges" scale="0" unitRef="usd">5,129,213</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Total operating expenses</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">7,886,775</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left">)</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c255" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">2,291,026</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left">)</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">10,177,801</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><b>Income
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</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right"><ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" unitRef="usd">36,066,275</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c255" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">2,291,026</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right"><ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" unitRef="usd">33,775,249</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Other income, net</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" unitRef="usd">2,191</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-591">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" unitRef="usd">2,191</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 175; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c0_cont_11" id="_CondensedFinancialStatementsTextBlock-c0_cont_10"><ix:continuation continuedAt="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfOperationsTableTextBlock-c0_cont_5" id="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfOperationsTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="font-weight: bold; font-style: normal; text-align: center">&#160;</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Realized gain on exchange of digital assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 176; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; font-weight: bold; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left; font-weight: bold; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Income tax expenses</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-623">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c266" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="usd">1,322,627</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-624">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Net
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 177; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c0_cont_13" id="_CondensedFinancialStatementsTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>Restated
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c0_cont_14" id="_CondensedFinancialStatementsTextBlock-c0_cont_13"><ix:nonNumeric contextRef="c0" continuedAt="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfCashFlowTableTextBlock-c0_cont_1" escape="true" name="btbt:ScheduleOfRestatedCondensedConsolidatedStatementsOfCashFlowTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="font-weight: bold; font-style: normal">&#160;</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Less: Net loss from discontinued operations</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-628">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-629">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-630">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-631">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-632">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Net (loss) income from continuing operations</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="usd">10,179,789</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c240" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="usd">5,847,162</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="usd">4,332,627</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="usd">35,786,324</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c255" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="usd">2,291,026</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="usd">33,495,298</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Adjustments to reconcile net loss to net cash used in operating activities:</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Depreciation of property and equipment</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd">3,799,629</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-633">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd">3,799,629</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd">3,650,374</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-634">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd">3,650,374</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Gain from disposal of property and equipment</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="btbt:LossFromDisposalOfPropertyAndEquipment" scale="0" sign="-" unitRef="usd">174,568</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-635">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="btbt:LossFromDisposalOfPropertyAndEquipment" scale="0" sign="-" unitRef="usd">174,568</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-636">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-637">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-638">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Gain from sale of investment security</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfInvestments" scale="0" unitRef="usd">1,039,999</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-639">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfInvestments" scale="0" unitRef="usd">1,039,999</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-640">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-641">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-642">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Share-based compensation expenses with employees</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="btbt:AmortizationOfStockCompensationExpensesForServices" scale="0" unitRef="usd">463,900</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-643">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="btbt:AmortizationOfStockCompensationExpensesForServices" scale="0" unitRef="usd">463,900</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-644">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-645">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-646">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Liquidated damage expenses</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StormDamageProvision" scale="0" unitRef="usd">619,355</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-647">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StormDamageProvision" scale="0" unitRef="usd">619,355</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-648">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-649">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-650">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Digital assets generated from mining</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-651">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c240" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnSalesOfAssets" scale="0" unitRef="usd">8,573,747</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnSalesOfAssets" scale="0" unitRef="usd">8,573,747</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-652">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c255" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnSalesOfAssets" scale="0" unitRef="usd">43,953,050</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Deferred tax expenses</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Gain from divestiture of a subsidiary</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-659">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-660">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Changes in operating assets and liabilities:</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Stable coins</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-661">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-662">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-663">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-664">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Digital assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" sign="-" unitRef="usd">8,573,730</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c240" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">15,376,930</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">6,803,200</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" sign="-" unitRef="usd">53,646,868</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c255" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">55,413,818</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">1,766,950</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Other current assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">223,745</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-665">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">223,745</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">1,336,681</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-666">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Other noncurrent assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" scale="0" unitRef="usd">590,652</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Deposits for property and equipment</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Proceeds from sales of cryptocurrencies</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Loss of cash in connection with divestiture of a subsidiary</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-689">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Net Cash Used in Investing Activities</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c240" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">7,003,000</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">11,112,195</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">686,538</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cash Flows from Financing Activities:</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Payment of liquidated damages related to private placement transactions</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfLiquidatedDamagesRelatedToPrivatePlacementTransactions" scale="0" sign="-" unitRef="usd">2,219,355</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-694">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-695">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-696">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Proceeds from issuance of convertible notes, net of issuance costs</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Net Cash (Used in) Provided by Financing Activities</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Effect of exchange rate changes on cash and cash equivalents</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-704">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-705">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-706">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-707">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-708">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Net decrease in cash, cash equivalents and restricted cash</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd">12,991,978</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-709">-</div></td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd">12,991,978</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd">177,567</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-710">-</div></td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd">177,567</ix:nonFraction></td><td style="font-weight: bold; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Cash, cash equivalents and restricted cash at beginning of period</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c77" decimals="0" format="ixt:num-dot-decimal" name="btbt:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents1" scale="0" unitRef="usd">42,398,528</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-711">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c79" decimals="0" format="ixt:num-dot-decimal" name="btbt:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents1" scale="0" unitRef="usd">42,398,528</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="btbt:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents1" scale="0" unitRef="usd">405,133</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-712">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c100" decimals="0" format="ixt:num-dot-decimal" name="btbt:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents1" scale="0" unitRef="usd">405,133</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Cash, cash equivalents and restricted cash at end of period</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 178; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c0_cont_15" id="_CondensedFinancialStatementsTextBlock-c0_cont_14"><ix:continuation continuedAt="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfCashFlowTableTextBlock-c0_cont_2" id="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfCashFlowTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Share based compensation expenses in connection with issuance of ordinary shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-731">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-732">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-733">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-734">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-735">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StormDamageProvision" scale="0" unitRef="usd">619,355</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-736">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-737">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-738">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Digital assets generated from mining</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-739">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnSalesOfAssets" scale="0" unitRef="usd">15,388,747</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnSalesOfAssets" scale="0" unitRef="usd">15,388,747</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-740">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c261" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnSalesOfAssets" scale="0" unitRef="usd">72,295,744</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c262" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnSalesOfAssets" scale="0" unitRef="usd">72,295,744</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Realized gain on exchange of digital assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfOtherAssets" scale="0" unitRef="usd">3,752,324</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfOtherAssets" scale="0" unitRef="usd">513,592</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfOtherAssets" scale="0" unitRef="usd">4,265,916</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-741">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c261" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfOtherAssets" scale="0" unitRef="usd">18,440,274</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c262" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfOtherAssets" scale="0" unitRef="usd">18,440,274</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Impairment of digital assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentLossandwritedownsOnNoninvestments" scale="0" unitRef="usd">23,684,989</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentLossandwritedownsOnNoninvestments" scale="0" sign="-" unitRef="usd">5,694,885</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentLossandwritedownsOnNoninvestments" scale="0" unitRef="usd">17,990,104</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c260" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentLossandwritedownsOnNoninvestments" scale="0" unitRef="usd">9,045,007</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c261" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentLossandwritedownsOnNoninvestments" scale="0" unitRef="usd">14,300,516</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c262" decimals="0" format="ixt:num-dot-decimal" name="btbt:ImpairmentLossandwritedownsOnNoninvestments" scale="0" unitRef="usd">23,345,523</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Deferred tax expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="btbt:DeferredTaxBenefits" scale="0" sign="-" unitRef="usd">404,291</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-742">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="btbt:DeferredTaxBenefits" scale="0" sign="-" unitRef="usd">404,291</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c260" decimals="0" format="ixt:num-dot-decimal" name="btbt:DeferredTaxBenefits" scale="0" unitRef="usd">47,684</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-743">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c262" decimals="0" format="ixt:num-dot-decimal" name="btbt:DeferredTaxBenefits" scale="0" unitRef="usd">47,684</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Gain from divestiture of a subsidiary</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainOrLossOnSaleOfStockInSubsidiary" scale="0" unitRef="usd">52,383</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-744">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainOrLossOnSaleOfStockInSubsidiary" scale="0" unitRef="usd">52,383</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-745">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-746">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-747">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Changes in fair value of investment security</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-748">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-749">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-750">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-751">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-752">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-753">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Stable coins</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-754">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="btbt:StableCoins" scale="0" unitRef="usd">3,501,802</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="btbt:StableCoins" scale="0" unitRef="usd">3,501,802</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-755">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-756">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-757">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Digital assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" sign="-" unitRef="usd">15,388,743</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">29,141,443</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">13,752,700</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c260" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" sign="-" unitRef="usd">78,531,704</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c261" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">82,071,154</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c262" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">3,539,450</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">740,858</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-758">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">740,858</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c260" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">1,750,324</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-759">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c262" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">1,750,324</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Other noncurrent assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" scale="0" sign="-" unitRef="usd">601,710</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-760">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" scale="0" sign="-" unitRef="usd">601,710</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-761">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-762">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-763">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Accounts payable</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Deposits for property and equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-784">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Proceeds from sales of cryptocurrencies</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-786">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-788">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-789">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-790">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-792">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-793">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-794">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-796">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-797">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-798">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Investment in an equity security</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-800">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-801">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-802">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-803">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-804">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Net Cash (Used in) Provided by Investing Activities</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cash Flows from Financing Activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfLiquidatedDamagesRelatedToPrivatePlacementTransactions" scale="0" sign="-" unitRef="usd">2,219,355</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-805">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="btbt:PaymentOfLiquidatedDamagesRelatedToPrivatePlacementTransactions" scale="0" sign="-" unitRef="usd">2,219,355</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-806">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-807">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-808">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Proceeds from issuance of ordinary shares under private placements, net of issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="0" unitRef="usd">21,010,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-809">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="0" unitRef="usd">21,010,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-810">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-811">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-812">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-814">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-815">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Proceeds from issuance of ordinary shares under direct offering</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-818">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-819">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-820">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Repayment of borrowings to related parties</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-821">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-822">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 179; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 6pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIT DIGITAL, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b> </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(CONTINUED)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 6pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation id="_CondensedFinancialStatementsTextBlock-c0_cont_15"><ix:continuation id="btbt_ScheduleOfRestatedCondensedConsolidatedStatementsOfCashFlowTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Digital assets generated from mining</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Impairment of digital assets</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="btbt:DeferredTaxBenefits" scale="0" sign="-" unitRef="usd">404,294</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c253" decimals="0" format="ixt:num-dot-decimal" name="btbt:DeferredTaxBenefits" scale="0" sign="-" unitRef="usd">404,294</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Gain from divestiture of a subsidiary</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainOrLossOnSaleOfStockInSubsidiary" scale="0" unitRef="usd">52,383</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-868">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-869">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-870">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-871">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrealizedGainLossOnInvestments" scale="0" unitRef="usd">32,134</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-872">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-873">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-874">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-875">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Stable coins</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-876">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c267" decimals="0" format="ixt:num-dot-decimal" name="btbt:StableCoins" scale="0" sign="-" unitRef="usd">200,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Digital assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">19,252,500</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c252" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" sign="-" unitRef="usd">5,494,300</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c253" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">13,758,200</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c266" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" sign="-" unitRef="usd">89,079,726</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c267" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">92,619,176</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="btbt:DigitalAssets" scale="0" unitRef="usd">3,539,450</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" sign="-" unitRef="usd">1,719,544</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-878">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c266" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">117,048</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-879">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">117,048</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other noncurrent assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" scale="0" unitRef="usd">2,458,440</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-880">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c253" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" scale="0" unitRef="usd">2,458,440</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c266" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" scale="0" unitRef="usd">6,844,416</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-881">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" scale="0" unitRef="usd">6,844,416</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" unitRef="usd">947,055</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-882">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c253" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" unitRef="usd">947,055</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c266" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" unitRef="usd">25,680,947</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-883">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" unitRef="usd">25,680,947</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Income tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="usd">645,828</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-884">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c253" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="usd">645,828</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c266" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" unitRef="usd">493,703</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-885">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" unitRef="usd">493,703</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Long-term income tax payable</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-895">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-896">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-897">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-902">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from sales of cryptocurrencies</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-909">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-910">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from disposal of long-term investment</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-912">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-913">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-914">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-915">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash Flows from Financing Activities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-924">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-925">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-926">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from issuance of ordinary shares under private placements, net of issuance costs</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-927">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-928">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-929">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-930">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from issuance of convertible notes, net of issuance costs</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-932">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-933">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from issuance of ordinary shares under direct offering</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-935">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-936">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-937">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-938">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-939">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-940">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-941">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td><span style="font-size: 4pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 4pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 4pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Net Cash Provided by Financing Activities</td><td style="font-weight: bold">&#160;</td>
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  </table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 180; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SubsequentEventsTextBlock-c0_cont_1" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><b>20. SUBSEQUENT EVENTS&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_2" id="_SubsequentEventsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Marsprotocol Technologies Pte. Ltd. (the &#8220;JV Company&#8221;)</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_3" id="_SubsequentEventsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 3, 2023, in connection with a newly formed
joint venture, Bit Digital Singapore Pte. Ltd. and Saving Digital Pte. Ltd. (&#8220;SDP&#8221;), a wholly owned subsidiary of Mega Matrix
Corp., entered into a shareholders&#8217; agreement (the &#8220;Shareholders Agreement&#8221;) with Marsprotocol Technologies Pte. Ltd.,
to provide proof-of-stake technology tools for digital assets through the staking platform &#8220;MarsProtocol&#8221;, an institutional
grade non-custodial staking technology (the &#8220;Joint Venture&#8221;). Through MarsProtocol, the Joint Venture will seek to provide
non-custodial staking tools whereby users&#8217; private keys are not stored in its database to ensure the safety of its users&#8217;
digital assets. Currently the services will not be available to U.S. residents. Pursuant to the Shareholders Agreement, SDP will own <ix:nonFraction contextRef="c269" decimals="2" format="ixt:num-dot-decimal" name="btbt:PursuantToShareholdersAgreement" scale="-2" unitRef="pure">60</ix:nonFraction>%
and Bit Digital Singapore will own <ix:nonFraction contextRef="c270" decimals="2" format="ixt:num-dot-decimal" name="btbt:PursuantToShareholdersAgreement" scale="-2" unitRef="pure">40</ix:nonFraction>% of the JV Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_4" id="_SubsequentEventsTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Declaration of
dividends on preferred shares</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_5" id="_SubsequentEventsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 7, 2023, the Board of Directors declared
an eight (<ix:nonFraction contextRef="c271" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockDividendRatePercentage" scale="-2" unitRef="pure">8</ix:nonFraction>%) percent ($<ix:nonFraction contextRef="c271" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DividendIncomeOperating" scale="0" unitRef="usd">800,000</ix:nonFraction>) dividend on the preference shares to Geney Development Ltd. (&#8220;Geney&#8221;). Erke Huang, our Chief
Financial Officer, is the President of Geney and the beneficial owner of thirty (<ix:nonFraction contextRef="c272" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">30</ix:nonFraction>%) percent of the equity of Geney, with the remaining
seventy (<ix:nonFraction contextRef="c273" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">70</ix:nonFraction>%) percent held by Zhaohui Deng, the Company&#8217;s Chairman of the Board. As of the date of this report, the Company has
fully paid the declared dividends.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_6" id="_SubsequentEventsTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Investment in Auros Global Limited (&#8220;Auros&#8221;)</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SubsequentEventsTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 24, 2023, the Company closed an
investment of $<ix:nonFraction contextRef="c274" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedAtCost" scale="6" unitRef="usd">2</ix:nonFraction> million in Auros, which is a leading crypto-native algorithmic trading and market making firm that delivers
best-in-class liquidity for exchanges and token projects.&#160;</p></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 18. EXHIBITS</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; width: 91%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021027655/ea141235ex1-1_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Incorporation, as amended <sup>(10)</sup></span></a></td></tr>

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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390022036313/ea162225ex99-3_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Memorandum of Association <sup>(17)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390022036313/ea162225ex99-4_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Articles of Association <sup>(17)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021027655/ea141235ex2-3_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director&#8217;s Certificate dated April 20, 2021 Creating Preference Shares <sup>(6)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020026364/ea126760ex10-3_goldenbull.htm">Share Purchase Agreement dated September 8, 2020 by and between the Registrant and Sharp Whale Limited <sup>(1)</sup></a></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020013581/ea122425ex10-1_goldenbull.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Securities Purchase Agreement dated as of May 2020 for July 6, 2020 financing <sup>(3)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020036078/ea129559ex99-1_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Asset Purchase Agreement dated November 2020 by and between the Registrant and the Buyers who are signatories <sup>(4)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021001588/ea133142ex99-2_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Registration Rights Agreement dated January 11, 2021 by and between the Company and Ionic Ventures, LLC <sup>(5)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021027655/ea141235ex2-1_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021 Omnibus Equity Incentive Plan with Form of Restricted Stock Award <sup>(6)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021045586/ea146572ex4-10_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Purchase Agreement dated as of July 30, 2021 by and between the Company and Ionic Ventures, LLC <sup>(9)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021029550/ea141778ex4-1_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Exchange Agreement by and between the Company and Geney Development <sup>(10)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021042681/ea145834ex4-c_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021 Second Omnibus Equity Incentive Plan with form of Restricted Stock Award <sup>(11)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021050743/ea148168ex2-1_bitdigitalinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant under Securities Purchase Agreement dated as of September 29, 2021 <sup>(12)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021050743/ea148168ex2-2_bitdigitalinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Registration Rights Agreement dated September 29, 2021 <sup>(12)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021050743/ea148168ex4-1_bitdigitalinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Securities Purchase Agreement dated September 29, 2021 <sup>(12)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex4-12_bitdigitalinc.htm">Employment Agreement dated as of October 28, 2022 by and between the Registrant and Erke Huang as amended on March 10, 2023*</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><p style="margin: 0pt 0"><a href="f20f2022ex4-13_bitdigitalinc.htm">Director Agreement dated as of October 28, 2022 by and between the Registrant and Erke Huang*</a></p></td></tr>

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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020010027/ea121019ex99-4_golden.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director Agreement dated as of April 20, 2020 by and between the Registrant and Yan Xiong <sup>(7)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020026364/ea126760ex10-1_goldenbull.htm">Independent Director Agreement dated as of September 7, 2020 by and between the Registrant and Ichi Shih <sup>(1)</sup></a></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 91%; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020026364/ea126760ex10-2_goldenbull.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director Agreement dated as of September 7, 2020 by and between the Registrant and Zhaohui (misstated as Chao Hui) Deng <sup>(1)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.17</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021045773/ea146681ex4-1_bitdigitalinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mining Service Agreement made as of August 25, 2021 by and between Bit Digital USA, Inc. and Blockfusion USA, Inc. <sup>(13)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.18</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021053317/ea148949ex4-1_bitdigital.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Fixed Price Sales and Purchase Agreement between Bitmain Technologies Limited and Bit Digital USA, Inc. <sup>(14)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390022020007/f20f2021ex4-19_bitdigitalinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Asset Purchase Agreement dated March 28, 2022, for the purchase of bitcoin miners <sup>(16)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.20</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390022020007/f20f2021ex4-20_bitdigitalinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director Agreement dated as of October 18, 2021 with Percival Services, LLC for the services of Brock Pierce <sup>(16)</sup></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.21</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex4-21_bitdigitalinc.htm">Employment Agreement dated as of March 31, 2021 by and between the Registrant and Sam Tabar, as amended as of January 1, 2022 and as of March 31, 2023*</a></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.22</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex4-22_bitdigitalinc.htm">Employment Agreement dated as of March 31, 2021 by and between the Registrant and Bryan Bullett, as amended as of January 6, 2022*</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex8-1_bitdigitalinc.htm">List of subsidiaries of the Registrant*</a></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11(a)</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><p style="margin: 0pt 0"><a href="f20f2022ex11-a_bitdigitalinc.htm">Code of Ethics for Officers, Directors and Employees of Bit Digital, Inc.*</a></p></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><p style="margin: 0pt 0">11(b)</p></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex11-b_bitdigitalinc.htm">Insider Trading Policy*</a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex12-1_bitdigitalinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex12-2_bitdigitalinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex13-1_bitdigitalinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex13-2_bitdigitalinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center">23.1</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex23-1_bitdigitalinc.htm">Consent of Audit Alliance LLP*</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INSXBRL Instance Document
    *</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHXBRL Taxonomy Extension
    Schema Document *</span></td></tr>

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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CALXBRL Taxonomy Extension
    Calculation Linkbase Document *</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFXBRL Taxonomy Extension
    Definition Linkbase Document *</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension
    Label Linkbase Document *</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension
    Presentation Linkbase Document *</span></td></tr>
  </table><div>
</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed with this report.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to the Registrant&#8217;s Form 6-K for September 2020 filed on September 14, 2020.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to the Registrant&#8217;s Form 6-K for September 2020 filed on October 31, 2019.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to the Registrant&#8217;s Form 6-K for May 2020 filed on May 28, 2020.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to the Registrant&#8217;s Form 6-K for November 2020 filed on November 10, 2020.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to the Registrant&#8217;s Form 6-K for January 2021 filed on January 12, 2021.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to the Registrant&#8217;s Form 6-K for May 2021 filed on May 18, 2021.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to the Registrant&#8217;s Form 6-K for April 2020 filed on April 24, 2020.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to the Registrant&#8217;s Form 6-K for September 2021 filed on September 30, 2021.</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</span></td>
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this
annual report on its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
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<tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 27, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">135</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM
20-F
☐
REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31
,
2022
OR
☐
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period
from ___________ to ___________.
OR
☐
SHELL COMPANY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring
this shell company report:
Commission file number:
001-38421
Bit Digital, Inc.
(Exact name of Registrant
as Specified in its Charter)
Cayman Islands
(Jurisdiction of Incorporation
or Organization)
33 Irving Place
,
New
York
,
NY
United States
10003
(Address of Principal Executive
Offices)
Sam Tabar
Chief Executive Officer
Tel:
(212)
463-5121
;
sam@bit-digital.com
33 Irving Place
, New
York,
NY
United States
10003
(Name, Telephone, E-mail
and/or Facsimile Number and Address of Company Contact Person)
Securities registered or
to be registered pursuant to Section 12(b) of the Act:
Title of Each Class
Name of Each Exchange on Which Registered
Ordinary shares, par value US$0.01 per share
Nasdaq
Capital Market
Securities registered or to be registered pursuant
to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:
None
(Title of Class)
The number of outstanding shares of each of the
issuer's classes of capital or Ordinary Shares as of April 21, 2023 was: 82,535,471 ordinary shares, par value $0.01 per share.
Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐
No
☒
If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934.
Yes ☐
No
☒
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes
☒
No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files).
Yes
☒
No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large
accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer
☒
Emerging growth company
☒
If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.
☐
Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:
☒
U.S. GAAP
International Financial Reporting Standards as issued by the
International Accounting Standards Board
☐
Other
If "Other" has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17
☐
Item
18
☐
If this is an annual report, indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐ No
☒
As of June 30, 2022, the last business day of the registrant's
second quarter of most recently completed fiscal year, the aggregate market value of the 82,306,279 ordinary shares held by non-affiliates
of the registrant was approximately $107,821,225 based on the closing price of $1.31 as reported on the Nasdaq Capital Market for the
registrant's
82,426,279
ordinary shares.
BIT DIGITAL, INC.
FORM 20-F ANNUAL REPORT
TABLE OF CONTENTS
Page
PART I
Item 1.
Identity of Directors, Senior Management and Advisers
1
Item 2.
Offer Statistics and Expected Timetable
1
Item 3.
Key Information
2
Item 4.
Information on The Company
53
Item 4A.
Unresolved Staff Comments
87
Item 5.
Operating and Financial Review and Prospects
87
Item 6.
Directors, Senior Management and Employees
105
Item 7.
Major Shareholders and Related Party Transactions
114
Item 8.
Financial Information
114
Item 9.
The Offer and Listing
115
Item 10.
Additional Information
115
Item 11.
Quantitative and Qualitative Disclosures About Market Risk
128
Item 12.
Description of Securities Other Than Equity Securities
129
PART II
Item 13.
Defaults, Dividend Arrearages and Delinquencies
130
Item 14.
Material Modifications to The Rights of Security Holders and Use of Proceeds
130
Item 15.
Controls and Procedures
130
Item 16.
[Reserved]
132
Item 16A.
Audit Committee Financial Expert
132
Item 16B.
Code of Ethics
132
Item 16C.
Principal Accountant Fees and Services
132
Item 16D.
Exemptions from The Listing Standards for Audit Committees
133
Item 16E.
Purchases of Equity Securities by The Issuer and Affiliated Purchasers
133
Item 16F.
Change in Registrant's Certifying Accountant
133
Item 16G.
Corporate Governance
133
Item 16H.
Mine Safety Disclosure
133
Item 16I.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
133
Item 16J.
Insider Trading Policies
133
PART III
Item 17.
Financial Statements
F-1
Item 18.
Exhibits
134
-
i
-
PART I
CERTAIN INFORMATION
In this Annual Report on Form 20-F, all references
to "we," "us," "our," "Company," "Registrant" or similar terms used in this
report refer to Bit Digital, Inc., a Cayman Islands exempted company ("Bit Digital"), including its consolidated subsidiaries,
unless the context otherwise indicates. We currently conduct our business through Bit Digital U.S.A. Inc., a Delaware corporation and
our operating entity in the United States; and Bit Digital Canada, Inc., our operating entity in Canada; Bit Digital Singapore Pte Ltd.,
a Singapore company; Bit Digital Hong Kong Limited and Bit Digital Strategies Limited, Hong Kong companies.
"PRC" or "China" refers
to the People's Republic of China, excluding, for the purpose of this report, Taiwan, Hong Kong and Macau. "RMB" or
"Renminbi" refers to the legal currency of China and "$", "US$" or "U.S. Dollars" refers
to the legal currency of the United States.
FORWARD-LOOKING STATEMENTS
This report contains "forward-looking statements"
for purposes of the safe harbor provisions provided by Section 27 of the Securities Act of 1933, as amended (the "Securities Act")
and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that represent our beliefs, projections
and predictions about future events. All statements other than statements of historical fact are "forward-looking statements,"
including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management
for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic
conditions or performance, any statements of management's beliefs, goals, strategies, intentions and objectives, and any statements
of assumptions underlying any of the foregoing. Words such as "may," "will," "should," "could,"
"would," "predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar expressions,
as well as statements in the future tense, identify forward-looking statements.
These statements are necessarily subjective and
involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements,
or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements.
Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct
measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness
of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business.
Forward-looking statements should not be read
as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which,
our performance or results may be achieved. Forward-looking statements are based on information available at the time those statements
are made and management's belief as of that time with respect to future events and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.
Important factors that could cause such differences include, but are not limited to, those factors discussed under the headings "Prospectus
Summary", "Risk Factors", and elsewhere in this report.
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISERS
Not Applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not Applicable.
1
ITEM 3. KEY INFORMATION
3.A. Selected Financial Data
Summary Consolidated Statements of Operations
The following selected consolidated financial
statements should be read in conjunction with our consolidated financial statements, the notes thereto and other information, included
elsewhere in this report.
The following summary consolidated financial
statements for the years ended 2022, 2021, and 2020 are derived from our audited consolidated financial statements included elsewhere
in this report. The Company commenced its mining operations in February 2020 and disposed of our former peer-to-peer lending business
(which ceased operation in October 2019) and the former car rental business in PRC on September 8, 2020. In accordance with ASC 205-20-45,
the results of all discontinued operations, less applicable income taxes, are reported as components of net income (loss) separate from
the net income (loss) of continuing operations. Our consolidated financial statements are prepared and presented in accordance with generally
accepted accounting principles in the United States, or U.S. GAAP.
Our historical results for any period are not
necessarily indicative of results to be expected for any future period. You should read the following summary financial information in
conjunction with the consolidated financial statements and related notes and the information under "ITEM 5.
Operating and Financial
Review and Prospects
" included elsewhere in this report.
Summary Consolidated Statements of Operations
For the Years Ended
December 31,
2022
2021
(Restated)
2020
(Restated)
Revenue from digital asset mining
$
32,296,593
$
96,078,570
$
21,065,113
Operating costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown below)
(20,374,633
)
(30,739,776
)
(14,104,628
)
Depreciation and amortization expenses
(27,829,730
)
(13,113,964
)
(3,324,655
)
General and administrative expenses
(23,114,629
)
(39,154,204
)
(2,515,117
)
Realized gain on exchange of digital assets
6,548,841
20,813,167
1,434,544
Impairment of digital assets
(24,654,267
)
(27,993,571
)
(997,954
)
Impairment of fixed assets
(50,038,650
)
-
-
Total operating expenses
(139,463,068
)
(90,188,348
)
(19,507,810
)
(Loss) income from Operations
(107,166,475
)
5,890,222
1,557,303
Gain (Loss) from disposal of property and equipment
1,353,299
(3,746,247
)
Gain from sale of investment security
1,039,999
-
-
Other income (expenses)
(1,116,276
)
702,414
(1,924
)
Total other income (expenses), net
1,277,022
(3,043,833
)
(1,924
)
(Loss) income from continuing operations before income taxes
(105,889,453
)
2,846,389
1,555,379
Income tax expenses
592,850
(3,856,341
)
-
Net (loss) income from continuing operations
(105,296,603
)
(1,009,952
)
1,555,379
Net loss from discontinued operations
-
-
(3,834,683
)
Net loss
$
(105,296,603
)
$
(1,009,952
)
$
(2,279,304
)
Other comprehensive loss
Foreign currency translation adjustment
-
-
-
Reclassified to net loss from discontinued operations, net of tax
-
-
100,185
Comprehensive loss
$
(105,296,603
)
$
(1,009,952
)
$
(2,179,119
)
Weighted average number of ordinary share outstanding
Basic
78,614,174
55,440,527
30,591,122
Diluted
78,614,174
55,440,527
30,591,122
Loss per share
Basic
$
(1.34
)
$
(0.02
)
$
(0.07
)
Diluted
$
(1.34
)
$
(0.02
)
$
(0.07
)
2
Summary Consolidated Balance Sheet Data:
The following table presents our summary consolidated
balance sheet data as of December 31, 2022 and 2021.
December 31,
2022
December 31,
2021
(Restated)
Cash and cash equivalents
$
32,691,060
$
42,398,528
Restricted Cash
$
1,320,000
$
-
USDC
$
626,441
$
15,829,464
Digital assets
$
27,587,328
$
29,039,761
Income tax receivable
$
736,445
$
-
Other current assets
$
1,433,999
$
3,050,616
Total Current Assets
$
64,395,273
$
90,318,369
Investment Securities
$
1,787,922
$
1,000,000
Deposits for property and equipment
$
2,594,881
$
43,094,881
Property and equipment, net
$
22,609,391
$
32,489,158
Deferred tax assets
$
-
$
58,081
Other non-current assets
$
9,033,200
$
6,714,571
Total non-current assets
$
36,025,394
$
83,356,691
Total Assets
$
100,420,667
$
173,675,060
Total Liabilities
$
10,487,358
$
8,274,254
Total Bit Digital, Inc.'s Shareholders' Equity
$
89,933,309
$
165,400,806
Total Liabilities and Equity
$
100,420,667
$
173,675,060
3.B. Capitalization and Indebtedness
Not Applicable.
3.C. Reasons for The Offer and Use of Proceeds
Not Applicable.
3.D Risk Factors
3
RISK
FACTORS
An investment in our Ordinary Shares involves
a high degree of risk. You should carefully consider the risks and uncertainties described below together with all other information
contained in this report, including the matters discussed under the headings "Forward-Looking Statements" and "Operating
and Financial Review and Prospects" before you decide to invest in our Ordinary Shares.
The Company may be subject to various
legal and operational risks as a result of its previously being a China-based Issuer with substantial amounts of the Company's
operations previously in China and Hong Kong. The legal and regulatory environment in China is in many respects different from the United
States. These risks and others could result in a material change in the value of our securities and/or significantly limit or completely
limit or completely hinder our ability to offer or continue to offer our securities to investors and cause the value of such securities
to significantly decline or be worthless
. If any of the following risks, or any other risks and uncertainties that are not presently
foreseeable to us, actually occur, our business, financial condition, results of operations, liquidity and our future growth prospects
could be materially and adversely affected.
Risks Related to Previously Operating in China
We may be subject to fines and penalties
for operating in China without registration.
Prior to the commencement of the Company's
bitcoin mining business, and before the involvement of any of the Company's current directors, officers or employees, Golden Bull
Limited formerly operated a peer-to-peer lending business in the PRC, as discussed below. Additionally, from February 2020 to June 2021,
the Company operated its bitcoin mining business in the PRC, but completed the migration of all of its bitcoin mining operations out of
China by September 30, 2021.
Pursuant to laws and regulations of the PRC, there
are two ways for foreign legal persons/entities to be considered to be engaging in operation activities within the territory of China.
One way is to establish a foreign-invested enterprise, that is incorporated, according to the Foreign Investment Law of PRC, within the
territory of China and that is wholly or partly invested by a foreign investor. The organization form, institutional framework and standard
of conduct of a foreign-invested enterprise are subject to the provisions of the Company Law of the PRC and the Partnership Enterprise
Law of the PRC and other law related regulations. Another way to be deemed to be operating within China is to complete the approval and
registration procedures with the relevant regulatory authorities in accordance with the provisions of Administrative Measures for the
Registration of Enterprises of Foreign Countries (Regions) Engaging in Production and Operation Activities within the Territory of China
(Revised in 2020), or Order No.31. However, in view of the ban on all new digital asset operations in China, we terminated the process
of forming a subsidiary in mainland China. Since our Hong Kong subsidiary had not obtained business licenses in mainland China where Bit
Digital Hong Kong used to carry out business, it may lead to a punishment of a warning, fine, confiscation of income and/or suspension
of business for rectification.
We may be subject to fines and penalties
for our prior mining activities in mainland China.
The Chinese government implements the management
systems of pre-establishment national treatment and negative list for foreign investment. Pre-establishment national treatment refers
to the treatment given to foreign investors and their investments during the investment access stage, which is not lower than that given
to their domestic counterparts; negative list for foreign investment refers to special administrative measures for the restricted or
prohibited access of foreign investment in specific fields as stipulated by the Chinese government.
Pursuant to the Special Administrative Measures
for Access of Foreign Investment Access (2021 Edition), or the 2021 Edition Negative List for Foreign, issued by The Ministry of Commerce
of the PRC (the "MOFCOM") and the National Development and Reform Commission (the "NDRC") on December 27, 2021,
which came into effect on January 1, 2022, our bitcoin mining business does not fall into the Negative List for Foreign. However, the
2021 Edition Negative List for Foreign indicates that "Fields not mentioned in the Negative List for Foreign Investment Access
shall be subject to administration under the principle of consistency for domestic and foreign investments. The relevant provisions of
the Negative List for Market Access shall apply to domestic and foreign investors on a unified basis."
4
Also, based on the Negative List for Market Access
(2022 Edition), "the Catalogue for Guidance on Industrial Restructuring shall be included in the Negative List for Market Access";
plus, according to the Decision of the State Council on Promulgating and Implementing the "Temporary Provisions on Promoting Industrial
Structure Adjustment," valid from December. 2, 2005, "In principle, the 'Guidance Catalogue for the Industrial Structure
Adjustment' shall apply to various types of enterprises inside China." "The industries of the eliminated category under
the 'Guidance Catalogue for the Industrial Structure Adjustment' shall apply to the foreign investment enterprises."
and "Investments are prohibited from being contributed to projects under the eliminated category." Additionally, the NDRC
released on December 30, 2021 its No. 49 Decree, announcing that the Decision of the National Development and Reform Commission on Amending
the Guiding Catalog for Industrial Restructuring (2019 Version) (the "Amended Catalog"). The Amended Catalog added 'virtual
currency mining activities' to the eliminated category of '1. outdated production processing and equipment under the original
Catalog." Therefore, foreign investment enterprises are prohibited from virtual currency activities and our bitcoin mining business
are banned in China as well. There can be no assurance that our prior mining activities in China will not be subject to fines and penalties
on a retroactive basis.
We may be subject to penalties as a result
of the Chinese government suspension of our former P2P lending business
The Company is currently engaged in the bitcoin
mining business, but previously, before the involvement of any of the Company's current directors, officers or employees, was primarily
an online finance marketplace, or "peer-to- peer" lending company, in China that provided borrowers access to loans. On October
24, 2019, the Pudong Branch of the Shanghai Public Security Bureau (the "Bureau") announced that it was conducting an investigation
of Shanghai Dianniu Internet Finance Information Service Co. Ltd, which was a variable interest entity (VIE) of the Company, for suspected
illegal collection of public deposits. The Bureau took criminal enforcement measures against 17 suspects in the case and detained at least
six of those suspects. On March 24, 2020, the Bureau announced that it had transferred seven suspects to the procuratorates for criminal
prosecution and took criminal action against 14 defendants and is searching for the former CEO as of the date of this report. While the
Company has not been subject to any enforcement actions or investigations, nine persons, including a former director of the Company, have
been found guilty of fund-raising fraud or illegally collecting public deposits by the People's Court of Shanghai Pudong New District,
and were sentenced to imprisonment and the confiscations and return of all the illegal gains, which may or may not include assets of the
Company. The Company's current management believes that its former Chief Financial Officer, as well as members of the VIE's
management, may have been the subject of these proceedings. No current member of our management or board and none of our current employees
was involved with the Company at the time of the events described above. As of the date of this report, the final outcome of the investigation
has not been published, and the impact of any such outcome on the Company cannot be estimated or determined with any certainty.
We may be subject to fines and penalties
for any noncompliance with or liabilities in our former business in China in a certain period from now on.
Pursuant to the Law of the People's Republic
of China on Administrative Penalties (Revised in 2021), where an unlawful act conducted in China is not discovered within two years of
its commission (the period shall be counted from the date on which the unlawful act is committed, or if the act is ongoing or continuous,
from the date on which the act ends), the administrative penalty shall be exempted; and if it involves citizens' life and health
security or financial security, and causes harmful consequences, the above-mentioned period shall be extended to five years, except as
otherwise prescribed by laws. We have not received any administrative penalty for our historical mining business as of the date of this
report. Nevertheless, uncertainties still exist since the administrative organs may impose administrative penalties on us in a certain
period from now on for any noncompliance with or liabilities in our historical business in China, including, but not limited to, any
noncompliance with or liabilities under Order No.31 and applicable environmental, health or safety regulations, which could materially
and adversely affect our results of operations.
5
As a result of the May 21, 2021 Financial Stability
Development Committee of the State Council in China targeting virtual currency mining in China, we suspended all mining operations in
China and terminated our business operations in June 2021. However, as described in the next risk factor, it was not until September
2021 that all digital asset transactions were banned. In October 2020, the Company commenced the migration of miners out of China and
believes it was in compliance with Chinese law on bitcoin mining while operating in China. However, according to Foreign Investment Law
of PRC and Order No. 31, foreign enterprises engaged in profit-making activities in China are required to apply to the provincial market
regulatory administration, or the registration authorities, for registration upon the approval of the State Council and the competent
agencies authorized by the State Council, or the approving authorities. Without the approval of the approving authorities and the registration
approval of the registration authorities, foreign enterprises may not conduct any production and operation activities within the territory
of China, and foreign enterprises engaging in profit-making activities without proper authority may be subject to penalties, such as
warnings, fines, confiscation of illegal income or suspension of business for rectification on a case-by-case basis of the PRC authorities
under the PRC laws.
Before we terminated our business operations
in China, our business in China was not carried out through any Chinese subsidiaries. In China, we made profits from mining equipment
stored in facilities directly leased by Bit Digital Hong Kong, deemed to be a foreign enterprise. Bit Digital Hong Kong did not provide
cloud mining services or similar services to any third parties. Nevertheless, the Company may be subject to penalties such as warnings,
fines, confiscation of illegal income, or suspension of business for rectification on a case-by-case basis of the PRC authorities under
the PRC laws, for not registering to do business in China or having authorization for its bitcoin mining operations.
The
PRC government department does have the authority to issue licenses or approval in some industries directly to foreign companies, including
Hong Kong companies, which has been provided in Order No. 31. A foreign company, including a Hong Kong company, is permitted to be engaged
in production and operation within China in two ways: one is to obtain a license or approval, and the other is to establish a subsidiary
in the territory of China, otherwise it may lead to a punishment of a warning, fine, confiscation of income, suspension of business for
rectification and /or similar fines. Furthermore, although Hong Kong is one of the special administrative districts of the PRC, from
the perspective of foreign investment supervision, Hong Kong companies are treated as foreign companies, and most of the PRC
laws and regulations related to the foreign investment also apply to Hong Kong
companies. Considering that Bit Digital Hong Kong Limited (the "BT HK") had already been engaged in bitcoin mining activities
in the territory of China, and that BT HK had not obtained business licenses in mainland China, it would be much more difficult for BT
HK
to obtain licenses directly, rather
than
to establish a subsidiary in PRC. From the perspective of compliance, the Company decided to initiate the process of forming a subsidiary
to undertake operational activities in the
PRC. However, in view
of the more recent ban on all new digital asset operations in China, we terminated the process of forming a subsidiary in mainland, China.
Since BT HK had not obtained business licenses in relevant provinces where BT HK
used
to carry out business, it may lead to a punishment of a warning, fine, confiscation of income and/or suspension of business for rectification.
It is now illegal in China to engage in
digital asset transactions, including bitcoin mining operations, which may adversely affect us.
China has now taken significant regulatory action
to ban digital asset mining operations and to severely restrict the right to acquire, own, hold, sell or use of these bitcoin assets
or to exchange them for fiat currency. Such restrictions may adversely affect us as the large-scale use of digital assets as a means
of exchange is presently confined to certain regions globally. Ongoing and future regulatory actions in China may impact our ability
to pursue part of our business strategy, which could have a material adverse effect on our business, prospects or operations.
On May 21, 2021, the Financial Stability and
Development Committee of the State Council in China proposed to "crack down on bitcoin mining and trading." However, it was
not until September 24, 2021, as described below, that all digital asset transactions were banned in China. In the interim, we incurred
significant costs in connection with the migration of our miners out of China and the time that our miners were not being operated. In
May 2021, local governments began to issue corresponding measures in succession to respond to the central government, including Xinjiang
Changji Hui Autonomous Prefecture Development and Reform Commission, where we previously had mining operations, issuing a notice on the
immediate shutdown of enterprises engaged in digital asset mining on June 9, 2021. At the time of the announcement of the ban in Xinjiang,
we had no mining operations in Xinjiang. On June 18, 2021, Sichuan Provincial Development and Reform Commission and Sichuan Energy Bureau
issued a notice on the shutdown of digital asset mining projects with a deadline of June 25, 2021. Accordingly, we ceased all of our
remaining operations in PRC on June 21, 2021. On September 24, 2021, the newly issued Notification of Overhauling the Mining Activity
of Cryptocurrency (or the Notification No. 1283) banned all new digital asset operations in China. The NDRC notice set forth penalties
on a going forward basis for all of the PRC. While we do not believe Sichuan Province will seek to impose retroactive fines, penalties
or sanctions, there can be no assurance the province may not seek to do so.
6
In consideration of the PRC government's
policies and general attitude toward our industry, as well as our business plans, we will not conduct any digital asset mining operations
or digital asset trading operations in mainland PRC. All of our miners have been migrated out of the PRC as of September 30, 2021. We
have not had difficulties transferring the bitcoin mining equipment from our Hong Kong subsidiaries to our other subsidiaries, nor have
we had difficulties in transferring cash to or from our Hong Kong subsidiaries. All of our bitcoin mining equipment has been transferred
from our Hong Kong subsidiaries to North America. See Risk Factor "We may be subject to fines and penalties for any noncompliance
with or liabilities in our former business in China in a certain period from now on" above
We may be subject to recently announced
measures from the Cyberspace Administration of China concerning the collection of data and required to obtain clearance from the CAC
.
The Cybersecurity Review Measures (2021) (the
"Measures") were officially released to the public on December 28, 2021 and became effective on February 15, 2022. According
to the Measures, to go public abroad, an online platform operator that possesses the personal information of more than 1 million users
must seek cybersecurity review from the Office of Cybersecurity Review.
Currently, we have not been involved in any investigations
on cybersecurity review initiated by the CAC or related governmental regulatory authorities, and we have not received any inquiry, notice,
warning, or sanction in such respect.
We believe we currently are not required to obtain
clearance from the CAC regarding our listing in the United States under the recently-enacted or proposed regulations or rules because
we have never set an online platform for any user and we have not acted as an online platform operator. However, since these cybersecurity
rules were recently enacted and uncertainties exist as to the interpretation or implementation of the Measures, if the Measures require
us to obtain clearance or permissions from the CAC, we would file an application with CAC and seek to obtain the clearance or permissions
from the CAC as required, however there can be no assurance we will obtain clearance or permission which could adversely affect our business.
Compliance with the Measures, as well as additional laws, regulations and guidelines that the Chinese government promulgates in the future,
may entail significant expenses and could materially affect our business.
PRC regulations relating to offshore investment
activities by PRC residents may expose us or our PRC resident beneficial owners to liability and penalties under PRC law.
China's
State Administration of Foreign Exchange (SAFE)
promulgated the
Circular on Relevant Issues Relating to Domestic Resident's Investment and Financing and Roundtrip Investment through Special Purpose
Vehicles, or SAFE Circular 37, in July 2014, that requires PRC residents or entities to register with SAFE or its local branch in connection
with their establishment or control of an offshore entity established for the purpose of overseas investment or financing. In addition,
such PRC residents or entities must update their SAFE registrations when the offshore special purpose vehicle undergoes material events
relating to any change of basic information (including change of such PRC citizens or residents, name and operation term), increases or
decreases in investment amount, transfers or exchanges of shares, or mergers or divisions. SAFE Circular 37 is issued to replace the Notice
on Relevant Issues Concerning Foreign Exchange Administration for PRC Residents Engaging in Financing and Roundtrip Investments via Overseas
Special Purpose Vehicles, or SAFE Circular 75. SAFE promulgated the Notice on Further Simplifying and Improving the Administration of
the Foreign Exchange Concerning Direct Investment in February 2015, which took effect on June 1, 2015. This notice has amended SAFE Circular
37 requiring PRC residents or entities to register with qualified banks rather than SAFE or its local branch in connection with their
establishment or control of an offshore entity established for the purpose of overseas investment or financing.
7
Failure to comply with the SAFE registration
described above could result in liability under PRC laws for evasion of applicable foreign exchange restrictions.
Some of our shareholders, who directly or indirectly
hold shares in our Company and who were known to us as being PRC residents, have completed the foreign exchange registrations required
in connection with our recent corporate restructuring.
However, we may not be informed of the identities
of all the PRC residents or entities holding direct or indirect interest in our company, nor can we compel our beneficial owners to comply
with SAFE registration requirements. As a result, we cannot assure you that all of our shareholders or beneficial owners who are PRC
residents or entities have complied with and will in the future make or obtain any applicable registrations or approvals required by,
SAFE regulations. Failure by such shareholders or beneficial owners to comply with SAFE regulations could subject us to fines or legal
sanctions, restrict our overseas or cross-border investment activities or affect our ownership structure, which could adversely affect
our business and prospects.
If we are classified as a PRC resident
enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders.
Under the PRC Enterprise Income Tax Law and its
implementation rules, an enterprise established outside of the PRC with a "de facto management body" within the PRC is considered
a resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules
define the term "de facto management body" as the body that exercises full and substantial control over and overall management
of the business, productions, personnel, accounts and properties of an enterprise. In April 2009, the State Administration of Taxation
issued a circular, known as Circular 82, (partly amended) which provides certain specific criteria for determining whether the "de
facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular
only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals
or foreigners like us, the criteria set forth in the circular may reflect the State Administration of Taxation's general position
on how the "de facto management body" test should be applied in determining the tax resident status of all offshore enterprises.
According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded
as a PRC tax resident by virtue of having its "de facto management body" in China and will be subject to PRC enterprise income
tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management
is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval
by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and
board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives
habitually reside in the PRC.
We believe none of our entities outside of China
is a PRC resident enterprise for PRC tax purposes. See "Taxation — People's Republic of China Taxation." However,
the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect
to the interpretation of the term "de facto management body." Since a portion of our management members are not based in
China, it remains unclear how the tax residency rule will apply to our case. If the PRC tax authorities determine that we or any of our
subsidiaries outside of China is a PRC resident enterprise for PRC enterprise income tax purposes, then we or such subsidiary could be
subject to PRC tax at a rate of 25% on its world-wide income, which could materially reduce our net income. In addition, we will also
be subject to PRC enterprise income tax reporting obligations. Furthermore, if the PRC tax authorities determine that we are a PRC resident
enterprise for enterprise income tax purposes, gains realized on the sale or other disposition of our Ordinary Shares may be subject
to PRC tax, at a rate of 10% in the case of non-PRC enterprises or 20% in the case of non-PRC individuals (in each case, subject to the
provisions of any applicable tax treaty), if such gains are deemed to be from PRC sources. It is unclear whether non-PRC shareholders
of our company would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event
that we are treated as a PRC resident enterprise. Any such tax may reduce the returns on your investment in our Ordinary Shares.
8
United
States regulators may be limited in their ability to conduct investigations or inspections of our operations in Hong Kong.
The increased regulatory scrutiny of U.S.-listed
companies with operations in China could add uncertainties to our business operations, share price and reputation. Although the audit
reports of Audit Alliance LLP incorporated by reference into this report are prepared by our auditors in Singapore who are subject to
inspection by the Public Company Accounting Overnight Board (the "PCAOB"), there is no guarantee that future audit reports
will be prepared by auditors that are completely inspected by the PCAOB and, as such, future investors may be deprived of the benefit
of such complete inspections, which could result in limitations or restrictions on our ability to access the U.S. capital markets. Furthermore,
trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act (the "HFCA Act") or the Accelerating
Holding Foreign Companies Accountable Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is
unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as Nasdaq or the over-the-counter
market, may determine to delist our securities.
U.S. public companies that have or had a substantial
portion of their operations in China have been the subject of heightened scrutiny, criticism and negative publicity by investors, financial
commentators and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity has centered on financial
and accounting irregularities and mistakes, a lack of effective internal controls over financial accounting, inadequate corporate government
policies or a lack of adherence thereto and, in many cases, allegations of fraud.
As part of increased regulatory focus in the United States
on access to audit information, the United States enacted the Holding Foreign Companies Accountable Act, or the HFCA Act, in December
2020. The HFCA Act includes requirements for the SEC to identify issuers whose audit reports are prepared by auditors that the PCAOB is
unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor's local jurisdiction.
The HFCA Act also requires public companies on this SEC list to certify that they are not owned or controlled by a foreign government
and make certain additional disclosures in their SEC filings. In addition, under the HFCA Act, if the auditor of a U.S. listed company's
financial statements is not subject to PCAOB inspections for three consecutive "non-inspection" years, the SEC is required
to prohibit the securities of such issuer from being traded on a U.S. national securities exchange, such as the NYSE and Nasdaq, or in
the U.S. over-the-counter markets. On December 29, 2022, the Consolidated Appropriations Act, 2023 was signed into law, which, among
other things, amended the HFCA Act to reduce from three years to two years the number of consecutive years an issuer can be identified
as an identified issuer before the SEC can prohibit an issuer's securities from trading on any U.S. national securities exchange
and on the over-the- counter market. Accordingly, our securities may be prohibited from trading on Nasdaq or other U.S. stock exchange
if our auditor is not inspected by the PCAOB for two consecutive years, and this ultimately could result in our Ordinary Shares being
delisted.
On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, which if enacted into law, would amend the HFCA Act and require the SEC to prohibit an issuer's
securities from trading on U.S. stock exchanges if its auditors are not subject to PCAOB inspections for two consecutive "non-inspection"
years instead of three. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for
the PCAOB to use when determining, as contemplated under the HFCA Act, whether the Board is unable to inspect or investigate completely
registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
On December 16, 2021, the PCAOB issued PCAOB Rule 6100 Board Determinations Under the Holding Foreign Companies Accountable Act. The PCAOB
notified the SEC that it was unable to inspect or investigate completely registered public accounting firms headquartered in mainland
China and in Hong Kong because of the positions taken by authorities in mainland China and Hong Kong. The PCAOB issued a Determination
Report on December 15, 2022, determining that the PCAOB secured complete access to inspect and investigate registered public accounting
firms headquartered in mainland China and Hong Kong, and vacating the 2021 Determinations to the contrary. However, the PCAOB further
noted that it will act immediately to consider the need to issue a new determination if the PRC authorities obstruct or otherwise fail
to facilitate the PCAOB's access. While the audit reports of Audit Alliance LLP incorporated by reference into this report are prepared
by auditors based in Singapore who are subject to inspection and investigation by the PCAOB, there can be no assurance that our auditor
or we will be able to comply with these and other requirements imposed by U.S. regulators in the future. The market prices of our Ordinary
Shares and/or other securities could be adversely affected as a result of possible negative impacts of the HFCA Act and other similar
rules and regulations.
9
Our Hong Kong subsidiaries could become subject
to certain PRC laws if such laws are applied to Hong Kong.
The national laws of the PRC, including, but not
limited to the Cybersecurity Review Measures that became effective on February 15, 2022, do not currently apply to our Hong Kong subsidiaries,
except for those listed in the Basic Law of Hong Kong. However, due to changes in laws, regulations or policies, including how those laws,
regulations or policies would be interpreted or implemented, and the national laws applicable in Hong Kong, the Basic Law might be revised
in the future and our Hong Kong subsidiaries may be subject to certain PRC laws.
Pursuant to Article 18 of the Basic Law of the
Hong Kong Special Administrative Region of the PRC (the "Basic Law"), "The laws in force in the Hong Kong Special Administrative
Region shall be the Basic Law, the laws previously in force in Hong Kong as provided for in Article 8 of this Law, and the laws enacted
by the legislature of the Region. National laws shall not be applied in the Hong Kong Special Administrative Region except for those
listed in Annex III to the Basic Law. The laws listed therein shall be applied locally by way of promulgation or legislation by the Region.
Also, regarding the Annex III and several Instruments of the Basic Law, National Laws, which have applied in Hong Kong until now are
as following:
"Resolution on the Capital, Calendar, National
Anthem and National Flag of the PRC; Resolution on the National Day of the PRC; Declaration of the Government of the PRC on the Territorial
Sea; Nationality Law of the PRC; Regulations of the PRC Concerning Diplomatic Privileges and Immunities; Law of the PRC on the National
Flag; Regulations of the PRC Concerning Consular Privileges and Immunities; Law of the PRC on the National Emblem; Law of the PRC on the
Territorial Sea and the Contiguous Zone; Law of the PRC on Garrisoning the Hong Kong Special Administrative Region; Law of the PRC on
the Exclusive Economic Zone and the Continental Shelf; Law of the PRC on Judicial Immunity from Compulsory Measures Concerning the Property
of Foreign Central Banks; and Law of the PRC on the National Anthem; Law of the PRC on Safeguarding National Security in the Hong Kong
Special Administrative Region."
As of the date of this report, the Hong Kong
subsidiaries have not established any subsidiary or branch in mainland PRC and are not conducting any business operations in mainland
PRC.
However, due to changes in laws, regulations
or policies, including how these laws, regulations or policies would be interpreted or implemented, the national laws applicable in Hong
Kong in the Basic Law might be revised in the future.
Therefore, we cannot assure you that we will
not be affected by the foregoing or relevant laws, regulations or policies in the future, if there are any changes to the foregoing laws,
regulations and policies, or if any new laws, regulations, and policies are published. We could not guarantee that the relevant laws,
regulations, or policies would not be applied retroactively, so we might face penalties, and our reputation and results of operations
could be materially and adversely affected.
Enhanced scrutiny over acquisition transactions
by the PRC tax authorities may have a negative impact on the indirect transfer of equity in the past and potential acquisitions we may
pursue in the future.
The PRC tax authorities have enhanced their scrutiny
over the direct or indirect transfer of certain taxable assets, including, in particular, equity interests in a PRC resident enterprise,
by a non-resident enterprise by promulgating and implementing SAT Circular 59 and Circular 698, which became effective in January 2008,
and a Circular 7 to replace some of the existing rules in Circular 698, which became effective in February 2015.
Under Circular 7, where a non-resident enterprise conducts
an "indirect transfer" by transferring the equity interests of a PRC "resident enterprise" indirectly by disposing
of the equity interests of an overseas holding company, the non-resident enterprise, being the transferor, may be subject to PRC enterprise
income tax if the indirect transfer is considered to be an abusive use of company structure without reasonable commercial purposes. As
a result, gains derived from such indirect transfer may be subject to PRC tax at a rate of up to 10%.
On October 17, 2017, the SAT issued the Announcement
of the State Administration of Taxation on Issues Concerning the Withholding of Nonresident Enterprise Income Tax at Source partly revised,
or SAT Circular 37, which came into effect on December 1, 2017. The SAT Circular 37 further clarifies the practice and procedure of the
withholding of non-resident enterprise income tax. SAT Circular 698 was repealed from the date SAT Circular 37 was enacted. Also, the
SAT Circular 37 has been partially revised by the Announcement of the State Administration of Taxation on the Revision to Certain Taxation
Regulatory Documents, namely Circular 31, which has been effective on June 15, 2018.
10
Where a non-resident enterprise transfers taxable
assets in China indirectly by disposing of the equity interests of an overseas holding company, which is an Indirect Transfer, the non-resident
enterprise as either transferor or transferee, or the PRC entity whose equity is transferred, may report such Indirect Transfer to the
relevant tax authority. Using a "substance over form" principle, the PRC tax authority may disregard the existence of the
overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring
PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and the transferee or other
person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer
of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws
if the transferee fails to withhold the taxes and the transferor fails to pay the taxes. We face uncertainties as to the reporting and
other implications of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale
of the shares in our offshore subsidiaries and investments. Our Company may be subject to filing obligations or taxed if our company
is transferor in such transactions and may be subject to withholding obligations if our company is transferee in such transactions, under
Circular 7 and/or SAT Circular 37. For transfer of shares in our Company by investors who are non-PRC resident enterprises, our former
PRC subsidiaries may be requested to assist in the filing under SAT Circular 7 and/or Circular 37. As a result, we may be required to
expend valuable resources to comply with SAT Circular 7 and/or Circular 37 or to request the relevant transferors from whom we purchase
taxable assets to comply with these circulars, or to establish that our Company should not be taxed under these circulars, which may
have a material adverse effect on our financial condition and results of operations.
General Risks
We have a history of operating losses,
and we may not be able to sustain profitability; we have recently shifted our digital asset business, and we may not be continuously
successful in this business.
We experienced profitability from our continuing bitcoin
mining operations in 2021. However, as a result of the decline in value of bitcoin and the corresponding decline in revenue from digital
assets mining, we recognized a net loss of $105,298,603 for the year ended December 31, 2022, which included a $24,654,267 impairment
of digital assets and a $50,038,650 impairment of property and equipment. We may continue to incur losses and may have additional impairment
of digital assets, as we continue to work to shift and grow our digital asset business. Our operations are focused on our bitcoin mining
business located at our bitcoin mining facilities in the United States and Canada, as well as our Ethereum staking operations. Our current
business, including our growth strategy for our business, involves an industry that is itself new and constantly evolving and is subject
risks, many of which are discussed below. See "
Digital Assets Related Risks
" below.
Our results of operations may fluctuate
significantly and may not fully reflect the underlying performance of our business.
Our results of operations, including the levels of our
net revenues, expenses, net loss and other key metrics, may vary significantly in the future due to a variety of factors, some of which
are outside of our control, and period-to-period comparisons of our operating results may not be meaningful, especially given our limited
bitcoin mining operating history. We terminated all bitcoin mining operations in China in June 2021. Our results of operations for the
year ended December 31, 2022 have been adversely affected by the material decrease in bitcoins mined, including, in part, due to the need
to migrate and replace a portion of our miners. We have migrated all miners to the United States by the end of October 2021 and expected
to have had them and any newly purchased miners operational by year end 2022. However, as a result of adverse factors described below,
there can be no assurance we will again achieve the level of profitability we experienced in late 2020 or the first quarter of 2021.
11
The results for any one quarter are not necessarily
an indication of future performance. Fluctuations in quarterly results may adversely affect the market price of our Ordinary Shares.
Factors that may cause fluctuations in our annual financial results include:
●
the amount and timing of operating expenses related
    to our new business operations and infrastructure;
●
fluctuations in the price of digital assets; and
●
general economic, industry and market conditions.
We may acquire other businesses, form joint
ventures or acquire other companies or businesses that could negatively affect our operating results, dilute our shareholders'
ownership, increase our debt or cause us to incur significant expense; notwithstanding the foregoing, our growth may depend on our success
in uncovering and completing such transactions.
Having exited China, we began to seek to enter
digital assets related businesses around the globe. However, we cannot offer any assurance that acquisitions of businesses, assets and/or
entering into strategic alliances or joint ventures will be successful. We may not be able to find suitable partners or acquisition candidates
and may not be able to complete such transactions on favorable terms, if at all. If we make any acquisitions, we may not be able to integrate
these acquisitions successfully into our existing infrastructure. In addition, in the event we acquire any existing businesses we could
assume unknown or contingent liabilities.
Any future acquisitions also could result in
the issuance of stock, incurrence of debt, contingent liabilities or future write-offs of intangible assets or goodwill, any of which
could have a negative impact on our cash flows, financial condition and results of operations. Integration of an acquired company may
also disrupt ongoing operations and require management resources that otherwise would be focused on developing and expanding our existing
business. We may experience losses related to potential investments in other companies, which could harm our financial condition and
results of operations. Further, we may not realize the anticipated benefits of any acquisition, strategic alliance or joint venture if
such investments do not materialize.
To finance any acquisitions or joint ventures,
we may choose to issue Ordinary Shares, preferred shares or a combination of debt and equity as consideration, which could significantly
dilute the ownership of our existing shareholders or provide rights to such preferred shareholders in priority over our Ordinary Shareholders.
Additional funds may not be available on terms that are favorable to us, or at all. If the price of our Ordinary Shares is low or volatile,
we may not be able to acquire other companies or fund a joint venture project using stock as consideration.
From
time to time we may evaluate and potentially consummate strategic investments, combinations, acquisitions or alliances, which could require
significant management attention, disrupt our business and adversely affect our financial results.
We may evaluate and consider strategic investments,
combinations, acquisitions or alliances in the bitcoin mining or other digital asset businesses. These transactions could be material
to our financial condition and results of operations if consummated. If we are able to identify an appropriate business opportunity,
we may not be able to successfully consummate the transaction and, even if we do consummate such a transaction, we may be unable to obtain
the benefits or avoid the difficulties and risks of such transaction.
Strategic investments or acquisitions will involve
risks commonly encountered in business relationships, including:
●
difficulties in assimilating
    and integrating the operations, personnel, systems, data, technologies, products and services of the acquired business;
●
inability of the acquired
    technologies, products or businesses to achieve expected levels of revenue, profitability, productivity or other benefits;
●
difficulties in retaining, training, motivating and
    integrating key personnel;
●
diversion of management's time and resources
    from our normal daily operations;
●
difficulties in successfully incorporating licensed
    or acquired technology and rights into our businesses;
12
●
difficulties in maintaining uniform standards, controls,
    procedures and policies within the combined organizations;
●
difficulties in retaining relationships with customers,
    employees and suppliers of the acquired business;
●
risks of entering markets, in parts of the United States, in which we have limited or no prior experience;
●
regulatory risks, including
    remaining in good standing with existing regulatory bodies or receiving any necessary pre-closing or post-closing approvals, as well
    as being subject to new regulators with oversight over an acquired business; assumption of contractual obligations that contain terms
    that are not beneficial to us, require us to license or waive intellectual property rights or increase our risk for liability;
●
failure to successfully further develop the acquired
    technology;
●
liability for activities
    of the acquired business before the acquisition, including intellectual property infringement claims, violations of laws, commercial
    disputes, tax liabilities and other known and unknown liabilities;
●
potential disruptions to our ongoing businesses; and
●
unexpected costs and unknown risks and liabilities
    associated with strategic investments or acquisitions.
We may not make any investments or acquisitions,
or any future investments or acquisitions may not be successful, may not benefit our business strategy, may not generate sufficient revenues
to offset the associated acquisition costs or may not otherwise result in the intended benefits. In addition, we cannot assure you that
any future investment in or acquisition of new businesses or technology will achieve market acceptance or prove to be profitable.
The loss of any member of our management
team, our inability to execute an effective succession plan, or our inability to attract and retain qualified personnel could adversely
affect our business.
Our success and future growth will depend to a significant degree on
the skills and services of our management team, including Mr. Sam Tabar, our Chief Executive Officer, and Mr. Erke Huang, our Chief Financial
Officer. We will need to continue to grow our management in order to alleviate pressure on our existing team and in order to continue
to develop our business. If our management team, including any new hires that we may make, fails to work together effectively and to execute
our plans and strategies on a timely basis, our business could be harmed. Furthermore, if we fail to execute an effective contingency
or succession plan with the loss of any member of management, the loss of such management personnel may significantly disrupt our business.
The loss of key members of management could inhibit
our growth prospects. Our future success also depends in large part on our ability to attract, retain and motivate key management and
operating personnel. As we continue to develop and expand our operations, we may require personnel with different skills and experiences,
and who have a sound understanding of our business and the bitcoin industry. The market for highly qualified personnel in this industry
is very competitive, and we may be unable to attract or retain such personnel. If we are unable to attract or retain such personnel,
our business could be harmed.
We incur significant costs and demands
upon management and accounting and finance resources as a result of complying with the laws and regulations affecting public companies;
if we fail to maintain proper and effective internal controls, our ability to produce accurate and timely financial statements and otherwise
make timely and accurate public disclosure could be impaired, which could harm our operating results, our ability to operate our business
and our reputation
.
As a public reporting company, we are required
to, among other things, maintain a system of effective internal control over financial reporting. Ensuring that we have adequate internal
financial and accounting controls and procedures in place so that we can produce accurate financial statements on a timely basis is a
costly and time-consuming effort that needs to be re-evaluated frequently. Substantial work will continue to be required to further implement,
document, assess, test and remediate our system of internal controls. As of December 31, 2022, our disclosure controls and procedures
were not effective and management determined that we did not maintain effective internal control over financial reporting due to certain
significant deficiencies and material weaknesses. Management is undertaking actions to remediate the material weaknesses, but there is
no assurance they will be remediated this year. See Item 15 – "
Controls and Procedures
" below.
13
If our internal control over financial reporting
or our disclosure controls are not effective, we may be unable to issue our financial statements in a timely manner, we may be unable
to obtain the required audit or review of our financial statements by our independent registered public accounting firm in a timely manner
or we may be otherwise unable to comply with the periodic reporting requirements of the SEC, our Ordinary Shares listing on Nasdaq could
be suspended or terminated and our share price could materially suffer. In addition, we or members of our management could be subject
to investigation and sanction by the SEC and other regulatory authorities and to shareholder lawsuits, which could impose significant
additional costs on us and divert management attention.
The coronavirus pandemic is a serious threat
to health and economic wellbeing affecting our employees, investors and our sources of supply, which could significantly disrupt our
operations and financial
results.
On March 11, 2020, the World Health Organization
announced that novel Coronavirus COVID-19 infections had become pandemic, and, on March 13, 2020, the U.S. President declared a national
emergency relating to the virus. Since then, government responses and measures adopted by other regulatory bodies in response to the
pandemic have caused and continue to cause business slowdowns as well as general economic instability and disruption to our operations.
While restrictions in most countries around the world have gradually eased, China had been sticking to the "Zero-COVID policy"
until the end of year 2022. Pursuant to Interim Measures issued on December 27, 2022, the requirement of entry quarantine into China
was lifted from January 8, 2023, and people are allowed entry into China with a negative COVID test result within forty-eight (48) hours
of entry.
We believe that our results of operations, business and financial condition
were adversely impacted by the effects of COVID-19, in part, because of travel restrictions and supply chain issues. In addition to global
macroeconomic effects, the COVID-19 outbreak and any other related adverse public health developments may cause disruption to our mining
activities. The global spread of COVID-19 or the occurrence of other epidemics and the imposition of related public health measures and
travel and business restrictions will adversely impact our business, financial condition, operating results and cash flows.
The effectiveness of the COVID-19 vaccine and
vaccination programs remains to be verified worldwide, including against variants of the virus. The sweeping nature of the COVID-19 pandemic
makes it extremely difficult to predict how the Company's business and operations will be affected in the longer run. So far, the
likely overall economic impact of the pandemic is widely viewed as highly negative to the global economy.
If we cannot maintain our corporate culture
as we grow, we could lose the innovation, collaboration and focus that contribute to our business.
We believe that a critical component of our success
is our corporate culture, which we believe fosters innovation, encourages teamwork and cultivates creativity. As we continue to grow,
we may find it difficult to maintain these valuable aspects of our corporate culture. Any failure to preserve our culture could negatively
impact our future success, including our ability to attract and retain employees, encourage innovation and teamwork and effectively focus
on and pursue our corporate objectives.
14
We do not have any business interruption
or disruption insurance coverage.
Currently, we do not have any business liability
or disruption insurance to cover our operations, other than director's and officer's liability insurance. We have determined
that the costs of insuring for these risks and the difficulties associated with acquiring such insurance on commercially reasonable terms
make it impractical for us to have such insurance. Any uninsured business disruptions may result in our incurring substantial costs and
the diversion of resources, which could have an adverse effect on our results of operations and financial condition.
If we are unable to successfully continue
our digital assets business plan, it would affect our financial and business condition and results of operations.
There are various risks related to execution
of our digital assets business plans. These efforts include the risk that these efforts may not provide the expected benefits in our
anticipated time frame, if at all, and may prove costlier than expected; and the risk of adverse effects to our business, results of
operations and liquidity if past and future undertakings, and the associated changes to our business, do not prove to be cost effective
or do not result in the cost savings and other benefits at the levels that we anticipate. The execution of our business plan, and the
timing of any related initiatives, are subject to change at any time based on management's subjective evaluation of our overall
business needs. If we are unable to successfully execute our business plan, whether due to failure to realize the anticipated benefits
from our business initiatives in the anticipated time frame or otherwise, we may be unable to achieve our financial targets.
Failure
to manage our liquidity and cash flows may materially and adversely affect our financial conditions and results of operations. As a result,
we may need additional capital, and financing may not be available on terms acceptable to us, or at all.
Since May 20, 2021, we drew down an aggregate of $58 million under
the Ionics Purchase Agreement and raised $80 million of gross proceeds in our September 2021 private placement. During the period from
January 1, 2022 to December 31, 2022, the Company raised gross proceeds of approximately $22 million from the Ionics Purchase Agreement.
We incurred a net loss of $105,296,603 for the year ended December 31, 2022, which included a $24,654,267 impairment of digital assets
and a $50,038,650 impairment of property and equipment. We reported a net loss of approximately $1.0 million for the year ended December
31, 2021. We had negative cash flows from our operating activities of $8,496,028, $17,351,892 and $971,690 for the years ended December
31, 2022, 2021 and 2020, respectively. Negative cash flow during fiscal year 2022 resulted, in part, from a net loss of approximately
$105 million, including $27,829,730 of depreciation of property and equipment and $50,038,650 of impairment of property and equipment.
Negative cash flow during fiscal 2021 resulted, in part, from $13,113,964 of depreciation of property and equipment and $20,461,318 of
share-based compensation related to restricted stock units. We cannot assure you our business model will allow us to continue to generate
positive cash, given our substantial expenses in relation to our revenue at this stage of our Company's development. Our inability
to offset our expenses with adequate revenue, will adversely affect our liquidity, financial condition and results of operations. Although
we have adequate cash on hand from the Ionics Purchase Agreement and anticipated cash flows from operating activities are expected to
be sufficient to meet our anticipated working capital requirements and capital expenditures in the ordinary course of business for the
next 12 months, we cannot assure you that will be the case. We expect to need additional cash resources in the future as we wish to pursue
opportunities for investment, acquisition, capital expenditure or similar actions in order to implement our business plan. The issuance
and sale of additional equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased
fixed obligations and could result in operating covenants that would restrict our operations. We cannot assure you that financing will
be available in amounts or on terms acceptable to us, if at all.
Our cash balances are held at a number of
financial institutions that expose us to their credit risk
We maintain our cash and cash equivalents at financial or other intermediary institutions. The combined account
balances at each institution typically exceed FDIC insurance coverage of $250,000 per depositor, and, as a result, there is a concentration
of credit risk related to amounts on deposit in excess of FDIC insurance coverage. At December 31, 2022, substantially all of our cash
and cash equivalent balances held at financial institutions exceeded FDIC insured limits. On March 10, 2023, the FDIC took control and
was appointed receiver of Silicon Valley Bank ("SVB"), and on March 12, 2023, the FDIC took control and was appointed receiver
of Signature Bank, and on March 16, 2023, First Republic Bank received a commitment for a $30 billion deposit infusion, each case due
primarily to liquidity concerns. As of March 13, 2023, the Company did not have any direct exposure to SVB, Signature Bank, or First Republic.
However, if other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions
affecting the banking system and financial markets, our ability, and the ability of our customers, clients and vendors, to access existing
cash, cash equivalents and investments, or to access existing or enter into new banking arrangements or facilities, may be threatened
and could have a material adverse effect on our business and financial condition.
Digital
Assets Related Risks
Our results of operations are expected
to be impacted by significant fluctuation of digital asset prices
The price of bitcoin has experienced significant
fluctuations over its existence and may continue to fluctuate significantly in the future. Bitcoin prices ranged from approximately $3,792
per coin as of December 31, 2018; $7,220 per coin as of December 31, 2019; $28,922 per coin as of December 31, 2020; to $46,306 per coin
as of December 31, 2021 and a high of $45,538 as of March 31, 2022, and a low of $16,547.50 as of December 31, 2022, according to CoinMarketCap.
15
We expect our results of operations to continue to be affected by the
digital asset prices as most of our revenue has been from bitcoin mining production. As of April 12, 2023, the price of bitcoin has increased
to as high as $30,462.48  according to CoinMarketCap. Continuing reductions in the price of bitcoin, during year ended December 31,
2022, had a material and adverse effect on our results of operations and financial condition. We cannot assure you that the bitcoin price
will remain high enough to sustain our operation or that the bitcoin price will not decline significantly in the future. Certain of our
mining operations are costly and we have not yet powered back on, as it is not economical to do so. Fluctuations in the digital asset
prices can have had and are expected to continue to have an immediate impact on the trading price of our Ordinary Shares even before our
financial performance is affected, if at all.
Various factors, mostly beyond our control, could impact the bitcoin
price. For example, the bankruptcy filings and regulatory proceedings described below, as well as the usage of bitcoins in the retail
and commercial marketplace is relatively low in comparison with the usage for speculation, which contributes to bitcoin's price
volatility. Additionally, the reward for bitcoin mining will decline over time, with the most recent halving event occurred in May 2020
and next one to occur in or about April 2024, which may further contribute to bitcoin price volatility.
Our operating results have and will significantly
fluctuate due to the highly volatile nature of digital assets.
All of our sources of revenue are dependent on
digital assets and the broader crypto-economy. Due to the highly volatile nature and the prices of digital assets, our operating results
have, and will continue to, fluctuate significantly from quarter to quarter in accordance with market sentiments and movements in the
broader digital assets economy. Our operating results will continue to fluctuate significantly as a result of a variety of factors, many
of which are unpredictable and in certain instances are outside of our control, including, but not limited to:
●
our ability to continue to mine bitcoin
                                            and acceptance of digital assets as a result of reputational harm from bankruptcies and regulatory
                                            proceedings;
●
changes in the legislative or regulatory
                                            environment, or actions by governments or regulators, including fines, orders, or consent
                                            decrees;
●
regulatory changes that impact our
                                            ability to mine various digital assets;
●
our ability to diversify and grow
                                            our business;
●
investments we make in the development
                                            of our business as well as technology offered to our industry partners and sales and marketing;
●
mining new digital assets in compliance
                                            with the Federal securities laws and other compliance regulations;
●
macroeconomic conditions;
●
adverse legal proceedings or regulatory
                                            enforcement actions, judgments, settlements, or other legal proceeding and enforcement-related
                                            costs;
●
increases in operating expenses that
                                            we expect to incur to grow and expand our operations and to remain competitive;
●
breaches of security or privacy;
●
our ability to attract and retain
                                            talent; and
●
our ability to compete with our competitors.
As a result of these factors, it is difficult
for us to forecast growth trends accurately and our business and future prospects are difficult to evaluate, particularly in the short
term. In view of the rapidly evolving nature of our business and the digital assets industry, period-to-period comparisons of our operating
results may not be meaningful, and you should not rely upon them as an indication of future performance. Quarterly and annual expenses
reflected in our financial statements may be significantly different from historical or projected rates. Our operating results in one
or more future quarters may fall below the expectations of securities analysts and investors. As a result, the trading price of our Ordinary
Shares may increase or decrease significantly.
16
Our future success continues to depend,
in part, upon the value of bitcoin, which the value of bitcoin may be subject to pricing risk and has historically been subject to wide
swings
.
Our operating results continue to depend, in
part, upon the value of bitcoin. Specifically, our revenues from our bitcoin mining operations are principally based upon two factors:
(1) the number of bitcoin rewards we successfully mine and (2) the value of bitcoin. We also receive transaction fees paid in bitcoin
by participants who initiated transactions associated with new blocks that we mine. In addition, our operating results are directly impacted
by changes in the value of bitcoin, because under the value measurement model, both realized and unrealized changes are reflected in
our statement of operations (i.e., we will be marking bitcoin to fair value each quarter). This means that our operating results are
subject to swings based upon increases or decreases in the value of bitcoin. Furthermore, our strategy has focused primarily on bitcoin
(as opposed to other digital assets). Further, our current application-specific integrated circuit ("ASIC") machines (which
we refer to as "miners") are principally utilized for mining bitcoin and bitcoin cash and cannot mine other digital assets,
such as ETH, that are not mined utilizing the "SHA-256 algorithm." If other digital assets were to achieve acceptance at
the expense of bitcoin or bitcoin cash (a variant form of bitcoin created in 2017 by a hard fork of the bitcoin blockchain) causing the
value of bitcoin or bitcoin cash to decline, or if bitcoin were to switch its proof of work algorithm from SHA-256 to another algorithm
for which our miners are not specialized, or the value of bitcoin or bitcoin cash were to decline for other reasons, particularly if
such decline were significant or over an extended period of time, our operating results would be adversely affected, and there could
be a material adverse effect on our ability to continue as a going concern or to pursue our business strategy at all, which could have
a material adverse effect on our business, prospects or operations, and harm investors.
Bitcoin and other digital asset prices, which
have historically been volatile and are impacted by a variety of factors (including those discussed in the previous risk factor), are
determined primarily using data from various exchanges, over-the-counter markets and derivative platforms. As described above, the digital
assets industry has been negatively affected by recent bankruptcies. Furthermore, such prices may be subject to factors such as those
that impact commodities, more so than business activities, which could be subjected to additional influence from fraudulent or illegitimate
actors, real or perceived scarcity, and political, economic, regulatory or other conditions. Pricing may be the result of, and may continue
to result in, speculation regarding future appreciation in the value of digital assets, or our share price, inflating and making their
market prices more volatile or creating "bubble" type risks for both bitcoin and our Ordinary Shares.
Unfavorable Digital
Asset Market Conditions
The prices of digital assets, including bitcoin, have experienced substantial
volatility, as described above. During the year 2022, a number of companies in the digital assets industry have declared bankruptcy, including
Core Scientific, Celsius Network, Voyager Digital Ltd., Three Arrows Capital, BlockFi, and FTX Trading Ltd. ("FTX") and concerning
us, Compute North, as described in the following risk factor. Such bankruptcies have contributed, at least in part, to further price decreases
in bitcoin and other digital assets, a loss of confidence in the participants of the digital asset ecosystem and negative publicity surrounding
digital assets more broadly. The bankruptcies also led to various SEC and criminal enforcement proceedings. All of the foregoing has had
a macro decline in the price of securities of digital asset companies, including ours.
Other than Compute North,
we have not been directly impacted by any of the recent bankruptcies in the digital asset space, as we have no contractual privity or
relationship to the relevant parties. However, we are dependent on the overall digital assets industry, and such recent events have contributed,
at least in part, to our and our peers stock price as well as the price of bitcoin. If the liquidity of the digital assets markets continues
to be negatively impacted, digital asset prices (including the price of bitcoin) may continue to experience significant volatility and
confidence in the digital asset markets may be further undermined. A perceived lack of stability in the digital asset exchange market
and the closure or temporary shutdown of digital asset exchanges due to business failure, hackers or malware, government-mandated regulation,
or fraud, may reduce confidence in digital asset networks and result in greater volatility in digital asset values. Any of these events
may adversely affect our operations and results of operations and, consequently, an investment in us.
17
We
are currently unable to assess the economic impact of Compute North's bankruptcy filing upon our operations.
On September 22, 2022, Compute North LLC, our hosting provider, filed
for bankruptcy protection. Under our Master Agreement dated September 9, 2020, Compute North and any successors were permitted to file
UCC1 Financing Statements to evidence security interests in our miners, although we maintained ownership. Our Master Agreement with Compute
North was assigned to Generate Capital PBC, a third party, prior to the bankruptcy filing, which is operating the contract and is not
subject to the bankruptcy proceedings.
On January 7, 2023, the Company received a
purported termination notice from the assignee, operating companies of Compute North, affiliated with Generate Capital PBC. Each of
GC Data Center Kearney, LLC and GC Data Center Granbury, LLC (collectively, "Generate"), bitcoin mining data centers
located in Kearney, Nebraska and Wolf Hollow, Texas, claimed to have provided written notice of termination of the Master Agreement.
The Company has disputed the propriety of the purported termination and attempted to resolve the dispute with Generate. However, on
January 20, 2023, Generate cut power to the Company's miners. Pursuant to a Litigation Standstill Agreement dated January 23,
2023, Generate restored power to the Company's miners. Bit Digital paid the cost of operations under the Master Agreement less
any security deposits. The Standstill Agreement expired on March 31, 2023.
The
Company is in the process of relocating its miners out of Generate Capital's facilities to those hosted by Blockfusion and Coinmint
in New York State. Termination of the Master Agreement has had a material adverse effect on the Company's business and financial
condition, which we are not yet able to quantify.
We may be unable
to raise additional capital needed to grow our business.
We have operated and
expect to continue to operate at a loss at least in the near term, if bitcoin prices decline further, or until we are able to profitably
stake ETH. In addition, we expect to need to raise additional capital to expand our operations, pursue our growth strategies and to respond
to competitive pressures or working capital requirements. While we have an effective $500,000,000 at the market shelf registration statement,
we may not be able to obtain additional debt or equity financing on favorable terms, which could impair our growth and adversely affect
our existing operations. The global economy, including credit and financial markets, has experienced extreme volatility and disruptions,
including diminished credit availability, rising interest and inflation rates, declines in consumer confidence, declines in economic
growth, increases in unemployment rates and uncertainty about economic stability. Such macroeconomic conditions could also make it more
difficult for us to incur additional debt or obtain equity financing. Further, the digital assets industry has been negatively impacted
by recent event such as the bankruptcies described in the prior risk factor above. In response to these events, the digital asset markets,
including the market for bitcoin and ETH specifically, have experienced extreme price volatility and several other entities in the digital
asset industry have been, and may continue to be, negatively affected, further undermining confidence in the digital assets markets.
In light of conditions impacting our industry, it may be more difficult for us to obtain equity or debt financing in the future.
If we raise additional equity financing, our stockholders may experience
significant dilution of their ownership interests, and the per share value of our Ordinary Shares could decline. Furthermore, if
we engage in debt financing, of which we have no present intention, the holders of debt likely would have priority over the holders of
our Ordinary Shares on order of payment preference. We may be required to accept terms that restrict our ability to incur additional indebtedness,
take other actions including accepting terms that require us to maintain specified liquidity or other ratios that could otherwise not
be in the interests of our stockholders.
18
The impact of government responses to mining
activity is uncertain.
Because of environmental-impact concerns related to the potential high
demand for electricity to support digital asset mining activity, political concerns, and for other reasons, we may be required to cease
mining operations in certain locations in the world without much or any prior notice by a national or local government's formal
or informal requirement or because of the anticipation of an impending requirement. For example, the Chinese government has required the
mining of digital assets to be discontinued on very short notice in 2021. We had already migrated our bitcoin mining assets out of China
to North America by November 2021; however, in light of the Chinese government's actions, it still had had a material adverse effect
on our operations in 2021.
Such government action had a negative impact not only on the value
of existing miners owned by us but also on our ability to dispose of obsolete miners and to purchase new miners and the prices to acquire
the same. Such government action also had a significant impact on the price of bitcoin, including an increase in the volatility of the
price (both up and down) of bitcoin and the price and value of miners owned by us (both up and down). These events had a negative impact
on our earnings in 2022.
Our mining operating costs outpace our
mining revenues, which could seriously harm our business or increase our losses.
Our mining operations are costly, and our expenses
may increase in the future. We intend to use funds on hand and from shares sold under an effective registration statement to continue
to purchase bitcoin mining machines if our operating costs are lower than the value of bitcoin. This expense increase may not be offset
by a corresponding increase in revenue. Our expenses may be greater than we anticipate, and our investments to make our business more
efficient may not succeed and may outpace monetization efforts. Increases in our costs without a corresponding increase in our revenue
would increase our losses and could seriously harm our business and financial performance.
We have an evolving business model which
is subject to various uncertainties.
As digital assets may become more widely available,
we expect the services and products associated with them to evolve. In order to stay current with the industry, our business model requires
us to evolve as well. From time to time, we have modified and will continue to modify aspects of our business model relating to our strategy.
We cannot offer any assurance that these or any other modifications will be successful or will not result in harm to our business. We
may not be able to manage growth effectively, which could damage our reputation, limit our growth and negatively affect our operating
results. Further, we cannot provide any assurance that we will successfully identify all emerging trends and growth opportunities in
this business sector, and we may lose out on those opportunities. Such circumstances could have a material adverse effect on our business,
prospects or operations.
The properties included in our mining network
may experience damage, including damage that is not covered by insurance.
As of December 31, 2022, our mining
operations in the states of Texas, Nebraska
, New York and Georgia
in the United States and Canada are, and any future mining sites we may establish will be, subject to a variety of risks relating to
physical condition and operation, including, but not limited to:
●
the presence of construction or repair defects or other
    structural or building damage;
19
●
any noncompliance with or liabilities under applicable
    environmental, health or safety regulations or requirements or building permit requirements;
●
any damage resulting from natural disasters, such as
    hurricanes, earthquakes, fires, floods and windstorms; and
●
claims by employees and others for injuries sustained
    at our properties.
For example, our mines could be rendered inoperable,
temporarily or permanently, as a result of a fire or other natural disaster, the coronavirus or another pandemic, or by a terrorist or
other attack. The security and other measures we take to protect against these risks may not be sufficient. Additionally, our mines could
be materially adversely affected by a power outage or loss of access to the electrical grid or loss by the grid of cost- effective sources
of electrical power generating capacity. Given the power requirements of our mines, it would not be feasible to run miners on back- up
power generators in the event of a power outage. We do not have any insurance to cover the replacement cost of any lost or damaged miners,
or any interruption of our mining activities. In the event of an uninsured loss, such mines may not be adequately repaired in a timely
manner or at all, and we may lose some or all of the future revenues anticipated to be derived from such mines.
From time to time, our service providers
have been unable to supply sufficient electric power for us to operate our miners, which has adversely affected our operations, causing
us to relocate some or all of our miners to an alternative facility, which may have a less advantageous cost structure and our business
and results of operations may suffer as a result.
We made a significant capital investment in purchasing
second-hand miners in order to implement them rapidly to mine bitcoin at prices advantageous to us. Management believes, based on its
knowledge of the industry, that the Hosting Agreements provided many advantages as opposed to other alternative arrangements. However,
we have since been required to deploy or move our miners from their current hosting service providers to other mining facilities, and
we may be forced to accept less advantageous terms. Further, during relocation to a new mining facility, we will not be able to operate
our miners and therefore we will not be able to generate revenue.
From May until September 2022, power was offline
at the Niagara Falls, New York facility hosted by BlockFusion, due to an explosion and subsequent fire. We have estimated the loss of
revenue at the Blockfusion site through September 13, 2022 to be approximately $3,200,000. Our methodology is based on the historical
rate for those impacted miners and the average bitcoin and ETH earned during the above period. Shortly after power was restored, the Company
and BlockFusion received a notice from the City of Niagara Falls, New York directing BlockFusion to cease and desist its cryptocurrency
mining activities at Blockfusion's Niagara Falls facility. While Blockfusion has advised the Company that it has submitted applications
for new permits based on new city ordinances, there can be no assurance as to when we will restart operations.  The loss of power
at Blockfusion facilities has had a material adverse effect on our operations.
During the same time, a portion of our miners were offline and power
has only been partially used  at our hosting partner Digihost's facility at North Tonawanda, New York. We have not yet powered
on our miners at the Digihost facilities, as it is not currently economical to do so. Based on the historical miner model hosted by Digihost,
we calculated our loss at Digihost (based on a hash rate of 60 TH/s and power consumption of 3000W) to be non-material.
As a result of the bankruptcy filing by Compute
North on September 22, 2022, as described above, we have experienced service disruptions and are unable to determine the extent of any
damages that may result from the dispute with Generate Capital, which has taken over operations at the former Compute North facilities.
If we are unable to secure sufficient power supply
from the current hosting service providers, or if the current hosting service providers are unable to supply sufficient electric power,
we may be forced to seek out alternative mining facilities. Should this occur, our operations may be disrupted, which may have a material
adverse effect on our operations.
20
If our Hosting Agreements with the current
hosting service providers in the U.S. and Canada are terminated, we may be forced to seek a replacement facility to operate our miners
on acceptable terms; should this occur, our operations may be disrupted, which may have a material adverse effect on our operations.
Since we have been forced to relocate to a
new mining facility, as described in connection with Compute North, we may not be successful in identifying adequate replacement
facilities to house our miners. Even if we do identify such facilities, we may not be able to secure use of those facilities at
rates that are economically viable to support our mining activities. Relocating our miners, as we did to migrate from China, and are
currently relocating from Compute North facilities required us to incur costs to transition to a new facility including, but not
limited to, transportation expenses and insurance, downtime while we are unable to mine, legal fees to negotiate the new lease,
de-installation at our current facility and, ultimately, installation at any new facility we identify. These costs may be
substantial, and we cannot guarantee that we will be successful in transitioning our miners to a new facility. Since we are required
to move our miners, our business may suffer, and our results of operations would be expected to be materially adversely
affected.
The development and acceptance of cryptographic
and algorithmic protocols governing the issuance of and transactions in digital assets is subject to a variety of factors that are difficult
to evaluate.
The use of digital assets to, among other things, buy and sell goods
and services and complete transactions, is part of a new and rapidly evolving industry that employs bitcoin assets based upon a computer-generated
mathematical and/or cryptographic protocol. Large-scale acceptance of digital assets as a means of payment has not, and may never, occur.
The growth of this industry in general, and the use of bitcoin, in particular, is subject to a high degree of uncertainty, and the slowing
or stopping of the development or acceptance of developing protocols may occur unpredictably. The factors include, but are not limited
to:
●
continued worldwide growth
    in the adoption and use of digital assets as a medium to exchange;
●
governmental and quasi-governmental
    regulation of digital assets and their use, or restrictions on or regulation of access to and operation of the network or similar
    bitcoin systems;
●
changes in consumer demographics
    and public tastes and preferences;
●
the maintenance and development
    of the open-source software protocol of the network;
●
the increased consolidation
    of contributors to the bitcoin blockchain through mining pools;
●
the availability and popularity
    of other forms or methods of buying and selling goods and services, including new means of using fiat currencies;
●
the use of the networks
    supporting digital assets for developing smart contracts and distributed applications;
●
general economic conditions
    and the regulatory environment relating to digital assets; and
●
negative consumer sentiment
    and perception of bitcoin specifically and digital assets generally.
The outcome of these factors could have negative
effects on our ability to continue as a going concern or to pursue our business strategy at all, which could have a material adverse
effect on our business, prospects or operations as well as potentially negative effect on the value of any bitcoin or other digital assets
we mine or otherwise acquire or hold for our own account, which would harm investors in our securities.
Banks and financial institutions may not
provide banking services, or may cut off services, to businesses that engage in cryptocurrency-related activities or that accept digital
assets as payment, including financial institutions of investors in our securities.
A number of companies that engage in bitcoin
and/or other bitcoin-related activities have been unable to find banks or financial institutions that are willing to provide them with
bank accounts and other services. This is particularly true as a result of recent bank failures, which were connected to cryptocurrency
activities. Similarly, a number of companies and individuals or businesses associated with digital assets may have had and may continue
to have their existing bank accounts closed or services discontinued with financial institutions in response to government action, particularly
in China, where regulatory response to digital assets has been to exclude their use for ordinary consumer transactions within its jurisdiction.
21
Subject to such restrictions, we also may be
unable to obtain or maintain these services for our business. The difficulty that many businesses in our industry and in related industries
have and may continue to have in finding banks and financial institutions willing to provide them services may now, and in the future,
decrease the usefulness of digital assets as a payment system, harm public perception of digital assets and decrease their usefulness.
The usefulness of digital assets as a payment
system and the public perception of digital assets could be damaged if banks or financial institutions were to close the accounts of
businesses engaging in bitcoin and/or other bitcoin-related activities. This could occur as a result of compliance risk, cost, government
regulation or public pressure. The risk applies to securities firms, clearance and settlement firms, national stock and derivatives on
commodities exchanges, the over-the-counter market, and the Depository Trust Company, which, if any of such entities adopts or implements
similar policies, rules or regulations, could negatively affect our relationships with financial institutions and impede our ability
to convert digital assets to fiat currencies. Such factors could have a material adverse effect on our ability to continue as a going
concern or to pursue our new strategy at all, which could have a material adverse effect on our business, prospects or operations and
harm investors.
Cyberattacks and security breaches of our
system, or those impacting our third parties, could adversely impact our brand and reputation and our business, operating results, and
financial condition.
Our business involves the collection, storage,
processing, and transmission of confidential information, employee, service provider, and other personal data. We have built our system
on the premise that we maintain a secure way to secure, store, and transact in digital assets. As a result, any actual or perceived security
breach of us or our third-party partners may:
●
harm our reputation and brand;
●
result in our systems or services
                                            being unavailable and interrupt our operations;
●
result in improper disclosure of
                                            data and violations of applicable privacy and other laws;
●
result in significant regulatory
                                            scrutiny, investigations, fines, penalties, and other legal, regulatory, and financial exposure;
●
cause us to incur significant remediation
                                            costs;
●
lead to theft or irretrievable loss
                                            of our fiat currencies or digital assets;
●
divert the attention of management
                                            from the operation of our business; and
●
adversely affect our business and
                                            operating results.
Further, any actual or perceived breach or cybersecurity
attack directed at other financial institutions or digital asset companies, whether or not we are directly impacted, could lead to a
general loss of customer confidence in the digital asset industry or in the use of technology to conduct financial transactions, which
could negatively impact us, including the market perception of the effectiveness of our security measures and technology infrastructure.
An increasing number of organizations, including
large merchants, businesses, technology companies, and financial institutions, as well as government institutions, have disclosed breaches
of their information security systems, some of which have involved sophisticated and highly targeted attacks, including on their websites,
mobile applications, and infrastructure.
Attacks upon systems across a variety of industries,
including the digital asset industry, are increasing in their frequency, persistence, and sophistication, and, in many cases, are being
conducted by sophisticated, well-funded, and organized groups and individuals, including state actors. The techniques used to obtain
unauthorized, improper, or illegal access to systems and information (including customers' personal data and digital assets), disable
or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or
detected until after they have been launched against a target. These attacks may occur on our systems or those of our third-party service
providers or partners. Certain types of cyberattacks could harm us even if our systems are left undisturbed. For example, attacks may
be designed to deceive employees and service providers into releasing control of our systems to a hacker, while others may aim to introduce
computer viruses or malware into our systems with a view to stealing confidential or proprietary data. Additionally, certain threats
are designed to remain dormant or undetectable until launched against a target and we may not be able to implement adequate preventative
measures.
22
Although we have developed systems and processes designed to protect
the data we manage, prevent data loss and other security breaches, effectively respond to known and potential risks, and expect to continue
to expend significant resources to bolster these protections, there can be no assurance that these security measures will provide absolute
security or prevent breaches or attacks. We have   experienced from time to time, and may experience in the future, breaches
of our security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities, or other irregularities.
Unauthorized parties have attempted, and we expect that they will continue to attempt, to gain access to our systems and facilities, as
well as those of our customers, partners, and third-party service providers, through various means, including hacking, social engineering,
phishing, and attempting to fraudulently induce individuals (including employees, service providers, and our customers) into disclosing
usernames, passwords, payment card information, or other sensitive information, which may, in turn, be used to access our information
technology systems and our digital assets. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored
intrusions, industrial espionage, and insiders. Certain threat actors may be supported by significant financial and technological resources,
making them even more sophisticated and difficult to detect. As a result, our costs and the resources we devote to protecting against
these advanced threats and their consequences may continue to increase over time.
The impact of geopolitical and economic
events on the supply and demand for digital assets is uncertain.
Geopolitical crises may motivate large-scale
purchases of bitcoin and other digital assets, which could increase the price of bitcoin and other digital assets rapidly. This may increase
the likelihood of a subsequent price decrease as crisis-driven purchasing behavior dissipates, adversely affecting the value of our inventory
following such downward adjustment. Such risks are similar to the risks of purchasing commodities in general uncertain times, such as
the risk of purchasing, holding or selling gold. Alternatively, as an emerging asset class with limited acceptance as a payment system
or commodity, global crises and general economic downturn may discourage investment in digital assets as investors focus their investment
on less volatile asset classes as a means of hedging their investment risk.
As an alternative to fiat currencies that are
backed by central governments, digital assets, which are relatively new, are subject to supply and demand forces. How such supply and
demand will be impacted by geopolitical events is largely uncertain, but could be harmful to us and investors in our Ordinary Shares.
Political or economic crises, including recent bank failures, may motivate large-scale acquisitions or sales of digital assets either
globally or locally. Such events could have a material adverse effect on our ability to continue as a going concern or to pursue our
new strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially the value of
any bitcoin or any other digital assets we mine or otherwise acquire or hold for our own account.
Acceptance and/or widespread use of bitcoin
is uncertain.
Currently, there is a relatively limited use
of any bitcoin in the retail and commercial marketplace, thus contributing to price volatility that could adversely affect an investment
in our securities. Banks and other established financial institutions may refuse to process funds for bitcoin transactions, process wire
transfers to or from bitcoin exchanges, bitcoin-related companies or service providers, or maintain accounts for persons or entities
transacting in bitcoin. Conversely, a significant portion of bitcoin demand is generated by investors seeking a long-term store of value
or speculators seeking to profit from the short- or long-term holding of the asset. Price volatility undermines any bitcoin's role
as a medium of exchange, as retailers are much less likely to accept it as a form of payment. Market capitalization for a bitcoin as
a medium of exchange and payment method may always be low.
The relative lack of acceptance of bitcoins in
the retail and commercial marketplace, or a reduction of such use, limits the ability of end users to use them to pay for goods and services.
Such lack of acceptance or decline in acceptances could have a material adverse effect on our ability to continue as a going concern
or to pursue our business strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially
the value of bitcoins we mine or otherwise acquire or hold for our own account.
23
Transactional fees may decrease demand
for bitcoin and prevent expansion.
Currently, miners receive both rewards of new
bitcoin and transaction fees paid in bitcoin by persons engaging in bitcoin transactions on the bitcoin blockchain for being the first
to solve bitcoin blocks. As the number of bitcoins currency rewards awarded for solving a block in a blockchain decreases, the incentive
for miners to continue to contribute to the bitcoin network may transition from a set reward and transaction fees to solely transaction
fees. This transition could be accomplished by miners independently electing to record in the blocks they solve only those transactions
that include payment of the highest transaction fees. If transaction fees paid for bitcoin transactions become too high, the marketplace
may be reluctant to accept bitcoin as a means of payment and existing users may be motivated to switch from bitcoin to another digital
asset or to fiat currency. Either the requirement from miners of higher transaction fees in exchange for recording transactions in a
blockchain or a software upgrade that automatically charges fees for all transactions may decrease demand for bitcoin and prevent the
expansion of the bitcoin network to retail merchants and commercial businesses, resulting in a reduction in the price of bitcoin that
could adversely impact an investment in our securities. Decreased use of and demand for bitcoin may adversely affect its value and result
in a reduction in the price of bitcoin and, consequently, the value of our Ordinary Shares.
The decentralized nature of the governance of
bitcoin systems may lead to ineffective decision making that slows development or prevents a network from overcoming emergent obstacles.
Governance of many bitcoin systems is by voluntary consensus and open competition with no clear leadership structure or authority. To
the extent lack of clarity in corporate governance of bitcoin systems leads to ineffective decision making that slows development and
growth of such digital assets, the value of our Ordinary Shares may be adversely affected.
There is a lack of liquid markets for digital
assets, and blockchain/bitcoin-based assets are susceptible to potential manipulation.
Digital assets that are represented and
trade on a ledger-based platform may not necessarily benefit from viable trading markets. Stock exchanges have listing requirements
and vet issuers; requiring them to be subjected to rigorous listing standards  and rules and monitor investors transacting
on such platform for fraud and other improprieties. These conditions may not necessarily be replicated on a distributed ledger
platform, depending on the platform's controls and other policies. As described above under "Unfavorable Digital Asset
Market Conditions," recent bankruptcies in the digital assets industry involved platforms which were not publicly listed
without regulatory supervision. The laxer a distributed ledger platform is about vetting issuers of bitcoin assets or users that
transact on the platform, the higher the potential risk for fraud or the manipulation of the ledger due to a control event. These
factors may decrease liquidity or volume or may otherwise increase volatility of investment securities or other assets trading on a
ledger-based system, which may adversely affect us. Such circumstances could have a material adverse effect on our ability to
continue as a going concern or to pursue our business strategy at all, which could have a material adverse effect on our business,
prospects or operations and potentially the value of any bitcoin or other digital assets we mine or otherwise acquire or hold for
our own account and harm investors.
Our operations, investment strategies and
profitability may be adversely affected by competition from other methods of investing in digital assets.
We compete with other users and/or companies
that are mining digital assets and other potential financial vehicles, including securities backed by or linked to digital assets through
entities similar to us. Market and financial conditions, and other conditions beyond our control, may make it more attractive to invest
in other financial vehicles, or to invest in digital assets directly, which could limit the market for our shares and reduce their liquidity.
The emergence of other financial vehicles and exchange-traded funds have been scrutinized by regulators and such scrutiny and the negative
impressions or conclusions resulting from such scrutiny could be applicable to us and impact our ability to successfully pursue our business
strategy or operate at all, or to maintain a public market for our securities. Such circumstances could have a material adverse effect
on our ability to continue as a going concern or to pursue our business strategy at all, which could have a material adverse effect on
our business, prospects or operations and potentially the value of any bitcoin or other digital assets we mine or otherwise acquire or
hold for our own account, and harm investors.
24
The development and acceptance of competing
blockchain platforms or technologies may cause consumers to use alternative distributed ledgers or other alternatives.
The development and acceptance of competing blockchain
platforms or technologies may cause consumers to use alternative distributed ledgers or an alternative to distributed ledgers altogether.
Our business utilizes presently existent digital ledgers and blockchains and we could face difficulty adapting to emergent digital ledgers,
blockchains, or alternatives thereto. This may adversely affect us and our exposure to various blockchain technologies and prevent us
from realizing the anticipated profits from our investments. Such circumstances could have a material adverse effect on our ability to
continue as a going concern or to pursue our business strategy at all, which could have a material adverse effect on our business, prospects
or operations and potentially the value of any bitcoin or other digital assets we mine or otherwise acquire or hold for our own account,
and harm investors.
Our digital assets may be subject to loss,
theft or restriction on access.
There is a risk that
some or all of our digital assets, including bitcoin, ETH, liquid staking tokens and/or U.S. digital currency could be lost, stolen or
destroyed. Digital assets are stored in platforms commonly referred to as "wallets" by holders of bitcoins which may be accessed
to exchange a holder's bitcoin assets. Access to our digital assets could also be restricted by cybercrime (such as a denial-of-service
attack) against a service at which we maintain a hosted hot wallet. We believe that our digital assets will be an appealing target to
hackers or malware distributors seeking to destroy, damage or steal our digital assets. See "
Cyberattacks and security breaches
of our system, or those impacting our third parties, could adversely impact our brand and reputation and our business, operating results,
and financial condition
." A hot wallet refers to any bitcoin wallet that is connected to the Internet. Generally, hot wallets
are easier to set up and access than wallets in cold storage, but they are also more susceptible to hackers and other technical vulnerabilities.
Cold storage refers to any bitcoin wallet that is not connected to the Internet. Cold storage is generally more secure from external
attack than hot storage but is not ideal for quick or regular transactions and we may experience lag time in our ability to respond to
market fluctuations in the price of our bitcoin assets. Moreover, cold storage may increase the risk of internal theft or malfeasance.
We hold our digital assets in hot and cold wallets through third party custodians to reduce the risk of external malfeasance, but the
risk of loss of our bitcoin assets cannot be wholly eliminated. If any of our bitcoin were lost or stolen, it is unlikely that we would
ever be able to recover such bitcoin.
In addition, the Company participates in the
Foundry USA Mining Pool ("Foundry"). Foundry is a mining pool operator which provides the Company with a digital currency
mining pool. While Foundry does not provide wallet or custodial services, it deposits bitcoin rewards to our custodian wallet addresses.
Accordingly, the risk of loss or theft of digital assets when Foundry transfers bitcoin rewards in a custodian account is no different
than any other transfer from one wallet to another.
Hackers or malicious actors may launch attacks to steal, compromise
or secure digital assets, such as by attacking the digital asset network source code, exchange miners, third-party platforms, cold and
hot storage locations or software, our general computer systems or networks, or by other means. We cannot guarantee that we will prevent
loss, damage or theft, whether caused intentionally, accidentally or by act of God. Access to our digital assets could also be restricted
by natural events (such as an earthquake or flood) or human actions (such as a terrorist attack). We may be in control and possession
of one of the more substantial holdings of digital assets. As we increase in size, we may become a more appealing target of hackers, malware,
cyber-attacks or other security threats. Any of these events may adversely affect our operations and, consequently, our investments and
profitability. The loss or destruction of a private key required to access our digital wallets may be irreversible and we may be denied
access for all time to our digital asset holdings held in those compromised wallets. Our loss of access to our private keys or our experience
of a data loss relating to our digital wallets could adversely affect our investments and assets.
Digital assets are controllable only by the possessor
of both the unique public and private keys relating to the local or online digital wallet in which they are held, which wallet's
public key or address is reflected in the network's public blockchain. We will publish the public key relating to digital wallets
in use when we verify the receipt of transfers and disseminate such information into the network, but we will need to safeguard the private
keys relating to such digital wallets. To the extent such private keys are lost, destroyed or otherwise compromised, we will be unable
to access our bitcoin rewards and such private keys may not be capable of being restored by any network. Any loss of private keys relating
to digital wallets used to store our digital assets could have a material adverse effect on our ability to continue as a going concern
or to pursue our business strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially
the value of any bitcoin or other digital assets we mine or otherwise acquire or hold for our own account.
It is possible that, through computer or human
error, theft or criminal action, our digital assets could be transferred in incorrect amounts or to unauthorized third parties or accounts.
In general, digital asset transactions are irrevocable, and stolen or incorrectly transferred digital assets may be irretrievable, and
we may have extremely limited or no effective means of recovering such digital assets.
We
safeguard and keep private our digital assets, including the bitcoin that we mine, by utilizing storage solutions provided by Cactus
Custody and Fireblocks (see "Summary of Information – Custodian Accounts"), which requires multi-factor authentication.
While we are confident in the security of our digital assets held by Cactus Custody and Fireblocks, given the broader market conditions,
there can be no assurance that other digital asset market participants, including Cactus Custody and Fireblocks as our custodian, will
not ultimately be impacted. We continue to monitor the digital assets industry as a whole, although it is not possible at this time to
predict all of the risks stemming from these events that may result to us, our service providers, our counterparties, and the broader
industry as a whole.
25
We may suffer significant and adverse effects due to hacking
or one or more adverse software events.
In order to minimize risk, we have established
processes to manage wallets that are associated with our bitcoin holdings. There can be no assurances that any processes we have adopted
or will adopt in the future are or will be secure or effective, and we would suffer significant and immediate adverse effects if we suffered
a loss of our bitcoin due to an adverse software or cybersecurity event. We utilize several layers of threat reduction techniques, including:
(i) the use of hardware wallets to store sensitive private key information; (ii) performance of transactions offline; and (iii) offline
generation storage and use of private keys.
The Company is evaluating several third-party custodian wallet alternatives,
but there can be no assurance that such services will be more secure than those the Company presently employs. Human error and the constantly
evolving state of cybercrime and hacking techniques may render present security protocols and procedures ineffective in ways which we
cannot predict. If our security procedures and protocols are ineffectual and our digital assets are compromised by cybercriminals, we
may not have adequate recourse to recover our losses stemming from such compromise and we may lose much of the accumulated value of our
bitcoin mining activities. This would have a material adverse impact on our business and operations.
Incorrect or fraudulent bitcoin transactions
may be irreversible.
Bitcoin transactions are irrevocable and stolen
or incorrectly transferred digital assets may be irretrievable. As a result, any incorrectly executed or fraudulent bitcoin transactions
could adversely affect our investments and assets.
Bitcoin transactions are not, from an administrative
perspective, reversible without the consent and active participation of the recipient of the digital assets from the transaction. In
theory, bitcoin transactions may be reversible with the control or consent of a majority of processing power on the network, however,
we do not now, nor is it feasible that we could in the future, possess sufficient processing power to affect this reversal. Once a transaction
has been verified and recorded in a block that is added to a blockchain, an incorrect transfer of a bitcoin or a theft thereof generally
will not be reversible, and we may not have sufficient recourse to recover our losses from any such transfer or theft. It is possible
that, through computer or human error, or through theft or criminal action, our bitcoin rewards could be transferred in incorrect amounts
or to unauthorized third parties, or to uncontrolled accounts. Further, according to the SEC, at this time, there is no specifically
enumerated U.S. or foreign governmental, regulatory, investigative or prosecutorial authority or mechanism through which to bring an
action or complaint regarding missing or stolen bitcoin. We are, therefore, presently reliant on existing private investigative entities,
such as Chain Analysis and Kroll to investigate any potential loss of our bitcoin assets. These third-party service providers rely on
data analysis and compliance of ISPs with traditional court orders to reveal information such as the IP addresses of any attackers who
may have targeted us. To the extent that we are unable to recover our losses from such action, error or theft, such events could have
a material adverse effect on our ability to continue as a going concern or to pursue our business strategy at all, which could have a
material adverse effect on our business, prospects or operations of and potentially the value of any bitcoin or other digital assets
we mine or otherwise acquire or hold for our own account.
Our reliance primarily on a few models
of miners may subject our operations to increased risk of mining failure.
The performance and reliability of our miners
and our technology is critical to our reputation and our operations. Because we currently use MicroBT and Bitmain miners, if there are
issues with those machines, our entire system could be affected. Any system error or failure may significantly delay response times or
even cause our system to fail. Any disruption in our ability to continue mining could result in lower yields and harm our reputation
and business. Any exploitable weakness, flaw, or error common to MicroBT and Bitmain miners affects all our miners, and if a defect other
flaw is exploited, our entire mining operations could go offline simultaneously. Any interruption, delay or system failure could result
in financial losses, a decrease in the trading price of our Ordinary Shares and/or damage to our reputation.
26
The Company's reliance on a third-party
mining pool service provider for our mining revenue payouts may have a negative impact on the Company's operations.
We use third–party mining pools to
receive our mining rewards from the network. Mining pools allow miners to combine their processing power, increasing their chances
of solving a block and getting paid by the network. The rewards are distributed by the pool operator, proportionally to our
contribution to the pool's overall mining power, used to generate each block. Should the pool operator's system suffer
downtime due to a cyberattack, software malfunction or other similar issues, it will negatively impact our ability to mine and
receive revenue. Furthermore, we are dependent on the accuracy of the mining pool operator's record keeping to accurately
record the total processing power provided to the pool for a given bitcoin mining application in order to assess the proportion of
that total processing power we provided. While we have internal methods of tracking both our power provided and the total used by
the pool, the mining pool operator uses its own record-keeping to determine our proportion of a given reward. We have little means
of recourse against the mining pool operator if we determine the proportion of the reward paid out to us by the mining pool operator
is incorrect, other than leaving the pool. If we are unable to consistently obtain accurate proportionate rewards from our mining
pool operators, we may experience reduced reward for our efforts, which would have an adverse effect on our business and
operations.
The limited rights of legal recourse available
to us and our lack of insurance protection for risk of loss of our digital assets exposes us and our shareholders to the risk of loss
of our digital assets for which no person may ultimately be held liable and we may not be able to recover our losses.
The digital assets held by us are not insured.
Further, banking institutions will not accept our digital assets and they are therefore not insured by the Federal Deposit Insurance
Corporation ("FDIC") or the Securities Investor Protection Corporation ("SIPC"). Therefore, a loss may be suffered
with respect to our digital assets which is not covered by insurance and we may not be able to recover any of our carried value in these
digital assets if they are lost or stolen or suffer significant and sustained reduction in conversion spot price. If we are not otherwise
able to recover damages from a malicious actor in connection with these losses, our business and results of operations may suffer, which
may have a material negative impact on our share price.
Currently, we do not have any insurance to cover
our digital assets or mining equipment. The market for such insurance is in the early stages and we intend to purchase such insurance
in the future. One of our digital asset custodians, Cactus Custody, is self-insured for $4 million plus annual additions. Any uninsured
losses may have an adverse effect on our results of operations and/or financial condition.
Digital assets face significant scaling
obstacles that can lead to high fees or slow transaction settlement times.
Digital assets face significant scaling obstacles
that can lead to high fees or slow transaction settlement times and attempts to increase the volume of transactions may not be effective.
Scaling digital assets is essential to the widespread acceptance of digital assets as a means of payment, which widespread acceptance
is necessary to the continued growth and development of our business. Many bitcoin networks face significant scaling challenges. For
example, digital assets are limited with respect to how many transactions can occur per second. Participants in the bitcoin ecosystem
debate potential approaches to increasing the average number of transactions per second that the network can handle and have implemented
mechanisms or are researching ways to increase scale, such as increasing the allowable sizes of blocks, and therefore the number of transactions
per block, and sharding (a horizontal partition of data in a database or search engine), which would not require every single transaction
to be included in every single miner's or validator's block. However, there is no guarantee that any of the mechanisms in
place or being explored for increasing the scale of settlement of bitcoin transactions will be effective, or how long they will take
to become effective, which could adversely affect an investment in our securities.
The price of digital assets may be affected
by the sale of such digital assets by other vehicles investing in digital assets or tracking bitcoin markets.
The global market for bitcoin is characterized
by supply constraints that differ from those present in the markets for commodities or other assets such as gold and silver. The mathematical
protocols under which certain digital assets are mined permit the creation of a limited, predetermined amount of currency, while others
have no limit established on total supply. To the extent that other vehicles investing in digital assets or tracking bitcoin markets
form and come to represent a significant proportion of the demand for digital assets, large redemptions of the securities of those vehicles
and the subsequent sale of digital assets by such vehicles could negatively affect bitcoin prices and therefore affect the value of the
bitcoin inventory we hold. Such events could have a material adverse effect on our ability to continue as a going concern or to pursue
our business strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially the
value of any bitcoin or other digital assets we mine or otherwise acquire or hold for our own account.
27
There are risks related to technological
obsolescence, the vulnerability of the global supply chain for bitcoin hardware disruption, and difficulty in obtaining new hardware
which may have a negative effect on our business.
Our mining operations can only be successful
and ultimately profitable if the costs, including hardware and electricity costs, associated with mining digital assets are lower than
the price of a bitcoin. As our mining facility operates, our miners experience ordinary wear and tear, and may also face more significant
malfunctions caused by a number of extraneous factors beyond our control. We have purchased second-hand miners from third parties. The
degradation of our miners requires us to, over time, replace those miners which are no longer functional. Additionally, as the technology
evolves, we are required to acquire newer models of miners to remain competitive in the market. Reports have been released which indicate
that miner manufacturers or sellers adjust the prices of their miners according to bitcoin prices, so the cost of new machines is unpredictable
but could be extremely high. As a result, at times, we may obtain miners and other hardware from third parties at premium prices, to
the extent they are available. This upgrading process requires substantial capital investment, and we may face challenges. Further, the
global supply chain for bitcoin miners is presently heavily dependent on China-based manufacturers. In addition, there have been shortages
of the semiconductors which are key components in miner production. The global reliance on China as a main supplier of bitcoin miners
has been called into question, particularly in the wake of the COVID-19 pandemic. Should similar outbreaks or other disruptions to the
China-based global supply chain for bitcoin hardware on the spot market or otherwise occur, we may not be able to obtain adequate replacement
parts for our existing miners or to obtain additional miners from the manufacturer or third parties on a timely basis. Such events could
have a material adverse effect on our ability to pursue our business strategy, which could have a material adverse effect on our business
and the value of our Ordinary Shares.
The bitcoin we mine is subject to halving;
the bitcoin reward for successfully uncovering a block will halve several times in the future and bitcoin's value may not adjust
to compensate us for the reduction in the rewards we receive from our mining efforts.
Halving
is a process designed to control the overall supply and reduce the risk of inflation in digital assets using a proof-of-work consensus
algorithm. At a predetermined block, the mining reward is cut in half, hence the term "halving." For bitcoin, the reward
was initially set at 50 bitcoin currency rewards per block and this was cut in half to 25 in November 28, 2012 at block 210,000 and again
to 12.5 on July 9, 2016 at block 420,000. The next halving for bitcoin occurred in May 2020 at block 630,000 when the reward was reduced
to 6.25. This reward rate is expected to next halve during March 2024 to 3.125 bitcoin per new block and will continue to halve at approximately
four-year intervals until all potential 21 million bitcoin have been mined. If the award of bitcoin rewards for solving blocks and transaction
fees are not sufficiently high, we may not have an adequate incentive to continue mining and may cease our mining operations. Halving
may result in a reduction in the aggregate hash rate of the bitcoin network as the incentive for miners decreases. Miners ceasing operations
would reduce the collective processing power on the network, which would adversely affect the confirmation process for transactions (i.e.,
temporarily decreasing the speed at which blocks are added to a blockchain until the next scheduled adjustment in difficulty for block
solutions) and make bitcoin networks more vulnerable to a malicious actor or botnet obtaining control in excess of 50% of the processing
power active on a blockchain, potentially permitting such actor or botnet to manipulate a blockchain in a manner that adversely affects
the network and our activities. A reduction in confidence in the confirmation process or processing power of the network could result
and be irreversible. Such events could have a material adverse effect on our ability to continue to pursue our business strategy at all,
which could have a material adverse effect on our business, prospects or operations and potentially the value of any bitcoin or other
digital assets we mine, whether now or in the future, or otherwise acquire or hold for our own account. While bitcoin prices have had
a history of price fluctuations around the halving of its bitcoin rewards, there is no guarantee that the price change will be favorable
or would compensate for the reduction in mining reward. If a corresponding and proportionate increase in the trading price of bitcoin
does not follow these anticipated halving events, the revenue we earn from our mining operations would see a corresponding decrease,
which would have a material adverse effect on our business and operations.
28
The impact of social media and influencers
on the price for digital assets is uncertain.
Renowned persons, including social media influencers,
may publicly discuss their holdings (or the holdings of companies with which they are affiliated) of bitcoin or their intent to buy or
sell large quantities of bitcoin. This may have a dramatic impact on the price of bitcoin, both up and down. At a minimum, these public
statements delivered through social media, such as Twitter, may cause the price of bitcoin to experience significant volatility. These
episodes could have a material adverse impact on the value of our bitcoin holdings as well as the prices of bitcoin that we may sell.
We may not be able to realize the benefits
of forks.
To the extent that a significant majority of
users and miners on a bitcoin network install software that changes the bitcoin network or properties of a bitcoin, including the irreversibility
of transactions and limitations on the mining of new bitcoin, the bitcoin network would be subject to new protocols and software. However,
if less than a significant majority of users and miners on the bitcoin network consent to the proposed modification, and the modification
is not compatible with the software prior to its modification, the consequence would be what is known as a "fork" of the
network, with one prong running the pre-modified software and the other running the modified software. The effect of such a fork would
be the existence of two versions of the bitcoin running in parallel yet lacking interchangeability and necessitating exchange-type transaction
to convert currencies between the two forks. Additionally, it may be unclear following a fork which fork represents the original asset
and which is the new asset. Different metrics adopted by industry participants to determine which is the original asset include: referring
to the wishes of the core developers of bitcoin, blockchains with the greatest amount of hashing power contributed by miners or validators;
or blockchains with the longest chain. A fork in the network of a particular bitcoin could adversely affect an investment in our Company
or our ability to operate.
We may not be able to realize the economic benefit
of a fork, either immediately or ever, which could adversely affect an investment in our securities. If we hold a bitcoin at the time
of a hard fork into two digital assets, industry standards would dictate that we would be expected to hold an equivalent amount of the
old and new assets following the fork. However, we may not be able, or it may not be practical, to secure or realize the economic benefit
of the new asset for various reasons. For instance, we may determine that there is no safe or practical way to custody the new asset,
that trying to do so may pose an unacceptable risk to our holdings in the old asset, or that the costs of taking possession and/or maintaining
ownership of the new bitcoin exceed the benefits of owning the new bitcoin. Additionally, laws, regulation or other factors may prevent
us from benefitting from the new asset even if there is a safe and practical way to custody and secure the new asset.
There is a possibility of bitcoin mining
algorithms transitioning to proof of stake validation and other mining related risks, which could make us less competitive and ultimately
adversely affect our business and the value of our shares.
The protocol pursuant to which transactions are confirmed automatically
on the bitcoin blockchain through mining is known as proof-of-work (or PoW). Proof-of-stake (or PoS) is an alternative method in validating
digital asset transactions, such as Ethereum. The shift from a proof-of-work validation method to a PoS method, mining requires less energy
and may render any company that maintains advantages in the current climate (for example, from lower priced electricity, processing, real
estate, or hosting) less competitive. We, as a result of our efforts to optimize and improve the efficiency of our bitcoin mining operations,
may be exposed to the risk in the future of losing the benefit of our capital investments and the competitive advantage we hope to gain
from this as a result, and may be negatively impacted by a switch to proof-of-stake validation. This may additionally have an impact on
other various investments of ours. Such events could have a material adverse effect on our ability to continue as a going concern or to
pursue our business strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially
the value of any bitcoin or other digital assets we mine or otherwise acquire or hold for our own account
.
29
To the extent that the profit margins of
bitcoin mining operations are not high, operators of bitcoin mining operations are more likely to immediately sell bitcoin rewards earned
by mining in the market, thereby constraining growth of the price of bitcoin that could adversely impact us, and similar actions could
affect other digital assets.
Over the past several years, bitcoin mining operations
have evolved from individual users mining with computer processors, graphics processing units and first-generation ASIC servers. Currently,
new processing power is predominantly added by incorporated and unincorporated "professionalized" mining operations. Professionalized
mining operations may use proprietary hardware or sophisticated ASIC machines acquired from ASIC manufacturers. They require the investment
of significant capital for the acquisition of this hardware, the leasing of operating space (often in data centers or warehousing facilities),
incurring of electricity costs and the employment of technicians to operate the mining farms. As a result, professionalized mining operations
are of a greater scale than prior miners and have more defined and regular expenses and liabilities. These regular expenses and liabilities
require professionalized mining operations to maintain profit margins on the sale of bitcoin. To the extent the price of bitcoin declines
and such profit margin is constrained, professionalized miners are incentivized to more immediately sell bitcoin earned from mining operations,
whereas it is believed that individual miners in past years were more likely to hold newly mined bitcoin for more extended periods. The
immediate selling of newly mined bitcoin greatly increases the trading volume of bitcoin, creating downward pressure on the market price
of bitcoin rewards.
The extent to which the value of bitcoin mined
by a professionalized mining operation exceeds the allocable capital and operating costs determines the profit margin of such operation.
A professionalized mining operation may be more likely to sell a higher percentage of its newly mined bitcoin rapidly if it is operating
at a low profit margin and it may partially or completely cease operations if its profit margin is negative. In a low profit margin environment,
a higher percentage could be sold more rapidly, thereby potentially depressing bitcoin prices. Lower bitcoin prices could result in further
tightening of profit margins for professionalized mining operations creating a network effect that may further reduce the price of bitcoin
until mining operations with higher operating costs become unprofitable forcing them to reduce mining power or cease mining operations
temporarily.
If a malicious actor or botnet obtains control
of more than 50% of the processing power on a bitcoin network, or 33% or more share of the Ethereum Validators, such actor or botnet could
manipulate blockchains to adversely affect us, which would adversely affect an investment in us or our ability to operate.
If a malicious actor or botnet (a volunteer or
hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the processing
power dedicated to mining a bitcoin, or the ability to valuate Ethereum transactions, it may be able to alter blockchains on which transactions
of bitcoin or 33% or more of ETH reside and rely by constructing fraudulent blocks or preventing certain transactions from completing
in a timely manner, or at all. The malicious actor or botnet could control, exclude or modify the ordering of transactions, though it
is believed that it could not generate new units or transactions using such control. The malicious actor could "double-spend"
its own digital asset (i.e., spend the same digital asset in more than one transaction) and prevent the confirmation of other users'
transactions for as long as it maintained control. To the extent that such malicious actor or botnet yields its control of the processing
power on the network or the bitcoin and/or Ethereum communities do not reject the fraudulent blocks as malicious, reversing any changes
made to blockchains may not be possible. The foregoing description is not the only means by which the entirety of blockchains or digital
assets may be compromised but is only an example.
Although there are no known reports of malicious
activity or control of blockchains achieved through controlling over 50% of the processing power on the bitcoin network, it is believed
that certain mining pools may have exceeded the 50% threshold in bitcoin. The possible crossing of the 50% threshold for bitcoin or 33%
for Ethereum indicates a greater risk that a single mining pool could exert authority over the validation of digital asset transactions.
To the extent that the digital asset ecosystem, and the administrators of mining pools, do not act to ensure greater decentralization
of digital asset mining processing power, the feasibility of a malicious actor obtaining control of the processing power will increase
because the botnet or malicious actor could compromise more than the threshold and thereby gain control of the blockchain, whereas if
the blockchain remains decentralized it is inherently more difficult for the botnet of malicious actor to aggregate enough processing
power to gain control of the blockchain, which may adversely affect an investment in our Ordinary Shares. Such lack of controls and responses
to such circumstances could have a material adverse effect on our ability to continue as a going concern or to pursue our new strategy
at all, which could have a material adverse effect on our business, prospects or operations and potentially the value of any bitcoin or
other digital assets we mine or otherwise acquire or hold for our own account, and harm investors.
30
We are subject to risks associated with
our need for significant electrical power. Government regulators may potentially restrict the ability of electricity suppliers to provide
electricity to mining operations, such as ours.
The operation of a bitcoin or other digital asset
mine can require massive amounts of electrical power. Further, our mining operations can only be successful and ultimately profitable
if the costs, including electrical power costs, associated with mining a bitcoin are lower than the price of a bitcoin. As a result,
any mine we establish can only be successful if we can obtain sufficient electrical power for that mine on a cost-effective basis, and
our establishment of new mines requires us to find locations where that is the case. There may be significant competition for suitable
mine locations, and government regulators may potentially restrict the ability of electricity suppliers to provide electricity to mining
operations in times of electricity shortage or may otherwise potentially restrict or prohibit the provision or electricity to mining
operations.
Any shortage of electricity supply or increase
in electricity cost in a jurisdiction may negatively impact the viability and the expected economic return for bitcoin mining activities
in that jurisdiction. In addition, the significant consumption of electricity may have a negative environmental impact, including contribution
to climate change, which may give rise to public opinion against allowing the use of electricity for bitcoin mining activities or government
measures restricting or prohibiting the use of electricity for bitcoin mining activities.
We may not adequately respond to price
fluctuations and rapidly changing technology, which may negatively affect our business.
Competitive conditions within the digital asset
industry require that we use sophisticated technology in the operation of our business. The industry for blockchain technology is characterized
by rapid technological changes, new product introductions, enhancements and evolving industry standards. New technologies, techniques
or products could emerge that might offer better performance than the software and other technologies we currently utilize, and we may
have to manage transitions to these new technologies to remain competitive. We may not be successful, generally or relative to our competitors
in the digital asset industry, in timely implementing new technology into our systems, or doing so in a cost-effective manner. During
the course of implementing any such new technology into our operations, we may experience system interruptions and failures during such
implementation. Furthermore, there can be no assurances that we will recognize, in a timely manner or at all, the benefits that we may
expect as a result of our implementing new technology into our operations. As a result, our business and operations may suffer, and there
may be adverse effects on the price of our Ordinary Shares.
The value of stable coins that we hold
may be subject to volatility and risk of loss
As
of December 31, 2022, we held approximately $0.6 million in USDC, a stablecoin issued by Circle Internet Financial Public Limited Company
("Circle") that is backed by dollar denominated assets held by the issuer in segregated accounts with U.S. regulated financial
institutions. Stablecoins such as USDC are usually backed by the U.S. Dollar and other short-dated U.S. government obligations, and are
usually pegged to the U.S. dollar. On March 9, 2023, as a result of the closure of Silicon Valley Bank ("SVB"), Circle announced
that $3.3 billion of its roughly $40 billion USDC reserves were held at SVB. As a result, Circle depegged the USDC from its $1.00 peg,
trading as low as $0.87. This risk may result in the sell-off of USDC and volatility as to the value of stablecoins, which would expose
us to risk of potential loss and could have a material adverse effect on our ability to raise new funding and on our business, financial
condition, and results of operations and prospects.
Ethereum Risk Factors
Risks Associated with Staking on Ethereum
2.0
In
connection with the transition of the Ethereum network from PoW to PoS, which occurred on September 15, 2022, when the Ethereum Mainnet
merged with the PoS Beacon Chain (the "Merge"), the Company is deploying Ethereum (ETH) to the beacon chain with a view to
earning an ETH-denominated return thereon. On April 12, 2023, Ethereum's Shanghai hard fork, also referred to as "Shapella,"
has been finalized, enabling withdrawals for users who have "staked" their ETH to secure and validate transactions on the
blockchain.
In addition, by running a validator node, the
Company will be exposed to the risk of loss of its staked digital assets if it equivocates or fails to operate the node in accordance
with applicable protocol rules, as the Company's digital assets may be "slashed" or inactivity penalties may be applied
if the validator node "double signs" or is offline for a prescribed period of time. Disputes on a liquid staking provider
may lead to the value of staking assets diverging from ETH or failure to exit the liquid staking position. The Company intends to mitigate
this risk by utilizing experienced service providers such as Blockdaemon and by carefully monitoring the staking activities performed
by the Company in reliance on such services. See "
Summary of Information – Digital Asset Transactions – Blockdaemon
Agreement
."
31
Risks under the Federal securities laws
associated with Staking
The Merge and the switch from PoW to PoS did not
change our characterization of ETH as a digital asset. We intend to hold our staked ETH for our own account. In the event we exchange
ETH for other digital assets (such as liquid staking tokens) which may be deemed to be securities, it would be for our own account. In
all instances, we will perform a risk-based analysis to evaluate whether the digital asset may be deemed to be a "security"
under the Federal securities laws prior to mining the digital asset. We do not believe if we hold for our own account a particular digital
asset which may be deemed to be a security, it will be a risk to our business operations. Nevertheless, we will continue to implement
a compliance infrastructure to ensure full compliance with the federal securities laws. In the event our staking program is found to not
be in compliance with the federal securities laws, we could face legal or regulatory consequences. We would also need to undertake a regulatory
review to ensure compliance with the Federal securities laws if and when we decide to offer staking-as-a-service for value to individuals.
The Company would need to install a fully compliant organic infrastructure or hire third-party contractors.
Speculative
and Volatile Nature of ETH
To date, the Company has deployed a portion of
the capital it has raised into ETH. The price of ETH is subject to significant volatility. In addition, there is no guarantee that the
Company will be able to sell its ETH at prices quoted on various cryptocurrency trading platforms or at all if it determines to do so.
The supply of ETH is currently controlled by the source code of the Ethereum platform, and there is a risk that the developers of the
code and the participants in the Ethereum network could develop and/or adopt new versions of the Ethereum software that significantly
increase the supply of ETH in circulation, negatively impacting the trading price of ETH. Any significant decrease in the price of ETH
may materially and adversely affect the value of the Company's securities and, in turn, the Company's business and financial
condition.
The ETH markets are sensitive to new developments,
and since volumes are still maturing, any significant changes in market sentiment (by way of sensationalism in the media or otherwise)
can induce large swings in volume and subsequent price changes. Such volatility can adversely affect the business and financial condition
of the Company.
Momentum pricing typically is associated with
growth stocks and other assets whose valuation, as determined by the public, accounts for anticipated future appreciation in value. The
Company believes that momentum pricing of ETH has resulted, and may continue to result, in speculation regarding future appreciation
in the value of ETH, inflating and making more volatile the value of ETH. As a result, ETH may be more likely to fluctuate in value due
to changing investor confidence in future appreciation, which could adversely affect the business and financial condition of the Company.
Underlying Value Risk
ETH represents a new form of digital value that
is still being digested by society. Its underlying value is driven by its utility as a store of value, means of exchange, and unit of
account, and notably, the demand for ETH within various use cases of the Ethereum network. Just as oil is priced by the supply and demand
of global markets, as a function of its utility to, for instance, power machines and create plastics, so too is ETH priced by the supply
and demand of global markets for its own utility within Ethereum's use cases. There is a risk if we are working through a staking
pool to valuate ETH investors. We rely upon a pool operator to run the validator. There is a counterparty risk that the party with which
we trust our assets may not uphold their side of the deal and fees or penalties may be assessed to the pool. These fees are typically
assessed if the pool operator has downtime or dishonest actions. Finally, blockchains are new technologies and there is always an outside
risk of a catastrophic chain failure that could put locked or staked funds at risk. The speculative and volatile nature of ETH and blockchain
may materially and adversely affect the value of the Company's securities.
The staked ETH is subject to the volatility risks
set forth under "
Speculative and Volatile Nature of ETH
" and the risks related to hacking set forth above under "Cyberattacks
and security breaches of our system, or those impacting our third parties, could adversely impact our brand and reputation and our business,
operating results, and financial condition" that could result in a loss of staked ETH.
32
The risks involved with liquid staking differ
from direct staking. Liquid staking allows participants, including the Company, to maintain the liquidity of their digital assets while
still earning staking rewards. However, it is subject to the following consequence risks apart from direct staking:
●
Liquid staking requires a certain
                                            level of technical expertise to manage the staking process effectively. This can be a barrier
                                            for some investors, particularly those who are new to the world of digital asset investing.
●
The price of the staked derivative
                                            may decrease from its original price. This may happen because the new token has a lower market
                                            price.
●
In we lose our liquid token, we
                                            will also lose our staked token. This can result from bad trades, rebalancing losses when
                                            farming in liquidity pools, and liquidations at lending protocols.
●
Token holders will likely choose
                                            to stake their tokens on liquid staking protocols. As a result, the balance of validator
                                            shares taking part in the network may be disrupted, giving room for undue control from more
                                            powerful validators.
Development of the Ethereum Platform
The Ethereum platform is an open-source project
being developed by a network of software developers, including Vitalik Buterin, a founder of Ethereum. Mr. Buterin or another key participant
within the core development group could cease to be involved with the Ethereum platform. Factions could form within the Ethereum community,
resulting in different and competing versions of Ethereum being adopted by network participants. Furthermore, network participants running
the Ethereum software may choose not to update their versions of the software, resulting in different versions of the Ethereum software
running on the network. Any of the foregoing developments could have a significant negative impact on the viability and overall health
of the Ethereum platform, the value of ETH and the Company's business model and assets.
Although the beacon chain (the PoS successor
to the Ethereum PoW chain) launched in December 2020 and the "merging" of the Ethereum PoW chain into Ethereum 2.0 occurred
on September 15, 2022. In addition, Ethereum's Shanghai hard fork, also referred to as "Shapella," has been finalized
on April 12, 2023, enabling withdrawals for users who have "staked" their ETH to secure and validate transactions on the
blockchain. Although management believes that these changes to the Ethereum platform will positively impact its potential for mainstream
adoption, no assurance can be given that such impact will materialize. If the Company cannot successfully anticipate and react to the
impacts of this shift, its business and results of operations may be adversely affected.
Uncertainty Regarding the Growth of Blockchain
and Web 3 Technologies
The further development and use of blockchain,
Web 3 technologies and digital assets are subject to a variety of factors that are difficult to evaluate and predict, many of which are
beyond the Company's control. The slowing or stopping of the development or acceptance of blockchain networks, specifically Ethereum,
and blockchain assets would be expected to have a material adverse effect on the Company. Furthermore, blockchain and Web 3 technologies,
including Ethereum, may never be implemented to a scale that provides identifiable economic benefit to blockchain-based businesses, including
the Company.
33
The Ethereum network and ETH as digital asset
have a limited history. Due to this short history, it is not clear how all elements of ETH will unfold over time, specifically with regard
to governance between miners, developers and users, as well as the long-term security model as the rate of inflation of ETH decreases.
Since the ETH community has successfully navigated a considerable number of technical and political challenges since its inception, the
Company believes that it will continue to engineer its way around future challenges. The history of open-source software development
would indicate that vibrant communities are able to change the software under development at a pace sufficient to stay relevant. The
continuation of such vibrant communities is not guaranteed, and insufficient software development or any other unforeseen challenges
that the community is not able to navigate could have an adverse impact on the business of the Company.
Potential Decrease
in Global Demand for ETH
As a currency, ETH must serve as a means of exchange,
store of value, and unit of account. Many people using ETH as money-over-internet-protocol (MoIP) do so with it as an international means
of exchange. Speculators and investors using ETH as a store of value then layer on top of means of exchange users, creating further demand.
If consumers stop using ETH as a means of exchange, or its adoption therein slows, then ETH's price may suffer, adversely affecting
the Company.
Investors should be aware that there is no assurance
that ETH will maintain its long-term value in terms of purchasing power in the future or that the acceptance of ETH for payments by mainstream
retail merchants and commercial businesses will continue to grow. As relatively new products and technologies, ETH and the Ethereum network
have yet to become generally accepted as a means of payment for goods and services by major retail and commercial outlets, and use of
ETH by consumers to pay such retail and commercial outlets remains limited. Banks and other established financial institutions may refuse
to process funds for Ethereum network-based transactions, process wire transfers to or from digital asset trading platforms, Ethereum-related
companies or service providers, or maintain accounts for persons or entities transacting in ETH. Conversely, a significant portion of
ETH demand is generated by speculators and investors seeking to profit from the short or long-term holding of ETH. The Company believes
that, like any commodity, ETH will fluctuate in value, but over time will gain a level of acceptance as a store of value, medium of exchange
or token of utility.
Smart Contract Risk
The Ethereum network is based upon the development and deployment of
smart contracts, which are self-executing contracts with the terms of the agreement written into software code. There are thousands of
smart contracts currently running on Ethereum network. Like any software code, smart contracts are exposed to risk that the code
contains a bug or other security vulnerability, which can lead to loss of assets that are held on or transacted through the contract.
The smart contract deployed on Ethereum and, as such, may contain a bug or other vulnerability that may lead to the loss of digital assets
held in the wallet. The Ethereum developer community audits widely used smart contracts frequently and publishes the results of such audits
on public forums. The Company currently relies on Blockdaemon and Liquid Collective for its liquid staking solution. The smart contract
code via Blockdaemon was audited by Quantstamp. The smart contract code via Liquid Collective was audited by Halborn and Spearbit. Nevertheless,
there is no guaranty against a bug or other vulnerability leading to a loss of digital assets.
Risks Associated with the Ethereum Network
Dependence on Ethereum Network Developers
While many contributors to the Ethereum network's
open-source software are employed by companies in the industry, most of them are not directly compensated for helping to maintain the
protocol. As a result, there are no contracts or guarantees that they will continue to contribute to the Ethereum network's software
(https://github.com/ether and https://github.com/orgs/ether/people).
34
Issues with the Cryptography Underlying
the Ethereum Network
Although the Ethereum network is one of the world's
most established digital asset networks, the Ethereum network and other cryptographic and algorithmic protocols governing the issuance
of digital assets represent a new and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate.
In the past, flaws in the source code for digital assets have been exposed and exploited, including flaws that disabled some functionality
for users, exposed users' personal information and/or resulted in the theft of users' digital assets. The cryptography underlying
ETH could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing,
algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious
actor may be able to take the ETH held by the Company. Moreover, functionality of the Ethereum network may be negatively affected such
that it is no longer attractive to users, thereby dampening demand for ETH. Even if digital assets other than ETH were affected by similar
circumstances, any reduction in confidence in the source code or cryptography underlying digital assets generally could negatively affect
the demand for digital assets and therefore adversely affect the business of the Company.
Disputes on the Development of the Ethereum
Network may lead to Delays in the Development of the Network
There can be disputes between contributors on
the best paths forward in building and maintaining the Ethereum network's software. Furthermore, the stakers supporting
the network and other developers and users of the network can disagree with the contributors as well, creating greater debate. Therefore,
the Ethereum community often iterates slowly upon contentious protocol issues, which many perceive as prudently conservative, while others
worry that it inhibits innovation. It will be important for the community to continue to develop at a pace that meets the demand for
transacting in ETH, otherwise users may become frustrated and lose faith in the network. As a decentralized network, strong consensus
and unity is particularly important to respond to potential growth and scalability challenges.
The Ethereum Blockchain may Temporarily
or Permanently Fork and/or Split
The Ethereum network's software and protocol
are open source. When a modification is released by the developers and a substantial majority of participants consent to the modification, the change is implemented and the Ethereum
network continues uninterrupted. However, if a change were activated with less than a substantial majority consenting to the proposed
modification, and the modification is not compatible with the software prior to its modification, the consequence would be what is known
as a "hard fork" (i.e., a split) of the Ethereum network (and the blockchain). One blockchain would be maintained by the
pre-modification software and the other by the post-modification software. The effect is that both blockchain algorithms would be running
parallel to one another, but each would be building an independent blockchain with independent native assets.
A hard fork could present problems such as two
copies of a token for the same non-fungible tokens (NFTs).  It could also present a problem for a customer having to choose to provide
services with respect to digital assets resulting from a fork. In addition, digital asset loan agreements often dictate when and how each
of the lender or the borrower of a digital asset pledging a certain digital asset gets the benefit of forked coins in the event of a hard
fork. Similarly, derivative counterparties using ISDA-based contractual documentation may be subject to hard fork-related termination
events.
Although forks are likely to be addressed by
a community-led effort to merge the two groups, such a fork could still adversely affect ETH's viability.
Risk if a Person Gains a 33% or More Share of the Ethereum Validators
According to Ethereum.org, the likelihood of successful attacks on
the Ethereum network increases as the proportion of staked ETH controlled by the attacker increases. If an attacker controls 33% or more
of the total stake, they can prevent the chain from finalizing by having 33% or more of the staked ETH maliciously attesting or failing
to attest. If an attacker controls about 50% of the total stake, they could theoretically split the chain into two equally sized forks
and then simply use their entire 50.1% stake to vote contrarily to the honest validator set, thereby maintaining the two forks and preventing
finality. If an attacker controls 66% or more of the total stake, they simply vote for their preferred fork and then finalize it, simply
because they can vote with a dishonest supermajority.
35
Dependence on the Internet
ETH stakers relay transactions to one another
via the Internet, and when blocks are mined, they are also forwarded via the Internet. Users and developers access Ethereum via the Internet.
Thus, the Ethereum network is dependent upon the continued functioning of the Internet.
Attacks on the Ethereum Network
The Ethereum network is periodically subject
to distributed denial of service attacks to clog the list of transactions being tabulated by miners, which can slow the confirmation
of authentic transactions. Another avenue of attack would be if a large number of miners were taken offline then it could take some
time before the difficulty of the mining process algorithmically adjusts, which would stall block creation time and therefore
transaction confirmation time. Thus far these scenarios have not plagued the network for long or in a systemic manner. This risk is
expected to be substantially mitigated on Ethereum 2.0, as the PoS method of validating transactions was expected to improve the
speed and efficiency of the network.
Decrease in Block Reward or Yield
In the event of a material decrease in the
block reward to the Ethereum network, stakers may cease to provide their staked ETH to the consensus mechanism for the Ethereum
network blockchain. This risk was expected to be mitigated in part on Ethereum 2.0, as the rewards earned by stakers of ETH will
proportionately decline as more stakers participate in the network. Conversely, if some stakers decide to stop participating because
the yield is too low, remaining stakers will enjoy a higher yield. Consequently, Ethereum 2.0 is expected to attract a sufficient
number of stakers and validators to keep the network running efficiently.
Competitors to ETH and the Ethereum Network
Currently, ETH is the second largest digital
asset by market capitalization, with Coingecko citing more than 5,000 alternative digital assets. To the extent a competitor to ETH gains
popularity and greater market share, the use and price of ETH could be negatively impacted, which may adversely affect the investments
of the Company. Similarly, the price of ETH could be negatively impacted by competition from incumbents in the credit card and payments
industries or from other developing blockchain protocols.
Financial Institutions may Refuse to Support
Transactions Involving ETH
In the uncertain regulatory climate for digital
assets, including ETH, regulated financial institutions may refuse to support transactions involving digital assets, including the receipt
of cash proceeds from sales of digital asset. Should this occur, the Company's business, prospects, financial condition, results
of operations or cash flows could be materially adversely affected.
36
Risks Related to United States Government Regulations
New
York State Moratorium on Cryptocurrency Mining Operations
On
November 22, 2022, the New York State enacted a moratorium on cryptocurrency mining operations that use proof-of-work authentication
methods to validate blockchain operations; provided that such operations shall be subject to a full generic environmental impact statement
review. While the Company's bitcoin mining operations in New York State use proof-of-work authentication, they are approximately
98.6% carbon free. The law provides for a two-year moratorium on new applications or new permits for an electric generating facility
that utilizes a carbon-based fuel. Therefore, the Company believes that its New York State hosting facilities, which primarily depended
on hydroelectric power, will be able to comply with the law.
We are subject to an extensive and rapidly-evolving
regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our brand,
reputation, business, operating results and financial condition
.
Our business may be or may become subject to
extensive laws, rules, regulations, policies, orders, determinations, directives, treaties, and legal and regulatory interpretations
and guidance in the markets in which we operate, including those typically applied to financial services and banking, securities, commodities,
the exchange, and transfer of digital assets, cross-border and domestic money and digital asset transmission businesses, as well as those
governing data privacy, data governance, data protection, cybersecurity, fraud detection, payment services (including payment processing
and settlement services), consumer protection, antitrust and competition, bankruptcy, tax, anti-bribery, economic and trade sanctions,
anti- money laundering, and counter-terrorist financing. Many of these legal and regulatory regimes were adopted prior to the advent
of the internet, mobile technologies, digital assets, and related technologies. As a result, they often do not contemplate or address
unique issues associated with digital assets, are subject to significant uncertainty, and vary widely across U.S. federal, state, and
local jurisdictions. These legal and regulatory regimes, including the laws, rules, and regulations thereunder, evolve frequently and
may be modified, interpreted, and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another.
Moreover, the relative novelty and evolving nature of our business and the significant uncertainty surrounding the regulation of digital
assets requires us to exercise our judgement as to whether certain laws, rules, and regulations apply to us, and it is possible that
governmental bodies and regulators may disagree with our conclusions. To the extent we have not complied with such laws, rules, and regulations,
we could be subject to significant fines, limitations on our business, reputational harm, and other regulatory consequences, as well
as criminal penalties, each of which may be significant and could adversely affect our business, operating results and financial condition.
In addition to existing laws and regulations,
various governmental and regulatory bodies, including legislative and executive bodies, in the United States, as well as in other countries
may adopt new laws and regulations, or new interpretations of existing laws and regulations may be issued by such bodies or the judiciary,
which may adversely impact the development and use of digital assets as a whole, digital asset mining operations, and our legal and regulatory
status in particular by changing how we operate our business, how our operations are regulated, and what products or services we and
our competitors can offer, requiring changes to our compliance and risk mitigation measures, imposing new licensing requirements or new
costs of doing business, or imposing a total ban on certain activities or transactions with respect to digital assets, as has occurred
in certain jurisdictions in the past.
Due to our business activities, if laws or regulations
or their respective interpretation change, we may become subject to ongoing examinations, oversight, and reviews by U.S. federal and
state regulators, which would have broad discretion to audit and examine our business if we become subject to their oversight. Adverse
changes to, or our failure to comply with, any laws and regulations have had, and may continue to have, an adverse effect on our reputation
and brand and our business, operating results and financial condition.
37
We are subject to governmental regulation
and other legal obligations related to data privacy, data protection and information security. If we are unable to comply with these,
we may be subject to governmental enforcement actions, litigation, fines and penalties or adverse publicity.
We collect and process data, including personal,
financial and confidential information about individuals, including our employees and business partners; however, not of any customers
or other third parties. The collection, use and processing of such data about individuals are governed by data privacy laws and regulations
enacted in the U.S. (federal and state), and other jurisdictions around the world. These data privacy laws and regulations are complex,
continue to evolve, and on occasion may be inconsistent between jurisdictions leading to uncertainty in interpreting such laws and it
is possible that these laws, regulations and requirements may be interpreted and applied in a manner that is inconsistent with our existing
information processing practices, and many of these laws are significantly litigated and/or subject to regulatory enforcement. The implication
of this includes that various federal, state and foreign legislative or regulatory bodies may enact or adopt new or additional laws and
regulations concerning data privacy, data retention, data transfer, and data protection. Such laws may continue to restrict or dictate
how we collect, maintain, combine and disseminate information and could have a material adverse effect on our business, results of operations,
financial condition and prospects.
In the United States, there are numerous federal
and state laws and regulations that could apply to our operations or the operations of our partners, including data breach notification
laws, financial information and other data privacy laws, and consumer protection laws and regulations (e.g., Section 5 of the FTC Act),
that govern the collection, use, disclosure, and protection of personal information.
We are subject to extensive environmental,
health and safety laws and regulations that may expose us to significant liabilities for penalties, damages or costs of remediation or
compliance.
Our operations and properties are subject to
extensive laws and regulations governing occupational health and safety, the discharge of pollutants into the environment or otherwise
relating to health, safety and environmental protection requirements in the United States. These laws and regulations may impose numerous
obligations that are applicable to our operations, including acquisition of a permit or other approval before conducting construction
or regulated activities; restrictions on the types, quantities and concentration of materials that can be released into the environment;
limitation or prohibition of construction and operating activities in environmentally sensitive areas, such as wetlands; imposing specific
health and safety standards addressing worker protection; and imposition of significant liabilities for pollution resulting from our
operations, including investigation, remedial and clean-up costs. Failure to comply with these requirements may expose us to fines, penalties
and/or interruptions in our operations that could have a material adverse effect on our financial position, results of operations and
cash flows. Certain environmental laws may impose strict, joint and several liability for costs required to clean up and restore sites
where hazardous substances have been disposed or otherwise released into the environment, even under circumstances where the hazardous
substances were released by prior owners or operators or the activities conducted and from which a release emanated complied with applicable
law. Moreover, it is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property
damage allegedly caused by noise or the release of hazardous substances into the environment.
The trend in environmental regulation has been
to place more restrictions and limitations on activities that may be perceived to impact the environment, and thus there can be no assurance
as to the amount or timing of future expenditures for environmental regulation compliance or remediation. New or revised regulations
that result in increased compliance costs or additional operating restrictions could have a material adverse effect on our financial
position, results of operations and cash flows.
The regulatory and legislative developments
related to climate change, may materially adversely affect our brand, reputation, business, operating results and financial condition.
A
number of governments or governmental bodies have introduced or are contemplating legislative and regulatory changes in response to various
climate change interest groups and the potential impact of climate change. Given the very significant amount of electrical power required
to operate digital asset mining machines, as well the environmental impact of mining for the rare earth metals used in the production
of mining servers, the digital asset mining industry may become a target for future environmental and energy regulation. For example,
in June and July of 2021, the Chinese government prohibited the operation of mining machines and supply of energy to mining businesses,
citing concerns regarding high levels of energy consumption, which resulted in our suspension of mining operations in China. U.S.
legislation and increased regulation regarding climate change could impose significant costs on us and our suppliers, including costs
related to increased energy requirements, capital equipment, environmental monitoring and reporting, and other costs to comply with such
regulations. Specifically, imposition of a carbon tax or other regulatory fee in a jurisdiction where we operate or on electricity that
we purchase could result in substantially higher energy costs, and due to the significant amount of electrical power required to operate
digital asset mining machines, could in turn put our facilities at a competitive disadvantage. Any future climate change regulations could
also negatively impact our ability to compete with companies situated in areas not subject to such limitations. Given the political significance
and uncertainty around the impact of climate change and how it should be addressed, we cannot predict how legislation and regulation will
affect our financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness
and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry
could harm our reputation. Any of the foregoing could have a material adverse effect on our financial position, results of operations
and cash flows.
38
A particular digital asset's status
as a "security" in any relevant jurisdiction is subject to a high degree of uncertainty and if a regulator disagrees with
our characterization of a digital asset, we may be subject to regulatory scrutiny, investigations, fines, and other penalties, which
may adversely affect our business, operating results and financial condition. Furthermore, a determination that bitcoin or any other
digital asset that we own or mine is a "security" may adversely affect the value of bitcoin and our business.
The
SEC and its staff have taken the position that certain digital assets fall within the definition of a "security" under the
U.S. federal securities laws. The legal test for determining whether any given digital asset is a security, as described below, is a highly
complex, fact-driven analysis that may evolve over time, and the outcome is difficult to predict. Our determination that the digital assets
we hold are not securities is a risk-based assessment and not a legal standard or one binding on regulators. The SEC generally does not
provide advance guidance or confirmation on the status of any particular digital asset as a security. Furthermore, the SEC's views
in this area have evolved over time and it is difficult to predict the direction or timing of any continuing evolution. It is also possible
that a change in the governing administration or the appointment of new SEC commissioners could substantially impact the views of the
SEC and its staff. Public statements made by senior officials at the SEC indicate that the SEC does not intend to take the position that
bitcoin is a security (as currently offered and sold). However, such statements are not official policy statements by the SEC and reflect
only the speakers' views, which are not binding on the SEC or any other agency or court and cannot be generalized to any other digital
asset. As of the date of this report, with the exception of certain centrally issued digital assets that have received "no-action"
letters from the SEC staff, bitcoin and ETH are the only digital assets which senior officials at the SEC have publicly stated are unlikely
to be considered securities. SEC Chairman Gensler stated (at the Penn Law Capital Markets Association Annual Conference on April 4, 2022)
that "Issuers of crypto tokens that are securities must register their offers and sales of these assets with the SEC and comply
with our disclosure requirements or meet an exemption." As a digital asset mining company, we do not believe we are an issuer of
any "securities" as defined under the federal securities laws. Our internal process for determining whether the digital assets
we hold or plan to hold is based upon the public statements of the SEC and existing case law. The digital assets we hold or plan to hold,
other than bitcoin and ETH, may have been created by an issuer as an investment contract under the Howey test,
SEC
v.
Howey
Co
., 328 U.S. 293 (1946), and may be deemed to be securities by the SEC. However, the Company was not the issuer that created these
digital assets and is holding them on an interim basis until liquidated. Should the SEC state in the future that bitcoin, ETH, U.S. digital
currency tokens or other digital assets
we hold are securities,
we may subject to additional securities laws' requirements and may no longer be able to hold any of these digital assets. It will
then likely become difficult or impossible for such digital assets to be traded, cleared or custodied in the United States through the
same channels used by non-security digital assets, which in addition to materially and adversely affecting the trading value of the digital
assets is likely to cause substantial volatility and significantly impact their liquidity and market participants' ability to convert
the digital assets into U.S. dollars. Our inability to exchange bitcoin for fiat currency or other digital assets (and vice versa) and
to administer our treasury management objectives may decrease our earnings potential and have an adverse impact on our business and financial
condition.
Under the Investment Company Act of 1940, as amended,
a company may fall within the definition of an investment company under Section 3(c)(1)(A) thereof if it is or holds itself out as being
engaged primarily, or proposes to engage primarily in the business of investing, reinvesting or trading in securities, or under Section
3(a)(1)(C) thereof if it is engaged or proposes to engage in business of investing, reinvesting, owning, holding, or trading in securities,
and owns or proposes to acquire "investment securities" (as defined) having a value exceeding 40% of its total assets (exclusive
of government securities and cash items) on an unconsolidated basis. There is no authoritative law, rule or binding guidance published
by the SEC regarding the status of digital assets as "securities" or "investment securities" under the Investment
Company Act. Although we believe that we are not engaged in the business of investing, reinvesting, or trading in investment securities,
and we do not hold ourselves out as being primarily engaged, or proposing to engage primarily, in the business of investing, reinvesting
or trading in securities, to the extent the digital assets which we mine, own, or otherwise acquire may be deemed "securities"
or "investment securities" by the SEC or a court of competent jurisdiction, we may meet the definition of an investment company.
If we fall within the definition of an investment company under the Investment Company Act, we would be required to register with the
SEC. If an investment company fails to register, it likely would have to stop doing almost all business, and its contracts would become
voidable. Generally non-U.S. issuers may not register as an investment company without an SEC order.
39
The classification of a digital asset as a security
under the applicable law has wide-ranging implications for the regulatory obligations that flow from the mining, sale and trading of such
assets. For example, a digital asset that is a security in the United States may generally only be offered or sold in the United States
pursuant to a registration statement filed with the SEC or in an offering that qualifies for an exemption from registration. Persons that
effect transactions in digital assets that are deemed securities in the United States may be subject to registration with the SEC as a
"broker" or "dealer."
There can be no assurances that we will properly
characterize any given digital asset as a security or non-security for purposes of determining which digital assets to mine, hold and
trade, or that the SEC, or a court, if the question was presented to it, would agree with our assessment. We could be subject to judicial
or administrative sanctions for failing to offer or sell digital assets in compliance with the registration requirements, or for acting
as a broker or dealer without appropriate registration. Such an action could result in injunctions, cease and desist orders, as well as
civil monetary penalties, fines, and disgorgement, criminal liability, and reputational harm. Further, if bitcoin is deemed to be a security
under the laws of any U.S. federal, state, or local jurisdiction, or in a proceeding in a court of law or otherwise, it may have adverse
consequences for such digital asset. For instance, all transactions in such supported digital asset would have to be registered with the
SEC, or conducted in accordance with an exemption from registration, which could severely limit its liquidity, usability and transactability.
For instance, all transactions in such supported digital asset would have to be registered with the SEC, or conducted in accordance with
an exemption from registration, which could severely limit its liquidity, usability and transactability. Further, it could draw negative
publicity and a decline in the general acceptance of the digital asset. Also, it may make it difficult for such digital asset to be traded,
cleared, and custodied as compared to other digital assets that are not considered to be securities.
Failure to comply with anti-corruption
and anti-money laundering laws, including the Foreign Corrupt Practices Act (the "FCPA") and similar laws associated with
our activities outside of the United States, could subject us to penalties and other adverse consequences.
We operate an international business and may
have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities. We are
subject to the FCPA, and other applicable anti-corruption and anti-money laundering laws in certain countries in which we conduct activities.
The FCPA prohibits providing, offering, promising, or authorizing, directly or indirectly, anything of value to government officials,
political parties, or political candidates for the purpose of obtaining or retaining business or securing any improper business advantage.
In addition, U.S. public companies are required to maintain records that accurately and fairly represent their transactions and have
an adequate system of internal accounting controls.
In many foreign countries, including countries
in which we may conduct business, it may be a local custom that businesses engage in practices that are prohibited by the FCPA, or other
applicable laws and regulations. We face significant risks if we or any of our directors, officers, employees, contractors, agents or
other partners or representatives fail to comply with these laws and governmental authorities in the United States and elsewhere could
seek to impose substantial civil and/or criminal fines and penalties which could have a material adverse effect on our business, reputation,
operating results, prospects and financial condition.
Any violation of the FCPA, other applicable anti-corruption
laws, or anti-money laundering laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export
privileges, severe criminal or civil sanctions and, in the case of the FCPA, suspension or debarment from U.S. government contracts,
any of which could have a materially adverse effect on our reputation, business, operating results, prospects and financial condition.
In addition, responding to any enforcement action or internal investigation related to alleged misconduct may result in a significant
diversion of management's attention and resources and significant defense costs and other professional fees.
40
Enactment of the Infrastructure Investment
and Jobs Act of 2021 (the "Infrastructure Act") may have an adverse impact on our business and financial condition.
On November 15, 2021, President Joseph R. Biden
signed the Infrastructure Act. Section 80603 of the Infrastructure Act modifies and amends the Internal Revenue Code of 1986 (the "Code")
by requiring brokers of digital asset transactions to report their customers to the IRS. This provision was included to enforce the taxability
of digital asset transactions. Section 80603 defines "broker" as "any person who (for consideration) is responsible
for regularly providing any service effectuating transfers of digital assets on behalf of another person." That could potentially
include miners, validators, and developers of decentralized applications. These functions play a critical role in our business and in
the functioning of the blockchain ecosystem. Importantly, these functions have no way of identifying their anonymous users. Indeed, bitcoin's
blockchain was designed for anonymity.
This reporting requirement took effect on January
1, 2023 and will impact tax returns filed in 2024. The implementation of these requirements will require further guidance from the federal
government. Disclosing the identity of our bitcoin mining operations and associated accounts to ensure they can be taxed by the IRS could
cause a significant devaluing of our business, the bitcoin currency, and the entire digital assets market. Additionally, noncompliance
with this provision could lead to significant fines and or regulatory actions against our company.
Risks related to material pending crypto
legislation or regulations
On the federal level, by certain accounts, more
than 100 bills were introduced in Congress to regulate cryptocurrency and digital assets. Except as described in other specific risk factors
set forth herein, we do not believe that material pending crypto legislation or regulations would have a material effect on our business,
financial condition and results of operations. Certain of the material pending bills are as follows:
●
Digital Commodity Exchange Act of
                                            2022 (DCEA), introduced on April 28, 2022 in the House of Representatives, would create a
                                            regulatory overview for digital commodity developers, dealers and exchanges, none of which
                                            would currently apply to the Company;
●
Securities Clarity Act, introduced
                                            on July 16, 2021 in the House of Representatives, is intended to work with the proposed DCEA.
                                            The Securities Clarity Act would codify that an asset, whether tangible or intangible (including
                                            an asset in digital form), that is not per se a security, does not become a security as a
                                            result of being sold or otherwise transferred pursuant to an investment contract. Thus, certain
                                            digital assets which the Company may acquire, if sold pursuant to an investment contract,
                                            would not become securities, subject to SEC regulations;
●
Digital Trading Clarity Act of 2022, introduced on September 29, 2022
in the Senate, provides that if a federal court or the SEC determines that a digital asset is a security, the bill requires the SEC Division
of Enforcement to request information from an intermediary listing that asset to determine if the intermediary meets the requirements
in the bill texts. As stated elsewhere herein, the Company will conduct an extensive compliance review prior to holding any digital asset
that may be deemed to be a security, and would need to avoid holding any such digital asset if this bill becomes law.
Our interactions with a blockchain and
mining pools may expose us to SDN or blocked persons or cause us to violate provisions of law that did not contemplate distributive ledger
technology.
The Office of Financial Assets Control of the
U.S. Department of Treasury ("OFAC") requires us to comply with its sanction program and not conduct business with persons
named on its specially designated nationals ("SDN") list. However, because of the pseudonymous nature of blockchain transactions
we may inadvertently and without our knowledge engage in transactions with persons named on OFAC's SDN list or from countries on
OFAC's sanctioned countries' list. We also rely on a third-party mining pool service provider for our mining revenue payments
and other participants in the mining pool, that, unknown to us, may also be persons from countries on OFAC's SDN list or from countries
on OFAC's sanctioned countries list. Our Company's policy prohibits any transactions with such SDN individuals or persons
from sanctioned countries, but we may not be adequately capable of determining the ultimate identity of the individual with whom we transact
with respect to selling bitcoin assets. Moreover, federal law prohibits any U.S. person from knowingly or unknowingly possessing any visual
depiction commonly known as child pornography. Recent media reports have suggested that persons have imbedded such depictions on one or
more blockchains. Because our business requires us to download and retain one or more blockchains to effectuate our ongoing business,
it is possible that such digital ledgers contain prohibited depictions without our knowledge or consent. To the extent government enforcement
authorities enforce these and other laws and regulations that are impacted by decentralized distributed ledger technology, we may be subject
to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm our
reputation and affect the value of our Ordinary Shares.
41
If regulatory changes or interpretations
of our activities require our registration as a money services business ("MSB") under the regulations promulgated by FinCEN
under the authority of the U.S. Bank Secrecy Act ("BSA"), or otherwise under state laws, we may incur significant compliance
costs, which could be substantial or cost-prohibitive. If we become subject to these regulations, our costs in complying with them may
have a material negative effect on our business and the results of our operations.
To the extent that our activities cause us to
be deemed a money service business (MSB) under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act,
we may be required to comply with FinCEN regulations, including those that would mandate us to implement anti-money laundering programs,
make certain reports to FinCEN and maintain certain records. The Digital Asset Anti-Money Laundering Act of 2022 (DAAMLA) was introduced
on December 14, 2022 in the Senate. The bill would authorize FinCEN to designate digital asset wallet providers, miners, validators, and
other select network participants as MSBs. This designation would require these parties to register with FinCEN and would extend to these
parties anti-money laundering (AML) responsibilities under the BSA.
To
the extent that our activities cause us to be deemed an MSB and/or a "money transmitter" ("MT") or equivalent
designation, under state law in any state in which we operate (currently,
New York ), we may be required to seek a license or otherwise register with a state regulator and comply with state regulations that may
include the implementation of AML programs, maintenance of certain records and other operational requirements. Such additional federal
or state regulatory obligations may cause us to incur extraordinary expenses, possibly affecting an investment in our securities in a
materially adverse manner. Furthermore, the Company and our service providers may not be capable of complying with certain federal or
state regulatory obligations applicable to MSBs and MTs. If we are deemed to be subject to and determine not to comply with such additional
regulatory and registration requirements, we may act to leave a particular state or the United States completely. Any such action would
be expected to materially adversely affect our operations.
Current regulation of the exchange of bitcoins
under the CEA by the CFTC is unclear; to the extent we become subject to regulation under the CFTC in connection with our exchange of
bitcoin, we may incur additional compliance costs, which may be significant.
Current legislation, including the Commodities
Exchange Act of 1936, as amended (the "CEA") is unclear with respect to the exchange of bitcoins. Changes in the CEA or the
regulations promulgated thereunder, as well as interpretations thereof and official promulgations by the Commodity Futures Trading Commission
("CFTC"), which oversees the CEA, may impact the classification of bitcoins and therefore may subject them to additional regulatory
oversight by the CFTC.
Presently, bitcoin derivatives are not excluded
from the definition of a "commodity future" by the CFTC. We cannot be certain as to how future regulatory developments will
impact the treatment of bitcoins under the law. Bitcoins have been deemed to fall within the definition of a commodity and, we may be
required to register and comply with additional regulation under the CEA, including additional periodic report and disclosure standards
and requirements. Moreover, we may be required to register as a commodity pool operator or as a commodity pool with the CFTC through the
National Futures Association. Such additional registrations may result in extraordinary, non-recurring expenses, thereby materially and
adversely impacting an investment in us. If we determine not to comply with such additional regulatory and registration requirements,
we may seek to curtail our U.S. operations. Any such action would be expected to materially adversely affect our operations. As of the
date of this report, no CFTC orders or rulings are applicable to our business.
42
Because
there has been limited precedent set for financial accounting of bitcoin and other digital assets, the determination that we have made
for how to account for bitcoin and other digital assets
transactions
may be subject to change.
Because there has been limited precedent set for
the financial accounting of digital assets and related revenue recognition and no official guidance has yet been provided by the Financial
Accounting Standards Board, the Public Company Accounting Oversight Board or the SEC, it is unclear how companies may in the future be
required to account for bitcoin and other digital assets transactions and related revenue recognition. A change in regulatory or financial
accounting standards could result in the necessity to change our accounting methods and restate our financial statements. Such a restatement
could adversely affect the accounting for our newly mined bitcoin rewards and more generally negatively impact our business, prospects,
financial condition and results of operation. Such circumstances would have a material adverse effect on our ability to continue as a
going concern or to pursue our business strategy at all, which would have a material adverse effect on our business, prospects or operations
as well as and potentially the value of any digital assets we hold or expects to acquire for our own account and harm investors.
Risks Related to Singapore Government Regulations
Regulations on Payment
Services in Singapore
Staking activities will be performed by one of
our subsidiaries, Bit Digital Singapore Pte. Ltd. ("BTSG") which is incorporated under the laws of the Republic of Singapore
and currently does not possess any financial regulatory licenses.
BTSG
intends to use its own proprietary assets to trade and stake ETH, which is defined
as a digital payment token ("DPT") (as defined under the Payment Services Act 2019 of Singapore ("PS Act") with
licensed or otherwise exempt third party service providers under applicable laws (including the PS Act or the Securities and Futures Act
2001 of Singapore ("SFA")). BTSG's current business practices in Singapore are subject to the following regulatory risks,
as described herein.
The Monetary Authority of Singapore
("MAS") regulates the provision of payment services in Singapore under the PS Act. Unless excluded or exempt, an entity must
obtain the relevant license to carry on a business in providing regulated payment services under the PS Act, which include account issuance
service, e-money issuance service, domestic money transfer service, cross-border money transfer service, merchant acquisition service,
digital payment token service, and money-changing service.
Under the PS Act, licensees may be subject to
obligations relating to general approval requirements for changes of control, appointment and removal of CEOs and directors, general notification
and record-keeping requirements, audit requirements, base capital requirements, anti-money laundering requirements (see below), the requirement
to furnish security (for a major payment institution), the requirement to safeguard customer monies (for a major payment institution),
and other applicable requirements. Licensees are expected to implement certain systems, processes and controls in line with MAS'
Guidelines on Risk Management Practices applicable to financial institutions in Singapore.
BTSG intends to trade and stake ETH on its own
account, not to provide any payment service to customers and not to carry on a business of "dealing in" DPT as a service to
any third-party. In particular, BTSG: (i) will use its own proprietary money for trading and/or staking (no customer money is used); (ii)
will not trade or stake DPTs for or on behalf of customers; (iii) will not market or advertise that it provides any such service to customers;
(iv) will not enter into trades with counterparties as a matter of course (e.g. at the customer's request) or stake DPT at a customer's
request; (v) will only enter into trades or staking arrangements based on its own personal/proprietary needs; (vi) will not collect any
fees from counterparties (instead, it is the counterparties that are service providers, providing services to BTSG); and (vii) will only
trade or stake through or with licensed or licensed service providers. Accordingly, BTSG is unlikely to be regarded as carrying on a business
in providing a "digital payment token service" under the PS Act's current regulatory regime.
However, there remains a risk that MAS may take
a more restrictive view, with the trading of ETH being construed as "dealing in DPT", requiring a license under the PS Act.
In addition, laws and regulations related to payments and financial services are evolving in Singapore, and changes in such laws and regulations
could affect our business practices in the manner that we have done, expect to do, or at all. MAS could enact new regulations, change
regulations that were previously adopted, modify, through supervision or enforcement, past regulatory guidance, or interpret existing
regulations in a manner different or stricter than have been previously interpreted, any of which could adversely affect or require us
to change BTSG's business practices in Singapore.
43
Regulations on Anti-money
Laundering and Countering the Financing of Terrorism ("AML/CFT")
We and our partners who work
with us are required to comply with certain anti-money laundering requirements in the jurisdictions where we and our partners operate.
In Singapore, regulated financial institutions must comply with all applicable AML/CFT obligations, including the relevant AML/CFT Notices
and Guidelines issued by MAS (e.g. the Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism – Digital
Payment Token Service and the Guidelines to Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism -
Digital Payment Token Service). Among other things, the AML/CFT Notices require financial institutions to put in place robust controls
to detect and deter the flow of illicit funds through Singapore's financial system, identify and know their customers (including
beneficial owners), conduct regular account reviews, and to monitor and report any suspicious transaction.
The primary AML/CFT legislation
in Singapore that are of general application are the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits)
Act, Chapter 84A of Singapore (the "CDSA") and Terrorism (Suppression of Financing) Act, Chapter 325 of Singapore (the "TSOFA").
The CDSA provides for the confiscation of benefits derived from, and to combat, corruption, drug dealing and other serious crimes. Generally,
the CDSA criminalizes the concealment or transfer of the benefits of criminal conduct as well as the knowing assistance of the concealment,
transfer or retention of such benefits. The TSOFA criminalizes terrorism financing and prohibits any person in Singapore from dealing
with or providing services to a terrorist entity, including those designated pursuant to the TSOFA. The CDSA and the TSOFA also require
suspicious transaction reports to be lodged with the Suspicious Transaction Reporting Office. If any person fails to lodge the requisite
reports under the CDSA and the TSOFA, it may be subject to criminal liability. In addition, financial institutions, non-financial institutions
and individuals in Singapore are required to comply with financial sanction requirements in relation to individuals and entities designated
by the United Nations.
As BTSG does not currently hold any financial regulatory
licenses in Singapore, it only complies with the CDSA and the TSOFA, the primary AML/CFT legislation in Singapore that are of general
application (and does not comply with PSN02 and the related guidelines). It is possible that financial institutions in Singapore may not
be willing to offer financial services to BTSG due to concerns on the origin of BTSG's funds, from an AML/CFT perspective.
The Company expects to acquire digital assets
on liquid, regulated exchanges with robust anti-money laundering ("AML") and know-your-client ("KYC") policies
and procedures. However, there are no assurances that cryptocurrency trading platforms on which the Company transacts business will continue
to operate effectively, maintain adequate liquidity or that their AML and KYC policies and procedures will be effective, which could negatively
impact the Company and its ability to acquire or sell ETH and other digital assets.
MAS could enact new regulations, change regulations that were previously
adopted, modify, through supervision or enforcement, past regulatory guidance, or interpret existing regulations in a manner different
or stricter than have been previously interpreted, any of which could adversely affect or require us to change BTSG's business practices
in Singapore.
44
Risks Involving Intellectual Property
We rely upon licenses of third-party intellectual property rights
and may be unable to protect our software codes.
We actively use specific hardware and software
for our bitcoin mining operation. In certain cases, source code and other software assets may be subject to an open source license, as
much technology development underway in this sector is open source. For these works, the Company intends to adhere to the terms of any
license agreements that may be in place.
We do not currently own, and do not have any current
plans to seek, any patents in connection with our existing and planned blockchain and digital asset related operations. We rely upon trade
secrets, trademarks, service marks, trade names, copyrights and other intellectual property rights and expect to license the use of intellectual
property rights owned and controlled by others. In addition, we have developed and may further develop certain proprietary software applications
for purposes of our digital asset mining operation. Our open source licenses may not afford us the protection we need to protect our intellectual
property.
Our internal systems rely on software that
is highly technical, and, if it contains undetected errors, our business could be adversely affected.
Our internal systems rely on software that is
highly technical and complex. In addition, our internal systems depend on the ability of such software to store, retrieve, process and
manage immense amounts of data. The software on which we rely has contained, and may now or in the future contain, undetected errors or
bugs. Some errors may only be discovered after the code has been released for external or internal use. Any errors, bugs or defects discovered
in the software on which we rely could result in harm to our reputation, or liability for damages, any of which could adversely affect
our business, results of operations and financial conditions.
We may not be able to prevent others from
unauthorized use of our intellectual property, which could harm our business and competitive position.
We regard trademarks, domain names, know-how,
proprietary technologies and similar intellectual property as critical to our success, and we rely on a combination of intellectual property
laws and contractual arrangements, including confidentiality and non-compete agreements with our employees and others, to protect our
proprietary rights. See "
Section 4. Information on the Company—Business-Intellectual Property" and "Regulation—Regulation
on Intellectual Property Rights
." Thus, we cannot assure you that any of our intellectual property rights would not be challenged,
invalidated, circumvented or misappropriated, or such intellectual property will be sufficient to provide us with competitive advantages.
In addition, because of the rapid pace of technological change in our industry, parts of our business rely on technologies developed or
licensed by third parties, and we may not be able to obtain or continue to obtain licenses and technologies from these third parties on
reasonable terms, or at all.
Preventing any unauthorized use of our intellectual
property is difficult and costly and the steps we take may be inadequate to prevent the misappropriation of our intellectual property.
In the event that we resort to litigation to enforce our intellectual property rights, such litigation could result in substantial costs
and a diversion of our managerial and financial resources. We can provide no assurance that we will prevail in such litigation. In addition,
our trade secrets may be leaked or otherwise become available to, or be independently discovered by, our competitors. To the extent that
our employees or consultants use intellectual property owned by others in their work for us, disputes may arise as to the rights in related
know-how and inventions. Any failure in protecting or enforcing our intellectual property rights could have a material adverse effect
on our business, financial condition and results of operations.
45
We may be subject to intellectual property
infringement claims, which may be expensive to defend and may disrupt our business and operations.
We cannot be certain that our operations or any
aspects of our business do not or will not infringe upon or otherwise violate trademarks, patents, copyrights, know-how or other intellectual
property rights held by third parties. We may be, from time to time in the future, subject to legal proceedings and claims relating to
the intellectual property rights of others. In addition, there may be third-party trademarks, patents, copyrights, know-how or other intellectual
property rights that are infringed by our products, services or other aspects of our business without our awareness. Holders of such intellectual
property rights may seek to enforce such intellectual property rights against us in China, the United States or other jurisdictions. If
any third-party infringement claims are brought against us, we may be forced to divert management's time and other resources from
our business and operations to defend against these claims, regardless of their merits. If we were found to have violated the intellectual
property rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual
property, and we may incur licensing fees or be forced to develop alternatives of our own. As a result, our business and results of operations
may be materially and adversely affected.
Risks Related to Our Ordinary Shares
The trading price of our Ordinary Shares is subject
to pricing factors that are not necessarily associated with traditional factors that influence stock prices or the value of non-bitcoin
assets such as revenue, cash flows, profitability, growth prospects or business activity levels since the value and price, as determined
by the investing public, may be influenced by future anticipated adoption or appreciation in value of digital assets or blockchains generally,
factors over which we have little or no influence or control.
Other factors that could cause volatility in the
market price of our Ordinary Shares include, but are not limited to:
●
actual or anticipated fluctuations in our financial condition and operating results or those of companies perceived to be similar to us;
●
actual or anticipated changes in our growth rate relative to our competitors;
●
commercial success and market acceptance of blockchain and bitcoin and other digital assets;
●
actions by our competitors, such as new business initiatives, acquisitions and divestitures;
●
strategic transactions undertaken by us;
●
additions or departures of key personnel;
●
prevailing economic conditions;
●
disputes concerning our intellectual property or other proprietary rights;
●
sales of our Ordinary Shares by our officers, directors or significant shareholders;
●
other actions taken by our shareholders;
●
future sales or issuances of equity or debt securities by us;
●
business disruptions caused by earthquakes, tornadoes or other natural disasters;
●
issuance of new or changed securities analysts' reports or recommendations regarding us;
●
legal proceedings involving our company, our industry or both;
●
changes in market valuations of companies similar to ours;
●
the prospects of the industry in which we operate;
●
speculation or reports by the press or investment community with respect to us or our industry in general;
●
the level of short interest in our shares; and
●
other risks, uncertainties and factors described in this Annual Report on Form 20-F.
In addition, the stock markets in general have
experienced extreme volatility that has often been unrelated to the operating performance of issuers. These broad market fluctuations
may negatively impact the price or liquidity of our Ordinary Shares. When the price of a stock has been volatile, holders of that stock
have sometimes instituted securities class action litigation against the issuer, and we have been impacted in that way. See Item 4 "Information
on the Company – Legal Proceedings" below, and the risk factor below titled "We are defendants in securities class action
litigation which could result in substantial costs and liabilities for the Company." The pending lawsuit has required significant
management time and attention, resulting in significant legal expenses and potential damages.
46
Our Chief Financial Officer and Chairman
currently have voting power to control all significant corporate actions.
Erke Huang, our Chief Financial Officer and a director,
and Zhaohui Deng, our Chairman of the Board, collectively beneficially own 1,000,000 preferred shares, each having fifty (50) votes, which
equals approximately 60.6% of the voting power of our 82,535,471 outstanding Ordinary Shares as of April 11, 2023 or approximately
38% of all votes cast on an as-converted basis. The Board authorized the exchange by Messrs. Huang and Deng of 1,000,000 Ordinary Shares
for an equivalent number of preferred shares, in the form of a poison pill, to enable them to carry out the Company's business plan
without the threat of a hostile takeover. Nevertheless, as a result of their shareholdings, Mr. Huang and Mr. Deng may be able to control
the vote over decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, the election of directors,
and other significant corporate actions. They may take action that is not in the best interests of our other shareholders. This concentration
of voting power may discourage or delay our Company, which could deprive our shareholders of an opportunity to receive a premium for their
shares as part of the sale of our Company and might reduce the market price of our Ordinary Shares. These actions may be taken even if
they are opposed by our other shareholders.
We may be unable to comply with the applicable
continued listing requirements of the Nasdaq Capital Market, which may adversely impact our access to capital markets and may cause us
to default certain of our agreements.
Our Ordinary Shares are currently traded on the
Nasdaq Capital Market. Nasdaq rules require us to maintain a minimum closing bid price of $1.00 per Ordinary Share. The closing bid price
of our Ordinary Shares fell below $1.00 per share for 30 consecutive trading days twice, so we were not in compliance with Nasdaq's
rules for listing standards. Although we regained compliance each time, there can be no assurance we will continue to meet the minimum
bid price requirements or any other Nasdaq requirements in the future, in which case our Ordinary Shares could be delisted.
In the event that our Ordinary Shares are delisted
from Nasdaq and are not eligible for quotation or listing on another market or exchange, trading of our Ordinary Shares could be conducted
only on the over-the-counter market or on an electronic bulletin board established for unlisted securities, such as the OTC. In such event,
it could become more difficult to dispose of, or obtain accurate price quotations for, our Ordinary Shares, and there would likely also
be a reduction in our coverage by securities analysts and the news media, which could cause the price of our Ordinary Shares to decline
further. In addition, our ability to raise additional capital may be severely impacted if our shares are delisted from Nasdaq, which may
negatively affect our business plans and the results of our operations.
47
If securities or industry analysts do not
publish research or publish unfavorable research about our business, our share price and trading volume could decline
.
The trading market for our Ordinary Shares will
be influenced by whether industry or securities analysts publish research and reports about us, our business, our market or our competitors
and, if any analysts do publish such reports, what they publish in those reports. We may not obtain or maintain analyst coverage in the
future. Any analysts that do cover us may make adverse recommendations regarding our shares, adversely change their recommendations from
time to time and/or provide more favorable relative recommendations about our competitors. If analysts who may cover us in the future
were to cease coverage of our company or fail to regularly publish reports on us, or if analysts fail to cover us or publish reports about
us at all, we could lose (or never gain) visibility in the financial markets, which in turn could cause the share price of our Ordinary
Shares or trading volume to decline. Moreover, if our operating results do not meet the expectations of the investor community, one or
more of the analysts who cover our Company may change their recommendations regarding our Company, and our share price could decline.
Our Ordinary Shares may be thinly traded,
and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate
your shares.
Our Ordinary Shares may become "thinly-traded",
meaning that the number of persons interested in purchasing our Ordinary Shares at or near bid prices at any given time may be relatively
small or non-existent. This situation may be attributable to a number of factors, including the fact that we may not be well-known to
stock analysts, stock brokers, institutional investors and others in the investment community that generate or influence sales volume,
and that, even if we came to the attention of such persons, they tend to be risk-averse and might be reluctant to follow a relatively
unknown company such as ours or purchase or recommend the purchase of our shares until such time as we became more seasoned. As a consequence,
there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned
issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect
on share price. A broad or active public trading market for our Ordinary Shares may not develop or be sustained.
We defended and settled a securities class
action litigation which resulted in significant costs for the Company.
The market for our Ordinary Shares may have, when
compared to seasoned issuers, significant price volatility, and we expect that our share price may continue to be more volatile than that
of a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated securities class action litigation against
a company following periods of volatility in the market price of its securities. On January 20, 2021, a securities class action lawsuit
was filed against the Company and its Chief Executive Officer and Chief Financial Officer titled
Anthony Pauwels v. Bit Digital,
Inc., Min Hu and Erke Huang
(Case No. 1:21-cv-00515) (U.S.D.C. S.D.N.Y.). The class action was brought on behalf of persons that
purchased or acquired our Ordinary Shares between December 21, 2020 and January 11, 2021, a period of volatility in our Ordinary Shares,
as well as volatility in the price of bitcoin. On April 29, 2021, the Court consolidated several related cases under the caption
In
re Bit Digital, Inc. Securities Litigation
. Joseph Franklin Monkam Nitcheu was appointed as lead plaintiff. On July 6, 2021, the lead
plaintiff filed a consolidated class action complaint (the "Amended Complaint"). The Amended Complaint was still based primarily
upon a January 11, 2021 short seller report and included, among other things, additional information concerning our previously discontinued
peer to peer lending business. We filed a motion to dismiss the lawsuit and vigorously defended the action. While that motion was pending,
the Company agreed with the lead plaintiff selected in the case to settle the class action by paying $2,100,000. The Company chose to
do that to eliminate the burden, expense and uncertainties of further litigation. The Company continues to deny the allegations in the
Amended Complaint and nothing in the settlement is evidence of any liability on the Company's behalf.
On March 7, 2023, a final judgment in this matter
was entered approving the settlement and certifying the class for purposes of enforcing the settlement and payment was then made by the
Company.
48
We have not paid ordinary share dividends
in the past and do not anticipate paying cash dividends in the foreseeable future.
We have never declared or paid any cash dividends
with respect to our Ordinary Shares and do not intend to pay any cash dividends in the foreseeable future. The Preference Shares held
by our Chairman of the Board and Chief Financial Officer provide for an eight percent (8%) annual dividend when and if declared by the
Board. On February 7, 2023, the Board of Directors declared an eight (8%) percent dividend on the preference shares to Geney Development
Ltd., an entity beneficially owned by the Company's Chairman and Chief Financial Officer. We currently plan to retain any future
earnings to cover operating costs and otherwise fund the growth of our business. We cannot assure you that we would, at any time, generate
sufficient surplus cash that would be available for distribution to the holders of our Ordinary Shares as a dividend. As a result, capital
appreciation, if any, of our Ordinary Shares will be the sole source of gain for the foreseeable future. There is no guarantee that our
Ordinary Shares will appreciate in value or even maintain the price at which a shareholder purchased such shareholder's shares.
You may face difficulties in protecting
your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the United
States and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the U.S. courts.
Our corporate affairs are governed by our amended
and restated memorandum and articles of association and by the Companies Act (Revised) of the Cayman Islands and common law of the Cayman
Islands. The rights of shareholders to take legal action against our directors and us, actions by minority shareholders and the fiduciary
responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands.
The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as
from English common law. Decisions of the Privy Council (which is the final court of appeal for British overseas territories such as the
Cayman Islands) are binding on a court in the Cayman Islands. Decisions of the English courts, and particularly the Supreme Court of the
United Kingdom and the Court of Appeal are generally of persuasive authority but are not binding on the courts of the Cayman Islands.
The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are not as clearly established
as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands has a less developed body
of securities laws as compared to the United States and provide significantly less protection to investors. In addition, Cayman Islands
companies may not have standing to initiate a shareholder derivative action before the U.S. federal courts. The Cayman Islands courts
are also unlikely to impose liabilities against us in original actions brought in the Cayman Islands, based on certain civil liability
provisions of U.S. securities laws. It may be difficult for a shareholder to enforce against us judgments obtained in U.S. courts, including
judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.
As a result of all of the above, our shareholders
may have more difficulty in protecting their interests through actions against us or our officers, directors or major shareholders than
would shareholders of a corporation incorporated in a jurisdiction in the United States. See "
Description of Share Capital –
Provisions in Corporate Law
" below.
You may experience difficulties in effecting service of legal
process and enforcing judgments against us and our management, and the ability of U.S. authorities to bring actions abroad.
Currently,
a portion of our operations and of our assets and personnel are located outside the United States. Four of five members of our Board
of Directors are nationals or residents of jurisdictions other than the United States, and a substantial portion, if not all, of
their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process
within the United States upon these persons, or to enforce against us or them judgments obtained in U.S. courts, including judgments
predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.
Foreign countries may have no arrangement for the reciprocal enforcement of judgments with the United States. As a result,
recognition and enforcement in a foreign country of judgments of a court in the United States and any of the other jurisdictions in
relation to any matter not subject to a binding arbitration provision may be difficult or impossible. Even if you sue successfully
in a U.S. court or any other jurisdictions, you may not be able to collect on such judgment against us or our directors and
officers. In addition, the SEC, the U.S. Department of Justice and other U.S. authorities may also have difficulties in bringing and
enforcing actions against us or our directors or officers outside the United States.
49
We are currently a foreign private issuer
within the meaning of the rules under the Exchange Act, and, as such, we are exempt from certain provisions applicable to United States
domestic public companies.
We are currently a foreign private issuer within
the meaning of the rules under the Exchange Act through December 31, 2022. As such, we are exempt from certain provisions applicable to
United States domestic public companies. For example:
●
we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;
●
for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;
●
we are not required to provide the same level of disclosure on certain issues, such as executive compensation;
●
we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;
●
we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;
●
we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction; and.
●
we file annual reports on Form 20-F and reports on Form 6-K as a foreign private issuer. As a result of our reduced reporting requirements, our shareholders may not have access to certain information they may deem important.
We are an "emerging growth company"
within the meaning of the Securities Act, and we take advantage of certain exemptions from disclosure requirements available to emerging
growth companies, which could make it more difficult to compare our performance with other public companies and make our Ordinary Shares
less attractive to investors.
We are an "emerging growth company"
within the meaning of the Securities Act, as modified by the JOBS Act. Section 102(b)(1) of the JOBS Act exempts emerging growth companies
from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not
had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act)
are required to comply with the new or revised financial accounting standards. We have elected to take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not "emerging growth companies",
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments
not previously approved. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the
requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt
out of such extended transition period, which means that, when a financial accounting standard is issued or revised and it has different
application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time
private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company
that is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period
difficult or impossible because of the potential differences in accountant standards used. Because of these lessened regulatory requirements,
our shareholders are left without information or rights available to shareholders of more mature companies. If some investors find our
Ordinary Shares less attractive as a result, there may be a less active trading market for our Ordinary Shares, and our share price may
be more volatile.
50
We incur significant costs as a result of
being a public company and will continue to do so in the future, particularly after we cease to qualify as an "emerging growth company."
We incur significant legal, accounting and other
expenses as a public company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and the NASDAQ Capital
Market, impose various requirements on the corporate governance practices of public companies. We are an "emerging growth company,"
as set forth above, and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) ending December
31, 2023, or (b) in which we have a total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large
accelerated filer, which means the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior
June 30
th
, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year
period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable
generally to public companies. If we are no longer an emerging growth company, we will incur additional costs which could have a material
adverse effect on our financial condition.
If we are classified as a passive foreign
investment company, United States taxpayers who own our Ordinary Shares may have adverse United States federal income tax consequences.
A non-U.S. corporation such as ourselves will
be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either
●
at least 75% of our gross income for the year is passive income; or
●
the average percentage of our assets (determined at the end of each quarter) during the taxable year which produce passive income or which are held for the production of passive income is at least 50%.
Passive income generally includes dividends, interest,
rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition
of passive assets.
If we are determined to be a PFIC for any taxable
year (or portion thereof) that is included in the holding period of a U.S. shareholder who holds our Ordinary Shares, the U.S. shareholder
may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.
Whether we are a PFIC for 2022 or any future taxable
year is uncertain because, among other things, the treatment of digital asset such as bitcoin for purposes of the PFIC rules is unclear.
We express no opinion with respect to our PFIC status and also express no opinion with regard to our expectations regarding our PFIC status.
Given this uncertainty, prospective U.S. shareholders contemplating an investment in the Ordinary Shares may want to assume that we are
a PFIC and are urged to consult their own tax advisors regarding our PFIC status and the resulting U.S. federal income tax consequences
in light of their own particular circumstances.
51
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act about us and our industry that involve substantial
risks and uncertainties. All statements other than statements of historical fact contained in this document and the materials accompanying
this document are forward-looking statements. These statements are based on current expectations of future events. Frequently, but not
always, forward-looking statements are identified by the use of the future tense and by words such as "believes," "expects,"
"anticipates," "intends," "will," "may," "could," "would," "predicts,"
"anticipates," "future," "plans," "continues," "estimates" or similar expressions.
Forward-looking statements are not guarantees of future performance and actual results could differ materially from those indicated by
such forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may
cause our or our industry's actual results, levels of activity, performance, or achievements to be materially different from any
future results, levels of activity, performance, or achievements expressed or implied by the forward-looking statements. These forward-looking
statements speak only as of the date made and are subject to a number of known and unknown risks, uncertainties and assumptions, as updated
by our subsequent filings under the Exchange Act and in our other filings with the SEC, that may cause our actual results, performance
or achievements to differ materially from those expressed or implied by the forward-looking statements.
52
ITEM 4. INFORMATION ON THE COMPANY
History and Development of the Company
Bit Digital, Inc. ("BTBT" or the "Company"),
a Cayman Islands exempted company (formerly known as Golden Bull Limited) is a holding company incorporated on February 17, 2017. Since
February 2020, the Company has been engaged in the digital assets mining business currently through its wholly-owned subsidiaries in the
United States, Canada, Hong Kong and Singapore and prior to June 21, 2021, in mainland China. Previously, before the involvement of the
current management, employees and board of directors, Golden Bull Limited was primarily an online finance marketplace, or "peer-to-peer"
lending company, in China that provided borrowers access to loans. On October 24, 2019, the Pudong Branch of the Shanghai Public Security
Bureau (the "Bureau") announced that it was conducting an investigation of Shanghai Dianniu Internet Finance Information Service
Co., Ltd., which was a variable interest entity ("VIE") of the Company, for suspected illegal collection of public deposits.
The Bureau took criminal enforcement measures against 17 suspects in the case and detained at least six of those suspects. While the Company
has not been subject to any enforcement actions or investigations, nine persons, including a former director of the Company, have been
found guilty of fund-raising fraud or illegally collecting public deposits by the People's Court of Shanghai Pudong New District
and were sentenced to imprisonment.
The Company is a sustainability-focused generator
of digital assets with large-scale global mining operations in North America. On June 24, 2021, the Company signed the Crypto Climate
Accord, a private sector-led initiative to decarbonize the crypto and blockchain sectors.
The Company commenced its mining operations in
February 2020. Our bitcoin mining operations, hosted by third party suppliers, use specialized computers, known as miners, to generate
bitcoins, a digital asset. The miners use application specific integrated circuit ("ASIC") chips. These chips enable the miners
to apply greater computational power, or "hash rate", to provide transaction verification services (known as solving a block)
which helps support the bitcoin blockchain. For every block added, the bitcoin blockchain awards a bitcoin award equal to a set number
of bitcoins per block. These bitcoin awards are subject to "halving," whereby the bitcoin award per block is reduced by half
in order to control the supply of bitcoins on the market. When bitcoin was first launched in 2009, miners were awarded 50 bitcoin if they
first solved a new block; this award was halved to 25 bitcoin per new block in 2012, and halved again in 2016 to 12.5 bitcoin per new
block. Most recently, in May 2020, the then prevailing reward of 12.5 bitcoin per new block was halved to 6.25 bitcoin. This reward rate
is expected to next halve in March 2024 to 3.125 bitcoin per new block and will continue to halve at approximately four-year intervals
until all potential 21 million bitcoin have been mined. Miners with a greater hash rate generally have a higher chance of solving a block
and receiving a bitcoin award.
After a third halving of bitcoins in May 2020,
our mining strategy was to mine bitcoins as fast and as many as possible given there are less bitcoins and a lower efficiency of mining.
In view of the long delivery time to purchase new miners from miner suppliers like Bitmain and MicroBT, as described below, we initially
chose to acquire second-hand miners which can be delivered in only a few weeks.
While
the Company remains bullish on bitcoin, and supporting the bitcoin blockchain, it expects to derive revenue from the Ethereum network
which powers a smart contract platform, that is the second biggest blockchain by market capitalization at $200 billion as of July 2022
per CoinMarketCap. After many years of development, in connection with the Merge (described below), the Ethereum blockchain made its
transition from a proof-of-work (PoW) consensus mechanism, like the bitcoin network, to a proof-of-stake (PoS) model. A proof-of-stake
system generally does not expend as much energy to verify transactions as does the bitcoin blockchain. Instead, a participant's
digital assets are deposited in a specific smart contract, which enters them in a lottery. Each time an exchange occurs, a participant
is selected from the lottery to verify the transaction and win the reward. The transition to a PoS blockchain occurred on September 15,
2022, when the Ethereum Mainnet merged with the PoS Beacon Chain, a system upgrade that is referred to as the "Merge." Notwithstanding
the fact that a not-for-profit called The Ethereum Foundation helps supervise the blockchain, Ethereum is run by a decentralized group
of engineers across the world. As of December 31, 2022, we had 8,799.9 ETH and 2,004.0 sETH-h with a fair market value of approximately
$13.0 million. A total of 2,164 ETH were actively staked as of December 31, 2022 using either native staking or liquid staking protocols.
53
We completed our miner fleet's exit from
China during the third quarter of 2021. Since November 17, 2021, 100% of our miner fleet had arrived in North America. The Company
owned 37,676 bitcoin miners and 730 Ethereum miners as of December 31, 2022, with an estimated maximum total hash rate of 2.6 EH/s and
0.3 TH/s, respectively. The reduction of hash rate compared to the beginning of 2021 was due to the aforementioned fleet repositioning
from China, in which the Company sold or disposed of certain models (partially offset by purchases).
As previously announced on May 19, 2022, the Company
faced interruptions at certain hosting partners' sites. We signed a new hosting agreement with Coinmint, as described below, for
approximately 20 MW of primarily carbon-free power, more than enough to offset the effect of the interruptions. Coinmint has fulfilled
all of this capacity.
For
the year ended December 31, 2022, we recognized a net loss of $105,296,603, comprised of (a) a $24,654,267 impairment of digital
assets as a result of the decline in value of bitcoin and ETH, (b) a $50,038,650 impairment of property and equipment, and (c) the
decline in revenue from digital asset mining of $63,781,977 (66.4%) percent from $96,078,570 to $32,296,593 compared to the year
ended December 31, 2021. The decrease in the average price of bitcoin during 2022, as well as the Merge involving Ethereum described
below, reduced industrywide margins and forced difficult decisions across the industry. Fortunately, we believe that our strong
balance sheet partially has insulated us from short-term price movements and has enabled us to advance our long-term vision. We
ended the year 2022 with $32.7 million in cash and cash equivalents, over $62.2 million in total liquidity, zero debt, and no
outstanding obligations under any miner purchase agreements. This provides us ample flexibility to continue deploying miners and
canvas the market for opportunistic purchases at potentially distressed pricing.
For
the year ended December 31, 2022, we received 1,247.5 bitcoins and 294.3 ETHs from one bitcoin mining pool operator one ETH mining pool
operator.
We managed to modestly increase bitcoin production
on a sequential basis despite previous announced interruptions in our hosting partners' operations.
Approximately 85% of our fleet's run-rate
electricity consumption was generated from carbon-free energy sources as of December 31, 2022, based on data provided by our hosts, publicly
available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.
We believe there is currently an excess supply
of both used and new miners in the market. Historically, when the market for miners has been tighter, we have utilized the spot market
for miner acquisition which can result in delivery within a few weeks. If the supply for miners should tighten significantly, we may not
be able to acquire the desired number of miners in a timely manner. However, management will only seek to deploy its miners if the economics
present an acceptable return to us.
The Company signed a hash rate swap agreement
with Riot Platform, Inc. (f/k/a Riot Blockchain, Inc., hereinafter "Riot") on June 9, 2022, and concurrently signed a new
hosting agreement with Coinmint LLC ("Coinmint"). Under the hash rate swap agreement, the Company received an approximate
aggregate of 0.625 Exahash ("EH/s") of hash rate from Riot, in exchange for 0.500 EH/s, delivered by the Company to Riot,
representing a 25% premium to the hash rate delivered. This premium was primarily designed to reflect the fact that Riot received miners
from the Company that were "factory new," whereas Riot delivered miners that had previously been in operation. Bit Digital
delivered S19j Pro miners to Riot in exchange for S19 Pro miners. According to the manufacturer Bitmain, S19j Pro miners achieve approximately
104 TH/s (
+
3%) and have a power consumption of 3068W (
+
5%) and power efficiency of 29.5 J/TH (
+
5%)
while S19 Pro miners achieve approximately 110 TH/s (
+
3%) and have a power consumption of 3250 W(
+
5%)
and power efficiency of 29.5 J/TH (
+
5%). Thus, the miners received from Riot have the same power efficiency and
a slightly higher power consumption, but were expected to have experienced some degree of economic depreciation as a result of having
previously been placed into service. The first tranche of the swap was delivered to the Company on June 17, 2022, and the final tranche
was delivered on July 1, 2022. As of July 2, 2022, all of the Company's newly-acquired miners were actively deployed at the Coinmint
facility.
Bit Digital, Inc. ("BTBT" or the "Company"),
formerly known as Golden Bull Limited, is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands.
54
We listed our Ordinary Shares on the Nasdaq Capital
Market under the symbol "DNJR" on March 19, 2018 and completed an initial public offering of 1,550,000 Ordinary Shares on
March 22, 2018 ("IPO"), raising approximately $5.2 million in net proceeds after deducting underwriting commissions and the
offering expenses payable by us. On March 28, 2018, ViewTrade Securities, Inc., who acted as the sole underwriter and book-runner of the
Company's IPO exercised the full over-allotment option to purchase an additional 232,500 Ordinary Shares raising approximately $850,000
in net proceeds after deducting underwriting commissions and the offering expenses payable by us.
On June 3, 2019, Golden Bull USA, Inc. was incorporated
in the State of New York, as a wholly-owned subsidiary of the Company. This entity was formed to develop a car rental business in the
United States, which did not commence and was terminated. On March 16, 2022, the Company entered into a Share Purchase Agreement with
Star Choice Investments Limited ("Star Choice"). Pursuant to the agreement, Star Choice agreed to purchase 100% of the outstanding
shares of Golden Bull USA, Inc for $10.00 and other good and valuable consideration. The sale was completed on March 16, 2022.
In October 2019, the Company decided to enter
the bitcoin mining business and commenced operations in February 2020. On April 8, 2020 the Company acquired Bit Digital Hong Kong Limited
("Bit Digital Hong Kong") (formerly known as XMAX Chain Limited and with no relation to XMAX Foundation PTE Ltd., a Singapore
company), as a wholly-owned subsidiary in Hong Kong. Bit Digital Hong Kong was purchased from an unaffiliated third party. Management
determined that Bit Digital Hong Kong was formed in March 2018 under the name XMAX Chain Limited.
On August 7, 2020, the Company changed its Nasdaq
trading symbol to "BTBT". On September 10, 2020, the Cayman Islands recorded the Certification of Incorporation on Change
of Name, officially changing the Company's name to "Bit Digital, Inc."
On September 1, 2020, the Company formed Bit Digital
USA, Inc. ("BT USA"), as a wholly-owned Delaware subsidiary in order to conduct its bitcoin mining business in the U.S.
On September 8, 2020, the Board approved the disposal
of Point Cattle Holdings Limited, a former wholly owned subsidiary of the Company in the British Virgin Islands, and its subsidiaries
and VIEs, through which Golden Bull Limited previously operated its peer-to-peer lending business and the car rental business in PRC.
Prior to the sale, we discontinued our peer-to-peer lending business and the car rental business in the PRC ("discontinued operations").
On the same date, the Company entered into a certain share purchase agreement (the "Disposition SPA") by and among a BVI company,
Sharp Whale Limited (the "Purchaser"), Point Cattle Holdings Limited (the "Subsidiary") and the Company (the "Seller").
Pursuant to the Disposition SPA, the Purchaser purchased the Subsidiary in exchange for nominal consideration of $10.00 and other good
and valuable consideration. The former subsidiaries and VIEs in the PRC that had been engaged in the discontinued operations no
longer have any relationship with the Company.
On December 31, 2020, the Company entered into
a Securities Purchase Agreement (the "SPA") with Ionic Ventures LLC ("Ionic"), an accredited institutional investor,
for the sale of subordinated convertible notes due May 5, 2021 (the "Notes") up to an aggregate original principal amount
of $1,650,000 with an original issue discount (OID) of 10% in a private placement. On February 5 and March 12, 2021, the Company completed
the sale of the Notes in the principal amounts of $1,100,000 and $550,000, respectively, to Ionic pursuant to a Securities Purchase Agreement
dated as of January 11, 2021. On May 5, 2021, the Notes were automatically converted into 289,662 Ordinary Shares at $5.70 per share.
On
January 11, 2021, the Company entered into a Purchase Agreement, as amended and restated on July 30, 2021, with Ionic whereby we have
the right, but not the obligation, to sell to Ionic, and Ionic is obligated to purchase up to in the aggregate $80,000,000 worth of Ordinary
Shares. Sales of Ordinary Shares by the Company, if any, will be subject to certain limitations, and may occur from time, at the Company's
sole discretion, over the 36-month period commencing on May 20, 2021 (the "Commencement Date"). The Company had sold to Ionic
an aggregate of approximately 16,962,521 Ordinary Shares for an aggregate price of approximately $58 million prior to suspending
sales.
A registration statement concerning the remaining $44 million of Ordinary Shares the Company may sell to Ionic was declared effective
by the SEC on February 7, 2022.
On February 23, 2021, the Company formed Bit Digital
Canada Inc., a Government of Alberta, Canada corporation as a wholly-owned subsidiary to conduct its digital asset mining operations in
Canada.
55
On June 1, 2021, the Company formed Bit Digital
Strategies Limited, as a wholly-owned Hong Kong subsidiary in order to conduct treasury management activities.
On June 24, 2021, the Company signed the Crypto
Climate Accord, a private sector-led initiative that aims to decarbonize the crypto and blockchain sectors.
On July 1, 2021, the Company formed Bit Digital
Singapore PTE. LTD., as a wholly-owned Singapore subsidiary in order to conduct digital asset staking activities.
On September 29, 2021, the Company entered into
a Securities Purchase Agreement with certain purchasers thereto, pursuant to which the Company agreed to issue and sell, in a private
offering, an aggregate of $80,000,017 of securities, consisting of 13,490,728 Ordinary Shares of the Company and Ordinary Share Purchase
Warrants to purchase an aggregate of 10,118,046 Ordinary Shares at an exercise price of $7.91 per whole share (subject to adjustment),
for a combined purchase price of $5.93 per share and accompanying warrant. The transaction was closed on October 4, 2021.
On October 6, 2021, Bit Digital USA, Inc. entered
into a Non-Fixed Price Sales and Purchase Agreement (the "Agreement") with Bitmain Technologies Limited to purchase 10,000
Antminer bitcoin miners. The miners were expected to increase the Company's miner fleet hash rate by approximately 1.0 Exahash ("EH/s").
The total maximum purchase price is estimated at $65 million (subject to certain potential discounts). Net of discounts, the Company paid
$58 million for the order. As of September 30, 2022, the Company had received the previously announced 10,000-unit miner purchase from
Bitmain.
On December 7, 2021, the Company became a member
of the Bitcoin Mining Council ("BMC"), joining MicroStrategy and other founding members to promote transparency, share best
practices, and educate the public on the benefits of bitcoin and bitcoin mining.
On May 4, 2022, the SEC declared effective the Company's Shelf Registration Statement on Form F-3. Under
the registration statement, the Company may offer and sell equity securities from time to time in one or more offerings at the market
(ATM) at prices and on terms which the Company will then determine for an initial aggregate offering price of $500,000,000. To date, no
securities have been sold under such registration statement.
Bit
Digital has operations in North America, Hong Kong and Singapore. The
Company has no subsidiary or VIE legal entities in mainland China, with a portion of non-mining assets and personnel located in Hong Kong.
Four of five members of the Board of Directors are nationals or residents of jurisdictions, other than the United States. As of the report
date, the Company is a Cayman entity with two Hong Kong subsidiaries, one U.S. operating subsidiary, one Canadian subsidiary and one Singapore
subsidiary.
Foreign Private Issuer Status
As of June 30, 2022, the date of determination,
we determined that we remain a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). As such, we are exempt from certain provisions applicable to United States domestic public companies.
For example:
●
we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;
●
for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;
●
we are not required to provide the same level of disclosure on certain issues, such as executive compensation;
●
we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;
●
we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; and
●
our insiders are not required to comply with Section 16 of the Exchange Act requiring such individuals, and entities to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.
56
Emerging Growth Company Status
We are an "emerging growth company,"
as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), and we are eligible to take advantage of certain exemptions
from various reporting and financial disclosure requirements that are applicable to other public companies, that are not emerging growth
companies, including, but not limited to, (1) presenting only two years of audited financial statements and only two years of related
management's discussion and analysis of financial condition and results of operations in this report, (2) not being required to
comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"),
(3) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and (4) exemptions from
the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments
not previously approved. We intend to take advantage of these exemptions. As a result, investors may find investing in our Ordinary Shares
less attractive.
In addition, Section 107 of the JOBS Act also
provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities
Act of 1933, as amended (the "Securities Act"), for complying with new or revised accounting standards. As a result, an emerging
growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We intend to take advantage of such extended transition period.
We could remain an emerging growth company for
up to five years ending December 31, 2023, or until the earliest of (1) the last day of the first fiscal year in which our annual gross
revenues exceed $1.07 billion, (2) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the
Exchange Act, which would occur if the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the
last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 months, or
(3) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.
Corporate Information
Our
principal executive offices are located at 33 Irving Place, New York, New York 10003. Our telephone number at this address is +1 (212)
463-5121.
Our office in Hong Kong is located at Room 3603,
Tower 2 Metro Plaza, Hong Kong, China. Our registered office in the Cayman Islands is located at Corporate Filing Services Ltd., 3rd Floor,
Harbour Centre, 103 South Church Street, George Town, Grand Cayman, KY 1-1002, Cayman Islands. Our office in Singapore is located at 21
Floor, 88 Market Street, Capital Spring, S048948. Our agent for service of process in the United States is Corporation Service Company,
19 West 44th Street, Suite 201, New York, NY 10036. The Company's legal advisers are as follows: in the PRC: Tian Yuan Law Firm,
10F, Tower B, China Pacific Insurance Plaza, 28 Fengsheng Hutong, Xicheng District, Beijing 10032 China; in the Cayman Islands: Ogier,
89 Nexus Way, Camana Bay, Grand Cayman, Cayman Islands KY1-9009; and in the United States: Davidoff Hutcher & Citron LLP, 605 Third
Avenue, New York, New York 10158. Our Auditors are: Audit Alliance, LLP, 20 Maxwell Road #11-09, Maxwell House, Singapore 069113. See
"
Experts
" regarding prior auditors. Investors should contact us for any inquiries through the address and telephone
number of our principal executive offices.
We filed annual, semi-annual, quarterly (on a
voluntary basis as a foreign private issuer) and current reports and other information with the SEC. Our public filings are available
from the Internet web site maintained by the SEC at www.sec.gov. In addition, our Ordinary Shares are listed on the Nasdaq Capital Market.
Accordingly, our reports, statements and other information may be inspected at the offices of Nasdaq, One Liberty Plaza, 165 Broadway,
New York, New York 10006.
Capital Expenditures
For
the years ended December 31, 2022, 2021 and 2020, we incurred capital expenditures of approximately $19.3 million, $46.8 million, and
$4.5 million, respectively for purchases of miners for our bitcoin mining business in cash. In addition, for the year ended December
31, 2022, we incurred 2.4 million in USDC for purchases of bitcoin miners for our bitcoin mining business. These capital expenditures
were financed by cash provided by operating and financing activities.
57
Digital Asset Mining
Bitcoin mining operations
In view of the widespread adoption of blockchain
technology and bitcoin worldwide, the Company determined to enter the bitcoin mining industry, which is focused on the production of bitcoin.
We commenced investigation of the business in August 2019 and found that bitcoin mining is believed to be profitable and our business
plan is viable. In October 2019, the Company decided to implement its business strategy with the temporary suspension of its existing
P2P lending business. On October 18, 2019, Mr. Erke Huang joined the Company as Chief Financial Officer and as a Director on October 29,
2019. On March 31, 2021, Bryan Bullett and Sam Tabar joined the Company as Chief Executive Officer ("CEO") and Chief Strategy
Officer ("CSO"), respectively, until March 31, 2023. The Company contemporaneously established its worldwide headquarters
office in New York City. Mr. Bullett resigned his employment with the Company as CEO effective March 31, 2023 and became a non-executive
senior advisor of the Company. Mr. Tabar succeeded Mr. Bullett as CEO effective March 31, 2023.
Today, we are a sustainability-focused generator
of digital assets with large-scale, global mining operations in North America. On June 24, 2021, the Company signed the Crypto-Climate
Agreement, a private sector-led initiative to decarbonize the crypto and blockchain sector. On December 7, 2021, the Company became a
member of the Bitcoin Mining Council ("BMC"), joining MicroStrategy and other founding members to promote transparency, share
best practices, and educate the public on the benefits of bitcoin and bitcoin mining.
The Company operates, through its partnerships
with third party hosting firms, for purpose of mining bitcoin. Our facilities and mining platform are operating with the primary intent
of accumulating bitcoin which we may sell for fiat currency from time to time depending on market conditions and management's determination
of our cash flow needs.
Migration and Status of Mining Operations
In October 2020, we commenced our strategy of
migrating assets from China to North America. The Company had already migrated its miners out of Inner Mongolia when the government of
China's Inner Mongolia banned all crypto mining facilities in March 2021. On May 21, 2021, when the Financial Stability and Development
Committee of the State Council in China proposed to "crack down on bitcoin mining and trading," local governments began to
issue corresponding measures to respond to the central government's proposal. From May 21, 2021 until June 18, 2021, when the Sichuan
Province issued a notice on the shutdown of digital asset mining operations, the Company had mining operations only in Sichuan Province
which it terminated on June 21, 2021, prior to the June 25, 2021 deadline.
From April through June 2021, we migrated 14,500
miners from China to the United States. As of June 30, 2021, 9,489 of our miners in China were warehoused and were not in operation, awaiting
disposition or migration to North America. As a result, a significant portion of our fleet was offline in 2021. Prior to shipment, we
generally refurbished our miners in a facility in Shenzhen, China, to ensure resilience during transfer and operability upon arrival.
Miners are securely packaged and shipped via air or by sea, depending on market conditions. We completed the migration of all of our remaining
China-based miners out of China by September 2021. The last miner shipments arrived in the U.S. on November 17, 2021. 27.8% of our fleet,
or 7,710 bitcoin miners representing 0.457 EH/s, was deployed in North America as of December 31, 2021. As of June 30, 2022, 23% of our
currently-owned fleet, or 8,990 bitcoin miners representing 0.76 Exahash ("EH/s"), was deployed in North America.
On October 7, 2021, the Company contracted to
purchase an additional 10,000 Antminers from Bitmain Technologies Limited ("Bitmain") under a Sales and Purchase Agreement
(the "SPA") at an original estimated cost of $65,000,000. Those miners were expected to increase the Company's miner
hash rate by approximately 1.0 Exahash ("EH/s"). The initial payment of $27,500,000 under the SPA was made on October 7, 2021
upon the signing of the SPA and an aggregate of $58,000,000, net of discounts, had been paid, in full, as of May 24, 2022. The last shipment
of miners was received on June 27, 2022. The Company used funds on hand and proceeds from the sale of securities in our September 2021
private placement, as well as the liquidation of bitcoins we held, to fund the purchase of these additional miners.
58
The miners we own are primarily made by manufacturers
MicroBT and Bitmain for bitcoin mining, which we believe are the top two brands in the industry, and the standard bitcoin ASIC miners
providing hash computing power to the bitcoin network. The market for miners is sensitive to fluctuations in both supply and demand. We
believe there is currently an excess supply of miners in the market. Historically, when the market for miners has been tighter, we have
utilized the spot market for miner acquisition which can result in delivery within a few weeks. If the supply for miners should tighten
significantly, we may not be able to acquire the desired numbered of miners in a timely manner.
Miner Fleet Update and Overview
As
of December 31, 2022, we had 37,676 miners for bitcoin mining and 730 miners for Ethereum mining, with a total maximum hash rate of 2.6
EH/S and 0.3 TH/s, respectively.
On October 7, 2021, we contracted to purchase
an additional 10,000 Antminers from Bitmain under a Sales and Purchase Agreement (the "SPA") at an initial estimated cost
of $65 million. Net of discounts, the Company paid $58 million for the order. As of September 30, 2022, the Company had received the previously
announced 10,000-unit miner purchase from Bitmain. The Company currently has no outstanding payment obligations for miner purchases.
On March 27, 2022, we entered into Asset Purchase
Agreements with each of four unaffiliated sellers of bitcoin mining computers, from whom we acquired an aggregate of 706 bitcoin miners
on the spot market, including 184 S19 J Pro miners; 197 S19 miners; 197 S19 miners; and 128 S19/S19 Pro miners, respectively. The acquired
miners were delivered during April 2022.
On June 9, 2022, the Company and Riot Blockchain,
Inc. ("Riot") entered into a Hashrate Swap Agreement (the "HSA"). The HSA provides for the exchange of cryptocurrency
mining power ("Hashrate") through the exchange of bitcoin mining computers. As additional consideration to the Company to
exchange its factory-new miners for Riot's operating miners, Riot agreed to deliver twenty-five (25%) percent more Hashrate to the
Company than the Company Digital will deliver to Riot. As a result of the HSA, the Company will receive an aggregate of 0.625 EH/s of
Hashrate from Riot, in exchange for 0.500 EH/s. As of July 1, 2022, Riot has delivered 5,682 machines in exchange for our 4,984 machines.
On February 14, 2022, the   Company sold 100 MicroBT Whatsminer
M21S miners 903 MicroBT Whatsminer M21S miners and 9 MicroBT Whatsminer M20S miners on June 13, 2022, and 103 MicroBT Whatsminer M21S
miners on August 16, 2022. For the year ended December 31, 2022, the Company also wrote off 641 MicroBT Whatsminer M21S, 253 MicroBT Whatsminer
M20S, 23 Bitmain Antminer S17 and 1 Innosilicon A10 series ETH miner.
Digital Asset Production
From the inception of our bitcoin mining business
in February 2020 to December 31, 2022, we earned an aggregate of 4,822.9 bitcoins.
The following table presents our bitcoin mining
activities for the year ended December 31, 2022.
Number of
bitcoins
Amount
(1)
Balance at December 31, 2021
808.2
$
28,846,587
Receipt of BTC from mining services
1,247.5
31,414,102
Exchange of BTC into ETH
(742.5
)
(12,160,450
)
Sales of and payments made in BTC
(366.9
)
(11,160,996
)
Impairment of BTC
-
(21,143,096
)
Balance at December 31, 2022
946.3
$
15,796,147
(1)
Receipt of digital assets from mining services are the product of the number of bitcoins received multiplied by the bitcoin price obtained from CryptoCompare, calculated on a daily basis. Sales of digital assets are the actual amount received from sales.
59
Due to the volatile price of bitcoin and ETH and the uncertainty
of the number of digital assets mined, it is very difficult for the Company to perform and rely on a breakeven analysis. However, the
Company monitors the direct costs related to our mining business. We have disclosed the direct costs related to the production of digital
assets, cost of revenues, in our quarterly financial statements. Cost of revenues is primarily comprised of direct production cost of
the mining operations, including utilities and other service charges, and excludes general and administrative expenses and other indirect
and overhead costs. Below is the cost of revenues per bitcoin/ETH in fiscal years 2020 and 2021 and in 2022.
Below is the cost of revenue per bitcoin/ETH in
fiscal years 2020, 2021 and in 2022:
Year
Bitcoin
ETH
2020
$
9,340
N/A
2021
$
14,884
N/A
2022
$
15,996
$
1,428
Our mining facilities and mining platform operate
with the primary intent of accumulating bitcoin, which we may sell for fiat currency from time to time depending on market conditions
and management's determination of our cash flow needs. Each of our operating subsidiaries in Hong Kong, U.S., Canada and Singapore
received revenue in the form of digital assets, the value of which is determined using the market price of the related digital asset at
the time of receipt. The digital asset is either held by the subsidiary or sold for fiat currency or USD Coin ("USDC"). See
"
Digital Asset Transactions
" below.
Performance Metrics of Bitcoin and ETH Mining
The Company operates mining hardware which performs
computational operations in support of the bitcoin blockchain network measured in "hash rate" or "hashes per second."
A "hash" is the computation run by mining hardware in support of the blockchain; therefore, a miner's "hash rate"
refers to the rate at which it is capable of solving such computations. The original equipment used for mining bitcoin utilized the Central
Processing Unit (CPU) of a computer to mine various forms of bitcoin. Due to performance limitations, CPU mining was rapidly replaced
by the Graphics Processing Unit (GPU), which offers significant performance advantages over CPUs. General purpose chipsets like CPUs and
GPUs have since been replaced in the mining industry by Application Specific Integrated Circuits (ASIC) chips like those found in the
miners currently utilized by the Company at its mining facilities. These ASIC chips are designed specifically to maximize the rate of
hashing operations.
The Company measures our mining performance and
competitive position based on overall hash rate being produced in our mining sites. The latest MicroBT M31S miner performs in the range
of 76 terahash per second (TH/s) per unit, MicroBT M21S miner in the range of 50 - 58 TH/s per unit; M20S performs in the range of 64
- 68 TH/s per unit; M10 performs in the range of 31 – 35 TH/s per unit; Bitmain S19Pro performs with a maximum hashrate of 110 TH/s
per unit; Bitmain S17Pro performs 53 TH/s per unit; Bitmain S17+ performs in the range of 58-73 TH/s per unit; Bitmain S17E performs in
the range of 56-64 TH/s per unit; Bitmain T17+ performs with a maximum hashrate of 64 TH/s per unit; Innosilicon T17 performs in the range
of 40-50 TH/s per unit; Innosilicon T3 performs in the range of 41 – 45 TH/s per unit; Innosilicon A10L performs with an average
hashrate of 405 MH/s per unit; Innosilicon A10U performs with an average hashrate of 438 MH/s per unit. These mining hardware are
on the cutting edge of available mining equipment; however, advances and improvements to the technology are ongoing and may be available
in quantities to the market in the future which may affect our perceived position.
An individual mining company such as Bit Digital
has a total company hash rate of its miners seeking to mine a specific coin, and system wide there is a total hash rate of all miners
seeking to mine each specific coin. A higher total hash rate of a specific mining company, as a percentage of the system wide total hash
rate, generally results over time in a correspondingly higher success rate in coin rewards as compared to miners with lower hash rates.
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Mining Pools
A "mining pool" is the pooling of
resources by miners, who share their processing power over a network and split rewards according to the amount of work they contributed
to the probability of placing a block on the blockchain. Mining pools emerged in response to the growing difficulty and available hashing
power that competes to place a block on the bitcoin blockchain. Mining pools are subject to various risks such as disruption and down
time. Bit Digital has internally created software that monitors its hashing performance and reward rates to monitor credits for our contributed
hashing power. In the event that a pool experiences down time or is not yielding returns, our results may be impacted.
Our former pool operators didn't charge
mining pool fees. As of the date of this report, the Company participates in the Foundry USA Mining Pool ("Foundry") solely
for mining digital asset pursuant to the Foundry USA Pool Service Agreement between the Company and Foundry (the "Pool Service
Agreement"). Foundry provides the Company with digital currency mining pool and ancillary services and products. Foundry is a mining
pool structured to provide transparency and stable payments to contributing miners. The Company contributes its processing power to Foundry
and receives a fractional share of the pool's total mining rewards that is based on its proportionate share of computational power
contributed towards solving the aggregate block rewards. Foundry receives both the block reward and the transaction fees when successfully
adding a block to the blockchain. Thus, the consideration received by the Company is variable. Likewise, the number of digital assets
mined by pool participants is variable. The monthly service, power costs and profit-sharing charge are not used in determining the variable
consideration. Prior to April 19, 2023, in consideration of the Company being an early strategic customer of Foundry and in view of competition,
Foundry has not charged the Company with a fee for its services. Beginning April 19,2023, Foundry applies a 0.27% fee on the total Bitcoin
(BTC) earnings of the Company, referred to as the "Pool Fee." Foundry calculates and deducts the Pool Fee from the total BTC
earned and deposits the remaining net amount into our wallet.    Pursuant to the Pool Service Agreement, Foundry
will reimburse digital assets or U.S. Dollars, at its sole discretion, in the event of a disruption in service which is caused by their
fault. A service agreement is in full force and effect while the Company's usage rights to the pool are in effect. The average
and median number of bitcoins we received per month from Foundry is 104.0 and 103.1, respectively, from January to December 2022. The
range of number of bitcoins received per month from Foundry is 53.4 to 152.5 for the same period. Foundry does not currently provide
wallet or custodial services to the Company. Currently, digital asset rewards are deposited to our custodian wallet addresses by Foundry
on a daily basis. The risk of loss or theft of digital assets when Foundry transfers digital assets in a custodian wallet is no different
than any other transfer from one wallet to another.
Hosting Agreements
In order to achieve lower utility costs, our mining
facilities are maintained by third-party hosting service providers. Our hosts generally install our miners, and provide IT consulting,
maintenance and repair work on site for us.
Compute North
Our miners' facilities in Texas and Nebraska
were previously maintained by Compute North LLC, ("Compute North"), a well-known miner hosting company in North America pursuant
to a Master Agreement dated September 9, 2020 between Compute North and the Company (the "Master Agreement"). The term of
the Master Agreement was for the remainder of any Equipment Term set forth on an Order Form when Compute North notifies the Company in
writing that such equipment has been received and turned on by Compute North. Compute North provided colocation, managerial and other
services at its data center facilities, including rack space, electrical power, ambient air cooling, internet connectivity and physical
security for the Company's miners during the equipment term of any miner. From November 2020 through March 2021, the Company signed
additional hosting capacity bringing aggregate capacity with Compute North to approximately 48 MW with terms ranging from 12 to 36 months.
At the facilities maintained by Compute North, the Company installed miners and was responsible for a monthly service fee per unit and
power costs to be set forth on an Order Form as updated from time to time. The monthly service fee ranged from $2.00 to $3.00 per unit.
Power costs ranged from $0.35 to $0.60 per kWh. Pursuant to certain Order Forms, Compute North was entitled to receive a range of 15–25%
of the bitcoin mined after payment of the Monthly Service and Power Fees.
As of December 31, 2022, facilities formerly owned
and operated by Compute North in Nebraska and Texas provided approximately 20 MW to power our miners.
In
the event of a default in payment by the Company under the Master Agreement, Generate Capital could foreclose on the Company's assets
and liquidate them. The Master Agreement is terminable by Compute North for cause. The Master Agreement provided for a security interest
in our miners maintained at Compute North's location. The security interests are intended to secure the Company's obligations
under the Master Agreement. The Master Agreement permitted Compute North to file UCC1 Financing Statements to evidence such security interests.
Compute North was permitted, at any time, to assign, transfer, delegate or subcontract any or all of its rights or obligations under the
Master Agreement without the Company's prior written consent. There were no bankruptcy provisions in the agreement and we maintained
ownership of the approximately 7,628 miners previously hosted by Compute North.
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On September 22, 2022, Compute North filed for
Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. Compute North's lender, Generate Capital, has taken
ownership of two (2) hosting facilities previously owned and operated by Compute North in Kearney, Nebraska, where the Company maintains
miners, and Wolf Hollow, Texas, where the Company had contracted for additional capacity.
On
January 7, 2023, the Company received a purported termination notice from the assignee operating companies of Compute North, affiliated
with Generate Capital, PBC. Each of GC Data Center Kearney, LLC and GC Data Center Granbury, LLC (collectively, "Generate"),
bitcoin mining data centers located in Kearney, Nebraska and Wolf Hollow, Texas, claimed to have provided written notice of termination
of the Master Agreement. The Master Agreement and all order forms issued thereunder were claimed to have been assigned to Generate prior
to Compute North's filing for bankruptcy protection. Generate claims that it has the right to terminate the Master Agreement for
alleged "uncured failure to make" certain "payments" in the aggregate amount of $3,289,509.50. Generate has stated
that if the Company fails to pay all amounts due, it will exercise all of its purported rights including, but not limited to, retention
of the Company's miners and assorted equipment and deposits in the aggregate amount of $1,476,071 under the Master Agreement. The
Company disputed the propriety of the termination and attempted to resolve the dispute with Generate.
On
January 20, 2023, Generate cut power to the Company's miners at the former Compute North site in Kearney, Nebraska. Pursuant to
a Litigation Standstill Agreement dated January 23, 2023, as amended through March 31, 2023. The Company paid Generate for its operations
and is in the process of relocating its miners to facilities hosted by Coinmint and Blockfusion in New York State.
Digihost
In June 2021, we entered into a strategic co-mining
agreement with Digihost Technologies ("Digihost") in North America. Pursuant to the terms of the agreement, Digihost provides
certain premises to Bit Digital for the purpose of the operation and storage of a 20 MW bitcoin mining system to be delivered by Bit Digital.
Digihost also provides services to maintain the premises for a term of two years. Notwithstanding the foregoing, each party has the right
to terminate the agreement in the event of the enactment of New York Senate Bill S6486, or a similar federal, state or local law, that
would require so-called "digital asset mining centers" to cease operations. The collaboration between Digihost and Bit Digital
is expected to power approximately 400 Ph/s between the companies based on certain assumptions, including, but not limited to, the hash
rate and power consumption of miners anticipated to be utilized by the bitcoin mining systems and other factors outside of the Company's
control, specifically that the companies deploy, on average, miners with a hash rate per unit of approximately 60 TH/s and power consumption
per unit of approximately 3,000 watts. It further assumes the availability of such miners for purchase, and the availability of capital
to fund such purchases, to the extent that the companies do not have sufficient miner quantities on-hand to fill the aggregate power capacity
at the time of deployment. Under the terms of the agreement, Digihost is obligated to provide power for the operation of the miners and
to also provide management services necessary to maintain 95% uptime on the miners. This agreement required a $511,000 security deposit,
the first month's rent of $511,000 and a one-time safety installation fee of $35 per miner. The monthly recurring cost is a Power
Cost of $0.035 per kWh on an averaged basis and may include additional costs per kWh on renewable natural gas usage (TBD). Maintenance
and Service Costs are part of the monthly recurring charge on a performance basis. Digihost shall also be entitled to 20% of the profit
generated by the miners, paid weekly. Profit generated by miners, per calendar month, is defined as (a) the fair value of digital assets
mined by the miners hosted by Digihost, less (b) the amount of digital assets that have a value that is equal to all costs related to
the operation of the Company's miners, including power cost, maintenance cost, and service cost. Digihost shall be provided read-only
access to the Company's wallet for funds generated by the miners.
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In July 2021, the Company and Digihost entered
into a second strategic co-mining agreement to provide 100 MW that was expected, at the time of execution, to be powered by approximately
half renewable and/or carbon free energy sources, subject to finalizing our energy procurement strategy with Digihost. The second agreement
brings our total contracted hosting capacity with Digihost to 120 MW. Under this second Colocation Services Agreement (the "CSA"),
Digihost will provide the premises to the Company for the operation of a 100 MW bitcoin mining system for a term of two years, subject
to earlier termination described above as a result of the above-described pending New York State legislation, or otherwise for Cause,
as defined in the CSA. This expanded CSA is expected to facilitate an additional increase in hash rate of approximately 2EH between the
two companies and a total increase in hash rate between the two companies of approximately 2.4EH, including the prior colocation described
above, based on certain assumptions including, but not limited to, a hash rate of approximately 8 TH/s and power consumption per unit
of approximately 3,360 watts of miners anticipated to be utilized by the bitcoin mining systems, and other factors including the Company's
ability to purchase such equipment and to secure financing for such purchases. Other terms are substantially the same as under the initial
agreement, including 95% uptime for miners and charges for safety installation fees, maintenance costs, power costs, and profit-sharing
provisions. The CSA required a security deposit of $2,555,000 and monthly power costs of $511,000 for each of the five months of December
2021 through April 2022. The Company has been refunded all required deposits.
In May 2022, our hosting partner Digihost advised
us that limited operations at its North Tonawanda plant would require 1,580 of the Company's miners to temporarily go offline. Digihost
was unable to meet its obligations to provide 95% uptime under the initial co-mining agreement. As of the date of this report, we have
not powered on our miners as it is not currently economical to do so. Additionally, Digihost has informed us that they continue to work
to identify a location to fulfill the remaining 100 MW of contracted hosting capacity pursuant to our agreements. While the Company continues
to work towards its goal of full fleet deployment, it will only seek to deploy its miners if the economics present an acceptable return
on investment.
Blockfusion
On August 25, 2021, the Company entered into a
Mining Services Agreement (the "MSA") with BlockFusion USA, Inc. ("Blockfusion") to provide 35 MW that is expected
to be powered primarily from zero carbon emission energy sources. The MSA is for a two (2) year Term with automatic renewals for one (1)
year terms unless terminated by either party on at least thirty (30) days' prior written notice. During the Term, Blockfusion shall
provide certain colocation, operation, management and maintenance services (the "Services"). If Blockfusion fails to provide
an uptime of 98.5% or better, the Performance Fees under the MSA shall be reduced.
On May 12, 2022, Blockfusion advised us that the
substation at its Niagara Falls, New York facility was damaged by an explosion and fire, and power was cut off to approximately
2,515 of the Company's bitcoin miners and approximately 710 ETH miners that had been operating at the site immediately prior
to the incident. The explosion and fire are believed to have been caused by faulty equipment owned by the power utility. Blockfusion
and the Company have entered into a common interest agreement to jointly pursue any claims evolving from the explosion and fire.
Prior to the incident, our facility with Blockfusion in Niagara Falls provided approximately 9.4 MW to power our miners. We have
estimated the loss of revenue at our Blockfusion site from the disruption of service on May 12, 2022 to December 31, 2022 to be
approximately $3,200,000. Our methodology is based on the historical digital assets reward for those impacted miners and the average
price of bitcoin and ETH earned during the above period. Power was restored to the facility in September 2022. However, the Company
received a notice (the "Notice") dated October 4, 2022, from the City of Niagara Falls. The Notice ordered the cease and
desist from any cryptocurrency mining or related operations at the Niagara Falls facility until such time as Blockfusion complies
with Section 1303.2.8 of the City of Niagara Falls Zoning ordinance (the "Ordinance"), in addition to all other city
ordinances and codes. Blockfusion has advised the Company that the Ordinance came into practical effect on October 1, 2022,
following the expiration of a related moratorium on September 30, 2022. Blockfusion has further advised that it submitted
applications for new permits based on the Ordinance's new standards and that the permits would take several months to process.
Bit Digital management continues to monitor the situation.
63
Pursuant to the Mining Services Agreement between
Bit Digital and Blockfusion dated August 25, 2021, Blockfusion represents, warrants and covenants that it "possesses, and will maintain,
all licenses, registrations, authorizations and approvals required by any governmental agency, regulatory authority or other party necessary
for it to operate its business and engage in the business relating to its provision of the Services." On October 5, 2022, Bit Digital
further advised Blockfusion that it expects it to comply with the directives of the Notice.
Under the MSA, Blockfusion shall provide the Company
with all necessary access to remotely monitor — in person or remotely — the generated digital asset and all other metrics
as reasonably requested by the Company. The Company shall pay the actual expenses incurred for the energy used by the Company on a monthly
basis plus management costs of $2.00 per miner. Blockfusion shall receive a Performance Fee in respect of services relating to the first
20.0 MW Hrs of load power equal to 30% of Net Digital Assets mined for any period, subject to adjustment. In respect to the next 15.0
MW Hrs equal to 20% of Net Digital Assets mined subject to adjustment. The Net Digital Assets for a Payout Period means the Generated
Digital Assets
minus
the amount of Digital Assets that have a value that is equal to the Estimated Daily Costs for Mining such
Digital Assets for such Payout Period. In other words, the "Net Digital Assets" means the digital assets generated by the
miners hosted by Blockfusion minus the amount of digital assets that have a value that is equal to costs incurred to operate and maintain
the Company's miners, including power cost and management cost.
The Company initially provided Blockfusion with
mining equipment for installation in September 2022, and at various times thereafter. The Company paid Blockfusion in advance $3,750,000
(the "Infrastructure Investment") to pay for actual bona fide expenses incurred by Blockfusion. During the Term and for a
twelve (12) month period after termination of the MSA (the "ROFR Period"), the Company may propose to match the terms of a
bona fide offer from a third party to finance or otherwise sell any interest in Blockfusion, or any of its material assets or business
interests (a "Covered Transaction"), provided that Company shall be credited the amount of the Infrastructure Investment paid
and not reimbursed (the "Discount"). If the Parties do not enter into definitive agreements in respect of one or more Covered
Transactions pursuant to which the Company obtains the full economic benefit of the Discount, then, within twelve (12) months following
the termination of this Agreement, Blockfusion shall refund the Infrastructure Investment.
Pursuant to the Mining Services Agreement between
Bit Digital and Blockfusion dated August 25, 2021, Blockfusion represents, warrants and covenants that it "possesses, and will maintain,
all licenses, registrations, authorizations and approvals required by any governmental agency, regulatory authority or other party necessary
for it to operate its business and engage in the business relating to its provision of the Services."
Blockbreakers
On June 1, 2022, the Company's subsidiary,
Bit Digital Canada, Inc., entered into a Mining Services Agreement (the "MSA") with Blockbreakers, Inc. to provide five (5)
MW of incremental hosting capacity at its facility in Canada. The facility utilizes an energy source that is primarily hydroelectric.
The facility currently powers approximately 650 of the Company's miners and is expected to accommodate up to 1,500 miners during
the coming months.
The MSA is for a two (2) year term (the "Term"),
unless terminated earlier, with automatic renewals for additional one (1) year terms, unless terminated by either party upon at least
sixty (60) days' prior written notice. During the Term, Blockbreakers shall provide certain colocation, operation, management and
maintenance services (the "Services"). The Company shall pay for the actual expenses incurred by Blockbreakers for the energy
used by the Company and for the ancillary energy used in relation to the mining on the premises. The Company was required to make a deposit
of $100,000 to secure the payment of power costs and other sums due under the MSA. The Company shall pay Blockbreakers a Performance Fee
for each twenty-four (24) hour period equal to fifteen (15%) percent of Net Digital Assets, defined as generated digital assets, minus
the monthly fee minus the digital assets that have a value equal to the estimated daily costs for mining such digital assets.
64
In the event Blockbreakers fails to provide uptime
of at least 97.5% in any calendar month, provided such failure was not caused principally by the Company or a third party not under the
control of Blockbreakers, then the Performance Fee for that month shall be reduced by ten (10%) percent.
The
Company retained sole ownership of all mining equipment and generated digital assets minus the Performance Fee. Blockbreakers retained
all rights in any lease, sublease or license under which Blockbreakers occupies the premises with any equipment and property thereon.
Blockbreakers shall keep required policies in effect with responsible insurers
Effective
March 20, 2023, Bit Digital USA entered into a Term Loan Facility and Security Agreement (the "Facility") with Blockbreakers
and a Term Loan Note for $400,000. The Facility is to be used to develop a mining site in Quebec for 3 MWh for digital asset mining.
The Note is due on October 10, 2023, or sooner on an Event of Default (as defined) and accrues interest at 9% per annum paid monthly.
The loan is secured by a first priority lien and security interest in all of Blockbreakers' assets.
Coinmint
As of May 26, 2022, we entered into a Master Mining Services
Agreement (the "MMSA") with Coinmint LLC ("Coinmint"), pursuant to which Coinmint will provide mining colocation
services for a one-year period automatically renewing for three-month periods unless terminated earlier. The Company will pay Coinmint
electricity costs plus operating costs required to operate the Company's mining equipment, as well as a performance fee equal to
27.5% of profit, subject to a ten percent (10%) reduction if Coinmint fails to provide Uptime of ninety-eight (98%) percent or better
for any period. Our average utility costs under the Coinmint Agreement were $0.0504 per kWh during June 2022 and have averaged as high
as $0.0916 and $0.0872 per kWh in August and September, 2022. The average utility costs have decreased in the last quarter of the year
to $0.0580 per kWh in October, $0.0349 per kWh in November, and $0.0508 per kWh in December, after previous highs in August and September.
The Company is required to make an initial collateral deposit of $20,000 per Megawatt of projected capacity. We are not privy to the emissions
rate at the Coinmint facility or at any other facility. However, the Coinmint Facility operates in an upstate New York region that utilizes
power that is reported to be 90% emissions-free as determined by the New York Independent System Operator, Inc. ("NYISO")
report for 2022. As of December 31, 2022, Coinmint provided approximately 20 MW of capacity for our approximately 6,000 miners. On April
5, 2023, the Company entered into a letter agreement and MMSA Amendment pursuant to which Coinmint agreed to provide the Company with
up to ten (10) MW of additional mining capacity to energize the Company's mining equipment at Coinmint's hosting facility
in Plattsburgh, New York. The agreement is for two (2) years automatically renewable for three (3) months unless not renewed by either
party on ninety (90) days prior written notice. The Performance Fees under this letter agreement range from 30% to 33%.
As a result of its signed hosting agreements,
the Company had contracted for hosting capacity sufficient to complete the redeployment of its fleet in North America, with additional
signed capacity to facilitate potential future fleet growth. However, there can be no assurance as to if and when additional signed capacity
can be delivered due to factors beyond the Company's control. The Company continues to evaluate additional hosting arrangements
with existing and prospective new hosting partners in North America.
Core Scientific
On February 22, 2021, the Company entered into
a Master Services Agreement with Core Scientific Inc. ("Core Scientific") to provide colocation hosting, rack space, security,
monitoring, maintenance, utilities, repair, facility management, account management, network and data access, technical support, and heat
and thermal management services at a data center managed by Core Scientific in Georgia. Core Scientific hosted 100 S19 Pro miners owned
by the Company and provided approximately 0.3 MW to our miners. The agreement was for two (2) years unless earlier terminated and shall
automatically renew for successive twelve (12) month renewal terms unless earlier terminated. On December 21, 2022, Core Scientific filed
for bankruptcy protection in the Southern District of Texas.
In
November 2022, Core Scientific notified the Company that the hosting agreement would not be renewed and would be terminated on February
22, 2023. The Company has removed its miners from this hosting facility and relocated them to the Coinmint facility.
Competition
In digital asset mining, companies, individuals
and groups generate units of digital asset through mining. Miners can range from individual enthusiasts to professional mining operators
with dedicated data centers. Miners may organize themselves in mining pools. The Company competes or may in the future compete with other
companies that focus all or a portion of their activities on owning or operating digital asset exchanges, developing programming for the
blockchain, and mining activities. At present, the information concerning the activities of these enterprises is not readily available
as the vast majority of the participants in this sector do not publish information publicly or the information may be unreliable. Published
sources of information include "bitcoin.org" and "blockchain.info"; however, the reliability of that information
and its continued availability cannot be assured.
65
Our competitors in bitcoin mining include Riot
Blockchain, Inc., Marathon Digital Holdings, Greenidge Generation Holdings Inc., Argo Blockchain PLC, Digihost Technology Inc., Hive Blockchain
Technologies Inc., Hut 8 Mining Corp., Bitcoin Investment Trust, Blockchain Industries, Inc., Bitfarms Technologies Ltd., DMG Blockchain
Solutions Inc., HashChain Technology, Inc., MGT Capital Investments, Inc., DPW Holdings, Inc., Layer1 Technologies, LLC., Northern Data
AG, Cipher Mining Technologies Inc., and TeraWulf Inc. The bitcoin industry is a highly competitive and rapidly changing industry and
new competitors and/or emerging technologies could enter the market and affect our competitiveness in the future. For more information
regarding those risk factors known to us, see the section entitled "Risk Factors" herein.
In the Ethereum staking ecosystem, various entities, including
companies, individuals, and groups, stake a specific number of tokens on the network. This process enables them to actively contribute
to block creation and receive rewards in return. Rather than direct competition, the dynamic between validators is characterized by indirect
or cooperative interaction. Validators are randomly selected by the Ethereum protocol to perform the validation process. The likelihood
of being chosen as a validator is directly proportional to the size of their stake. In simpler terms, the more ETH staked, the greater
the chance of being selected as a validator and earning rewards.
Key competitors
in the Ethereum staking landscape are intermediary staking services such as Lido, Coinbase Global, Inc., and Binance Holdings Ltd. These
companies pool their customers' Ethereum holdings to collectively stake on the Ethereum network.
Custodian Accounts
Generally,
we only sell bitcoins when there is a need to fund our working capital requirements and the purchase of mining equipment. We otherwise
store the balance in custody. As of December 31, 2022, we used Cactus Custody,
a division of Matrixport Guard Limited ("Cactus Custody"), as our custodian (the "Custodian") to store our digital
assets. While the Custodian holds our digital assets, the ownership and operation rights are always 100% attributed to the Company. Our
custody account status and assets transactions are clearly recorded, and we can log into the Custodian's system to query and download
those records at any time. The Custodian will not loan, hypothecate, pledge and/or encumber our assets without express instructions from
us.
Cactus Custody can transfer any digital assets
to either cold or hot wallet addresses which transactions are assigned and managed under the Custodian's management. The transactions
are broadcast to the blockchain network, where they are validated and then enter the Custodian's custody. Digital assets are kept
in unique and segregated blockchain addresses accessible by us and verifiable on blockchain at any time.
For storage of digital assets, the Cactus Custody
wallet arrangement includes hardware and software infrastructure and security controls over key generation, storage, management and transaction
signing. Hot storage refers to online key storage. The Cactus Custody's proprietary solution adopts HSM (Hardware Security Module)
for key generation, storage and transaction signing. An HSM is a physical computing device that safeguards and manages digital keys for
strong authentication and provides cryptoprocessing. HSMs provide tamper evidence, tamper resistance and tamper responsiveness features
that can safeguard client's private keys. Private keys will be generated in HSM by a true random number generator; the plaintext
of the private key will never leave the HSM. Cactus Custody's proprietary storage applies industry best practice in security design
for cold storage, such as the highest security level HSM, multi-sig, private key split and stored in geographically distributed vaults.
Vault here refers to a highly secured data center with stringent access control and high-quality environment control. Each cold storage
vault only stores one-half of the encrypted private key in HSM. Vaults are located in three continents and are not prone to single point
of failure.
The physical backup is the disaster recovery measure.
Private keys are generated in HSM. Matrixport will split encrypted private keys into 8 pieces. Each piece will be stored in an encrypted
hard disk which will be then kept in a safe deposit box in different banks. Three (3) of eight (8) pieces held by management, the Company
and a third party would be needed to recover private keys. Cold storage withdrawal can only be made to the user's hot storage address.
The Custodian provides internal risk control measures like withdrawal limit and whitelist as a tool to help protect client's digital
assets.
Institutional Digital Asset Platform
Pursuant to a License Agreement effective August
31, 2022 (the "Agreement"), Fireblocks, Inc ("Fireblocks"). granted the Company's subsidiary a non-exclusive,
non-sublicensable, non-transferable license to Fireblocks Institutional Digital Asset Platform which provides access and use its services
to securely store, manage and administer its own holdings of digital assets on various blockchains, using a combination of encrypted public
and private keys (hereinafter, the "Service"). The Company retained ownership of all rights, title and interest to all Licensee
Data (as defined) provided by the Company to Fireblocks.
66
The Company is required to activate a private
key shard generated on its mobile device via the Fireblock's app in order to use the Service. In order to access and use the Service's
app, the Company's permitted users must have an individual recovery passphrase used to remove the private key shard, in the event
the mobile device or the Service's app is damaged, stolen or otherwise inaccessible. For a setup of each Fireblocks vault sub-account
and exchange or counterparty connection, the Company must perform testing to the Service by receiving a digital asset to a Fireblocks
vault and executing a transaction from the Fireblocks vault. The Company is solely responsible for maintaining insurance policies for
its digital assets and/or its products, services and operations.
Fireblocks may, from time to time in its sole
discretion, offer to provide optional additional services in connection with its provision of the Fireblocks vault service (such services,
the "Optional Software Services"). Optional Software Services are offered on an opt-in basis to the Company if it affirmatively
accesses the Optional Software Services or otherwise specifies them in an order. During the Initial Term of the Agreement, the Company
may elect to use any and all Optional Software Services without any additional fees on top of those applicable subscription fees which
are set forth in the order. The license granted for the Service and the provision of related services, to the extent applicable, are subject
to the full payment of the applicable subscription fees. Payment for the Service is $40,000 per year. However, if quarterly outgoing volume
exceeds $10,000,000, there is an additional charge based on usage.
Fireblocks may, from time to time, provide updates
or upgrades to the Service, but is not under any obligation to do so. Such updates and upgrades will be supplied according to Fireblocks'
then-current policies, which may include automatic updating and upgrading. The Service and the services provided by Fireblocks to the
Company are provided "as is" and Fireblocks and its suppliers, if any, make no warranty of any kind, express or implied, regarding
the Service, and specifically disclaim the warranties of merchantability, fitness for a particular purpose, to the maximum extent possible
by law. Fireblocks does not warrant that the Service will meet the Company's requirements, operate without interruption or be error
free. Fireblocks has no responsibility for any damage resulting from (including, but not limited to, any damage to the Company's
account) and the warranty does not apply to any security breach resulting from: (i) any modifications or alteration of the Service, its
functionality or capabilities that is not made by Fireblocks or its agents; and/or (ii) by malicious code, malware, bots, worms, trojans,
backdoors, exploits, cheats, fraud, hacks, hidden diagnostics or other mechanisms to disable security or content protection that is resulting
from the Company's network system.
Fireblocks agreed to defend, at its expense, any
third-party action or suit brought against the Company alleging that the Service, when used as permitted under this Agreement, infringes
intellectual property rights of a third party; and Fireblocks will pay any damages awarded in a final judgment against the Company that
are attributable to any such claim.
The License is effective for a one-year term,
which shall automatically be renewed for additional one-year terms unless terminated by either party on at least thirty (30) days'
prior written notice given before the end of the term. Either party may terminate the Agreement upon written notice if the other party
is in breach or default of any material provision of the Agreement and, if curable, fails to cure the breach or default within thirty
(30) days of receipt of written notice of the breach or default.
The Company agreed that its use of the Service
will comply with applicable export control and trade sanctions laws, rules and regulations, including, without limitation, the regulations
administered by the U.S. Department of Commerce's Bureau of Industry and Security ("BIS") and the U.S. Department of
the Treasury's Office of Foreign Assets Control ("OFAC") (collectively, "Export Control Laws").
Digital Asset Transactions
We
use Amber Group's OTC desk for selling or exchanging bitcoins for U.S. dollars, USDC (USD Coin) or ETH (Ethereum token). Subsequent
to September 30, 2021, we exited our holdings of WBTC and USDT and have no plans to hold these assets in the future. As of the date of
this report, we only own bitcoin, ETH and USDC. We are in the early stage of implementing treasury management alternatives to increase
earnings of the bitcoins we mine and hold. In that regard, we may continue to hold Ethereum (ETH), liquid staking tokens (described below)
and/or USDC (in addition to bitcoin) in order to fund the purchase of bitcoin miners and other mining equipment, to pay operational expenses
such as hosting company fees and for working capital and other general corporate purposes, including treasury management, and in the
case of ETH and/or other digital assets, to stake in connection with our Ethereum staking strategy described herein. We have temporarily
taken receipt of other digital assets, the amounts of which have not been material. However, other than bitcoin, ETH, liquid staking
tokens and/or USDC, we have no holdings of, and have no current plans to hold, any other types of digital assets.
67
Our evaluation as to whether the digital assets
we hold may be deemed securities under the Federal securities laws is a risk-based assessment and not a legal standard or binding on the
SEC or any other regulators. If bitcoin, ETH, liquid staking tokens and/or USDC tokens are deemed to be securities under the laws of any
U.S. federal, state, or foreign jurisdiction, or in a proceeding in a court of law or otherwise, it may have adverse consequences for
such digital asset. See "
Risk Factors – Risks Related to United States Government Regulation–A particular digital
asset's status as a "security" in any relevant jurisdiction is subject to a high degree of uncertainty and if a regulator
disagrees with our characterization of a digital asset, we may be subject to regulatory scrutiny, investigations, fines, and other penalties,
which may adversely affect our business, operating results and financial condition. Furthermore, a determination that bitcoin, ETH, liquid
staking tokens and/or USDC that we own or mine is a "security" may adversely affect the value of the digital asset and our
business.
"
We
expect our results of operations to continue to be affected by bitcoin prices as most of our revenue, to date, is sourced from bitcoin
mining production. Since January 2022, the decrease in bitcoin price has affected our results of operations and financial condition. As
of December 31, 2022, we held 946.4 bitcoin, with a carrying value of $15.8
million.
The carrying value of our bitcoin assets as of December 31, 2022 reflects the $21.0 million of impairment charges we recorded against
the carrying value of our bitcoin assets due to decrease in the fair value of our bitcoin assets after receipt. The decrease in our revenue
from bitcoin mining from January to December 2022 is substantially driven by the decrease in bitcoin price, as revenue is recognized on
the then-current price as well as the decrease of bitcoin production. Our bitcoin production for the months of January – December
2022 was as follows:
USA
Canada
Total
January
63.58
-
63.58
February
60.52
-
60.52
March
70.38
-
70.38
April
76.23
-
76.23
May
53.21
0.24
53.45
June
63.56
4.05
67.61
July
135.58
6.93
142.51
August
137.39
7.89
145.28
September
131.96
9.32
141.28
October
143.53
8.99
152.52
November
134.34
9.75
144.09
December
119.93
10.07
130.00
Total:
1,190.21
57.24
1,247.45
Any future significant reductions in the price
of bitcoin will likely have a material adverse effect on our results of operations and financial condition. See "
Risk Factors
– Bitcoin Related Risks – Our results of operations are expected to continue to be impacted by significant fluctuations in
bitcoin price
."
As of December 31, 2020, the Company had loaned
5.19 bitcoins to an unaffiliated third party. During the three and six months ended June 30, 2021, the Company lent an additional 141.99
and 81.78 bitcoins to two third parties, respectively. All loans were subject to interest of 5% per annum. The bitcoins were repayable
on demand. As of June 30, 2021, the unaffiliated third parties repaid all bitcoins under the aforementioned loans. As of December 31,
2022, there were no additional bitcoins lent to third parties.
68
Ethereum
The Company expanded during 2022 from mining bitcoin
to also validating transactions on the Ethereum blockchain. We currently only hold bitcoin, Ether (ETH), liquid staking tokens (described
below) and/or USDC. Transactions on the chain are conducted in ETH. A total of 730 ETH miners we own were first purchased in December
2021 and put into operation in January 2022. We earned 294.3 ETH from mining operations for the year ended December 31, 2022. As the Merge
occurred on September 15, 2022, as described below, all of our ETH miners can no longer be used to mine ETH. Currently, our ETH miners
are not a significant percentage of our fleet. Current market conditions are such that the costs of mining ETH Classic are greater than
their value. For the mining of ETH Classic and/or other digital assets, the Company will need to pay electricity cost, management fee
for the miners and/or profit sharing to our hosting partner. The Company will consider these costs in deciding whether to mine ETH Classic
and/or other digital assets in the future. In the fourth quarter of 2022, the Company planned to use these ETH miners to mine ETH classic
when it's economical for us to turn on these miners. The Company performed the impairment testing in the fourth quarter of 2022
and recognized an impairment loss of $3,669,555 for the ETH miners in the consolidated financial statements for the year ended December
31, 2022.
While the Company remains bullish on bitcoin,
and supporting the bitcoin blockchain, it expects to derive revenue from the Ethereum network which powers a smart contract platform,
that is the second biggest blockchain by market capitalization at $200 billion as of July 2022 per CoinMarketCap. After many years of
development, in connection with the Merge, the Ethereum blockchain made its transition from a proof-of-work (PoW) consensus mechanism,
like the bitcoin network, to a proof-of-stake (PoS) model. A proof-of-stake system generally does not expend as much energy to verify
transactions as does the bitcoin blockchain. Instead, a participant's digital assets are deposited in a specific smart contract,
which enters them in a lottery. Each time an exchange occurs, a participant is selected from the lottery to verify the transaction and
win the reward. The transition to a PoS blockchain occurred on September 15, 2022, when the Ethereum Mainnet merged with the PoS Beacon
Chain, a system upgrade that is referred to as the "Merge." Notwithstanding the fact that a not-for-profit called The Ethereum
Foundation helps supervise the blockchain, Ethereum is run by a group of engineers across the world.
The Merge and the switch from PoW to PoS did not
change our characterization of ETH as a digital asset. As a result of the Merge, PoW mining is no longer the means of validating Ethereum
transactions and producing new ETH. Instead, the PoS validators assumed this role and are responsible for processing the validity of all
transactions and preparing blocks. The Company intends to accumulate and actively stake ETH to generate yields. We intend to hold our
staked ETH for our own account, as described below. We have no current plans to convert ETH to cash, other than when needed to support
our operations. By actively staking ETH, we intend to diversify the Company's operations into a second highly regarded digital asset
ecosystem and provide our shareholders with exposure to the smart contract economy. This is also expected to provide a new, predictable
and recurring stream of digital asset rewards. Our staking strategy is intended to generate staking-derived yield denominated in ETH,
a digital asset that is expected to have deflationary properties. Consequently, there is a potential for our ETH balances to compound
over time. Furthermore, the net asset value of our held ETH has the potential to appreciate, in the event of an increase in the price
for ETH, driven by demand for participation in Ethereum's smart contract economy, a reduction in issuance with "burning"
of tokens, removing them from systems and other factors beyond our control.
On April 12, 2023, Ethereum's Shanghai hard fork, also referred to as "Shapella," has been
finalized, enabling withdrawals for users who have "staked" their ETH to secure and validate transactions on the blockchain.
Blockdaemon Agreement
As of August 30, 2022 (the "Effective Date"),
the Company's wholly-owned subsidiary, Bit Digital Singapore Pte Ltd., entered into a Master Services Agreement (the "MSA")
with Blockdaemon Ltd. ("Blockdaemon"), an Irish company, which is a leading institutional-grade blockchain infrastructure
company for node management and staking.
The Company has deployed ETH liquid staking tokens
into Harbour, a liquid staking solution provider under the consortium of Blockdaemon and Stakewise. In exchange for depositing ETH into
Harbour's liquid staking protocols, the Company received sETH-h and rETH. As of December 31, 2022, the Company had 8,800 ETH, 2,004
sETH-h, and 16 rETH with a combined carrying value of approximately $11.8 million. 2,164 ETH were actively staked as of that date, using
either native staking or liquid staking protocols, described below. Considering sETH-h has less liquidity, less utility, and more technical
(smart contract) risk than ETH, an event including a hash, governance attack, slash across modified node operators or market-wide liquidity
crisis, would result in cascading liquidations and a large dislocation in sETH-h, ETH and rETH-h/ETH. In addition, should Harbur suffer
liquidation, it will negatively impact our ability to redeem sETH-h and rETH-h back to ETH. The Company intends to continue accumulating
Ethereum and stake substantially all of its ETH position over time. However, since the Merge users have been unable to remove their staked
tokens, the Shanghai Upgrade occurred on April 12, 2023 resolves this issue and adds withdrawal functionality.
69
Blockdaemon granted the Company a non-exclusive
right and license to access the services (the "Services") and, when applicable, use the nodes with an actual uptime of at
least 99.9% during each rolling thirty (30) day period. The nodes are the server or virtual server that contains a copy of the distributed
ledger and serves as a communication point that excludes various essential retail functions, such as creating, reviewing or sending information
and validating transactions within a blockchain. The Company will be paid Net Revenue generated by the Services. The Company will pay
Blockdaemon a percentage of Net Revenue directly attributable to customer funds that will vary by protocol specified in the applicable
order form. The Company will pay $8 per validation per month and a three (3%) percent share of participation rewards received by the Company.
All rewards paid to the Company will be made in the same digital assets in which the Company's funds sent to Blockdaemon are downloaded.
In connection with the performance of the Services,
Blockdaemon will use commercially reasonable endeavors to ensure that it has implemented security procedures that represent good industry
practice. Blockdaemon will provide access to and update daily a dashboard detailing the performance of the Services to the Company. The
dashboard will provide sufficient detail to enable the accurate calculation of Net Revenue. Blockdaemon must keep the dashboard accurate,
complete and up-to-date. The Company will receive a service credit of 10% if service performance is greater than or equal to 99% but less
than 99.9%, and a 25% credit if less than 99%.
Blockdaemon must maintain insurances during the
term adequate to cover the potential liability arising under the MSA. The MSA commenced on the Effective Date and continues in full force
and effect until terminated. The term of each subscription to the Services commences as of the date set forth in the relevant Order Form
and continues for a period of twelve (12) months ("Initial Term"). Thereafter, the Initial Term of the relevant Order Form
will automatically renew for successive twelve (12) month periods (each, a "Renewal Term" and together with the Initial Term,
the "Term") unless written notice is given by one party to the other party of its intention not to renew the Order Form at
least ninety (90) days before the expiration of the then-current Term.
Either party may terminate the MSA (or any Order
Form under it) upon the following events: (i) at any time, for any reason, upon ninety (90) calendar days advance written notice to the
party, or (ii) upon written notice to the other party if the other party materially breaches the Agreement and fails to cure such breach
within thirty (30) calendar days of its receipt of written notice identifying the breach (for "Cause"), or (iii) the other
party is insolvent. In addition, Blockdaemon may terminate the Agreement (and any Order Form under it) for Cause immediately upon written
notice, after a cure period of seven (7) calendar days if (i) the Company uses the Services in any manner that violates applicable law,
(ii) the Company's use of the Services infringes the intellectual property or privacy rights of a third party, (iii) the Company
transmits or attempts to transmit any harmful code of Services, or (iv) Blockdaemon determines that it is appropriate under limited circumstances
of indemnification. The Company may terminate the MSA (and any Order Form) immediately upon written notice (A) should its continued participation
in this Agreement result in a breach of licensing or regulatory requirements on its part, (B) if instructed by any relevant authority,
or (C) should Blockdaemon be instructed by relevant authority that it is in breach of licensing or regulatory requirements ("Regulatory
Breach"). Notwithstanding anything to the contrary if the Company would be prevented from withdrawing the customer funds or participatory
rewards following a termination of the Services because such transfer is not permitted under the protocol rules, Blockdaemon must, upon
receipt of a notice from the Company, continue to provide the Services (and the terms of this Agreement will apply) until such time as
the transfer and payment can be made in accordance with the protocol rules.
All right, title, and interest in and to the Services,
the Nodes, the documentation, and the service performance data, including all modifications, improvements, adaptations, enhancements,
derivatives, or translations made thereto or therefrom, and all intellectual property rights therein, are and will remain the sole and
exclusive property of Blockdaemon. The Company will indemnify, defend and hold Blockdaemon harmless from and against any and all damages,
losses, liabilities, costs and expenses, including reasonable attorneys' fees ("Losses") incurred by Blockdaemon in
connection with any third-party action, claim or proceeding (each, a "Claim") arising from or relating to (i) the Company's
breach or violation of the Agreement; or (ii) the Company's gross negligence or willful misconduct.
70
Blockdaemon will indemnify, defend and hold the
Company harmless from and against any Losses incurred by the Company in connection with any third-party Claim arising from (i) Blockdaemon's
gross negligence or willful misconduct; (ii) Blockdaemon's breach of the Agreement; (iii) allegations that the Company's access
to and use of the Services or Nodes in compliance with the Agreement infringes or misappropriates any third-party intellectual property
rights (an "Infringement Claim"); or (iv) any slashing penalties that are the result of any defect of a Node operated by Blockdaemon
on behalf of the Company, excluding any missed Participatory Rewards or imperfect yields resulting from insufficient staking or inactive
Nodes or network-forced inactivity.
Pursuant to the order form entered into among
Blockdaemon, DeFi Primitive Ltd. ("Stakewise") and the Company, the Company will also participate in liquid staking via Portara,
the liquid staking protocol developed by Blockdaemon and StakeWise and the first of its kind tailored to institutions. Liquid staking
allows participants to (1) achieve greater capital efficiency by utilizing their staked ETH as collateral and (2) withdraw from staked
positions earlier than natively possible by trading their staked ETH tokens on the secondary market. Unlike other liquid staking solutions,
Portara's key differentiator is that it ensures that users can only interact with verified counterparties. As a result, several
regulated institutions which were previously unable to participate in liquid staking have now on-boarded with Portara and are actively
liquid staking. The Company's initial order form for liquid staking was for a maximum of 2,000 ETH, unless otherwise approved by
liquid staking providers. Blockdaemon is entitled to a fee equal to 8% of all participation rewards earned.
While the Company has no current plans to offer
staking-as-a-service ("SaaS") except as set forth below, it is a potential source of revenue in the future. Subject to developing
this potential line of business and a variety of contingencies and uncertainties, among other things, the Company is aware of the issue
that if and when it decides to provide such services for others for consideration (e.g., either cash or other digital assets), it will
need to comply with the Federal securities laws. The Company will disclose that prior to initiating any SaaS plans, it will undertake
a regulatory review to ensure compliance with all regulatory requirements, including, but not limited to, the Federal securities laws.
As described above under "Digital Asset Transactions," our evaluation of whether a digital asset we hold may be deemed to
be a "security" under the Federal Securities laws is a risk-based assessment and not a legal standard. The Company will need
to install a fully compliant infrastructure, via either an organic buildout or hiring a third-party contractor. The Company may also elect
to stake and validate other leading proof-of-stake blockchains, such as liquid staking, which may be deemed to be securities. In addition
to traditional Ethereum staking, we also participated in liquid staking solutions of Harbur, a protocol which allows participants to (1)
achieve greater capital efficiency by utilizing their staked ETH as collateral and (2) withdraw from staked positions earlier than natively
possible by trading their staked ETH tokens on the secondary market. In liquid staking, customers who have staked ETH in a smart contract
receive receipt tokens. However, the customer retains ownership of the staked ETH and is in full control of the receipt tokens.
Liquid Collective Slashing Coverage Program
Nexus Mutual is providing the Company with slashing
coverage under Liquid Collective's program for up to 2.0 ETH per validator. Liquid Collective is a protocol developed in collaboration
with a diverse group of industry leaders to meet the need for an enterprise-grade liquid staking standard that can be widely adopted.
The coverage is fully scalable and automatically adjusts with the protocol's assets on a platform directly for the Company's
custody account on platforms it is using for staking ETH. Slashing incidents may result from network-wide events such as a natural disaster
or client bug.
Mega Matrix Joint Venture
On
March 1, 2023, the Company formed a joint venture with Mega Matrix Corp. (NYSE: MPU) ("Mega Matrix") by entering into a shareholders'
agreement (the "Agreement") with MarsProtocol Technologies Pte. Ltd., the joint venture company (the "Joint Venture
Company"), to jointly develop proof-of-stake technology tools for digital assets through the staking platform "MarsProtocol,"
an institutional grade non-custodial staking technology (the "Joint Venture"). Through MarsProtocol, the Joint Venture will
seek to provide non-custodial staking tools whereby users' private keys are not stored in its database to ensure the safety of
its users' digital assets. Pursuant to the Agreement, Bit Digital will own forty (40%) percent of the Joint Venture Company. The
Company and Saving Digital Pte Ltd., the Singapore subsidiary of Mega Matrix, will each appoint one director and Saving Digital will
appoint a third director ordinarily residing in Singapore.
Mega Matrix is a holding company located in Palo
Alto, California that focuses on digital asset-related businesses. The Joint Venture Company will be domiciled in Singapore. Before offering
any services, the Joint Venture Company will undertake a regulatory review to ensure that its services are fully compliant with the laws
of Singapore and any other nation in which it seeks to conduct business. The services will not be offered to U.S. individual residents.
71
Coinbase Prime Broker Agreement
On February 1, 2023, Bit Digital Singapore, Ltd.
(BTSP), the Company's wholly-owned subsidiary, entered into a Prime Broker Agreement (the "Coinbase PBA") with Coinbase,
Inc. and its affiliated entities. Under the Prime Broker Agreement, Coinbase will provide services relating to custody, trade execution,
lending or post-trade credit (if applicable) for bitcoin, ETH and other orders. Under the Coinbase PBA, the Company can submit orders
to purchase and sell specified digital assets in accordance with Coinbase Trading Rules (as defined). The Company's digital assets
are held, at Coinbase's discretion, in either hot wallets, cold wallets or a Connected Trading Venture. Those assets held in the
Trading Venture are held on an omnibus basis and the Company does not have a claim to any particular digital asset. The Company's
cash may be held in either an omnibus account or with U.S. insured depository accounts in Coinbase's name designed to enable repayment
of FDIC deposit insurance where applicable. The Company agreed to transfer any assets off of the Trading Platform within thirty (30) days
of receipt of termination from Coinbase unless prohibited by law.
Insurance
We currently do not have any insurance of our
miners; however, we intend to purchase insurance in the future. The market is in its early stages. We monitor the market for insurance
for our miner assets, as well as for our digital assets.
Cactus Custody is self-insured for its secure
asset fund (the "Fund"). The Fund size is $4 million, with an additional 35% of custody service annual revenue each year to
be added to this Fund, at no additional cost to the Company.
The Fund covers:
●
damage
caused by insider theft or dishonest acts by Cactus Custody employees or executives;
●
third-party
hacks, copying, or theft of private keys for both hot and cold storage; and
●
damage
caused by loss of keys for both hot and cold storage
Fireblocks
The Fireblocks Institutional Digital Asset Program
is insured by leading insurance companies which are A.M. Bests rated "A" (excellent). There is an aggregate of $30,000,000
digital asset crime insurance for theft of digital assets, external breach of Fireblocks' software or any malicious or intentional
misbehavior or fraud by employees. Fireblocks has $12,500,000 of aggregate insurance for errors and omissions; professional liability
insurance and cyber/privacy liability insurance.
-
Transfer of cash
Since the Company's commencement of mining
operations in February 2020 to December 31, 2022, the Company did not transfer any cash from the holding company to any of its subsidiaries.
During the year ended December 31, 2020, the Company
raised proceeds of approximately $5.2 million from certain private placements, and the proceeds were directly transferred from investors
to the designated accounts of Bit Digital Hong Kong Limited ("BT HK"), the Company's wholly owned subsidiary in Hong
Kong.
During
the period from January 1, 2021 to December 31, 2021, the
Company raised proceeds of approximately $37 million from an equity line of credit. The proceeds were directly transferred from investors
to designated accounts of Bit Digital USA, Inc. ("BT USA"), the Company's subsidiary in the U.S. The net proceeds raised
in our $80 million September 2021 private placement were transferred to BT USA.
During the period from January 1, 2022 to December
31, 2022, the Company raised gross proceeds of approximately $22 million from an equity line of credit. The net proceeds of $21 million
were directly transferred from investors to designated accounts of Bit Digital USA.
-
Transfer of other assets
During the period from February 2020 to September
30, 2021, Bit Digital Hong Kong transferred 25,006 miners to BT USA, with a carrying value of $19.80 million.
-
Payment of dividends or distributions
During
the period from February 2020 to the date of this report, the Company did not receive any dividends or distributions from any of its subsidiaries,
nor did the Company make any dividends or distributions to its investors, except as follows:
●
On October 24, 2022, Bit Digital Hong Kong Limited declared a dividend of $353,357 to the Company. Such
dividend was paid directly to Bit Digital Singapore Pte Ltd. ("BDSG") as its payment-in-kind capital contribution for the
Company's 500,000 ordinary shares of BDSG.
●
On February 7, 2023, the Board of Directors declared an eight (8%) percent ($800,000) dividend on the preference shares to Geney Development Ltd. ("Geney"). Erke Huang, our Chief Financial Officer, is the President of Geney and the beneficial owner of thirty (30%) percent of the equity of Geney, with the remaining seventy (70%) percent held by Zhao Hui Deng, the Company's Chairman of the Board.
72
Pursuant to the Enterprise Income Tax Law of the
People's Republic of China and its implementation rules, if a non-resident enterprise has not set up an organization or establishment
in the PRC, or has set up an organization or establishment, but the income derived has no actual connection with such organization or
establishment, it will be subject to a withholding tax on its PRC-sourced income at a rate of 10%. Pursuant to the Arrangement between
mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, the withholding
tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise is reduced to 5% from a standard rate of
10% if the Hong Kong enterprise directly holds at least 25% of the PRC enterprise. Pursuant to the Notice of the State Administration
of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements, or Circular 81, a Hong Kong resident enterprise
must meet the following conditions, among others, in order to enjoy the reduced withholding tax: (i) it must directly own the required
percentage of equity interests and voting rights in the PRC resident enterprise; and (ii) it must have directly owned such percentage
in the PRC resident enterprise throughout the 12 months prior to receiving the dividends. There are also other conditions for enjoying
the reduced withholding tax rate according to other relevant tax rules and regulations. In October 2019, Announcement of State Taxation
Administration on Promulgation of the Administrative Measures on Non-resident Taxpayers Enjoying Treaty Benefits, or Circular 35, which
became effective on January 1,2020. Circular 35 provides that non-resident taxpayers claiming treaty benefits shall be handled in accordance
with the principles of "self-assessment, claiming benefits, retention of the relevant materials for future inspection". Where
a non-resident taxpayer self-assesses and concludes that it satisfies the criteria for claiming treaty benefits, it may enjoy treaty benefits
at the time of tax declaration or at the time of withholding through the withholding agent, simultaneously gather and retain the relevant
materials pursuant to the provisions of these Measures for future inspection, and accept follow-up administration by the tax authorities.
-
Restrictions or limitations
As of the date of this report, the Company had
five subsidiaries incorporated in and based in the United States, Canada, Hong Kong and Singapore. The Company is not aware of any restrictions
or limitations on foreign exchange in these countries or areas, or its ability to transfer cash between entities, across borders or to
U.S. investors, nor is the Company aware of any restrictions and limitations on its ability to distribute earnings from its businesses,
including the businesses of its subsidiaries, to the holding company and its U.S. investors.
Intellectual Property
We actively use specific hardware and software
for our digital asset mining operation. In certain cases, source code and other software assets may be subject to an open source license,
as much technology development underway in this sector is open source. For these works, we intend to adhere to the terms of any license
agreements that may be in place.
We do not currently own, and do not have any current
plans to seek, any patents in connection with our existing and planned blockchain and digital asset related operations. We rely upon trade
secrets, trademarks, service marks, trade names, copyrights and other intellectual property rights and expect to license the use of intellectual
property rights owned and controlled by others. In addition, we have developed and may further develop certain proprietary software applications
for purposes of our digital asset mining operation.
Legal Proceedings
Except as set forth herein, we are not currently
a party to any material legal or administrative proceedings.
On January 20, 2021, a securities class action lawsuit was filed against
the Company and its Chief Executive Officer and Chief Financial Officer titled
Anthony Pauwels v. Bit Digital, Inc., Min Hu and Erke
Huang
(Case No. 1:21-cv-00515) (U.S.D.C. S.D.N.Y.). The class action was brought on behalf of persons that purchased or acquired our
Ordinary Shares between December 21, 2020 and January 11, 2021, a period of volatility in our shares, as well as volatility in the price
of bitcoin. On April 29, 2021, the Court consolidated several related cases under the caption
In re Bit Digital, Inc. Securities Litigation
.
Joseph Franklin Monkam Nitcheu was appointed as lead plaintiff. On July 6, 2021, the lead plaintiff filed a consolidated class action
complaint (the "Amended Complaint"). The Amended Complaint was still based primarily upon a January 11, 2021 short seller
report and included, among other things, additional information concerning our previously discontinued peer to peer lending business.
We filed a motion to dismiss the lawsuit and vigorously defended the action.  While that motion was pending, the Company agreed with
the lead plaintiff selected in the case to settle the class action by paying $2,100,000. The Company chose to do that to eliminate the
burden, expense and uncertainties of further litigation. The Company continues to deny the allegations in the Amended Complaint and nothing
in the settlement is evidence of any liability on the Company's behalf.
On March 7, 2023, a final judgment in this matter was entered approving
the settlement and certifying the class for purposes of enforcing the settlement and payment was then made by the Company.
73
Regulations
U.S. Government Regulation
U.S. government regulation of blockchain and digital
asset is being actively considered by the United States federal government via its agencies and regulatory bodies, as well as similar
entities in other countries and transnational organizations, such as the European Union. State and local regulations also may apply to
our activities and other activities in which we may participate in the future. Other governmental or semi-governmental regulatory bodies
have shown an interest in regulating or investigating companies engaged in the blockchain or digital asset business.
As the regulatory and legal environment evolves,
we may become subject to new laws, such as further regulation by the SEC and other agencies, which may affect our mining and other activities.
Holding Foreign Companies Accountable Act/PCAOB
Although the audit reports of Audit Alliance LLP
incorporated by reference into this report are prepared by Singapore auditors who are subject to inspection by the Public Company Accounting
Overnight Board (the "PCAOB"), there is no guarantee that future audit reports will be prepared by auditors that are completely
inspected by the PCAOB and, as such, future investors may be deprived of such inspections, which could result in limitations or restrictions
to our access in the U.S. capital markets under the Holding Foreign Companies Accountable Act (the "HFCA Act") or the Accelerating
Holding Foreign Companies Accountable Act. The United States enacted the Holding Foreign Companies Accountable Act, or the HFCA Act, in
December 2020. The HFCA Act includes requirements for the SEC to identify issuers whose audit reports are prepared by auditors that the
PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor's local
jurisdiction. The HFCA Act also requires public companies on this SEC list to certify that they are not owned or controlled by a foreign
government and make certain additional disclosures in their SEC filings. In December 2022, the HFCA Act was amended to reduce from three
years to two years the number of consecutive years an issuer can be identified as an identified issuer before the SEC can prohibit an
issuer's securities from trading on any U.S. national securities exchange and on the over-the- counter market. Accordingly, our
securities may be prohibited from trading on Nasdaq or other U.S. stock exchange. If our auditor is not inspected by the PCAOB for two
consecutive years, and this ultimately could result in our Ordinary Shares being delisted.
On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, which if enacted into law would amend the HFCA Act and require the SEC to prohibit an issuer's
securities from trading on U.S. stock exchanges if its auditors are not subject to PCAOB inspections for two consecutive "non-inspection"
years instead of three. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for
the PCAOB to use when determining, as contemplated under the HFCA Act, whether the Board is unable to inspect or investigate completely
registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
On December 16, 2021, the PCAOB issued PCAOB Rule 6100 Board Determinations Under the Holding Foreign Companies Accountable Act. The PCAOB
notified the SEC that it was unable to inspect or investigate completely registered public accounting firms headquartered in mainland
China and in Hong Kong, because of the positions taken by authorities in mainland China and Hong Kong. As stated above, our current auditors
are based in Singapore and the PCAOB is permitted to inspect and investigate them. The PCAOB issued a Determination Report on December
15, 2022, determining that the PCAOB secured complete access to inspect and investigate registered public accounting firms headquartered
in mainland China and Hong Kong, and vacating the 2021 Determinations to the contrary. However, the PCAOB further noted that it will act
immediately to consider the need to issue a new determination if the PRC authorities obstruct or otherwise fail to facilitate the PCAOB's
access. While the audit reports of Audit Alliance LLP incorporated by reference into this prospectus are prepared by auditors based in
Singapore who are subject to inspection and investigation by the PCAOB, there can be no assurance that our auditor or we will be able
to comply with these and other requirements imposed by U.S. regulators in the future. The market prices of our Ordinary Shares and/or
other securities could be adversely affected as a result of possible negative impacts of the HFCA Act and other similar rules and regulations.
74
Data Privacy
We collect and process data, including personal,
financial and confidential information about individuals, including our employees and business partners; however, none of any customers
or other third parties. The collection, use and processing of such data about individuals are governed by data privacy laws and regulations
enacted in the United States (federal and state), and other jurisdictions around the world. These data privacy laws and regulations are
complex, continue to evolve, and, on occasion, may be inconsistent between jurisdictions leading to uncertainty in interpreting such laws
and it is possible that these laws, regulations and requirements may be interpreted and applied in a manner that is inconsistent with
our existing information processing practices, and many of these laws are significantly litigated and/or subject to regulatory enforcement.
The implication of this includes that various federal, state and foreign legislative or regulatory bodies may enact or adopt new or additional
laws and regulations concerning data privacy, data retention, data transfer, and data protection. Such laws may continue to restrict or
dictate how we collect, maintain, combine and disseminate information and could have a material adverse effect on our business, results
of operations, financial condition and prospects.
In the United States, there are numerous federal
and state laws and regulations that could apply to our operations or the operations of our partners, including data breach notification
laws, financial information and other data privacy laws, and consumer protection laws and regulations (e.g., Section 5 of the FTC Act),
that govern the collection, use, disclosure, and protection of personal information.
Environmental, Health and Safety Laws and
Regulations
Our operations and properties are subject to extensive
laws and regulations governing occupational health and safety, the discharge of pollutants into the environment or otherwise relating
to health, safety and environmental protection requirements in the United States. These laws and regulations may impose numerous obligations
that are applicable to our operations, including acquisition of a permit or other approval before conducting construction or regulated
activities; restrictions on the types, quantities and concentration of materials that can be released into the environment; limitation
or prohibition of construction and operating activities in environmentally sensitive areas, such as wetlands; imposing specific health
and safety standards addressing worker protection; and imposition of significant liabilities for pollution resulting from our operations,
including investigation, remedial and clean-up costs. Certain environmental laws may impose strict, joint and several liability for costs
required to clean up and restore sites where hazardous substances have been disposed or otherwise released into the environment, even
under circumstances where the hazardous substances were released by prior owners or operators or the activities conducted and from which
a release emanated complied with applicable law. Moreover, it is not uncommon for neighboring landowners and other third parties to file
claims for personal injury and property damage allegedly caused by noise or the release of hazardous substances into the environment.
The trend in environmental regulation has been
to place more restrictions and limitations on activities that may be perceived to impact the environment, and thus there can be no assurance
as to the amount or timing of future expenditures for environmental regulation compliance or remediation. New or revised regulations that
result in increased compliance costs or additional operating restrictions could have a material adverse effect on our financial position,
results of operations and cash flows.
75
Climate Change
A number of governments or governmental bodies
have introduced or are contemplating legislative and regulatory changes in response to various climate change interest groups and the
potential impact of climate change. Given the very significant amount of electrical power required to operate digital asset mining machines,
as well the environmental impact of mining for the rare earth metals used in the production of mining servers, the digital asset mining
industry may become a target for future environmental and energy regulation. For example, in June and July of 2021, the Chinese government
prohibited the operation of mining machines and supply of energy to mining businesses, citing concerns regarding high levels of energy
consumption, which resulted in our suspension of mining operations in China. U.S. (federal and state) legislation and increased regulation
regarding climate change could impose significant costs on us and our suppliers, including costs related to increased energy requirements,
capital equipment, environmental monitoring and reporting, and other costs to comply with such regulations. Specifically, imposition of
a carbon tax or other regulatory fee in a jurisdiction where we operate or on electricity that we purchase could result in substantially
higher energy costs, and due to the significant amount of electrical power required to operate digital asset mining machines, could in
turn put our facilities at a competitive disadvantage. Any future climate change regulations could also negatively impact our ability
to compete with companies situated in areas not subject to such limitations. Given the political significance and uncertainty around the
impact of climate change and how it should be addressed, we cannot predict how legislation and regulation will affect our financial condition,
operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity
in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm our reputation.
Any of the foregoing could have a material adverse effect on our financial position, results of operations and cash flows.
Federal Securities Laws
The SEC and its staff have taken the position
that certain digital assets fall within the definition of a "security" under the U.S. federal securities laws. The legal test
for determining whether any given digital asset is a security is a highly complex, fact-driven analysis that may evolve over time, and
the outcome is difficult to predict. Our determination that the digital assets we hold are not securities is a risk-based assessment and
not a legal standard or binding on regulators. The SEC generally does not provide advance guidance or confirmation on the status of any
particular digital asset as a security. Furthermore, the SEC's views in this area have evolved over time and it is difficult to
predict the direction or timing of any continuing evolution. It is also possible that a change in the governing administration or the
appointment of new SEC commissioners could substantially impact the views of the SEC and its staff. Public statements made by senior officials
at the SEC indicate that the SEC does not intend to take the position that Bitcoin is a security (as currently offered and sold). However,
such statements are not official policy statements by the SEC and reflect only the speakers' views, which are not binding on the
SEC or any other agency or court and cannot be generalized to any other digital asset. As of the date of this report, with the exception
of certain centrally issued digital assets that have received "no-action" letters from the SEC staff, bitcoin and ETH are
the only digital assets which senior officials at the SEC have publicly stated are unlikely to be considered securities. chairman Gensler
stated (at the Penn Law Capital Markets Association Annual Conference on April 4, 2022) that "Issuers of crypto tokens that are
securities must register their offers and sales of these assets with the SEC and comply with our disclosure requirements or meet an exemption."
As a bitcoin mining company, we do not believe we are an issuer of any "securities" as defined under the federal securities
laws. Our internal process for determining whether the digital assets we hold or plan to hold is based upon the public statements of the
SEC and existing case law. The digital assets we hold or plan to hold, other than bitcoin and ETH, may have been created by an issuer
as an investment contract under the Howey test,
SEC
v.
Howey Co.
, 328 U.S. 293 (1946), and may be deemed to be securities
by the SEC. However, the Company was not the issuer that created these digital assets and is holding them on an interim basis until liquidated.
Should the SEC state in the future that bitcoin, ETH or USDC tokens we hold are securities, we may no longer be able to hold any of these
digital assets. It will then likely become difficult or impossible for such digital asset to be traded, cleared or custodied in the United
States through the same channels used by non-security digital assets, which in addition to materially and adversely affecting the trading
value of the digital asset is likely to cause substantial volatility and significantly impact its liquidity and market participants'
ability to convert the digital asset into U.S. dollars. Our inability to exchange bitcoin for fiat currency or other digital assets (and
vice versa) to administer our treasury management objectives may decrease our earnings potential and have an adverse impact on our business
and financial condition.
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Under the Investment Company Act of 1940, as amended,
a company may fall within the definition of an investment company under section 3(c)(1)(A) thereof if it is or holds itself out as being
engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities, or under section
3(a)(1)(C) thereof if it is engaged, or proposes to engage, in business of investing, reinvesting, owning, holding, or trading in securities,
and owns, or proposes to acquire, "investment securities" (as defined) having a value exceeding 40% of its total assets (exclusive
of government securities and cash items) on an unconsolidated basis. There is no authoritative law, rule or binding guidance published
by the SEC regarding the status of digital assets as "securities" or "investment securities" under the Investment
Company Act. Although we believe that we are not engaged in the business of investing, reinvesting, or trading in investment securities,
and we do not hold ourselves out as being primarily engaged, or proposing to engage primarily, in the business of investing, reinvesting
or trading in securities to the extent the digital assets which we mine, own, or otherwise acquire may be deemed "securities"
or "investment securities" by the SEC or a court of competent jurisdiction, we may meet the definition of an investment company.
If we fall within the definition of an investment company under the Investment Company Act, we would be required to register with the
SEC. If an investment company fails to register, it likely would have to stop doing almost all business, and its contracts would become
voidable. Generally non-U.S. issuers may not register as an investment company without an SEC order.
The classification of a digital asset as a security
under applicable law has wide-ranging implications for the regulatory obligations that flow from the mining, sale and trading of such
assets. For example, a digital asset that is a security in the United States may generally only be offered or sold in the United States
pursuant to a registration statement filed with the SEC or in an offering that qualifies for an exemption from registration. Persons that
effect transactions in digital assets that are securities in the United States may be subject to registration with the SEC as a "broker"
or "dealer."
There can be no assurances that we will properly characterize any given
digital asset as a security or non-security for purposes of determining which digital assets to mine, hold and trade, or that the SEC,
or a court, if the question was presented to it, would agree with our assessment. We could be subject to judicial or administrative sanctions
for failing to offer or sell digital assets in compliance with the registration requirements, or for acting as a broker or dealer without
appropriate registration. Such an action could result in injunctions, cease and desist orders, as well as civil monetary penalties, fines,
and disgorgement, criminal liability, and reputational harm. Further, if any of our digital assets  is deemed to be a security under
the laws of any U.S. federal, state, or foreign jurisdiction, or in a proceeding in a court of law or otherwise, it may have adverse consequences
for such digital asset. For instance, all transactions in such supported digital asset would have to be registered with the SEC, or conducted
in accordance with an exemption from registration, which could severely limit its liquidity, usability and transactability. For instance,
all transactions in such supported digital asset would have to be registered with the SEC, or conducted in accordance with an exemption
from registration, which could severely limit its liquidity, usability and transactability. Further, it could draw negative publicity
and a decline in the general acceptance the digital asset. Also, it may make it difficult for such digital asset to be traded, cleared,
and custodied as compared to other digital assets that are not considered to be securities.
Anti-corruption and anti-money laundering
laws, including the Foreign Corrupt Practices Act (the "FCPA")
We operate an international business and may have
direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities. We are subject
to the FCPA, and other applicable anti-corruption and anti-money laundering laws in certain countries in which we conduct activities.
The FCPA prohibits providing, offering, promising, or authorizing, directly or indirectly, anything of value to government officials,
political parties, or political candidates for the purpose of obtaining or retaining business or securing any improper business advantage.
In addition, U.S. public companies are required to maintain records that accurately and fairly represent their transactions and have an
adequate system of internal accounting controls.
In many foreign countries, including countries
in which we may conduct business, it may be a local custom that businesses engage in practices that are prohibited by the FCPA, or other
applicable laws and regulations. We face significant risks, if we or any of our directors, officers, employees, contractors, agents or
other partners or representatives fail to comply with these laws. Governmental authorities in the United States and elsewhere could seek
to impose substantial civil and/or criminal fines and penalties which could have a material adverse effect on our business, reputation,
operating results, prospects and financial condition.
77
Any violation of the FCPA, other applicable anti-corruption laws, or
anti-money laundering laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges,
severe criminal or civil sanctions and, in the case of the FCPA, suspension or debarment from U.S. government contracts, any of which
could have a materially adverse effect on our reputation, business, operating results, prospects and financial condition. In addition,
responding to any enforcement action or internal investigation related to alleged misconduct may result in a significant diversion of
management's attention and resources and significant defense costs and other professional fees.
Infrastructure Investment and Jobs Act of
2021 (the "Infrastructure Act")
On November 15, 2021, President Joseph R. Biden signed the Infrastructure
Act. Section 80603 of the Infrastructure Act modifies and amends the Internal Revenue Code of 1986 (the "Code") by requiring
brokers of digital asset transactions to report their customers to the IRS. This provision was included to enforce the taxability of digital
asset transactions. Section 80603 defines "broker" as "any person who (for consideration) is responsible for regularly
providing any service effectuating transfers of digital assets on behalf of another person." That could potentially include miners,
validators, and developers of decentralized application. These functions play a critical role in our business and in the functioning of
the blockchain ecosystem. Importantly, these functions have no way of identifying their anonymous users. Indeed, bitcoin's blockchain
was designed for anonymity.
This reporting requirement took effect on  January 1, 2023 and
thus affects tax returns filed in 2024. The implementation of these requirements will require further guidance from the federal government.
Disclosing the identity of our digital asset mining/staking operations and associated accounts to ensure they can be taxed by the IRS
could cause a significant devaluing of our business, the bitcoin currency, and the entire digital asset market. Additionally, noncompliance
with this provision could lead to significant fines and or regulatory actions against our Company.
Office of Financial Assets Control (OFAC)
The Office of Financial Assets Control of the U.S. Department of Treasury
("OFAC") requires us to comply with its sanction program and not conduct business with persons named on its specially designated
nationals ("SDN") list. However, because of the pseudonymous nature of blockchain transactions we may inadvertently and without
our knowledge engage in transactions with persons named on OFAC's SDN list or from countries on OFAC's sanctioned countries'
list. We also rely on a third-party mining pool service provider for our mining revenue payments and other participants in the mining
pool, unknown to us, may also be persons from countries on OFAC's SDN list or from countries on OFAC's sanctioned countries
list. Our Company's policy prohibits any transactions with such SDN individuals or persons from sanctioned countries, but we may
not be adequately capable of determining the ultimate identity of the individual with whom we transact with respect to selling bitcoin
assets. Moreover, federal law prohibits any U.S. person from knowingly or unknowingly possessing any visual depiction commonly known as
child pornography. Recent media reports have suggested that persons have imbedded such depictions on one or more blockchains. Because
our business requires us to download and retain one or more blockchains to effectuate our ongoing business, it is possible that such digital
ledgers contain prohibited depictions without our knowledge or consent. To the extent government enforcement authorities enforce these
and other laws and regulations that relate to decentralized distributed ledger technology, we may be subject to investigation, administrative
or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm our reputation and affect the value
of our Ordinary Shares.
U.S. Bank Secrecy Act
To the extent that our activities cause us to
be deemed a money services business, herein an "MSB", pursuant to the regulations promulgated by FinCEN under the authority
of the U.S. Bank Secrecy Act, we may be required to comply with FinCEN regulations, including those that would mandate us to implement
anti-money laundering programs, make certain reports to FinCEN and maintain certain records.
78
To the extent that our activities cause us to be deemed a "money
transmitter" ("MT") or equivalent designation, under state law in any state in which we operate (currently, New York),
we may be required to seek a license or otherwise register with a state regulator and comply with state regulations that may include the
implementation of anti-money laundering programs, maintenance of certain records and other operational requirements. Such additional federal
or state regulatory obligations may cause us to incur extraordinary expenses, possibly affecting an investment in our securities in a
materially adverse manner. Furthermore, the Company and our service providers may not be capable of complying with certain federal or
state regulatory obligations applicable to MSBs and MTs. If we are deemed to be subject to and determine not to comply with such additional
regulatory and registration requirements, we may act to leave a particular state or the United States completely. Any such action would
be expected to materially adversely affect our operations.
Commodities Exchange Act of 1936
Current legislation, including the Commodities Exchange Act of 1936,
as amended (the "CEA") is unclear with respect to the exchange of bitcoins and other digital assets. Changes in the CEA or
the regulations promulgated thereunder, as well as interpretations thereof and official promulgations by the Commodity Futures Trading
Commission ("CFTC"), which oversees the CEA, may impact the classification of bitcoins and therefore may subject them to additional
regulatory oversight by the CFTC. Presently, bitcoin derivatives are not excluded from the definition of a "commodity future"
by the CFTC.
We cannot be certain as to how future regulatory
developments will impact the treatment of bitcoins under the law. Bitcoins have been deemed to fall within the definition of a commodity
and, we may be required to register and comply with additional regulation under the CEA, including additional periodic report and disclosure
standards and requirements. Moreover, we may be required to register as a commodity pool operator or as a commodity pool with the CFTC
through the National Futures Association. Such additional registrations may result in extraordinary, non-recurring expenses, thereby materially
and adversely impacting an investment in us. If we determine not to comply with such additional regulatory and registration requirements,
we may seek to curtail our U.S. operations. Any such action would be expected to materially adversely affect our operations. As of the
date of this report, no CFTC orders or rulings are applicable to our business.
Regulations in the People's Republic of China (the PRC)
Registration to do business
Pursuant to laws and regulations of the  PRC, there are two ways
for foreign legal persons/entities to be considered to be engaging in operation activities within the territory of China. One way is to
establish a foreign-invested enterprise, that is incorporated, according to the Foreign Investment Law of the  PRC, within the territory
of China and that is wholly or partly invested by a foreign investor. The organization form, institutional framework and standard of conduct
of a foreign-invested enterprise are subject to the provisions of the Company Law of the PRC and the Partnership Enterprise Law of the
PRC and other law related regulations. Another way to be deemed to be operating within China is to complete the approval and registration
procedures with the relevant regulatory authorities in accordance with the provisions of Administrative Measures for the Registration
of Enterprises of Foreign Countries (Regions) Engaging in Production and Operation Activities within the Territory of China (Revised in
2020), or Order No. 31. Notwithstanding the fact that we no longer have bitcoin mining operations in China and we have not received any
penalty, our prior operations may subject us to the statutes and regulations of China, as the Company conducted its bitcoin mining operations
in the PRC through its Hong Kong subsidiary and did not register to do business in the PRC and, as described below, we may be subject
to fines, penalties and other sanctions.
79
Regulations and Government Policies Relating to Digital Assets
China has now taken harsh regulatory action to ban digital asset mining
operations and to severely restrict the right to acquire, own, hold, sell or use these virtual currencies  or to exchange them for
fiat currency. Such restrictions may adversely affect us as the large-scale use of digital assets as a means of exchange is presently
confined to certain regions globally. Ongoing and future regulatory actions may impact our ability to continue to operate, and such actions
could affect our ability to continue as a going concern or to pursue our business strategy at all, which could have a material adverse
effect on our business, prospects or operations.
On May 21, 2021, the Financial Stability and Development Committee
of the State Council in China proposed to "crack down on bitcoin mining and trading." However, it was not until September
24, 2021 that all digital asset transactions were banned in China. In May 2021, local governments began to issue corresponding measures
in succession to respond to the central government, including Xinjiang Changji Hui Autonomous Prefecture Development and Reform Commission
issuing a notice on the immediate shutdown of enterprises engaged in digital asset mining on June 9, 2021. At the time of the announcement
of the ban in Xinjiang, we no longer had  mining operations in Xinjiang. On June 18, 2021, according to public media reports — the Sichuan Provincial Development and Reform Commission and Sichuan Energy Bureau issued a notice on the shutdown of digital asset mining
projects with the deadline of June 25, 2021. That is the reason why we had already ceased all remaining operations in PRC on June 21,
2021. Accordingly, we ceased all of our remaining operations in PRC on June 21, 2021. On September 24, 2021, the newly issued Notification
of Overhauling the Mining Activity of Cryptocurrency (or the Notification No. 1283), by the National Development and Reform Commission
(the "NDRC"), banned all new digital asset operations in China. The NDRC notice set forth penalties on a going forward
basis for all of the PRC. In consideration of the PRC government's policies and general attitude toward our industry, as well as
our business plans, we will not conduct any digital asset mining operations or digital asset trading operations in mainland PRC. All of
our miners have been migrated out of the PRC as of September 30, 2021.
Foreign Investment-Access
The Chinese government implements the management systems of pre-establishment
national treatment and negative list for foreign investment. Pre- establishment national treatment refers to the treatment given to foreign
investors and their investments during the investment access stage, which is not lower than that given to their domestic counterparts;
negative list for foreign investment refers to special administrative measures for the restricted or prohibited access of foreign investment
in specific fields as stipulated by the Chinese government.
Pursuant to the Special Administrative Measures for Foreign Investment
Access (2021 Edition), or the 2021 Edition Negative List for Foreign, issued by the Ministry of Commerce of the PRC (the "MOFCOM")
and the National Development and Reform Commission (the "NDRC") on December 27, 2021 which came into effect on January 1,
2022, our bitcoin mining business does not fall into the Negative List for Foreign. However, the 2021 Edition Negative List for Foreign
regulates that "Fields not mentioned in the Negative List for Foreign Investment Access shall be subject to administration under
the principle of consistency for domestic and foreign investments. The relevant provisions of the Negative List for Market Access shall
apply to domestic and foreign investors on a unified basis."
Also, based on the Negative List for Market Access (2022 Edition),
"the Catalogue for Guidance on Industrial Restructuring shall be included in the Negative List for Market Access"; plus, according
to the Decision of the State Council on Promulgating and Implementing the "Temporary Provisions on Promoting Industrial Structure
Adjustment", valid from December 2, 2005, "In principle, the 'Guidance Catalogue for the Industrial Structure Adjustment'
shall apply to various types of enterprises inside China", "The industries of the eliminated category under the 'Guidance
Catalogue for the Industrial Structure Adjustment' shall apply to the foreign investment enterprises." and "Investments
are prohibited from being contributed to projects under the eliminated category." Furthermore, on December 30, 2021, the NDRC released
its No. 49 Decree, announcing that the Decision of the National Development and Reform Commission on Amending the Guiding Catalog for
Industrial Restructuring (2019 Version) (the "Amended Catalog"). The Amended Catalog added 'virtual currency mining
activities' to the eliminated category of '1. outdated production processing and equipment' under the original Catalog.
Therefore, the foreign investment enterprises are prohibited from virtual currency activities and our bitcoin mining business is banned
in China as well. There can be no assurance that our prior mining activities in China will not be subject to fines and penalties on a
retroactive basis.
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Regulations on Illegal Fund-Raising
Raising funds by entities or individuals from the general public must
be conducted in strict compliance with applicable PRC laws and regulations to avoid administrative and criminal liabilities. The Notice
on Relevant Issues Concerning the Penalty on Illegal Fund-Raising (the "Notice"), issued by the General Office of the State
Council in July 2007, explicitly prohibits illegal public fund-raising. In accordance with the Notice, the main features of illegal public
fund-raising include: (i) illegally soliciting and raising funds from the general public by means of issuing stocks, bonds, lotteries
or other securities without obtaining the approval of relevant authorities, (ii) promising a return of interest or profits or investment
returns in cash, properties or other forms within a specified period of time, and (iii) using a legitimate form to disguise the unlawful
purpose.
To further clarify the criminal charges and punishments relating to
illegal public fund-raising, the Supreme People's Court promulgated the Judicial Interpretations to Issues Concerning Applications
of Laws for Trial of Criminal Cases on Illegal Fund-Raising, or the Illegal Fund-Raising Judicial Interpretations, which came into force
in January 2011 and was amended in February 2022. The Illegal Fund-Raising Judicial Interpretations, provide that a public fund-raising
will constitute a criminal offense related to "illegally soliciting deposits from the public" under the PRC Criminal Law,
if it meets all the following four criteria: (i) the fund-raising has not been approved by the relevant authorities or is concealed under
the guise of legitimate acts; (ii) the fund-raising employs public solicitation via such channels as internet, social media, promotion
meetings, leafleting and SMS advertising; (iii) the fundraiser promises to repay, after a specified period of time, the capital and interests,
or investment returns in cash, properties in kind, equity and other forms; and (iv) the fund-raising targets at the general public as
opposed to specific individuals. An illegal fund-raising activity will be fined or prosecuted in the event that it constitutes a criminal
offense. Pursuant to the Illegal Fund-Raising Judicial Interpretations, an offender that is an entity will be subject to criminal liabilities,
if it illegally solicits deposits from the general public or illegally solicits deposits in disguised form (i) with the amount of deposits
involved exceeding RMB1,000,000;(ii) with over 150 fund-raising targets involved, or (iii) with the direct economic loss caused to fund-raising
targets exceeding RMB500,000. Also, in accordance with the Illegal Fund-Raising Judicial Interpretations, whoever accepts illegally or
in a disguised manner deposits from the general public in an amount of more than RMB500,000 or causes direct economic losses of more than
RMB250,000 to the depositors and falls under any of the following circumstances concurrently will be investigated for criminal liability
in accordance with the law: (i) where it/he has been criminally prosecuted due to illegal fundraising practices; (ii) where it/he has
been subject to any administrative penalty due to any illegal fundraising practice within two years; and (iii) where there is adverse
social influence or other serious consequences. In accordance with the Opinions of the Supreme People's Court, the Supreme People's
Procurator and the Ministry of Public Security on Several Issues concerning the Application of Law in the Illegal Fund-Raising Criminal
Cases, an individual or an entity who has aided in illegal fund-raising from the general public and charges fees including but not limited
to agent fees, rewards, rebates and commission, constitute an accomplice of the crime of illegal fund-raising. In addition, the administrative
proceeding for determining the nature of illegal fund-raising activities is not a prerequisite procedure for the initiation of criminal
proceeding concerning the crime of illegal fund-raising, and the administrative departments' failure in determining the nature of
illegal fund-raising activities does not affect the investigation, prosecution and trial of cases concerning the crime of illegal fund-raising.
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Anti-money Laundering Regulations
The PRC Anti-money Laundering Law, which became effective in January
2007, sets forth the principal anti-money laundering requirements applicable to financial institutions as well as non-financial institutions
with anti-money laundering obligations, including the adoption of precautionary and supervisory measures, establishment of various systems
for client identification, retention of clients' identification information and transactions records, and reports on large transactions
and suspicious transactions. According to the PRC Anti-money Laundering Law, financial institutions subject to the PRC Anti-money Laundering
Law include banks, credit unions, trust investment companies, stock brokerage companies, futures brokerage companies, insurance companies
and other financial institutions as listed and published by the State Council, while the list of the non-financial institutions with anti-money
laundering obligations will be published by the State Council. The PBOC and other governmental authorities issued a series of administrative
rules and regulations to specify the anti-money laundering obligations of financial institutions and certain non-financial institutions,
such as payment institutions. Also, according to the PRC Anti-money Laundering Law, the scope of the special non-financial institutions
subject to the performance of the duties of anti-money laundering, the duties to be performed by them and the specific measures for their
regulatory shall be formulated by the competent administrative authority of anti-money laundering under the State Council jointly with
the relevant departments of the State Council.
Administrative Measures for Anti-money Laundering and Counter-terrorism
Financing by Internet Finance Service Agencies (for Trial Implementation)(the "Measures for AML and CTF"), which became effective
in January 2019, provides that institutions established within the territory of the PRC to legally carry out internet finance business,
upon approval of, or after filing a record with, the department with the authority, shall be governed by the Measures for AML and CTF. Internet
finance governed by the Measures for AML and CTF is a new-type financial business model under which internet-based technologies and information
communication technologies are employed to make possible fund financing, payments, investments and information intermediary services.
According to the Measures for AML and CTF, the entity that subject
to AML and CTF obligations has two elements: (1) the entity is established in China with the approval or filing of the authorities; (2)
the entity operates Internet financial business. Internet finance institutions including online payment, P2P lending, P2P lending information
intermediary services, equity crowdfunding financing, internet fund sale, internet insurance, internet trust and internet consumption
finance etc. naturally become the subject of Anti-money Laundering and Counter-terrorism Financing obligations under the Measures for
AML and CTF.
Regulations on Internet Information Security
Internet information in China is also regulated and restricted from
a national security standpoint. The National People's Congress, China's national legislative body, has enacted the Decisions
on Maintaining Internet Security, which has been partly amended in August 2009. According to the Decisions on Maintaining Internet Security,
some behaviors may subject violators to criminal punishment in China for any effort to: (i) gain improper entry into a computer or system
of strategic importance; (ii) disseminate politically disruptive information; (iii) leak state secrets; (iv) spread false commercial information;
or (v) infringe intellectual property rights and so on.
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In addition, Guiding Opinions on Promoting the Healthy Development
of Internet Finance ("Guiding Opinions") jointly released by ten PRC regulatory agencies in July 2015 purport, among other
things, to require internet finance service providers, including peer-to-peer lending platforms, to improve technology security standards,
and safeguard customer and transaction information. The PBOC and other relevant regulatory authorities will jointly adopt the implementing
rules and technology security standards.
Cybersecurity Law of the PRC became effective on June 1, 2017, which
shall apply to the construction, operation, maintenance and use of the network as well as the supervision and administration of the cybersecurity
within the territory of the PRC.
Regulations on Privacy Protection
According to Cybersecurity Law of the PRC, personal
information refers to all kinds of information recorded by electronic or otherwise that can be used to independently identify or be combined
with other information to identify natural persons' personal information, including but not limited to: natural persons'
names, dates of birth, ID numbers, biologically identified personal information, addresses, telephone numbers, and other similar information.
The National Standard Entitled Information Security Technology-Personal
Information Security Specifications (GB/T 35273-2020, "Personal Information Security Specification") issued by the State Administration
for Market Supervision of the PRC and Standardization Administration of the PRC on March 6, 2020, which has been implemented on October
1, 2020 and replaced GB/T 35273-2017, it further defines the connotation and extension of "sensitive personal information".
In accordance with the Personal Information Security Specification, personal sensitive information means the personal information that
may cause harm to personal or property security or is very likely to result in damage to an individual's personal reputation or
physical or mental health or give rise to discriminatory treatment, etc., once it is leaked, unlawfully provided or abused.
The Cybersecurity Review Measures (2021) was officially released to
the public on December 28, 2021, and became effective on February 15, 2022. According to the Cybersecurity Review Measures (2021) (the
"Measures")" to go public abroad, an online platform operator who possesses the personal information of more than 1
million users shall declare to the Office of Cybersecurity Review for cybersecurity review. Currently, we have not been involved in any
investigations on cybersecurity review initiated by the CAC or related governmental regulatory authorities, and we have not received any
inquiry, notice, warning, or sanction in such respect.
Regulations Relating to PRC Enterprise Income Tax
Under the PRC Enterprise Income Tax Law and its
implementation rules, an enterprise established outside of the PRC with a "de facto management body" within the PRC is considered
a resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules
define the term "de facto management body" as the body that exercises full and substantial control over and overall management
of the business, productions, personnel, accounts and properties of an enterprise. In April 2009, the State Administration of Taxation
issued a circular, known as Circular 82, (partly amended) which provides certain specific criteria for determining whether the "de
facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular
only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals
or foreigners like us, the criteria set forth in the circular may reflect the State Administration of Taxation's general position
on how the "de facto management body" test should be applied in determining the tax resident status of all offshore enterprises.
According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded
as a PRC tax resident by virtue of having its "de facto management body" in China and will be subject to PRC enterprise income
tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management
is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval
by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and
board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives
habitually reside in the PRC.
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Regulations Relating to Dividend Withholding Tax
Pursuant to the Enterprise Income Tax Law and its implementation rules,
if a non-resident enterprise has not set up an organization or establishment in the PRC or has set up an organization or establishment
but the income derived has no actual connection with such organization or establishment, it will be subject to a withholding tax on its
PRC-sourced income at a rate of 10%. Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region
for the Avoidance of Double Taxation and Tax Evasion on Income, the withholding tax rate in respect to the payment of dividends by a PRC
enterprise to a Hong Kong enterprise is reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds at least
25% of the PRC enterprise. Pursuant to the Notice of the State Administration of Taxation on the Issues concerning the Application of
the Dividend Clauses of Tax Agreements, or Circular 81, a Hong Kong resident enterprise must meet the following conditions, among others,
in order to enjoy the reduced withholding tax: (i) it must be limited to a company in accordance with the tax treatment; (ii) it must
directly own the required percentage of equity interests and voting rights in the PRC resident enterprise; and (iii) it must have directly
owned such percentage in the PRC resident enterprise throughout the 12 months prior to receiving the dividends. There are also other conditions
for enjoying the reduced withholding tax rate according to other relevant tax rules and regulations. In October 2019, the State Administration
of Taxation promulgated the Announcement of the State Taxation Administration on Issuing the Administrative Measures for Entitlement to
Treaty Benefits for Non-resident Taxpayers or Circular 35, which became effective on January1, 2020. Circular 35 provides that non-resident
enterprises are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax rate.
Instead, non-resident enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria
to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents
when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities.
Regulations on Foreign Exchange Registration of Overseas Investment
by PRC Residents
State Administration of Foreign
Exchange (the "SAFE") issued SAFE Circular on Relevant Issues Relating to Domestic Resident's Investment and
Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, that became effective in July 2014,
replacing the previous SAFE Circular 75. SAFE Circular 37 regulates foreign exchange matters in relation to the use of special
purpose vehicles, or SPVs, by PRC residents or entities to seek offshore investment and financing or conduct round trip investment
in China. Under SAFE Circular 37, a SPV refers to an offshore entity established or controlled, directly or indirectly, by PRC
residents or entities for the purpose of seeking offshore financing or making offshore investment, using legitimate onshore or
offshore assets or interests, while "round trip investment" refers to direct investment in China by PRC residents or
entities through SPVs, namely, establishing foreign-invested enterprises to obtain the ownership, control rights and management
rights. SAFE Circular 37 provides that, before making contribution into an SPV, PRC residents or entities are required to complete
foreign exchange registration with SAFE or its local branch. SAFE promulgated the Notice on Further Simplifying and Improving the
Administration of the Foreign Exchange Concerning Direct Investment in February 2015, which took effect on June 1, 2015 and partly
repealed by the Notice of State Administration of Foreign Exchange on Repeal or Invalidation of Five Regulatory Documents on Foreign
Exchange Administration and Some Clauses of Seven Regulatory Documents on Foreign Exchange Administration. This notice has amended
SAFE Circular 37 requiring PRC residents or entities to register with qualified banks rather than SAFE or its local branch in
connection with their establishment or control of an offshore entity established for the purpose of overseas investment or
financing.
PRC residents or entities who had contributed legitimate onshore or
offshore interests or assets to SPVs but had not obtained registration as required before the implementation of the SAFE Circular 37 must
register their ownership interests or control in the SPVs with qualified banks. An amendment to the registration is required if there
is a material change with respect to the SPV registered, such as any change of basic information (including change of the PRC residents,
name and operation term), increases or decreases in investment amount, transfers or exchanges of shares, and mergers or divisions. Failure
to comply with the SAFE registration described above could result in liability under PRC laws for evasion of applicable foreign exchange
restrictions.
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Regulations Concerning our Hong Kong Subsidiary
The national laws of the PRC, including but not limited to the Cybersecurity
Review Measures which became effective on February 15, 2022 do not currently apply to our Hong Kong subsidiaries, except for those listed
in the Basic Law of Hong Kong and set forth under "Risk Factors" above. However, due to the changes in laws, regulations or
policies, including how these laws, regulations or policies would be interpreted or implemented, and the national laws applicable in Hong
Kong, the Basic Law might be revised in the future.
Pursuant to Article 18 of the Basic Law of the Hong Kong Special Administrative
Region of the PRC (the "Basic Law"), "The laws in force in the Hong Kong Special Administrative Region shall be the
Basic Law, the laws previously in force in Hong Kong as provided for in Article 8 of this Law, and the laws enacted by the legislature
of the Region. National laws shall not be applied in the Hong Kong Special Administrative Region except for those listed in Annex III
to the Basic Law. The laws listed therein shall be applied locally by way of promulgation or legislation by the Region. Also, regarding
the Annex III and several Instruments of the Basic Law, National Laws, which have applied in Hong Kong until now are as following:
Resolution on the Capital, Calendar, National Anthem and National Flag
of the PRC; Resolution on the National Day of the PRC; Declaration of the Government of the PRC on the Territorial Sea; Nationality Law
of the PRC; Regulations of the PRC Concerning Diplomatic Privileges and Immunities; Law of the PRC on the National Flag; Regulations of
the PRC Concerning Consular Privileges and Immunities; Law of the PRC on the National Emblem; Law of the PRC on the Territorial Sea and
the Contiguous Zone; Law of the PRC on Garrisoning the Hong Kong Special Administrative Region; Law of the PRC on the Exclusive Economic
Zone and the Continental Shelf; Law of the PRC on Judicial Immunity from Compulsory Measures Concerning the Property of Foreign Central
Banks; Law of the PRC on the National Anthem; Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative
Region."
Indirect Transfer of Equity
The PRC tax authorities have enhanced their scrutiny over the direct
or indirect transfer of certain taxable assets, including, in particular, equity interests in a PRC resident enterprise, by a non-resident
enterprise by promulgating and implementing SAT Circular 59 and Circular 698, which became effective in January 2008, and a Circular 7
to replace some of the existing rules in Circular 698, which became effective in February 2015.
Under Circular 7, where a non-resident enterprise conducts an "indirect
transfer" by transferring the equity interests of a PRC "resident enterprise" indirectly by disposing of the equity
interests of an overseas holding company, the non-resident enterprise, being the transferor, may be subject to PRC enterprise income tax
if the indirect transfer is considered to be an abusive use of company structure without reasonable commercial purposes. As a result,
gains derived from such indirect transfer may be subject to PRC tax at a rate of up to 10%.
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On October 17, 2017, the SAT issued the Announcement of the State
Administration of Taxation on Issues Concerning the Withholding of Nonresident Enterprise Income Tax at Source (partly revised), or SAT
Circular 37, which came into effect on December 1, 2017. The SAT Circular 37 further clarifies the practice and procedure of the withholding
of non-resident enterprise income tax. SAT Circular 698 was repealed from the date SAT Circular 37 was enacted. Also, the SAT Circular
37 has been partially revised by the Announcement of the State Administration of Taxation on the Revision to Certain Taxation Regulatory
Documents, namely Circular 31, which has been effective on June 15,2018.
Where a non-resident enterprise transfers taxable assets in China indirectly
by disposing of the equity interests of an overseas holding company, which is an Indirect Transfer, the non-resident enterprise as either
transferor or transferee, or the PRC entity whose equity is transferred, may report such Indirect Transfer to the relevant tax authority.
Using a "substance over form" principle, the PRC tax authority may disregard the existence of the overseas holding company
if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result,
gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated
to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee
fails to withhold the taxes and the transferor fails to pay the taxes. We face uncertainties as to the reporting and other implications
of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale of the shares in our
offshore subsidiaries and investments. Our Company may be subject to filing obligations or taxed if our company is transferor in such
transactions and may be subject to withholding obligations if our company is transferee in such transactions, under Circular 7 and/or
SAT Circular 37. For transfer of shares in our Company by investors who are non-PRC resident enterprises, our former PRC subsidiaries
may be requested to assist in the filing under SAT Circular 7 and/or Circular 37. As a result, we may be required to expend valuable resources
to comply with SAT Circular 7 and/or Circular 37 or to request the relevant transferors from whom we purchase taxable assets to comply
with these circulars, or to establish that our Company should not be taxed under these circulars, which may have a material adverse effect
on our financial condition and results of operations.
Employees
As of the date of this report, we had 18 employees
across our Company and subsidiaries, including our Chief Executive Officer, Chief Financial Officer, Senior Vice President of Finance,
Managing Director, Vice President, Head of Investor Relations, and Senior Mining Hardware Engineer. In addition, we retain consulting
services as needed.
Property, Plant and Equipment
The principal executive office is located on leased
premise at 33 Irving Place Room 2006, New York, New York, United States 10003. The lease for our principal executive office is for a term
ending August 31, 2023, with a monthly rental of $11,550. In addition, we leased another office, Room 2055 in the same building. The lease
is for a term ending November 30, 2023, with a monthly rental of $5,170.
We have an office Room 3603 located on a leased
premise at Tower 2, Metro Plaza, Hong Kong, China. The lease is for a term ending April 30, 2023 at a monthly rental of $600.
We believe that we will be able to obtain adequate
facilities, principally through leasing, to accommodate our future expansion plans. We believe that our current property rights are sufficient
for our current operations.
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ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM 5. OPERATING AND FINANCIAL REVIEW AND
PROSPECTS
The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with our financial statements and the related notes included
elsewhere in this report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and
uncertainties. See "Disclosure Regarding Forward-Looking Statements" for a discussion of the uncertainties, risks, and assumptions
associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward-looking
statements as a result of many factors, including those set forth under "Risk Factors" and elsewhere in this report.
As discussed in Item 17. Financial Statements,
in Note 2.
Restatement of Previously Issued Financial Statements
, we have restated our previously issued audited Consolidated
Financial Statements as of December 31, 2021, and for the years ended December 31, 2021 and 2020, and our unaudited quarterly financial
information for the quarterly periods ended March 31, June 30 and September 30, 2022 and 2021. Accordingly, Management's discussion
and analysis of our financial condition and results of operations have been revised for the effects of the restatement.
Overview
Digital Asset Mining Business
We are a digital asset mining company with mining
operations in the United States and Canada. We commenced our bitcoin mining business in February 2020. We commenced limited Ethereum mining
operations in January 2022 and discontinued the operations by September 2022 due to Ethereum blockchain switching from proof-of-work ("PoW")
consensus mechanism to proof-of-stake ("PoS") validation. Our mining operations, hosted by third party providers, use specialized
computers, known as miners, to generate digital assets. Our miners use application specific integrated circuit ("ASIC") chips.
These chips enable the miners to apply high computational power, expressed as "hash rate", to provide transaction verification
services (generally known as "solving a block") which helps support the blockchain. For every block added, the blockchain
provides an award equal to a set number of digital assets per block. Miners with a greater hash rate generally have a higher chance of
solving a block and receiving an award.
We operate our mining assets with the primary
intent of accumulating digital assets which we may sell for fiat currency from time to time depending on market conditions and management's
determination of our cash flow needs, exchange for other digital or other assets. Our mining strategy has been to mine bitcoins as quickly
and as many as possible given the fixed supply of bitcoins. In view of historically long delivery lead times to purchase miners from manufacturers
like Bitmain Technologies Limited ("Bitmain") and MicroBT Electronics Technology Co., Ltd ("MicroBT"), and other
considerations, we may choose to acquire miners on the spot market, which can typically result in delivery within a few weeks.
We have signed services agreements with third
party hosting partners in North America. These partners operate specialized mining data centers, where they install and operate our miners
and provide IT consulting, maintenance, and repair work on-site for us. Our mining facilities in Texas and Nebraska were previously maintained
by Compute North LLC prior to being transferred to a third party before Compute North's bankruptcy filing. We are in the process
of relocating those miners to facilities operated by Coinmint and Blockfusion in New York State. Our mining facility in Georgia was previously
maintained by Core Scientific, Inc. Our mining facilities in New York are maintained by Blockfusion USA, Inc. ("Blockfusion"),
Coinmint LLC ("Coinmint") and Digihost Technologies Inc. ("Digihost"). Our mining facility in Canada is maintained
by Blockbreakers Inc.
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ETH Staking Business
In Fourth quarter of 2022, we formally commenced
Ethereum staking operations. We intend to delegate, or stake, its ETH holdings to an Ethereum validator node to help secure and strengthen
the blockchain network. Stakers are compensated for this commitment in the form of a reward of the native network token.
Our staking operations are enhanced by a new partnership
with Blockdaemon, the leading institutional-grade blockchain infrastructure company for node management and staking. Following a similar
mechanism to traditional Ethereum staking, we will also participate in liquid staking via Portara (formerly known as Harbour), the liquid
staking protocol developed by Blockdaemon and StakeWise and the first of its kind tailored to institutions. Liquid staking allows participants
to 1) achieve greater capital efficiency by utilizing their staked ETH as collateral and 2) withdraw from staked positions earlier than
natively possible by trading their staked ETH tokens on the secondary market.
We are a sustainability-focused digital asset
mining company. On June 24, 2021, we signed the Crypto Climate Accord, a private sector-led initiative that aims to decarbonize the crypto
and blockchain sectors.
On December 7, 2021, we became a member of the
Bitcoin Mining Council ("BMC"), joining MicroStrategy and other founding members to promote transparency, share best practices,
and educate the public on the benefits of bitcoin and bitcoin mining.
Miner Deployments
During the year ended December 31, 2022, we continued
to work with our hosting partners to deploy our miners in North America.
The Company signed a hash rate swap agreement
with Riot Blockchain, Inc. ("Riot") on June 9, 2022, and concurrently signed a new hosting agreement with Coinmint LLC ("Coinmint").
Under the hash rate swap agreement, the Company received an approximate aggregate of 0.625 EH/s of hash rate from Riot, in exchange for
0.500 EH/s. This premium was primarily designed to reflect the fact that Riot received miners from the Company that were "factory
new," whereas Riot delivered miners that had previously been in operation. The first tranche of the swap was delivered to the Company
on June 17, 2022, and the final tranche was delivered on July 1, 2022. As of July 2, 2022, all of the Company's newly-acquired miners
were actively deployed at the Coinmint facility.
As of December 31, 2022, 13,595 bitcoin miners representing 1.23 EH/s
were deployed in North America.
Power and Hosting Overview
During the year ended December 31, 2022, our hosting
partners continued to prepare sites to deliver our contracted hosting capacity, bringing additional power online for our miners.
The Company's subsidiary, Bit Digital Canada,
Inc., entered into a Mining Services Agreement (the "MSA") effective June 1, 2022, for Blockbreakers, Inc. to provide five
(5) MW of incremental hosting capacity at its facility in Canada. The facility utilizes an energy source that is primarily hydroelectric.
The facility currently powers approximately 1,000 of the Company's miners and is expected to accommodate up to 1,500 miners.
On June 7, 2022, we entered into a Master Mining
Services Agreement (the "MMSA") with Coinmint LLC ("Coinmint"), pursuant to which Coinmint will provide the required
mining colocation services for a one-year period automatically renewing for three-month periods unless earlier terminated. The Company
will pay Coinmint electricity costs, plus operating costs required to operate the Company's mining equipment, as well as a performance
fee equal to 27.5% of profit, subject to a ten percent (10%) reduction if Coinmint fails to provide Uptime of ninety-eight (98%) percent
or better for any period. We are not privy to the emissions rate at the Coinmint facility or at any other hosting facility. However, the
Coinmint facility operates in an upstate New York region that utilizes power that is reported to be 90% emissions-free as determined by
the New York Independent System Operating, Inc. ("NYISO") Report for 2022. As of December 31, 2022, Coinmint provided approximately
20 MW of capacity for our miners. On April 5, 2023, the Company entered into a letter agreement and MMSA Amendment pursuant to which Coinmint
agreed to provide the Company with up to ten (10) MW of additional mining capacity to energize the Company's mining equipment at
Coinmint's hosting facility in Plattsburgh, New York.
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As
of December 31, 2022, facilities formerly owned and operated by Compute North provided approximately 20 MW of capacity for our miners.
Our overall contracted hosting capacity with Compute North was approximately 48 MW. As previously announced, during the first quarter
of 2022 we signed a renewal hosting agreement extending the term of a prior agreement for an additional 5 years for approximately 6.5
MW of our total hosting capacity with Compute North. In April 2022, we amended and restated an additional existing hosting agreement for
approximately 30 MW of our total hosting capacity with Compute North, to provide for deployment of our miners at a new site in Texas.
The amendment did not materially change the total hosting capacity to be provided by Compute North. In September 2022, Compute North filed
for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. On September 22, 2022, Compute North LLC, our hosting
provider, filed for bankruptcy protection. Our Master Agreement with Compute North was assigned to Generate Capital PBC, a third party
lender to Compute North, prior to the bankruptcy filing, which is operating the contract and is not subject to the bankruptcy proceedings.
In any event, the Master Agreement provided for a security interest in our miners maintained at Compute North's location. The Master
Agreement permitted Compute North to file UCC1 Financing Statements to evidence such security interests. Compute North was permitted,
at any time, to assign, transfer, delegate or subcontract any or all of its rights or obligations under the Master Agreement without the
Company's prior written consent. There were no bankruptcy provisions in the agreement and we maintain ownership of the approximately
7,628 miners previously hosted by Compute North.
On January 7, 2023, the Company received a purported termination notice
from the assignee, operating companies of Compute North, affiliated with Generate Capital PBC. Each of GC Data Center Kearney, LLC and
GC Data Center Granbury, LLC (collectively, "Generate"), bitcoin mining data centers located in Kearney, Nebraska and Wolf
Hollow, Texas, claimed to have provided written notice of termination of the Master Agreement. The Company disputed the propriety of the
purported termination and attempted to resolve the dispute with Generate. However, on January 20, 2023, Generate cut power to the Company's
miners. Pursuant to a Litigation Standstill Agreement dated January 23, 2023, Generate restored power to the Company's miners. Bit
Digital paid the cost of operations less its security deposits. The Standstill Agreement expired on March 31, 2023. The Company is in
the process of relocating its miners out of General Capital's facilities to those hosted by Blockfusion and Coinmint in New York
State. As a precaution, we have filed a proof of claim in the bankruptcy court as an unsecured creditor of Compute North, while we continue
to work to confirm that all of our assets have been transferred to Generate Capital. We do not believe that Generate Capital took control
of Compute North's site at Big Spring, Texas. A new third party is managing hosting operations at the Nebraska and Texas data centers
as Generate Capital's strategic operating partner.
In May 2022, our hosting partner Blockfusion USA, Inc. ("Blockfusion")
advised us that the substation at its Niagara Falls, NY facility was damaged by an explosion and fire, and power was cut off to approximately
2,515 of the Company's bitcoin miners and approximately 710 ETH miners that had been operating at the site immediately prior to
the incident. The explosion and fire are believed to have been caused by faulty equipment owned by the power utility. Blockfusion and
the Company have entered into a common interest agreement to jointly pursue any claims evolving from the explosion and fire. Prior to
the incident, our facility with Blockfusion in Niagara Falls, provided approximately 9.4 MW to power our miners. Power was restored to
the facility in September 2022. However, we received a notice dated October 4, 2022, from the City of Niagara Falls, which orders
the cease and desist from any cryptocurrency mining or related operations at the facility until such time as Blockfusion complies with
Section 1303.2.8 of the City of Niagara Falls Zoning Ordinance (the "Ordinance"), in addition to all other City ordinances
and codes. Blockfusion has advised us that the Ordinance came into practical effect on October 1, 2022, following the expiration of a
related moratorium on September 30, 2022. Blockfusion has further advised that it has submitted applications for new permits based
on the Ordinance's new standards and that the permits may take several months to process. Our management continues to monitor the
situation.
Pursuant to the Mining Services Agreement between
Bit Digital and Blockfusion dated August 25, 2021, Blockfusion represents, warrants and covenants that it "possesses, and will
maintain, all licenses, registrations, authorizations and approvals required by any governmental agency, regulatory authority or other
party necessary for it to operate its business and engage in the business relating to its provision of the Services." On October
5, 2022, Bit Digital further advised Blockfusion that it expects it to comply with directives of the Notice.
In May 2022, our hosting partner Digihost Technology
Inc. ("Digihost") advised us that limited operations at its North Tonawanda plant would require 1,580 of the Company's
miners to temporarily go offline. As of the date of this report, power had been partially restored and Digihost continues diligent efforts
to restore power in full. Our facilities with Digihost in North Tonawanda and Buffalo, NY are contracted to deliver an aggregate of 20
MW to power our mines upon completion and full restoration of power. However, we have not yet resumed our mining operations at the Digihost
facility, as it is not currently economical to do so. Additionally, Digihost has informed us that they continue to work to identify a
location to fulfill the remaining 100 MW of contracted hosting capacity pursuant to our agreements.
As of December 31, 2022, our facility with Core
Scientific in Georgia provided approximately 0.3 MW to power our miners. In November 2022, Core Scientific notified the Company that the
hosting agreement would not be renewed and would be terminated February 22, 2023.
89
Miner Fleet Update and Overview
As of December 31, 2021, we had 27,744 miners
for bitcoin mining, with a total maximum hash rate of 1.60 EH/s.
As
of December 31, 2022, we had 37,676 miners for bitcoin mining and 730 miners for Ethereum mining, with a total maximum hash rate of 2.6
EH/S and 0.3 TH/s, respectively.
On October 7, 2021, we contracted to purchase
an additional 10,000 Antminers from Bitmain under a Sales and Purchase Agreement (the "SPA") at an initial estimated cost
of $65 million. Net of discounts, the Company paid $58 million for the order. As of December 31, 2022, the Company had received the previously
announced 10,000-unit miner purchase from Bitmain. The Company currently has no outstanding payment obligations for miner purchases.
On March 27, 2022, we entered into Asset Purchase
Agreements with each of four unaffiliated sellers of bitcoin mining computers, from whom we acquired an aggregate of 706 bitcoin miners
on the spot market, including 184 S19 J Pro miners; 197 S19 miners; 197 S19 miners; and 128 S19/S19 Pro miners, respectively. The acquired
miners were delivered during April 2022.
On June 9, 2022, the Company and Riot Blockchain,
Inc. ("Riot") entered into a Hashrate Swap Agreement (the "HSA"). The HSA provides for the exchange of cryptocurrency
mining power ("Hashrate") through the exchange of bitcoin mining computers. As additional consideration to the Company to
exchange its factory-new miners for Riot's operating miners, Riot agreed to deliver twenty-five (25%) percent more Hashrate to Bit
Digital than Bit Digital will deliver to Riot. As a result of the HSA, the Company will receive an aggregate of 0.625 EH/s of Hashrate
from Riot, in exchange for 0.500 EH/s. As of July 1, 2022, Riot has delivered 5,682 machines in exchange for our 4,984 machines.
In July 2022, we entered into an purchase agreement
with an unaffiliated seller of bitcoin mining computers, from whom we acquired 561 M30S+ miners. The acquired miners were delivered in
October 2022.
For the year ended December 31, 2022, the Company
sold 1,106 MicroBT Whatsminer M21S miners and 9 MicroBT Whatsminer M20S miners. For the year ended December 31, 2022, the Company also
wrote off 641 MicroBT Whatsminer M21S, 253 MicroBT Whatsminer M20S, 23 Bitmain Antminer S17, 1 Innosilicon A10 series ETH miner.
90
Bitcoin Production
From the inception of our bitcoin mining business
in February 2020 to December 31, 2022, we earned an aggregate of 4,822.9 bitcoins.
The following table presents our bitcoin mining activities for the
year ended December 31, 2022.
Number of
bitcoins
Amount
(1)
Balance at December 31, 2021 (as restated)
808.2
$
28,846,587
Receipt of BTC from mining services
1,247.5
31,414,102
Exchange of BTC into ETH
(742.5
)
(12,160,450
)
Sales of and payments made in BTC
(366.9
)
(11,160,996
)
Impairment of BTC
-
(21,143,096
)
Balance at December 31, 2022
946.3
$
15,796,147
(1)
Receipt of digital assets from mining services are the product of the number of bitcoins received multiplied by the bitcoin price obtained from CryptoCompare, calculated on a daily basis. Sales of digital assets are the actual amount received from sales.
Environmental, Social and Governance
Sustainability is a major strategic focus for
us. Several of our mining locations in the US and Canada provide access to partially carbon-free energy and other sustainability-related
solutions, in varying amounts depending on location, including components of hydroelectric, solar, wind, nuclear and other carbon-free
generation sources, based on information provided by our hosts and publicly available data, which we believe helps mitigate the environmental
impact of our operations. We work with an independent ESG (Environmental, Social and Governance) consultant to self-monitor and adopt
an environmental policy to help us to improve our percentage of green electricity and other sustainability initiatives. As we continue
to align ourselves with the future of technology and business, we are dedicated to continuously enhancing sustainability, which we believe
future-proofs our operations and the larger bitcoin network.
We believe that the bitcoin network and the mining
that powers it are important inventions in human progress. The process of problem-solving and verifying bitcoin transactions using advanced
computers is energy intensive, and scrutiny has been applied to the industry for this reason. It follows that the environmental costs
of mining bitcoin should be surveyed and mitigated by every company in our fast-growing sector. We aim to contribute to the acceleration
of bitcoin's decarbonization and act as a role model in our industry, responsibly stewarding digital assets.
We work with Apex Group Ltd, an independent ESG
consultancy, with the goal of becoming one the first publicly-listed bitcoin miners to receive an independent ESG rating on our operations,
which we anticipate will provide transparency on the environmental sustainability of our operations, as well as other metrics. Apex's
ESG Ratings & Advisory tools allow us to benchmark our ESG performance against international standards and our peers to identify opportunities
for improvement and progress over time. We believe this is an integral approach to improving our sustainable practices and mitigating
our environmental impact. By measuring the sustainability and footprint of Bit Digital's mining, we are able to develop targets
to continuously improve as we shift towards our goal of 100% clean energy usage.
On December 7, 2021, the Company became a member
of the Bitcoin Mining Council ("BMC"), joining MicroStrategy and other founding members to promote transparency, share best
practices, and educate the public on the benefits of bitcoin and bitcoin mining.
COVID-19
In March 2020, the World Health Organization declared
the COVID-19 outbreak ("COVID-19") a global pandemic. We continue to actively monitor the situation and the possible effects
on our financial condition, liquidity, operations, suppliers and industry, and may take further actions that alter our operations and
business practices as may be required by federal, state or local authorities or that we determine are in the best interests of our partners,
customers, suppliers, vendors, employees and shareholders. The extent to which the COVID-19 outbreak will further impact the Company's
financial results will depend on future developments, which are unknown and cannot be predicted, including the duration and ultimate scope
of the pandemic, advances in testing, treatment and prevention, as well as actions taken by governments and businesses.
Additionally, we have evaluated the potential
impact of the COVID-19 outbreak on our financial statements, including, but not limited to, the impairment of long-lived assets and valuation
of digital assets. Where applicable, we have incorporated judgments and estimates of the expected impact of COVID-19 in the preparation
of the financial statements based on information currently available. These judgments and estimates may change, as new events develop
and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. Based
on our current assessment, we do not expect any material impact on our long-term strategic plans, operations and liquidity.
91
Results of operations
Results of Operations for the Year Ended December
31, 2022 and 2021
The following table summarizes the results of
our operations during the year ended December 31, 2022 and 2021, respectively, and provides information regarding the dollar increase
or (decrease) during period.
For the Years Ended
December 31,
Variance in
2022
2021
Amount
(restated)
Revenues
$
32,296,593
$
96,078,570
$
(63,781,977
)
Cost and operating expenses
Cost of revenue (exclusive of depreciation and amortization shown below)
(20,374,633
)
(30,739,776
)
10,365,143
Depreciation and amortization expenses
(27,829,730
)
(13,113,964
)
(14,715,766
)
General and administrative expenses
(23,114,629
)
(39,154,204
)
16,039,575
Realized gain on exchange of digital assets
6,548,841
20,813,167
(14,264,326
)
Impairment of digital assets
(24,654,267
)
(27,993,571
)
3,339,304
Impairment of property and equipment
(50,038,650
)
-
(50,038,650
)
Total operating expenses
(139,463,068
)
(90,188,348
)
(49,274,720
)
(Loss) income from operations
(107,166,475
)
5,890,222
(113,056,697
)
Other income (expenses)
Net gain (loss) from disposal of property and equipment
1,353,299
(3,746,247
)
5,099,546
Gain from sale of investment security
1,039,999
-
1,039,999
Other (expense) income, net
(1,116,276
)
702,414
(1,818,690
)
Total income (expenses), net
1,277,022
(3,043,833
)
4,320,855
(Loss) income before income taxes
(105,889,453
)
2,846,389
(108,735,842
)
Income tax benefits (expenses)
592,850
(3,856,341
)
4,449,191
Net
                                            loss
$
(105,296,603
)
$
(1,009,952
)
$
(104,286,651
)
Revenues
We generate revenues from digital asset mining
and ETH staking business.
Revenues from digital asset mining
We provide computing power to digital asset mining
pools, and receive consideration in the form of digital assets, the value of which is determined using the market price of the related
digital asset at the time of receipt. By providing computing power to successfully add a block to the blockchain, the Company is entitled
to a fractional share of the digital assets award from the mining pool operator, which is based on the proportion of computing power the
Company contributed to the mining pool to the total computing power contributed by all mining pool participants in solving the current
algorithm.
For
the year ended December 31, 2022, we received 1,247.5
bitcoins
from Foundry USA Pool ("Foundry") mining pool and 294.3 ETHs from Ethermine mining pool ("Ethermine") operated
by Bitfly Gmbh. We discontinued the ETH mining operations in September 2022 due to Ethereum blockchain switching from proof-of-work ("PoW")
consensus mechanism to proof-of-stake ("PoS") validation.
92
As of December 31, 2022, our maximum hash rate
was at an aggregate of 2.6 EH/s and 0.3 TH/s for our bitcoin miners and ETH miners, respectively. For the year ended December 31, 2022,
we recognized revenue of $31.4 million and $0.9 million from bitcoin mining services and ETH mining services, respectively.
For the year ended December 31, 2021, we received 2,065.3 bitcoins
  from three mining pool operators. Among the total bitcoins, 589.4, 1,267.1, 208.8 bitcoins were mined through Foundry, Huobi
Pool and Antpool, accounting for 29%, 61% and 10% of total bitcoins, respectively. As of December 31, 2021, our maximum hash rate was
1.60 EH/s. For the year ended December 31, 2021, we recognized revenue of $96.1 million from bitcoin mining operations.
Our revenues from digital asset mining services
decreased by $63.8 million, or 66.4%, to $32.3 million for the year ended December 31, 2022 from $96.1 million for the year ended December
31, 2021. The decrease was primarily due to a decrease of 817.8 in the number of BTC earned from mining services, and a decrease in the
average price of BTC for the year ended December 31, 2022 compared to the year ended December 31, 2021.
We expect to continue to opportunistically invest
in miners to increase our hash rate capacity.
Revenues from ETH staking
During the fourth quarter of 2022, we commenced
ETH staking business, in both native staking and liquid staking.
For the ETH native staking business, we stake
ETH, through network-based smart contracts, on a node for the purpose of validating transactions and adding blocks to the network. Through
these contracts, the Company stakes ETH on nodes for the purpose of validating transactions and adding blocks to the Ethereum blockchain
network. The staked ETHs remained locked up until the Shanghai upgrade occurred on April 12, 2023. In exchange for staking the ETH and
validating transactions on blockchain networks, the Company is entitled to the block rewards and transaction fees for successfully validating
or adding a block to the blockchain. These rewards are received by the Company directly from the Ethereum network and are calculated approximately
based on the proportion of the Company's stake to the total ETH staked by all validators.
For the liquid staking business, the Company has
deployed ETH liquid staking tokens into Portara (formerly known as Harbour), a liquid staking solution provider under the consortium of
Blockdaemon and Stakewise. We receive receipt tokens for the ETH staked and rETH-h for rewards earned which could be redeemed to ETH or
can be traded or collateralized elsewhere, at any time.
For
the year ended December 31, 2022, we earned 3.68
ETH in native
staking and 16.25
rETH-h in liquid staking, respectively.
For the year ended December 31, 2022, we recognized revenues of $5,722
and
$20,182 from native staking and liquid staking, respectively.
Cost of revenues
The Company's
cost of revenue consists primarily of i) direct production costs related to mining operations, including electricity costs, profit-sharing
fees and other relevant costs, but excluding depreciation and amortization, which are separately stated in the Company's consolidated
statements of operations, and ii) direct cost related to ETH staking business including
service fee and profit-sharing fees to
the service providers, which is immaterial during the year ended December 31, 2022.
For the years ended December 31, 2022 and 2021,
the cost of revenue were comprised of the following:
For the Years Ended
December 31,
2022
2021
Electricity costs
$
15,113,046
$
24,790,688
Profit-sharing fees
4,027,597
5,669,700
Other costs
1,233,990
279,388
Total
$
20,374,633
$
30,739,776
Electricity costs.
These expenses
were incurred by mining facilities for the miners in operation and were closely correlated with the number of deployed miners.
In the year ended December 31, 2022, electricity
costs decreased by $9.7 million, or 39%, compared to the electricity costs incurred in the year of 2021. The decline primarily resulted
from a reduced number of deployed miners due to i) the sale or disposal of certain miners before relocating from Hong Kong to North America,
and ii) partial offline status of miners in two facilities because of previously announced power cut-off incidents.
Profit-sharing fees.
In 2021, we
entered into hosting agreements with certain mining facilities, which included performance fees calculated as a fixed percentage of net
profit generated by the miners. We refer to these fee as profit-sharing fees.
In the year ended December 31, 2022, profit-sharing
fees decreased by $1.6 million, or 29%, compared to profit-sharing fees incurred in the year of 2021. This reduction was primarily due
to a decrease in the number of digital assets generated and the comparatively lower average price of bitcoin during 2022.
We expect a proportionate increase in cost of
revenue as we continue to focus on expansion and upgrade of our miner fleet.
93
Depreciation and amortization expenses
For the year ended December 31, 2022 and 2021,
depreciation and amortization expenses were $27.8 million and $13.1 million, respectively, based on an estimated useful miner life of
three years.
General and administrative expenses
For the year ended December 31, 2022, our general and administrative
expenses, totaling $23.1 million, were primarily comprised of professional and consulting expenses of $7.7 million, transportation
expenses of $0.7 million to relocate miners, salary and bonus expenses of $2.7 million, shared-based compensation expenses of $2.3 million
related to RSUs and share options granted to our employees, consultants and director, directors and officers liability insurance expenses
of $3.3 million, marketing expenses of $1.1 million, and litigation settlement costs of $2.1 million.
For the year ended December 31, 2021, our general
and administrative expenses, totaling $39.2 million, were primarily comprised of professional and consulting expenses of $6.4 million,
transportation expenses of $2.2 million mainly incurred to relocate miners from China to North America, shared-based compensation
expenses of $20.5 million related to RSUs issued to our directors, management and consultants, shared-based compensation expenses of $1.4
million related to ordinary shares issued to consultants, insurance expenses of $0.9 million, travel expenses of $1.1 million, salary
and bonus expenses of $4.6 million and office expenses of $0.8 million.
Realized gain on exchange of digital assets
Digital assets are recorded at cost less impairment.
Any gains or losses from sales of digital assets are recorded as "Realized gain on exchange of digital assets" in the consolidated
statements of operations. For the year ended December 31, 2022, we recorded a gain of $6.5 million from the exchange of 1,109.3 bitcoins
and 87.2 ETH. For the year ended December 31, 2021, we recorded a gain of $20.8 million from the exchange of 1,527.3 bitcoins.
Impairment of digital assets
Impairment of digital assets was $24.7 million
and $28.0 million for the years ended December 31, 2022 and 2021, respectively. We utilized the intraday low price of digital assets in
calculation of impairment of digital assets.
For the year ended December 31, 2022, the
impairment of $24.7 million was comprised of impairment of $
21.2
million and $
3.5
million on bitcoins and ETH,
respectively. For the year ended December 31, 2021, the impairment of $28.0 million was comprised of impairment of $27.9 million and $0.1 million on
bitcoins and ETH, re
spectively
.
Impairment of property and equipment
For the year ended December 31, 2022, the Company
recorded impairment of $50.0 million against miners, consisting of impairment of $46.4 million and $3.7 million against bitcoin miners
and ETH miners, respectively. The Company recognized impairment on miners because the estimated fair value of the miners was less than
their carrying value.
For the year ended December 31, 2021, the Company
did not record impairment against property and equipment.
94
Net gain (loss) from disposal of property and
equipment
For the year ended December 31, 2022, we sold
1,115 bitcoin miners to certain third-party purchasers for a total consideration of $1.8 million. The Company recognized a gain of $1.5
million from the sale of miners which was recorded in the account of "net gain from disposal of property and equipment". In
addition, the Company wrote off 917 BTC miners and 1 ETH miner during the year, and the Company recorded a loss of $0.2 million resulting
from the write-off in the account of "net gain from disposal of property and equipment".
During the year ended December 31, 2021, we sold
or disposed of certain miners, partially in anticipation of purchase opportunities for newer, more efficient machines. As a result, we
recognized a net loss of $3.7 million from sales and disposal of these miners, comprised of a gain of $0.6 million from sales of 15,808
miners to three third parties and a loss of $4.4 million from disposal of 1,779 miners at $nil consideration.
Gain from sale of investment security
For the year ended December 31, 2022, we sold
a portion of our investment in one privately held company with a cost of $0.7 million for consideration of $1.7 million. We recognized
a gain of $1.0 million from the sale which was recorded in the account of "gain from sale of investment security".
Income tax expenses
Income
tax benefits were $0.6 million for the year ended December 31, 2022, which was comprised of income tax benefits of $943,578 from our U.S.
operations, a tax expense of $292,646 from our Hong Kong operations, and an unrecognized tax benefit of $58,082 from our Canada
operations.
The income tax benefits from U.S. operations are primarily driven recognition of deferred tax assets from net operating losses in the
year ended December 31, 2022, resulting in an income tax benefits of $943,578. The unrecognized tax benefit is related to uncertain Hong
Kong profits tax positions due to offshore non-taxable claim lodged on the business profits and tax deduction claim on share-based compensation
which is however subject to review and approval by the Hong Kong tax authority.
Income tax expense was $3.9 million for the year
ended December 31, 2021, which was comprised of income tax expenses of $1.1 million from our U.S. operations, unrecognized tax benefit
of $2.8 million from our Hong Kong operations and a tax benefit of $58,081 from other jurisdictions. The unrecognized tax benefit is related
to uncertain Hong Kong profits tax positions due to offshore non-taxable claim lodged on the business profits and tax deduction claim
on stock-based compensation which is however subject to review and approval by the Hong Kong tax authority.
Net loss and loss per share
For the year ended December 31, 2022, our net
loss was $105.3 million, representing a change of $104.3 million from a net loss of $1.0 million for the year ended December 31, 2021.
Basic and diluted loss per share was $1.34 and $0.02 for the years
ended December 31, 2022 and 2021, respectively. Weighted average number of shares was 78,614,174   and 55,440,527 for the years
ended December 31, 2022 and 2021, respectively.
95
Results of Operations for the Year Ended December
31, 2021 and 2020
The following table summarizes the results of
our operations during the year ended December 31, 2021 and 2020, respectively, and provides information regarding the dollar increase
or (decrease) during period.
For the Years Ended
December 31,
Variance in
2021
2020
Amount
(restated)
(restated)
Revenue from digital assets mining
$
96,078,570
$
21,065,113
$
75,013,457
Cost and operating expenses
Cost of revenues (exclusive of depreciation and amortization shown below)
(30,739,776
)
(14,104,628
)
(16,635,148
)
Depreciation and amortization expenses
(13,113,964
)
(3,324,655
)
(9,789,309
)
General and administrative expenses
(39,154,204
)
(2,515,117
)
(36,639,087
)
Realized gain on exchange of digital assets
20,813,167
1,434,544
19,378,623
Impairment of digital assets
(27,993,571
)
(997,954
)
(26,995,617
)
Total operating expenses
(90,188,348
)
(19,507,810
)
(70,680,538
)
Income from operations
5,890,222
1,557,303
4,332,919
Other income (expenses)
Loss from disposal of property and equipment
(3,746,247
)
-
(3,746,247
)
Other income (expenses)
702,414
(1,924
)
704,338
Total (expenses) income, net
(3,043,833
)
(1,924
)
(3,041,909
)
Income before income taxes
2,846,389
1,555,379
1,291,010
Income tax expenses
(3,856,341
)
-
(3,856,341
)
Net (loss) income from continuing
    operations
(1,009,952
)
1,555,379
(2,565,331
)
Net loss from discontinued operations
-
(3,834,683
)
3,834,683
Net loss
$
(1,009,952
)
$
(2,279,304
)
$
1,269,352
Revenues
We generate revenues from provision of computing
power to digital asset mining pools, and receive consideration in the form of digital assets, the value of which is determined using the
market price of the related digital asset at the time of receipt. By providing computing power to successfully add a block to the blockchain,
the Company is entitled to a fractional share of the digital assets award from the mining pool operator, which is based on the proportion
of computing power the Company contributed to the mining pool to the total computing power contributed by all mining pool participants
in solving the current algorithm.
For the year ended December 31, 2021, we received
2,065.3 bitcoins from three mining pool operators. Among the total bitcoins, 589.4, 1,267.1, 208.8 bitcoins were mined through Foundry,
Huobi Pool and Antpool, accounting for 29%, 61% and 10% of total bitcoins, respectively. As of December 31, 2021, our maximum hash rate
was 1.60 EH/s. For the year ended December 31, 2021, we recognized revenue of $96.1 million.
For
the year ended December 31, 2020, we received 1,510.2 bitcoins from three mining pool operators
and
recognized revenue of $21.1 million. Among the total bitcoins, 1,408.2, 77.1, 24.9 bitcoins were mined through Huobi Pool, Poolin and
Antpool, accounting for 93%, 5% and 2% of total bitcoins, respectively.
During the year ended December 31, 2021, we sold
or disposed of certain miner models, partially in anticipation of purchase opportunities for newer, more efficient machines. We expect
to continue to invest in miners to increase the hash rate capacity.
96
Cost of revenues
The Company's
cost of revenue consists primarily of direct production costs related to mining operations, including electricity costs, profit-sharing
fees and other relevant costs, but excluding depreciation and amortization, which are separately stated in the Company's consolidated
statements of operations,
For the years ended December 31, 2021 and 2020,
our cost of revenues were comprised of the following:
For the Years Ended
December 31,
2021
2020
Electricity costs
$
24,790,688
$
14,104,628
Profit-sharing fees
5,669,700
-
Other costs
279,388
-
Total
$
30,739,776
$
14,104,628
Electricity costs.
These expenses
were incurred by mining facilities for the miners in operation and were closely correlated with the number of deployed miners.
In the year ended December 31, 2021, electricity
costs increased by $10.7 million, or 76%, compared to that incurred in the year 2020. Although the Company had launched its bitcoin mining
operations in February 2020, the number of miners deployed in the first half of that year was considerably lower than in the second half.
However, throughout 2021, the Company deployed more miners resulting in a higher hash rate, which, in turn, demanded greater electricity
usage, thereby contributing to the surge in electricity costs.
Profit-sharing fees.
In the year
2021, we entered into hosting agreements with certain mining facilities, which included performance fees calculated as a fixed percentage
of net profit generated by the miners. We refer to these fee as profit-sharing fees.
In the year ended December 31, 2021, profit-sharing
fees were $5.7 million. In 2020, we did not incur profit-sharing fees.
We expect an increase in cost of revenue as we
continue to focus on expansion and upgrade of our miner fleet.
Depreciation and amortization expenses
For the year ended December 31, 2021, depreciation
and amortization expenses of $13.1 million based on an estimated useful miner life of 3 years.
For the year ended December 31, 2020, depreciation
and amortization expenses of $3.3 million based on an estimated useful miner life of 3 years.
General and administrative expenses
For the year ended December 31, 2021, our general
and administrative expenses, totaling $39.2 million, were primarily comprised of professional and consulting expenses of $6.4 million,
transportation expenses of $2.2 million mainly incurred to relocate miners from China to North America, shared-based compensation
expenses of $20.5 million related to RSUs issued to our directors, management and consultants, shared-based compensation expenses of $1.4
million related to ordinary shares issued to consultants, insurance expenses of $0.9 million, travel expenses of $1.1 million, salary
and bonus expenses of $4.6 million and office expenses of $0.8 million.
For the year ended December 31, 2020, our general
and administrative expenses, totaling $2.5 million were primarily comprised of professional and consulting expenses of $0.9 million, shared-based
compensation for consulting services of $0.5 million, asset impairment for car rental deposits of $0.6 million, travel expenses of $0.2
million, salary expenses of $0.1 million and office expenses of $0.1 million.
Realized gain on exchange of digital assets
Digital
assets are recorded at cost less impairment. Any gains or losses from sales of digital assets are recorded as "Realized gain on exchange of digital assets" in the consolidated statements of operations. For the year ended December 31, 2021, we recorded a
gain of $20.8
million from the exchange of 1,527.3 bitcoins.
For the year ended December 31, 2020, we recorded a gain of $1.4
million
from the exchange of 1,242.4 bitcoins.
97
Impairment of digital assets
Impairment of digital assets was $28.0 million
and $1.0 million for the years ended December 31, 2021, and 2020, respectively. We utilized the intraday low price of digital assets in
calculation of impairment of digital assets.
Loss from disposal of property and equipment
During the year ended December 31, 2021, we sold
or disposed of certain miner, partially in anticipation of purchase opportunities for newer, more efficient machines. As a result, we
recognized a loss of $3.7 million from sales and disposal of these miners, comprised of a gain of $0.6 million from sales of 15,808 miners
to three third parties and a loss of $4.3 million from disposal of 1,779 miners at $nil consideration.
Income tax expense
Income
tax expense was $3.9 million for the year ended December 31, 2021, which was comprised of income tax expenses of $1.1 million from our
U.S. operations, unrecognized tax benefits
of $2.8 million
from our Hong Kong operations and a tax benefit of $58,081 from other jurisdictions. The unrecognized tax benefit is related to uncertain
Hong Kong profits tax positions due to offshore non-taxable claim lodged on the business profits and tax deduction claim on stock-based
compensation which is however subject to review and approval by the Hong Kong tax authority.
Income tax expense was $nil for the year ended
December 31, 2020, as we are not subject to tax on income or capital gain in the Cayman Islands, the Company's U.S. subsidiaries
were in a taxable loss position with a full valuation allowance, and we did not have assessable profits in Hong Kong that is due to an
offshore non-taxable claim lodged on the business profits, which is however subject to review and approval by the Hong Kong tax authority.
In case the offshore non-taxable claim is disallowed, BT HK might be in a tax loss position provided that the amount of expenditure on
the mining equipment would be fully allowed by the Hong Kong tax authority as tax deduction.
Net loss and loss per share
For
the year ended December 31, 2021, our net loss was $1.0 million, representing a change of $1.3
million
from a net loss of $2.3
million for the same period of the
prior year.
Basic and diluted loss per share was $0.02
and $0.07 for the years ended December 31, 2021 and 2020, respectively. Weighted average number of shares was 55,440,527 and
30,591,122 for the years ended December 31, 2021 and 2020, respectively.
98
Discussion of Certain Balance Sheet Items
The following table sets forth selected information
from our consolidated balance sheets as of December 31, 2022 and December 31, 2021. This information should be read together with our
consolidated financial statements and related notes included elsewhere in this report.
December 31,
December 31,
Variance in
2022
2021
Amount
(restated)
ASSETS
Current Assets
Cash and cash equivalents
$
32,691,060
$
42,398,528
$
(9,707,468
)
Restricted cash
1,320,000
-
1,320,000
USDC
626,441
15,829,464
(15,203,023
)
Digital assets
27,587,328
29,039,761
(1,452,433
)
Income tax receivable
736,445
-
736,445
Other current assets
1,433,999
3,050,616
(1,616,617
)
Total Current Assets
64,395,273
90,318,369
(25,923,096
)
Investment securities
1,787,922
1,000,000
787,922
Deposits for property and equipment
2,594,881
43,094,881
(40,500,000
)
Property and equipment, net
22,609,391
32,489,158
(9,879,767
)
Deferred tax assets
-
58,081
(58,081
)
Other non-current assets
9,033,200
6,714,571
2,318,629
Total Assets
$
100,420,667
$
173,675,060
$
(73,254,393
)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable
$
3,628,619
$
2,608,899
$
1,019,720
Income tax payable
-
559,774
(559,774
)
Accrued litigation settlement cost
2,100,000
-
2,100,000
Other payables and accrued liabilities
1,714,735
1,875,933
(161,198
)
Total Current Liabilities
7,443,354
5,044,606
2,398,748
Deferred tax liabilities
-
462,372
(462,372
)
Long-term income tax payable
3,044,004
2,767,276
276,728
Total Liabilities
$
10,487,358
$
8,274,254
$
2,213,104
Cash and cash equivalents
Cash and cash equivalents primarily consist of
funds deposited with banks, which are highly liquid and are unrestricted as to withdrawal or use. The total balance of cash and cash equivalents
were $32.7 million and $42.4 million as of December 31, 2022 and December 31, 2021, respectively. The decrease in the balance of cash
and cash equivalents was a result of net cash of $8.5 million used in operating activities, net cash of $18.6 million used in investing
activities, partially net off against net cash of $18.7 million provided by financing activities.
USDC
USD Coin
("USDC") is accounted for as a financial instrument; one USDC can be redeemed for one U.S. dollar on demand from the issuer.
The balance of USDC was $0.6 million and $15.8 million as of December 31, 2022 and December 31, 2021, respectively. The decrease in the
balance of USDC was attributable to exchange of USDC of $13.5 million into cash, payment of USDC of $2.4 million in transportation expenses
for relocation of certain bitcoin miners and payment of other expenses of $2.3 million, partially offset by collection of USDC of $2.0
million from exchange of cash, collection of USDC of $0.7 million and $0.2 million, as proceeds from sales of bitcoin miners and deposit
for miner sale, respectively.
99
Digital assets
Digital assets primarily consist of bitcoin and
ETH. For the year ended December 31, 2022, we earned bitcoins from mining services and ETH from mining services and staking services,
and exchanged bitcoins into ETH, USDC and cash, or used bitcoin and ETH to pay certain operating costs and other expenses. Digital assets
held are accounted for as intangible assets with indefinite useful lives and are subject to impairment losses if the fair value of digital
assets decreases below the carrying value at any time during the period. The fair value is measured using the intraday low price of the
digital assets.
As
compared with the balance as of December 31, 2021, the balance of digital assets as of December 31, 2022 decreased by $1.5 million, which
was primarily attributable to a combined impairment of $24.7
million
on bitcoin and ETH, and exchange of bitcoins of $9.8
million
into cash, partially offset against generation of bitcoins and ETH, totaling $32.3 million, from our mining business.
Deposits for property and equipment
Deposits for property and equipment represented
advance payments for bitcoin miners. The balance was derecognized once the control of the miners was transferred to us.
Compared
with December 31, 2021, the balance as of December 31, 2022 decreased by $40.5
million,
which was mainly due to delivery of miners from Bitmain Technology Limited during the year ended December 31, 2022.
Property and equipment, net
Property and equipment was primarily comprised
of BTC miners and ETH miners, both with estimated 3-year useful life.
As of December 31, 2022, we recorded impairment of $46.4 million on
BTC miners and $3.7 million on ETH miners, as the estimated fair value of these miners was less than their net carrying amount. As of
December 31, 2022, we had 37,676 bitcoin miners and 730 ETH miners with net book value of $22.4 million and $0.2 million, respectively.
As of December 31, 2021, we had 27,744 bitcoin miners and 731 ETH miners with net book value of $26.7 million and $5.8 million, respectively.
Accounts payable
Accounts payable represented the amount due to
the maintenance service provided by our hosting partners. Compared with December 31, 2021, the balance of accounts payable
increased by $1.0 million, largely due to the delayed payments to one of our hosting partners in 2022.
Long-term income tax payable
Compared
with December 31, 2021, the balance as of December 31, 2022 increased by $276,728, which was recognized for the incremental penalty accrued
on the existing unrecognized tax benefits for the years ended December 31, 2022. Refer to Note 12. Income Taxes for further details.
100
Non-GAAP Financial Measures
In addition to consolidated U.S. GAAP financial
measures, we consistently evaluate our use of and calculation of the non-GAAP financial measures, "Adjusted EBITDA" and Adjusted
earnings per share ("Adjusted EPS").
Adjusted EBITDA is a financial measure defined
as our EBITDA, adjusted to eliminate the effects of certain non-cash and / or non-recurring items, that do not reflect our ongoing strategic
business operations. EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is EBITDA
further adjusted for certain income and expenses, which management believes results in a performance measurement that represents a key
indicator of the Company's core business operations of digital asset mining. The adjustments currently include fair value adjustments
such as investment securities value changes and non-cash share-based compensation expense, in addition to other income and expense items.
Adjusted EPS is a financial measure defined as
our EBITDA divided by our diluted weighted-average shares outstanding, adjusted with the EPS impact related to the adjustments made to
EBITDA to derive Adjusted EBITDA.
We believe Adjusted EBITDA and Adjusted EPS can
be important financial measures because they allow management, investors, and our board of directors to evaluate and compare our operating
results, including our return on capital and operating efficiencies, from period-to-period by making such adjustments.
Adjusted EBITDA and Adjusted EPS are provided
in addition to and should not be considered to be a substitute for, or superior to net income, the comparable measures under U.S. GAAP.
Further, Adjusted EBITDA and Adjusted EPS should not be considered as an alternative to revenue growth, net income, diluted earnings per
share or any other performance measure derived in accordance with U.S. GAAP, or as an alternative to cash flow from operating activities
as a measure of our liquidity. Adjusted EBITDA and Adjusted EPS have limitations as analytical tools, and you should not consider such
measures either in isolation or as substitutes for analyzing our results as reported under U.S. GAAP.
Reconciliations of Adjusted EBITDA and Adjusted
EPS to the most comparable U.S. GAAP financial metric for historical periods are presented in the table below:
For the Years Ended December 31,
2022
2021
2020
(restated)
(restated)
Reconciliation of non-GAAP income from operations:
Net (Loss) Income
$
(105,296,603
)
$
(1,009,952
)
$
1,555,379
Depreciation and amortization expenses
27,829,730
13,113,964
3,324,655
Income tax expenses
(592,850
)
3,856,341
-
EBITDA
(78,059,723
)
15,960,353
4,880,034
Adjustments  :
Share based compensation expenses
2,262,691
21,907,416
456,000
(Gain) loss from disposal of property and equipment
(1,353,299
)
3,746,247
-
Gain from sale of investment security
(1,039,999
)
-
-
Gain from disposal of a subsidiary
(52,383
)
-
-
Changes in fair value of long-term investments
545,412
-
-
Liquidated damage expenses
619,355
-
-
Impairment of property and equipment
50,038,650
-
-
Adjusted EBITDA
$
(27,039,296
)
$
41,614,016
$
5,336,034
101
For the Years Ended
December 31,
2022
2021
2020
(restated)
(restated)
Reconciliation of non-GAAP Basic and Dilutive (Loss) Earnings Per Share:
Basic and dilutive (loss) earnings per share
$
(1.34
)
$
(0.02
)
$
0.05
Depreciation and amortization expenses
0.35
0.24
0.11
Income tax expenses
(0.01
)
0.07
-
EBITDA per share
(1.00
)
0.29
0.16
Adjustments:
Share based compensation expenses
0.03
0.40
0.01
(Gain) loss from disposal of property and equipment
(0.02
)
0.07
-
Gain from sale of investment security
(0.01
)
-
-
Gain from disposal of a subsidiary
(0.00
)
-
-
Changes in fair value of long-term investments
0.01
-
-
Liquidated damage expenses
0.01
-
-
Impairment of property and equipment
0.64
-
-
Adjusted basic and dilutive (loss) earnings per share
$
(0.34
)
$
0.76
$
0.17
Liquidity and capital resources
To date, we have financed our operations primarily
through cash flows from operations, and equity financing through public and private offerings of our securities. We plan to support our
future operations primarily from cash generated from our operations and equity financings. We may also consider debt, preferred and convertible
financing as well.
During April 4 through May 12, 2022, we issued
an aggregate of 10,990,327 ordinary shares to Ionic Ventures LLC for gross proceeds of $22.0 million. The Company received net proceeds
of $21.0 million after deducting commissions payable to broker-dealers.
As of December 31, 2022, we had working capital
of $57.0 million which includes USDC of $0.6 million and digital assets of $27.6 million as of December 31, 2022. Working capital is the
difference between the Company's current assets and current liabilities.
Under the Company's Purchase Agreement with
Ionic Ventures LLC, the Company has the right, but not the obligation, to sell to Ionic up to $22 million of registered Ordinary Shares.
The Company may also offer and sell equity securities from time to time in one or more offerings at the market
(ATM) at prices and on terms which the Company will then determine for an initial aggregate offering price of $500 million pursuant to
a registration statement on Form F-3 declared effective by the SEC on May 4, 2022. To date, no securities have been sold under the registration
statement.
Revenue from Operations
Funding our operations on a going-forward basis
will rely significantly on our ability to continue to mine digital assets and the spot or market price of the digital assets we mine,
and our ability to earn ETH rewards from ETH native staking and liquid staking and the spot or market price of ETH.
We expect to generate ongoing revenues primarily
from the production of digital assets, primarily bitcoin, in our mining facilities. Our ability to liquidate digital assets at future
values will be evaluated from time to time to generate cash for operations. Generating digital assets, for example, with spot market values
which exceed our production and other costs, will determine our ability to report profit margins related to such mining operations. Furthermore,
regardless of our ability to generate revenue from our digital assets, we may need to raise additional capital in the form of equity or
debt to fund our operations and pursue our business strategy.
The
ability to raise funds as equity, debt or conversion of digital assets to maintain our operations is subject to many risks and uncertainties
and, even if we are successful, future equity issuances would result in dilution to our existing stockholders and any future debt or debt
securities may contain covenants that limit our operations or ability to enter into certain transactions. Our ability to realize revenue
through digital asset production and successfully convert digital assets
into
cash or fund overhead with digital asset is subject to a number of risks, including regulatory, financial and business risks, many of
which are beyond our control. Additionally, the value of digital asset rewards has been extremely volatile historically, and future prices
cannot be predicted.
If
we are unable to generate sufficient revenue from our digital asset production when needed or secure additional funding,
it may become necessary to significantly reduce our current rate of expansion or to explore other strategic alternatives.
102
Cash flows
For the Years Ended
December 31,
2022
2021
2020
Net Cash Used in Operating Activities
$
(8,496,028
)
$
(17,351,892
)
$
(971,690
)
Net Cash Used in Investing Activities
(18,605,265
)
(46,841,220
)
(4,494,165
)
Net Cash Provided by Financing Activities
18,713,825
106,186,507
5,255,000
Cash, cash equivalents and restricted cash, beginning of year
42,398,528
405,133
630,650
Cash, cash equivalents and restricted cash, end of year
34,011,060
42,398,528
419,795
Less: cash, cash equivalents and restricted cash from discontinued operations, end of year
-
-
14,662
Cash, cash equivalents and restricted cash from continuing operations, end of year
$
34,011,060
$
42,398,528
$
405,133
Operating Activities
Net
cash used in operating activities was $8.5 million for the year ended December 31, 2022, derived mainly from (i) net loss of $105.3
million for the year ended December 31, 2022 adjusted for digital assets of $32.3 million from our mining services, depreciation
expenses of miners of $27.8 million, gain from exchange of digital assets of $6.5 million, impairment of digital assets of $24.7
million, impairment of property and equipment of $50.0 million, and share-based compensation expenses of $2.3 million, and (ii) net
changes in our operating assets and liabilities, principally comprising of a decrease in
digital assets and stable coins of $25.1 million as
net proceeds from sales of digital assets and stable coins, and an increase in accounts payable of $3.2 million.
Net
cash used in operating activities was $17.4 million for the year ended December 31, 2021, derived mainly from (i) digital assets of $96.1
million from our mining services, depreciation expenses of miners of $13.1 million, impairment of digital assets of $28.0
million,
loss from sales and disposal of miners of $3.7 million, gain from exchange of digital assets of $20.8 million, issuance of ordinary shares
to certain service providers for provision of promotion and marketing services and advisory services of $1.4 million, share-based compensation
related to restricted share units granted to the Company's directors, senior management and consultants of $20.5 million, and (ii)
net changes in our operating assets and liabilities, principally comprising of (a) a decrease in
digital assets and stable coins of $5.7
million as net
proceeds from sales of digital assets and stable coins, and (b) a change in accounts payable of $21.6 million, primarily because we paid
hosting and power cost of $24.3 million in digital assets.
Net cash used in operating activities was $1.0
million for the year ended December 31, 2020, mainly derived from (i) net income of $1.5 million from continuing operations for the year
adjusted for digital assets of $21.1 million from our mining services, depreciation expenses of miners of $3.3 million, gain from exchange
of digital assets of $1.4 million, impairment of digital assets of $1.0 million, share-based compensation expenses for consulting services
of $0.5 million, and (ii) net changes in our operating assets and liabilities, principally comprising of (a) a decrease in digital assets
and coins of $2.8 million as net proceeds from sales of digital assets and stable coins, (b) an increase in other current assets
of $1.8 million, primarily attributable to payment of deposits of $1.7 million to two service providers who paid hosting and power costs
on behalf of us, and (c) a change in accounts payable of $14.3 million, primarily because we paid hosting and power cost in digital assets.
Investing Activities
Net cash used in investing activities was $18.6
million for the year ended December 31, 2022, primarily attributable to purchases of bitcoin miners of $19.3 million, investment of $2.0
million in one investment fund, and loss of cash of $59,695 from sale of an inactive subsidiary, partially offset by proceeds of $1.1
million from sales of bitcoin miners, and proceeds of $1.7 million from sale of a portion of long-term investment.
Net cash used in investing activities was $46.8 million for the year
ended December 31, 2021, primarily attributable to miner purchases of $6.5 million and deposits made for miners of $40.3 million.
Net cash used in investing activities was
$4.5 million for the year ended December 31, 2020, primarily used in purchases of miners of $4.5 million.
103
Financing Activities
Net
cash provided by financing activities was $18.7 million for
the year ended December 31, 2022, primarily attributable to the net proceeds of $21.0 million from direct offering with Ionic Ventures,
an institutional investor, and partially offset by the payment of liquidated damage fees of $2.2 million as the registration statement
for resale of shares issued in one of our private placements was not declared effective by the SEC until January 25, 2022.
Net cash provided by financing activities was
$106.2 million for the year ended December 31, 2021, primarily provided by net proceeds of $75.0 million of net proceeds from our private
placements with certain investors, net proceeds of $34.3 million from our direct offering with Ionic, an institutional investor, and net
proceeds of $1.3 million from the issuance of convertible notes to Ionic, offset, in part, by the payment of liquidated damage fees of
$3.2 million as the registration statement for resale of shares issued in our private placement was not declared effective by the SEC
by December 31, 2021, and the withholding of ordinary shares of $1.1 million for payment of employee withholding taxes.
Net cash provided by financing activities was
$5.3 million for the year ended December 31, 2020, primarily provided by proceeds of $5.2 million from certain shareholders under private
placement transactions and borrowings of $7,000 from related parties.
Critical Accounting Policies and Estimates
Our discussion and analysis of our financial condition
and results of operations are based upon our consolidated financial statements. These financial statements are prepared in accordance
with U.S. GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of our assets and liabilities
and revenues and expenses, to disclose contingent assets and liabilities on the dates of the consolidated financial statements, and to
disclose the reported amounts of revenues and expenses incurred during the financial reporting periods. The most significant estimates
and assumptions include the valuation of digital assets and other current assets, useful lives of property and equipment, the recoverability
of long-lived assets, provision necessary for contingent liabilities and realization of deferred tax assets. We continue to evaluate these
estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates
is an integral component of the financial reporting process, actual results could differ from those estimates as a result of changes in
our estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe critical
accounting policies as disclosed in this release reflect the more significant judgments and estimates used in preparation of our consolidated
financial statements.
Recently issued and adopted accounting pronouncements
The Company has evaluated all other recently issued
accounting pronouncements and believes such pronouncements do not have a material effect on the Company's financial statements.
See Note 3  of the consolidated financial statements as of December 31, 2022.
104
Forward Looking Statements
The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with our financial statements and the related notes included
elsewhere in this news release. Except for the statements of historical fact, this news release contains "forward-looking information"
and "forward-looking statements reflecting our current expectations that involve risks and uncertainties (collectively, "forward-looking
information") that is based on expectations, estimates and projections as at the date of this news release. Actual results and the
timing of events in this news release includes information about hash rate expansion, diversification of operations, potential further
improvements to profitability and efficiency across mining operations, potential for the Company's long-term growth, and the business
goals and objectives of the Company. Factors that could cause actual results, performance or achievements to differ materially from those
discussed in our such forward-looking statements as a result of many factors, including, but not limited to: continued effects of the
COVID19 pandemic may have a material adverse effect on the Company's performance as supply chains are disrupted and may prevent
the Company from operating its assets; the ability to establish new facilities for bitcoin mining in North America; a decrease in cryptocurrency
migrating and then operating its assets; a decrease in cryptocurrency pricing; volume of transaction activity or generally, the profitability
of cryptocurrency mining; further improvements to profitability and efficiency may not be realized; the digital currency market; the Company's
ability to successfully mine digital currency on the cloud; the Company may not be able to profitably liquidate its current digital currency
inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company's operations; the
volatility of digital currency prices; and other related risks as more fully set forth under "Risk Factors" and elsewhere
in our Annual Report on Form 20-F for the year ended December 31, 2022 and other documents disclosed under the Company's filings
at www.sec.gov. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of
the Company based on information currently available to the Company. In connection with the forward-looking information contained in this
news release, the Company has made assumptions about: the current profitability in mining cryptocurrency (including pricing and volume
of current transaction activity); profitable use of the Company's assets going forward; the Company's ability to profitably
liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital
currencies on the cloud will be consistent with historical prices; and there will be no regulation or law that will prevent the Company
from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course
of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent
uncertainty therein.
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
6.A. Directors and Executive Officers
The following table sets forth information regarding our directors
and executive officers as of December 31, 2022.
Directors/Executive Officers
Age
Position/Title
Zhaohui Deng
54
Chairman of Board of Directors
Bryan Bullett
51
Chief Executive Officer
Erke Huang
34
Chief Financial Officer and Director
Sam Tabar
50
Chief Strategy Officer
Ichi Shih
52
Independent Director
Yan Xiong
58
Independent Director
Brock Pierce
43
Independent Director
Biographies
Zhaohui Deng
Mr. Deng was elected to serve as a director of
the Company at the September 4, 2020 Annual General Meeting and was elected as Chairman of the Board on January 19, 2021. He was born
in January 1969. From 1995 to 2010, he served as the board secretary and Vice President of Hunan Jinguo Industrial Co., Ltd. From 2011
until now, he has been working as a private investor and serves as private advisor for several listed companies in the PRC. He holds a
bachelor's degree in Accounting from Hengyang Industrial College China.
105
Bryan Bullett
Mr. Bullett served as Chief Executive Officer
from March 31, 2021 to March 31, 2023. On March 31, 2023, Mr. Bullet resigned as Chief Executive Officer and as a director of subsidiaries
pursuant to a separation agreement and will serve as non-executive Senior Advisor. Since April 2023 he has been an independent contractor
for Hollister Associates LLC and from January 2020 to April 2023, he was an independent contractor for Centerboard Securities LLC. From
August 2016 to June 2019, Mr. Bullett served as Executive Vice President and Head of Capital Markets for US affiliates of the company
currently known as E&P Financial Group and its predecessors. From August 2012 to July 2016, Mr. Bullett served as a Senior Vice President
at FBR & Co. During 2011 and 2012, Mr. Bullett served as a Vice President at Keefe, Bruyette & Woods. During the years 2006 through
2010, Mr. Bullett served as a Vice President and as an Associate in Investment Banking at Bank of America Merrill Lynch (formerly Banc
of America Securities). During the years 2004 through 2006, Mr. Bullett served as an Associate in Leveraged Finance at Deutsche Bank Securities.
Prior thereto, Mr. Bullett served as an early or founding employee of several technology and/or digital media-related startup companies.
Mr. Bullett received a bachelor's degree from Brown University and an MBA from Columbia Business School. Mr. Bullett is a FINRA-registered
representative of Hollister Associates LLC, a registered broker-dealer. Centerboard Securities, LLC did not participate in any offering
of securities by the Company as an underwriter, initial purchaser, placement agent, sales agent or any similar role.
Erke Huang
Mr. Huang has served as Chief Financial Officer
of the Company from October 18, 2019, as a Director since October 30, 2019  and as Interim Chief Executive Officer from February
2, 2021 until March 31, 2021. Prior thereto, Mr. Huang served as the Co-Founder and Advisor of Long Soar Technology Limited from August
2019 and as the Founder/CEO of Bitotem Investment Management Limited from May 2018. From June 2016 to May 2018, Mr. Huang served as the
Investment Manager of Guojin Capital. From August 2015 to May 2016, Mr. Huang served as an Analyst for Zhengshi Capital. Mr. Huang served
as a Program Officer of Southwest Jiaotong University from February 2015 to August 2015. From March 2013 to November 2014, Mr. Huang served
as the Engineering Analyst Team Leader of Crowncastle International. Mr. Huang received his bachelor's degree in Environmental Engineering
from Southwest Jiaotong University in 2011, and received his master's degree in Civil & Environmental Engineering from Carnegie
Mellon University in 2012.
Sam Tabar
Mr.
Tabar served as Chief Strategy Officer from March 31, 2021 to March 31, 2023 when he was appointed Chief Executive Officer of the Company.
Since January 2020, he has also been an independent contractor for Centerboard Securities LLC. Prior thereto, Mr. Tabar served as the
Co-Founder and Chief Strategy Officer of Fluidity from April 2017 to June 2020. Prior to this, he served as a Partner to FullCycle Fund
from December 2015 to April 2017. Prior to this, he served as Director and Head of Capital Strategy (Asia Pacific Region) for Bank of
America Merrill Lynch from February 2010 to April 2011. Prior to this, he was Co-Head of Marketing at Sparx Group from January 2004 to
2010. Prior to this, he was an associate at Skadden, Arps, Meagher, Flom LLP & Affiliates from September 2001 to January 2004. Mr.
Tabar received his Bachelor of Arts from Oxford University in 2000 and received his Master of Law (LL.M.) from Columbia University School
of Law in 2001. He was associate editor of the Columbia Law Business Law Journal in 2000, and is a current member of the New York State
Bar Association. Mr. Tabar was a FINRA registered representative with Centerboard during 2022 until his resignation from Centerboard on
March 31, 2023.
106
Ichi Shih
Ms. Ichi Shih was elected to serve as a director
of the Company at the September 4, 2020 Annual General Meeting. She has over 15 years of experience building and advising corporations
through internal financial management, M&A transactions, and capital market transaction across several global regions. From 1995 to
1998, Ms. Ichi Shih worked as an Equity Lending Assistant of Societe Generale in New York. From 1998 to 2000, She worked as a Financial
Analyst of Goldman Sachs & Co. in New York. From 2003 to 2007, she worked as Senior Associate of Westminster Securities in New York.
From 2007 to 2009, she worked as Vice President of Brean Murray in New York. From 2009 to 2011, she worked as CFO of China Valves Technologies
in both Hong Kong and U.S. From 2012 to 2014, she worked as Senior Vice President of Glory Sky Group in Hong Kong. In 2015, she worked
as Listing Advisor of Nasdaq Dubai in Dubai and Shanghai. From 2016 to 2017, she worked as CFO of Cubetech Global Asset in Beijing. From
2017 to 2018, she worked as CFO of ProMed Clinical Research Organization Inc. in Beijing. From 2018 until now, she has worked as a Partner
of Cathay Securities Inc. in Beijing and New York. Ms. Ichi Shih received her Bachelor's degree in Accounting and International
Business from Stern School of Business at New York University in 1995 and Master's degree in International Finance and Business
from School of International and Public Affairs at Columbia University in 2002. Ms. Ichi Shih holds a CPA Certificate from American Institute
of Certified Public Accountants.
Yan Xiong
Mr. Yan Xiong has been serving as a director of
the Company since April 19, 2020. Mr. Xiong has worked as chairman of the board of directors at Guangzhou Kangsheng Pharmaceutical Technology
Limited from 2014 to the present. From 2001 to October 2013, Mr. Xiong worked as chairman of the board of directors at Guangzhou Kangsheng
Bio-tech Limited. From 1997 to December 2000, Mr. Xiong worked as the General Manager at Zhuhai Dajiaweikang Wujin Mineral Import and
Outport Company. He holds a bachelor's degree in Industrial Accounting from Hunan University Business School, China.
Brock Pierce
Mr. Brock Pierce has been serving as a director
of the Company since October 31, 2021. He is an entrepreneur, artist, venture capitalist, and philanthropist with an extensive track record
of founding, advising and investing in disruptive business. He's credited with pioneering the market for digital assets and has
raised more than $5B for companies he has founded. Pierce is Chairman of Bitcoin Foundation and the co-founder of EOS Alliance, Block.One,
Blockchain Capital, Tether, and Mastercoin. Pierced has been involved in bitcoin mining since its genesis days, acquiring a significant
portion of the first batch of Avalons and ran KNC's China operation, one of the world's first large scale mining operations.
He was also a seed investor in BitFury through Blockchain Capital. He also established the largest Bitcoin mining operation in Washington
State in the industry's early days. Pierce has lectured at some of the nation's most prestigious institutions, the Milken
Institute Global Conference, International World Congress, and has been featured by the New York Times, Wall Street Journal and Fortune.
Pierce was on the first-ever Forbes List for the "Richest People in Cryptocurrency" and was an Independent Party candidate
for President of the United States in 2020.
6.B. Compensation
For the fiscal years ended December 31, 2022,
2021 and 2020, we paid an aggregate of approximately $1,064,000, $2,505,542 and $80,000, respectively, in cash to our executive officers,
and $4,000, $4,000 and $16,000, respectively, to our non-executive directors.
107
Summary Compensation Table
The following table sets forth the cash and non-cash
compensation for awarded to or earned by (i) each individual serving as our principal executive officer and principal financial officer
during the fiscal years ended December 31, 2022 and 2021, and (ii) the three (3) most highly compensated individuals; and who received
in excess of $100,000 in the form of salary and bonus during such fiscal year (collectively, the "named executive officers").
Name and Principal Position
Year
Salary
Cash
Bonus
Stock
Awards
Stock
Based
Comp
(5)
Non-Equity
Incentive
Plan Comp
Paid
Deferred
Comp
Earnings
All Other
Comp
Total
Bryan Bullett, CEO
(1)
2022
$
500,000
-
-
-
-
-
-
$
500,000
2021
$
93,750
$
567,021
160,765
(2)
$
2,132,290
$
-
$
-
$
-
$
2,793,061
Erke Huang, CFO and Director
(3)
2022
$
64,000
-
-
-
-
-
-
$
64,000
2021
$
64,000
$
1,120,000
440,000
$
3,502,400
$
-
$
-
$
-
$
4,686,400
Sam Tabar, CSO
(4)
2022
$
500,000
-
-
-
-
-
-
$
500,000
2021
$
93,750
$
567,021
160,765
(2)
$
2,132,290
-
-
-
$
2,793,061
(1)
Mr. Bullett served as Chief Executive Office from March 31, 2021 to March 31, 2023.
(2)
Messrs. Bullett  and Tabar were awarded 120,765 restricted stock units (RSUs) pursuant to employment agreements dated March 31, 2021, which shares vested over 24 months commencing in February 2021. In July 2021, Messrs. Bullett and Tabar were each awarded 40,000 RSUs as a bonus. The RSUs awarded to Messrs. Bullett and Tabar were granted under the Company's 2021 Omnibus Equity Incentive Plan described in Section 10.B. Memorandum and Articles of Association – Share Options/Restricted Share Units. In 2022, no new RSUs were issued to Messrs. Bullett and Tabar.
(3)
Mr. Huang has served as CFO since October 18, 2019 and as Interim CEO from February 2, 2021 until March 31, 2021. On March 31, 2023, with a change in senior management, Mr. Huang's salary increased to $600,000 per annum, pursuant to an amendment to his employment agreement with the Company, as summarized below under "Employment Agreements."
(4)
Mr. Tabar served as CSO from March 31, 2021 to March 31, 2023. On March 31, 2023, Mr. Tabar began to serve as Chief Executive Officer of the Company.
(5)
The "Stock Based Comp" column represents the aggregate grant date fair value for RSUs granted under
the Company's 2021 Omnibus Equity Incentive Plan during fiscal year 2021, computed in accordance with Financial Accounting Standards
Board ("FASB") ASC Topic 718 ("ASC 718"). See Note 3 to our consolidated financial statements for details on the
assumptions used to determine the grant date fair value of the restricted stock units. As of December 31, 2021, fair value of the vested
and issued RSUs, based on the closing price on the vesting date, for Messrs. Bullett, Huang and Tabar is $897,230, $3,502,400 and $897,230
respectively.
We have not set aside or accrued any amount to
provide pension, retirement or other similar benefits to our executive officers and directors.
108
Employment Agreements
Erke Huang
On October 28, 2022, the Company and Erke Huang
entered into an employment agreement pursuant to which the Company paid Mr. Huang $60,000 per annum as Chief Financial Officer of the
Company. In connection with a change in senior management of the Company, Mr. Huang's base salary was increased to $600,000, with
such compensation commencing on March 10, 2023. The agreement is for a term of two (2) years and will renew automatically for one-year
terms when not terminated by either party. Mr. Huang is eligible for bonuses as determined by the Board and eligible to participate in
equity incentive plans of the Company. The Company shall also reimburse Mr. Huang for reasonable and approved expenses incurred by him
in connection with the performance of his duties under his employment agreement. Mr. Huang is subject to a one-year non-competition and
non-solicitation covenant from the date of termination of employment for any reason. The Company and Mr. Huang also entered into a director
agreement on October 28, 2022, pursuant to which the Company agreed to pay Mr. Huang one thousand (US$1,000) dollars per quarter for
serving on the Board. The Company shall also reimburse Mr. Huang for reasonable and approved expenses incurred by him in connection with
the performance of his duties under his director agreement. Under the director agreement, Mr. Huang is subject to a one-year non-competition
covenant and a three-year non-solicitation covenant. Mr. Huang has no family relationship with any of the executive officers of the Company.
Bryan Bullett
Mr. Bullett was employed under a two-year Employment
Agreement effective March 31, 2021 until March 31, 2023. He was compensated at the rate of $125,000 per annum during 2021. Pursuant to
an amendment dated January 1, 2022, Mr. Bullett's base salary was increased to $500,000 commencing January 1, 2022 through the end
of the two-year term. He was  eligible for a discretionary yearly cash bonus based on targets and performance criteria to be established
by the Board. Mr. Bullett was awarded 120,765 restricted stock units ("RSUs") under his Employment Agreement. The RSUs were
awarded under the 2021 Omnibus Equity Incentive Plan approved by the Company's shareholders at its April 2021 Annual General Meeting.
Pursuant to a Confidential Negotiated Separation
Agreement and General Release dated March 13, 2023, Mr. Bullett resigned his employment with the Company as Chief Executive Officer effective
March 31, 2023. The Company paid Mr. Bullett a lump sum of $1,000,000 of severance pursuant to his Employment Agreement. All of the outstanding
RSUs had already vested. Under the agreement the Company released Mr. Bullett from any and all express or implied lock-ups or restrictions
on trading Company securities and to the extent Mr. Bullett is considered an insider at any time following the effective date of the Agreement
and General Release, the Company will provide him with an open trading window at least once per quarter.
Additionally, on March 13, 2023, with
effectiveness on March 31, 2023, the Company entered into an Advisory Agreement with an entity wholly owned and controlled by Mr.
Bullett. Through the entity, Mr. Bullett will serve the non-executive role of Senior Advisor to the Company and will provide certain
advisory services to the Company, such as global expansion, business development, product, technology, ecosystem development,
strategic partnerships advice and strategic introductions.
Sam Tabar
Mr. Tabar has been employed under a two-year Employment
Agreement, effective March 31, 2021, on substantially the same terms as the Employment Agreement described above for Mr. Bullett. He too
was compensated at a base salary of $125,000 per annum during 2021. Pursuant to an amendment dated January 1, 2022, Mr. Tabar's
base salary was increased to $500,000 commencing January 1, 2022 through the end of the two-year term. He was awarded 120,765 RSUs under
his Employment Agreement pursuant to the terms and conditions of the 2021 Omnibus Equity Incentive Plan.
109
Pursuant to a second amendment to the Employment
Agreement dated March 31, 2023, the Company extended the term of the Employment Agreement for an additional two years with Mr. Taber assuming
the role of Chief Executive Officer. Mr. Taber's salary remains $500,000 and his equity award compensation remains as pursuant to
his original employment agreement and the 2021 Omnibus Equity Incentive Plan. The second amendment also provided that the Employment Agreement
will not be terminated by the Company at any time prior to the end of the Initial two -year Term except for Cause (as defined). In the
event that Mr. Tabar's employment is terminated by the Company without Cause commencing two (2) years from the date of the Amendment,
or at any time by Mr. Tabar for Good Reason, or as a result of expiration of the Employment Period by reason of the Company's issuance
of a Non-Renewal Notice, the Company shall pay and/or provide Mr. Tabar with a single lump sum cash amount on the next regularly scheduled
payroll date following Executive's date of termination, in an amount equal to the number of years employed by the Company (or fraction
thereof) plus two (2) multiplied by one (1) month of Base Salary with a minimum of six (6) months Base Salary at all times during the
Employment Period.
Mr. Tabar has agreed to hold, both during and
after the termination or expiry of his employment agreement, in strict confidence and not to use, except as required in the performance
of his duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any
confidential information or trade secrets of our clients or prospective clients, or the confidential or proprietary information of any
third party received by us and for which we have confidential obligations. Mr. Tabar has also agreed to assign all right, title and interest
(including but not limited to patents and trademarks) in all inventions and designs which he conceives, develops or reduces to practice
during his employment with the Company and two (2) years thereafter.
In addition, Mr. Tabar has agreed to be bound
by non-competition and non-solicitation restrictions during the term of his employment. Specifically, Mr. Tabar has agreed not to (i)
approach our suppliers, clients, customers or contacts or other persons or entities introduced to him in his capacity as a representative
of the Company for the purpose of doing business with such persons or entities that will harm the Company's business relationships
with these persons or entities; or (ii) seek directly or indirectly, to solicit the services of any of the Company's employees who
is employed by the Company on or after the date of his termination, or in the year preceding such termination, without our express consent.
Director Compensation
The
Company and each of its independent directors, Ms. Ichi Shih, Yan Xiong and Zhaohui Deng, entered into director agreements pursuant to
which the Company agreed to pay each director one thousand ($1,000) dollars per quarter for serving on the Board for a one-year period,
subject to a one-year renewal. In 2021, the Board also authorized one-time 10,000 RSUs award with immediate vesting to Ichi Shih for
her services pursuant to the Company's 2021 Omnibus Equity Incentive Plan and 30,000 RSUs were awarded in October 2022 under the
Second 2021 Omnibus Equity Incentive Plan with immediate vesting for her services as Chairman of the Audit Committee during 2022 and
2023. The Company shall also reimburse each director for reasonable and approved expenses incurred by him or her in connection with the
performance of their duties under the director agreements.
As
an independent director, Mr. Pierce, through an entity for which he serves on the Company's Board, was awarded 20,000 RSUs with
immediate vesting pursuant to the Company's 2021 Omnibus Equity Incentive Plan. He is eligible for additional compensation, from
time to time, at the discretion of the Board. His term is one year and was renewed for a one-year renewal year re-election by a majority
of the shareholders of the Company at the July 29, 2022 Annual General Meeting. He will be provided with additional compensation for any
renewal of at least the initial 20,000 RSUs award.
There have been no transactions in the past two
years to which the Company or any of its subsidiaries was or is to be a party, in which each independent director had, or will have, a
direct or indirect material interest.
110
Board of Directors and Committees
Our Board currently only consists of 5 directors,
including Zhaohui Deng, Chairman of the Board, Erke Huang, Yan Xiong, Ichi Shih and Brock Pierce. We maintain an audit committee, a compensation
committee and a nominating and corporate governance Committee. Each of the committees of the Board has the composition and responsibilities
described below.
Audit Committee
Ms. Ichi Shih, Yan Xiong, Brock Pierce and Zhaohui
Deng are the members of our Audit Committee, where Ichi Shih serves as the Chairwoman. All members of our Audit Committee satisfy the
independence standards promulgated by the SEC and by Nasdaq as such standards apply specifically to members of audit committees.
We have adopted a charter for the Audit Committee.
In accordance with our Audit Committee Charter, our Audit Committee shall perform several functions, including:
●
evaluates the independence and performance of, and assesses the qualifications of, our independent auditor, and engages such independent auditor;
●
approves the plan and fees for the annual audit, quarterly reviews, tax and other audit-related services, and approves in advance any non-audit service to be provided by the independent auditor;
●
monitors the independence of the independent auditor and the rotation of partners of the independent auditor on our engagement team as required by law;
●
reviews the financial statements to be included in our Annual Report on Form 20-F and Current Reports on Form 6-K and reviews with management and the independent auditors the results of the annual audit and reviews of our quarterly financial statements;
●
oversees all aspects our systems of internal accounting control and corporate governance functions on behalf of the board;
●
reviews and approves in advance any proposed related-party transactions and report to the full Board on any approved transactions; and
●
provides oversight assistance in connection with legal, ethical and risk management compliance programs established by management and the Board, including Sarbanes-Oxley Act implementation, and makes recommendations to the Board regarding corporate governance issues and policy decisions.
It is determined that Ms. Ichi Shih possesses
accounting or related financial management experience that qualifies her as an "audit committee financial expert" as defined
by the rules and regulations of the SEC.
Compensation Committee
Yan Xiong, Zhaohui Deng, Brock Pierce and Ichi
Shih are the members of our Compensation Committee and Yan Xiong is the chairman. All members of our Compensation Committee are qualified
as independent under the current definition promulgated by Nasdaq. We have adopted a charter for the Compensation Committee. In accordance
with the Compensation Committee's Charter, the Compensation Committee is responsible for overseeing and making recommendations to
the Board regarding the salaries and other compensation of our executive officers and general employees and providing assistance and recommendations
with respect to our compensation policies and practices.
Nominating and Corporate Governance Committee
Zhaohui Deng, Yan Xiong, Brock Pierce and Ichi
Shih are the members of our Nominating and Corporate Governance Committee and Zhaohui Deng is the chairman. All members of our Nominating
and Corporate Governance Committee are qualified as independent under the current definition promulgated by Nasdaq. We have adopted a
charter for the Nominating and Corporate Governance Committee. In accordance with its charter, the Nominating and Corporate Governance
Committee is responsible for identifying and proposing new potential director nominees to the board of directors for consideration and
reviewing our corporate governance policies.
111
Director Independence
Our Board reviewed the materiality of any relationship
that each of our directors has with us, either directly or indirectly. Based on this review, it is determined that Zhaohui Deng, Yan Xiong,
Ichi Shih and Brock Pierce are "independent directors" as defined by Nasdaq.
Code of Business Conduct and Ethics
We have adopted a Code of Business Conduct and
Ethics that applies to all of our executive officers, directors and employees. The code of ethics codifies the business and ethical principles
that govern all aspects of our business.
Family Relationships
There is no family relationship among any of our
directors or executive officers.
Duties of Directors
Under Cayman Islands law, our directors have a
duty of loyalty to act honestly in good faith with a view to our best interests. Our directors also have a duty to exercise the skill
they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. In fulfilling
their duty of care to us, our directors must ensure compliance with our memorandum and articles of association as amended and restated
from time to time, and the class rights vested thereunder in the holders of the shares. Our board of directors has all the powers necessary
for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among
others:
●
convening shareholders' annual and extraordinary general meetings;
●
declaring dividends and distributions;
●
appointing officers and determining the term of the officers;
●
exercising the borrowing powers of our company and mortgaging the property of our company; and
●
approving the transfer of shares in our company, including the registration of such shares in our share register.
Our company has the right to seek damages if a
duty owed by our directors is breached. A shareholder may in certain limited exceptional circumstances have the right to seek damages
in our name if a duty owed by our directors is breached. You should refer to Item 10B. "Memorandum and Articles of Association –
Provisions in Corporate Law" for additional information on our standard of corporate governance under Cayman Islands law.
6.C. Board Practices
Terms of Directors and Officers
Our officers are elected by and serve at the discretion
of the Board and the shareholders voting by ordinary resolution. Our directors are not subject to a set term of office and hold office
until the next general meeting called for the election of directors and until their successor is duly elected or such time as they die,
resign or are removed from office by a shareholders' ordinary resolution or the unanimous written resolution of all shareholders.
A director will be removed from office automatically if, among other things, the director becomes bankrupt or makes any arrangement or
composition with his creditors generally or is found to be or becomes of unsound mind.
See Item 6.B "
Compensation
"
for information concerning any directors' service contracts.
See Item 6.A "
Directors and Senior Management
"
for information concerning the Company's audit committee and compensation committee.
6.D. Employees
See the section entitled "Employees"
in "
Item 4 Information on the Company
," above.
6.E. Share Ownership
The following table sets forth information regarding the
beneficial ownership of our Ordinary Shares as of the date of this report by our officers, directors, senior advisor and 5% or greater
beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons known by us to beneficially own more than
5% of our Ordinary Shares.
112
We have determined beneficial ownership in accordance
with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting
power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which
that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table
has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property
laws.
Ordinary Shares
Beneficially Owned
(2)
Name of Beneficial Owners
(1)
Number
Voting
Securities
%
Directors and Officers:
Erke Huang
300,000
(3)
11.3
%(4)
Zhaohui Deng
700,000
(3)
26.4
%(4)
Yan Xiong
-
-
Ichi Shih
40,000
(5)
*
Brock Pierce
20,000
(6)
*
Bryan Bullett
80,854
(7)
*
Sam Tabar
104,539
(7)
*
All directors and officers as a group (seven individuals)
1,245,393
37.9
%
5% shareholders: no others
*
Less
than 1% of issued and outstanding shares.
(1)
Unless otherwise noted, the business address of each of the following entities or individuals is c/o Bit Digital, Inc., 33 Irving Place, New York, New York 10003.
(2)
Applicable percentage of voting securities prior to the date of this report is based on 82,535,471 Ordinary Shares outstanding and one million preference shares, each with fifty (50) votes, or an aggregate of 132,535,471 voting securities as of April 11, 2023, together with securities exercisable or convertible into Ordinary Shares within sixty (60) days as of such date for each shareholder.
(3)
Erke Huang (through Even Green Holdings Limited) and Zhaohui Deng are the beneficial owners of 300,000 and 700,000 Ordinary Shares, respectively, issuable upon the conversion of 1,000,000 Preference Shares owned by Geney Development Limited ("GDL"), a BVI entity, located at 4
th
Floor Waters Edge Building, Meridian Plaza, Road Town, Tortola VG1110, British Virgin Islands. The Company's Amended and Restated Articles of Association (the "AOA"), filed in the Cayman Islands on or about April 30, 2021, provides that (i) all Preference Shares are convertible into Ordinary Shares on a one-for-one basis and (ii) for all Company matters requiring the vote of Members by a poll or by proxy, each Preference Share shall carry the equivalent number of votes as 50 Ordinary Shares, or an aggregate of 50,000,000 votes, which are equal to approximately 60.6% of the 82,535,471 issued and outstanding shares as of April 11, 2023 or approximately 37.9% of the Voting Securities, including the Preference Shares.
(4)
The 300,000 preference shares beneficially owned by Mr. Huang carry 15 million votes and the 700,000 preference shares owned by Mr. Deng carry 35 million votes.
(5)
Represents 10,000 Ordinary Shares issued under restricted stock units ("RSUs") granted and vested in October 2021 and 30,000 Ordinary Shares under RSUs granted and vested in October 2022.
(6)
Represents 20,000 Ordinary
    Shares issued in 2021 under RSUs granted and vested pursuant to the Director Agreement under which Mr. Pierce is serving.
(7)
These shares are those remaining issued and outstanding from 120,765 shares issued to each of Mr. Bullett and Mr. Tabar upon exchange of RSUs awarded under their respective employment agreements entered into, each effective as of March 31, 2021 and the remaining 40,000 shares were issued upon exchange of RSUs awarded pursuant to Board of Directors' resolutions adopted on July 29, 2021. The RSUs were awarded under the Company's 2021 Omnibus Equity Incentive Plan approved by the Company's shareholders at the 2020 Annual Meeting. The initial 135,765 shares issued to both Mr. Bullett and Mr. Tabar vested in twenty-four (24) equal monthly installments commencing in February 2021. The 40,000 RSUs (as exchanged for Ordinary Shares) issued to each of Messrs. Bullett and Tabar were fully vested upon award.
113
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY
TRANSACTIONS
7.A. Major Shareholders
See Item 6.E., "Share Ownership,"
for a description of our major shareholders.
7.B. Related Party Transactions
See
Item 6B. "Compensation" for information concerning employment agreements entered into with each of the Company's executive
officers: Bryan Bullett, our former Chief Executive Officer, Erke Huang, Chief Financial Officer, and Sam Tabar, current Chief Executive
Officer and former Chief Strategy Officer.
On March 21, 2022, the Company and an officer
of the Company entered into a Confidential Settlement, General Release and Separation Agreement (the "Agreement") with a former
employee (the "Employee"). The Employee asserted various disputes, which the Company settled for a sum of $500,000. The parties
entered into a non-disclosure agreement and agreed to mutual non-disparagement. The Board of Directors of the Company retained counsel
to review and investigate the matter and made recommendations to the Board to implement concerning our policies and procedures and to
reduce the officer's 2022 bonus by $300,000.
On May 26, 2021, the Company entered into a Share
Exchange Agreement (the "SEA") with Geney Development Limited ("Geney"), a corporation formed under the laws of
the British Virgin Islands. Geney is owned seventy (70%) percent by Zhaohui Deng, Chairman of the Board of the Company, and thirty (30%)
percent owned by Erke Huang, the Company's Chief Financial Officer and a director of the Company. Under the SEA, Geney exchanged
1,000,000 Ordinary Shares for 1,000,000 Preference Shares. Each Preference Share provides for: (i) an eight (8%) percent annual dividend
when declared by the Board; (ii) a liquidation preference of $10 per share (an aggregate of $10 million) senior to Ordinary Shares; (iii)
converts on a one-for-one basis, subject to a 4.99% blocker; and (iv) fifty (50) votes per Preference Share in order for management to
carry out its intended business plan.
During the year ended December 31, 2020, the Company
borrowed funds of $329,722 from the Company's interim Chief Executive Officer and Chief Financial officer, Erke Huang as working
capital to support the Company's digital asset mining when needed. As of the date of this report, the outstanding balance due to
Erke Huang was $nil. Such borrowings were non-interest bearing and due on demand.
7.C. Interests of Experts and Counsel
Not applicable.
ITEM 8. FINANCIAL INFORMATION
Consolidated Statements and Other Financial Information
The financial statements required by this item
may be found at the end of this report on 20-F, beginning on page F-1.
Legal Proceedings
See "Item 4. Information on the Company
– Legal Proceedings."
Dividends
We have never declared or paid any dividend on
our Ordinary Shares and we do not anticipate paying any dividends on our Ordinary Shares in the future. We currently intend to retain
all future earnings to finance our operations and to expand our business. The 1,000,000 preference shares beneficially held by an officer
and a director of the Company are entitled to eight (8%) percent annual dividends if and when decided by the Board of Directors. On February
7, 2023, the Board of Directors declared an eight (8%) percent ($800,000) dividend on the preference shares to Geney Development Ltd.
("Geney"). Erke Huang, our Chief Financial Officer, is the President of Geney and the beneficial owner of thirty (30%) percent
of the equity of Geney, with the remaining seventy (70%) percent held by Zhao Hui Deng, the Company's Chairman of the Board.
Significant Changes
Except as disclosed elsewhere in this annual report,
no other significant changes to our financial condition have occurred since the date of the annual financial statements contained herein.
114
ITEM 9. THE OFFER AND LISTING
9.A. Offer and Listing Details
Our Ordinary Shares, $.01 par value, are listed
for trading on the Nasdaq Capital Market under the symbol "BTBT" The shares began trading on March 19, 2018 on the Nasdaq
Capital Market. On August 7, 2020, the Company changed its Nasdaq trading symbol from DNJR to BTBT.
9.B. Plan of Distribution
Not Applicable.
9.C. Markets
Our Ordinary Shares are currently traded on the
Nasdaq Capital Market.
9.D. Selling Shareholders
Not Applicable.
9.E. Dilution
Not Applicable.
9.F. Expenses of the Issuer
Not Applicable.
ITEM 10. ADDITIONAL INFORMATION
10.A. Share Capital
Not Applicable.
10.B. Memorandum and Articles of Association
We are a Cayman Islands exempted company and our
affairs are governed by our memorandum and articles of association and the Companies Act (Revised) of the Cayman Islands, which we refer
to as the Companies Act below.
We amended our Memorandum of Association on April
30, 2021, following our Annual General Meeting held on April 20, 2021, to create a new class of 10,000,000 authorized preferred shares
and for a number of changes to the description of Cayman Island laws.
Our authorized share capital is 350,000,000 shares
consisting of 340,000,000 Ordinary Shares, par value $0.01 per share and 10,000,000 preferred shares, par value $0.01 per share. As of
April 11, 2023, there were 82,535,471 Ordinary Shares and 1,000,000 preferred shares issued and outstanding, with 50 votes per preferred
share.
Ordinary Shares
Dividends.
Subject to any rights and restrictions
of any other class or series of shares, our board of directors may, from time to time, declare dividends on the shares issued and authorize
payment of the dividends out of our lawfully available funds under Cayman Island laws. No dividends shall be declared by the board of
our Company except out of:
●
profits; or
●
"share premium account," which represents the excess of the price paid to our Company on issue of its shares over the par or "nominal" value of those shares, which is similar to the U.S. concept of additional paid in capital.
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Voting Rights.
The holders of our Ordinary
Shares are entitled to one vote per share, including for the election of directors. Voting at any meeting of shareholders is by show of
hands unless a poll is demanded. On a show of hands, every shareholder present in person or by proxy shall have one vote. On a poll, every
shareholder entitled to vote (in person or by proxy) shall have one vote for each share for which he is the holder. A poll may be demanded
by the chairman or one or more shareholders present in person or by proxy holding not less than fifteen percent of the paid-up capital
of the Company entitled to vote. A quorum required for a meeting of shareholders consists of shareholders who hold at least one-third
of our outstanding shares entitled to vote at the meeting present in person or by proxy. While not required by our articles of association,
a proxy form will accompany any notice of general meeting convened by the directors to facilitate the ability of shareholders to vote
by proxy.
Any ordinary resolution to be made by the shareholders
requires the affirmative vote of a simple majority of the votes of the Ordinary Shares cast in a general meeting, while a special resolution
requires the affirmative vote of no less than two-thirds of the votes of the Ordinary Shares cast. Under Cayman Islands law, some matters,
such as amending the memorandum and articles, changing the name or resolving to be registered by way of continuation in a jurisdiction
outside the Cayman Islands, require approval of shareholders by a special resolution.
There are no limitations on non-residents or foreign
shareholders in the memorandum and articles to hold or exercise voting rights on the Ordinary Shares imposed by foreign law or by the
charter or other constituent document of our company. However, no person will be entitled to vote at any general meeting or at any separate
meeting of the holders of the Ordinary Shares unless the person is registered as of the record date for such meeting and unless all calls
or other sums presently payable by the person in respect of Ordinary Shares in the Company have been paid.
Winding up; Liquidation.
Upon the winding
up of our company, after the full amount that holders of any issued shares ranking senior to the Ordinary Shares as to distribution on
liquidation or winding up are entitled to receive has been paid or set aside for payment, the holders of our Ordinary Shares are entitled
to receive any remaining assets of the Company available for distribution as determined by the liquidator. The assets received by the
holders of our Ordinary Shares in a liquidation may consist in whole or in part of property, which is not required to be of the same kind
for all shareholders.
Calls on Ordinary Shares and Forfeiture of
Ordinary Shares.
Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary
Shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. Any Ordinary Shares
that have been called upon and remain unpaid are subject to forfeiture.
Redemption of Ordinary Shares.
We may,
subject to obtaining the necessary approvals under our memorandum and articles of association, issue shares that are, or at our option
or at the option of the holders are, subject to redemption on such terms and in such manner as we may, before the issue of the shares,
determine. Under the Companies Act, shares of a Cayman Islands exempted company may be redeemed or repurchased out of profits of the company,
out of the proceeds of a fresh issue of shares made for that purpose or out of capital, provided the memorandum and articles of association
authorize this ( and any necessary approvals thereunder are duly obtained) and the company has the ability to pay its debts as they fall
due in the ordinary course of business.
No Preemptive Rights.
Holders of Ordinary
Shares do not have preemptive or preferential right to purchase any securities of our company.
Variation of Rights Attaching to Shares.
If
at any time the share capital is divided into different classes of shares, the rights attaching to any class (unless otherwise provided
by the terms of issue of the shares of that class) may, subject to the memorandum and articles of association, be varied or abrogated
with the consent in writing of the holders of three fourths of the issued shares of that class or with the sanction of a special resolution
passed at a general meeting of the holders of the shares of that class.
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Anti-Takeover Provisions.
Some provisions
of our current memorandum and articles of association may discourage, delay or prevent a change of control of our company or management
that shareholders may consider favorable, including provisions that authorize our board of directors to issue preferred shares in one
or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares without any further
vote or action by our shareholders.
Exempted Company.
We are an exempted company
with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies.
Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered
as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted
company:
●
does not have to file an annual return of its shareholders with the Registrar of Companies;
●
is not required to open its register of members for inspection;
●
does not have to hold an annual general meeting;
●
may issue shares with no par value;
●
may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);
●
may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;
●
may register as a limited duration company; and
●
may register as a segregated portfolio company.
"Limited liability" means that the liability of each shareholder
is limited to the amount unpaid by the shareholder on the shares of the company.
Listing
The Company's Ordinary Shares are listed on the Nasdaq Capital
Market under the symbol "BTBT."
Transfer Agent and Registrar
The transfer agent and registrar for our Ordinary
Shares is TranShare Securities Transfer & Registrar, whose address is Bayside Center 1, 17755 North U.S. Highway 19, Suite 140,
Clearwater, Florida 33764.
Preferred Shares
The Board is empowered to designate and issue
from time to time one or more classes or series of Preferred Shares and to fix and determine the relative rights, preferences, designations,
qualifications, privileges, options, conversion rights, limitations and other special or relative rights of each such class or series
so authorized. Such action could adversely affect the voting power and other rights of the holders of the Company's Ordinary Shares
or could have the effect of discouraging or making difficult any attempt by a person or group to obtain control of the Company.
At the Company's Annual General Meeting
held on April 20, 2021, the Company's shareholders authorized a new class of 1,000,000 Preferred Shares which provide for annual
dividends of eight (8%) percent, a liquidation preference of $10 per share; conversion into Ordinary Shares on a 1:1 basis, subject to
a 4.99% Conversion Limitation; Ranking Senior to Ordinary Shares with a voting right of fifty (50) Ordinary Shares for each Preferred
Share. These preferred shares were issued to our Chairman, Zhaohui Deng (700,000 shares) and our Chief Financial Officer, Erke Huang (300,000
shares) in order to enable them to carry out our business strategy. See Item 8. "Financial Information – Dividends."
Provisions in Corporate Law
The Cayman Islands' Companies Act is modeled
after that of English law but does not follow many recent English law statutory enactments. In addition, the Companies Act differs from
laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant provisions of the Companies
Act applicable to us.
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Mergers and Similar Arrangements
.
A merger of two or more constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the
directors of each constituent company and authorization by (a) a special resolution of the shareholders and
(a)
such other authorization, if any, as may be specified in such constituent company's articles of association.
A merger between a Cayman Islands parent company
and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman Islands
subsidiary if a copy of the plan of merger is given to every member of that Cayman Islands subsidiary to be merged unless that member
agrees otherwise. For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote
are owned by the parent company.
The consent of each holder of a fixed or floating
security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.
Except in certain circumstances, a dissenting
shareholder of a Cayman constituent company is entitled to payment of the fair value of such dissenting shareholder's shares upon
dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the
right to seek relief on the grounds that the merger or consolidation is void or unlawful.
In addition, there are statutory provisions that
facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of each
class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value
of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting,
or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand
Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought
not to be approved, the court can be expected to approve the arrangement if it determines that:
●
the statutory provisions as to the required majority vote have been met;
●
the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;
●
the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and
●
the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.
When a takeover offer is made and accepted by
holders of 90% of the shares within four months, the offeror may, within a two-month period commencing on the expiration of such four-month
period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the
Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence
of fraud, bad faith or collusion.
If an arrangement and reconstruction is thus approved,
the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting
shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.
Shareholders' Suits.
In principle,
we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However,
based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to
the foregoing principle, including when:
●
a company acts or proposes to act illegally or ultra vires;
●
the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and
●
those who control the company are perpetrating a "fraud on the minority."
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Indemnification of Directors and Executive
Officers and Limitation of Liability
. Cayman Islands law does not limit the extent to which a company's memorandum and articles
of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman
Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing
a crime. Our current memorandum and articles of association permit indemnification of officers and directors for losses, damages, costs
and expenses incurred in their capacities as such unless such losses or damages arise from the willful neglect or default of such directors
or officers. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.
In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with
additional indemnification beyond that provided in our current memorandum and articles of association.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have
been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is
therefore unenforceable.
Directors' Fiduciary Duties
.
Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This
duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the
care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of,
and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position
for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation
and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the
shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the
honest belief that the action taken was in the best interests of the corporation and its shareholders. However, this presumption may be
rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director,
the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.
As a matter of Cayman Islands law, a director
of a Cayman Islands company is in the position of a fiduciary with respect to the company and, therefore, owes the following duties to
the company: a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as
director (unless the company permits him or her to do so) and a duty not to put himself or herself in a position where the interests of
the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company also
owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance
of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However,
English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care, and those authorities
are likely to be followed in the Cayman Islands.
Shareholder Action by Written Consent
.
Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment
to its certificate of incorporation. Cayman Islands law and our current articles of association provide that shareholders may approve
corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to
vote on such matter at a general meeting without a meeting being held.
Shareholder Proposals
. Under the
Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided
it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other
person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.
Cayman Islands law does not provide shareholders
any right to put proposals before a meeting or requisition a general meeting. However, these rights may be provided in articles of association.
Our current articles of association allow our shareholders holding not less than one-third of all voting power of our share capital in
issue to requisition a shareholder's meeting. Other than this right to requisition a shareholders' meeting, our current articles
of association do not provide our shareholders other right to put proposal before a meeting. As a Cayman Islands exempted company, we
are not obliged by law to call shareholders' annual general meetings.
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Cumulative Voting.
Under the Delaware
General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation
specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors
since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases
the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting
under the laws of the Cayman Islands, but our current articles of association do not provide for cumulative voting. As a result, our shareholders
are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.
Removal of Directors.
Under the
Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval
of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our current
articles of association, directors may be removed with or without cause, by an ordinary resolution of our shareholders.
Transactions with Interested Shareholders.
The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless
the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited
from engaging in certain business combinations with an "interested shareholder" for three years following the date that such
person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or
more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential
acquirer to make a two- tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if,
among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either
the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential
acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.
Cayman Islands law has no comparable statute.
As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although
Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions
must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.
Dissolution; Winding up.
Under the
Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders
holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved
by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate
of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law,
a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the
company is unable to pay its debts as they come due, by an ordinary resolution of its members. The court has authority to order winding
up of a company in a number of specified circumstances, including where it is, in the opinion of the court, just and equitable to do so.
Under the Companies Act and our current articles of association, our company may be dissolved, liquidated or wound up by a special resolution
of our shareholders.
Variation of Rights of Shares.
Under
the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our current articles of
association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the
written consent of the holders of three-fourths of the issued shares of that class or with the sanction of a resolution passed by not
less than three-fourths of such holders of the shares of that class as may be present at a general meeting of the holders of the shares
of that class.
Amendment of Governing Documents.
Under
the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our
current memorandum and articles of association may only be amended with a special resolution of our shareholders.
Rights of Non-resident or Foreign Shareholders
.
There are no limitations imposed by our post-offering amended and restated memorandum and articles of association on the rights of
non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our current
memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.
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Share Options/Restricted Share Units
The Company's Board of Directors adopted the 2021
Omnibus Equity Incentive Plan (the "2021 Plan"), which was approved by the Company's shareholders at the Annual General
Meeting on April 20, 2021. An aggregate of 2,415,293 Restricted Stock awards were granted under the 2021 Plan and no Ordinary Shares remain
reserved for issuance under the 2021 Plan. There are 5,000,000 Ordinary Shares reserved for issuance under the Company's 2021 Second
Omnibus Equity Incentive Plan (the "2021 Second Plan'), with 333,125 incentive stock options outstanding as of December 31,
2022.
The 2021 Second Plan allows the Company to grant
incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, warrants and stock units. The
incentive stock options are exercisable for up to ten years, at an option price per share not less than the fair market value on the date
the option is granted. The incentive stock options are limited to persons who are regular full-time employees of the Company at the date
of the grant of the option. Non-qualified options may be granted to any person, including, but not limited to, employees, independent
agents, consultants and attorneys, who the Company's Board believes have contributed, or will contribute, to the success of the
Company. Non-qualified options may be issued at option prices of less than fair market value on the date of grant and may be exercisable
for up to ten years from date of grant. The option vesting schedule for options granted is determined by the Board of Directors at the
time of the grant. The 2021 Second Plan provides for accelerated vesting of unvested options if there is a change in control, as defined
in the 2021 Second Plan.
10.C. Material Contracts
We have not entered into any material contracts
other than in the ordinary course of business and other than those described in this annual report, including those described in Item
4. "Information on the Company" and Item 6. "Directors, Senior Management and Employees."
10.D. Exchange Controls
Cayman Islands
There are currently no exchange control regulations
in the Cayman Islands applicable to us or our shareholders.
The PRC
China regulates foreign currency exchanges primarily
through the following rules and regulations:
●
Foreign Currency Administration Rules of 1996, as amended; and
●
Administrative Rules of the Settlement, Sale and Payment of Foreign Exchange of 1996.
As we disclosed in the risk factors above, Renminbi
is not a freely convertible currency at present. Under the current PRC regulations, conversion of Renminbi is permitted in China for routine
current-account foreign exchange transactions, including trade and service-related foreign exchange transactions, payment of dividends
and service of foreign debts. Conversion of Renminbi for most capital-account items, such as direct investments, investments in PRC securities
markets and repatriation of investments, however, is still subject to the approval of SAFE.
Pursuant to the above-mentioned administrative
rules, foreign-invested enterprises may buy, sell and/or remit foreign currencies for current account transactions at banks in China with
authority to conduct foreign exchange business by complying with certain procedural requirements, such as presentment of valid commercial
documents. For capital-account transactions involving foreign direct investment, foreign debts and outbound investment in securities and
derivatives, approval from SAFE is a pre-condition. Capital investments by foreign-invested enterprises outside China are subject to limitations
and requirements in China, such as prior approvals from the PRC Ministry of Commerce or SAFE.
10.E. Taxation
The following discussion of material Cayman
Islands, PRC mainland, Hong Kong and United States federal income tax consequences of an investment in our Ordinary Shares is based upon
laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This discussion
does not deal with all possible tax consequences relating to an investment in our Ordinary Shares, such as the tax consequences under
state, local and other tax laws. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion
of Ogier, our Cayman Islands counsel. To the extent that the discussion relates to matters of PRC tax law, it represents the opinion of
Tian Yuan Law Firm, our PRC counsel. To the extent the discussion relates to the matters of U.S. tax law, it represents the opinion of
Davidoff Hutcher& Citron LLP.
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Cayman Islands Taxation
The Cayman Islands currently levies no taxes on
individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax
or estate duty. There are no other taxes levied by the Government of the Cayman Islands that are likely to be material to holders of Ordinary
Shares. The Cayman Islands is not party to any double tax treaties. There are no exchange control regulations or currency restrictions
in the Cayman Islands.
People's Republic of China
Mainland Taxation
On March 16, 2007, the National People's
Congress promulgated the PRC Enterprise Income Tax Law, or the EIT Law, which was amended on February 24, 2017 and December 29, 2018.
On December 6, 2007, the State Council enacted the Regulations for the Implementation of the EIT Law, which became effective on January
1, 2008 and was amended on April 23, 2019. Under the EIT Law and the relevant implementation regulations, both resident enterprises and
non-resident enterprises are subject to tax in China. Resident enterprises are defined as enterprises that are established in China in
accordance with PRC laws, or that are established in accordance with the laws of foreign countries but are actually or in effect controlled
from within China. Non-resident enterprises are defined as enterprises that are organized under the laws of foreign countries and whose
actual management is conducted outside China, but have established institutions or premises in China, or have no such established institutions
or premises but have income generated from inside China. Under the EIT Law and Implementation Rules, a uniform corporate income tax rate
of 25% is applied. However, if nonresident enterprises have not formed permanent establishments or premises in China, or if they have
formed permanent establishment or premises in China but there is no actual relationship between the relevant income derived in China and
the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect to their income
sourced from inside the PRC.
Under the EIT Law, an enterprise established outside
the PRC with a "de facto management body" within the PRC is considered a PRC resident enterprise for PRC enterprise income
tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income as well as tax reporting obligations.
Under the Implementation Rules, a "de facto management body" is defined as a body that has material and overall management
and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise. In
addition, SAT Circular 82 issued in April 2009 specifies that certain offshore-incorporated enterprises controlled by PRC enterprises
or PRC enterprise groups will be classified as PRC resident enterprises if all of the following conditions are met: (a) senior management
personnel and core management departments in charge of the daily operations of the enterprises have their presence mainly in the PRC;
(b) their financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c) major
assets, accounting books and company seals of the enterprises, and minutes and files of their board's and shareholders' meetings
are located or kept in the PRC; and (d) half or more of the enterprises' directors or senior management personnel with voting rights
habitually reside in the PRC. Further to SAT Circular 82, the SAT issued SAT Bulletin 45, which took effect in September 2011, to provide
more guidance on the implementation of SAT Circular 82. SAT Bulletin 45 provides for procedures and administration details of determination
on PRC resident enterprise status and administration on post-determination matters. If the PRC tax authorities determine that the Company
or any of our subsidiaries outside of China is a PRC resident enterprise for PRC enterprise income tax purposes, a number of unfavorable
PRC tax consequences could follow. For example, we or our subsidiaries outside of China may be subject to enterprise income tax at a rate
of 25% with respect to its worldwide taxable income. Also, a 10% withholding tax would be imposed on dividends we pay to our non-PRC enterprise
shareholders and with respect to gains derived by our non-PRC enterprise shareholders from transferring our shares or Ordinary Shares
and potentially a 20% of withholding tax would be imposed on dividends we pay to our non-PRC individual shareholders and with respect
to gains derived by our non-PRC individual shareholders from transferring our shares or Ordinary Shares.
It is unclear whether, if we are considered a
PRC resident enterprise, holders of our shares or Ordinary Shares would be able to claim the benefit of income tax treaties or agreements
entered into between China and other countries or areas. See "Risk Factors – Risk Factors Relating to Doing Business in China
– Under the PRC Enterprise Income Tax Law, we may be classified as a PRC resident enterprise for PRC enterprise income tax purposes.
Such classification would likely result in unfavorable tax consequences to us and our non-PRC Shareholders and have a material adverse
effect on our results of operations and the value of your investment".
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Under SAT Circular 7, where a non-resident enterprise
conducts an "indirect transfer" by transferring taxable assets, including, in particular, equity interests in a PRC resident
enterprise, indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise, being the transferor,
or the transferee or the PRC entity which directly owned such taxable assets may report to the relevant tax authority such indirect transfer.
Using a "substance over form" principle, the PRC tax authority may disregard the existence of the overseas holding company
if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result,
gains derived from such Indirect Transfer may be subject to PRC tax at a rate of up to 10%. for the transfer of equity interests in a
PRC resident enterprise. We and our non-PRC resident investors may be at risk of being required to file a return and being taxed under
SAT Circular 7, and we may be required to expend valuable resources to comply with SAT Circular 7, or to establish that we should not
be taxed thereunder. See "Risk Factors – Risk Factors Relating to Doing Business in China – We face uncertainty regarding
the PRC tax reporting obligations and consequences for certain indirect transfers of our operating company's equity interests. Enhanced
scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may pursue in
the future."
Pursuant to the EIT Law and its implementation
rules, if a non-resident enterprise has not set up an organization or establishment in the PRC or has set up an organization or establishment
but the income derived has no actual connection with such organization or establishment, it will be subject to a withholding tax on its
PRC-sourced income at a rate of 10%.
Pursuant to the Arrangement between the Mainland
China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, or the Tax Arrangement,
where a Hong Kong resident enterprise which is considered a non-PRC tax resident enterprise directly holds at least 25% of a PRC enterprise,
the withholding tax rate in respect of the payment of dividends by such PRC enterprise to such Hong Kong resident enterprise is reduced
to 5% from a standard rate of 10%, subject to approval of the PRC local tax authority. Pursuant to the Notice of the State Administration
of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements, or Circular 81, a resident enterprise
of the counter-party to such Tax Arrangement should meet the following conditions, among others, in order to enjoy the reduced withholding
tax under the Tax Arrangement: (i) it must directly own the required percentage of equity interests and voting rights in such PRC resident
enterprise; and (ii) it should directly own such percentage in the PRC resident enterprise anytime in the 12 months prior to receiving
the dividends. Furthermore, the Administrative Measures for Non-Resident Enterprises to Enjoy Treatments under Tax Treaties (For Trial
Implementation), or the Administrative Measures, which became effective in October 2009, requires that the non-resident enterprises must
obtain the approval from the relevant tax authority in order to enjoy the reduced withholding tax rate under the tax treaties. There are
also other conditions for enjoying such reduced withholding tax rate according to other relevant tax rules and regulations. Accordingly,
Bit Digital Hong Kong may be able to enjoy the 5% withholding tax rate for the dividends it receives from the wholly foreign owned enterprise
to be established in China in the near future, if it satisfies the conditions prescribed under Circular 81 and other relevant tax rules
and regulations and obtains the approvals as required under the Administrative Measures.
In October 2019, the State Administration of Taxation
promulgated the Announcement of the State Taxation Administration on Issuing the Administrative Measures for Entitlement to Treaty Benefits
for Non-resident Taxpayers or Circular 35, which became effective on January1, 2020. Circular 35 provides that non-resident enterprises
are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax rate. Instead, non-resident
enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria to enjoy the tax treaty
benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents when performing tax
filings, which will be subject to post-tax filing examinations by the relevant tax authorities. However, according to Circular 81, if
the relevant tax authorities consider the transactions or arrangements we have are for the primary purpose of enjoying a favorable tax
treatment, the relevant tax authorities may adjust the favorable withholding tax in the future. Besides, according to Circular 35, where
we and our withholding agents both fail to provide relevant materials as required by tax authorities, or evade, refuse or obstruct the
follow-up investigations carried out by tax authorities, rendering it impossible for tax authorities to verify whether we met the conditions
for entitlement to treaty benefits, it shall be deemed as we not meeting the conditions for entitlement to treaty benefits. In such case,
we will be required to pay back the tax deducted.
Hong Kong Taxation
Hong Kong adopts territorial source system, under
which only income arising in or derived from Hong Kong is subject to Hong Kong tax under the general charging provision of the Inland
Revenue Ordinance. As regards to income earned by individuals, either in Hong Kong or overseas, from investments in shares listed in stock
exchange located outside of Hong Kong, such income is generally regarded as offshore sourced and non-taxable under Hong Kong tax.
123
In addition, Hong Kong does not impose tax on
capital gains. In case share investments are acquired and held by individuals for long-term investment purpose, the resulting gains can
also be claimed as capital in nature and non-taxable in Hong Kong. On the other hand, in case the share investments are acquired and held
by individuals for short-term trading purpose, the resulting investment gains cannot be claimed as non-taxable on the ground that they
are capital in nature. However, individuals can still claim the investment gains as offshore sourced and non-taxable if the shares involved
are traded on a stock exchange located outside of Hong Kong as stated above.
To conclude, income earned by individuals from
investments in our Ordinary Shares, which are listed in stock exchange located in the United States, are generally viewed as offshore
in nature by the Hong Kong tax authority and hence not subject to Hong Kong tax. Accordingly, there are no withholding tax obligations/requirements
by any parties under Hong Kong tax.
United States Federal Income Tax
Considerations
The following is a discussion of United States
federal income tax considerations relating to the acquisition, ownership, and disposition of our Ordinary Shares by a U.S. Holder, as
defined below, that acquires our Ordinary Shares in this offering and holds our Ordinary Shares as "capital assets" (generally,
property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion
is based upon existing United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive
effect. No ruling has been sought from the Internal Revenue Service (the "IRS") with respect to any United States federal
income tax consequences described below, and there can be no assurance that the IRS or a court will not take a contrary position. This
discussion does not address all aspects of United States federal income taxation that may be important to particular investors in light
of their individual circumstances, including investors subject to special tax rules (such as, for example, certain financial institutions,
insurance companies, regulated investment companies, real estate investment trusts, broker-dealers, traders in securities that elect mark-to-market
treatment, partnerships and their partners, tax-exempt organizations (including private foundations), investors who are not U.S. Holders,
investors that own (directly, indirectly, or constructively) 10% or more of our voting stock, investors that hold their Ordinary Shares
as part of a straddle, hedge, conversion, constructive sale or other integrated transaction), or investors that have a functional currency
other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition,
this discussion does not address any tax laws other than the United States federal income tax laws, including any state, local, alternative
minimum tax, non-United States tax considerations or the Medicare tax. Each potential investor is urged to consult its tax advisor regarding
the United States federal, state, local and non-United States income and other tax considerations of an investment in our Ordinary Shares.
General
For purposes of this discussion, a "U.S.
Holder" is a beneficial owner of our Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who
is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal
income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii)
an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or
(iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more
United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise elected to be
treated as a United States person under the Code.
If a partnership (or other entity treated as a
partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner
in the partnership may vary depending on the status of the partner and the activities of the partnership. Partnerships and partners of
a partnership holding our Ordinary Shares are urged to consult their tax advisors regarding an investment in our Ordinary Shares.
The discussion set forth below is addressed only
to U.S. Holders that purchase Ordinary Shares. Prospective purchasers are urged to consult their own tax advisors about the application
of the U.S. federal income tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences
to them of the purchase, ownership and disposition of our Ordinary Shares.
124
Taxation of Dividends and Other Distributions
on our Ordinary Shares
Subject to the passive foreign investment company
rules discussed below, the gross amount of distributions made by us to you with respect to the Ordinary Shares (including the amount of
any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but
only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal
income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction
allowed to corporations in respect of dividends received from other U.S. corporations.
With respect to non-corporate U.S. Holders, including
individual U.S. Holders, dividends are currently taxed at the lower capital gains rate applicable to qualified dividend income, provided
that (1) the Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the
benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are
not a passive foreign investment company (as discussed below) for either our taxable year in which the dividend is paid or the preceding
taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United States and
the Cayman Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily tradable on an established securities market
in the United States. Under U.S. Internal Revenue Service authority, Ordinary Shares are considered for purpose of clause (1) above to
be readily tradable on an established securities market in the United States if they are listed on Nasdaq. You are urged to consult your
tax advisors regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares, in light of your own
particular circumstances.
To the extent that the amount of the distribution
exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated
first as a tax-free return of your tax basis in your Ordinary Shares, and to the extent the amount of the distribution exceeds your tax
basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax
principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise
be treated as a non-taxable return of capital or as capital gain under the rules described above.
Taxation of Dispositions of Ordinary Shares
Subject to the passive foreign investment company
rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to
the difference between the amount realized (in U.S. dollars) for the ordinary share and your tax basis (in U.S. dollars) in the ordinary
share. The character of the gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual
U.S. Holder, who has held the Ordinary Shares for more than one year, you may be eligible for reduced tax rates on any such capital gains.
The deductibility of capital losses is subject to limitations. Gain or loss recognized by a U.S. Holder from the sale or other disposition
of Ordinary Shares will generally be gain or loss from sources within the United States for U.S. foreign tax credit purposes.
Passive Foreign Investment Company
A non-U.S. corporation is considered a PFIC for
any taxable year if either:
●
at least 75% of its gross income for such taxable year is passive income (the "income test"); or
●
at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the "asset test").
Passive income generally includes dividends, interest,
rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition
of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income
of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition
of our assets for purposes of the PFIC asset test, the value of our assets must be determined based on the market value of our Ordinary
Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets
on any particular quarterly testing date for purposes of the asset test.
We must make a separate determination each year
as to whether we are a PFIC. Whether we are a PFIC for 2021 or any future taxable year is uncertain because, among other things, the treatment
of digital asset such as bitcoin for purposes of the PFIC rules is unclear. Even if we determine that we are not a PFIC for a taxable
year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would not successfully challenge our position.
Our status as a PFIC is a fact-intensive determination made on an annual basis. Accordingly, we express no opinion with respect to our
PFIC status and also express no opinion with regard to our expectations regarding our PFIC status. Given this uncertainty, prospective
U.S. Holders contemplating an investment in the Ordinary Shares may want to assume that we are a PFIC and are urged to consult their own
tax advisors regarding our PFIC status and the resulting U.S. federal income tax consequences in light of their own particular circumstances.
125
If we are a PFIC for any year during which you
hold Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Ordinary Shares. However,
if we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, you may avoid
some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Ordinary
Shares.
If we are a PFIC for your taxable year(s) during
which you hold Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you
receive and any gain you realize from a sale or other disposition (including a pledge) of the Ordinary Shares, unless you make a "mark-to-market"
election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions
you received during the shorter of the three preceding taxable years or your holding period for the Ordinary Shares will be treated as
an excess distribution. Under these special tax rules:
●
the excess distribution or gain will be allocated ratably over your holding period for the Ordinary Shares;
●
the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and
●
the amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year, and an interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.
The tax liability for amounts allocated to years
prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and
gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as capital, even if you hold the Ordinary Shares
as capital assets.
A U.S. Holder of "marketable stock"
(as defined below) in a PFIC may make a mark-to-market election for such stock to elect out of the tax treatment discussed above. If you
make a mark-to-market election for first taxable year which you hold (or are deemed to hold) Ordinary Shares and for which we are determined
to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Ordinary
Shares as of the close of such taxable year over your adjusted basis in such Ordinary Shares, which excess will be treated as ordinary
income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over
their fair market value as of the close of the taxable year. However, such ordinary loss is allowable only to the extent of any net mark-to-market
gains on the Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election,
as well as gain on the actual sale or other disposition of the Ordinary Shares, are treated as ordinary income. Ordinary loss treatment
also applies to any loss realized on the actual sale or disposition of the Ordinary Shares, to the extent that the amount of such loss
does not exceed the net mark-to-market gains previously included for such Ordinary Shares. Your basis in the Ordinary Shares will be adjusted
to reflect any such income or loss amounts.
The mark-to-market election is available only
for "marketable stock", which is stock that is traded in other than de minimis quantities on at least 15 days during each
calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations),
including Nasdaq. If the Ordinary Shares are regularly traded on Nasdaq and if you are a holder of Ordinary Shares, the mark-to-market
election would be available to you were we to be or become a PFIC.
A mark-to-market election will not apply to Ordinary
Shares for any taxable year during which we are not a PFIC, but will remain in effect with respect to any subsequent taxable year in which
we become a PFIC. Such election will not apply to any non-U.S. subsidiaries that we may organize or acquire in the future. Accordingly,
a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier PFICs that we
organize or acquire in the future notwithstanding the U.S. Holder's mark-to-market election for the Ordinary Shares.
Alternatively, a U.S. Holder of stock in a PFIC
may make a "qualified electing fund" election with respect to such PFIC to elect out of the tax treatment discussed above.
A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable
year such holder's pro rata share of the corporation's earnings and profits for the taxable year. However, the qualified electing
fund election is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as
required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable
you to make a qualified electing fund election. If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will be required
to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding such Ordinary Shares,
including regarding distributions received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares.
126
If you do not make a timely "mark-to-market"
election (as described above), and if we were a PFIC at any time during the period you hold our Ordinary Shares, then such Ordinary Shares
will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging
election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale of such Ordinary Shares at
their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election
will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result
of the purging election, you will have a new basis (equal to the fair market value of the Ordinary Shares on the last day of the last
year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your Ordinary
Shares for tax purposes.
You are urged to consult your tax advisors regarding
the application of the PFIC rules to your investment in our Ordinary Shares and the elections discussed above.
Receipt of Foreign Currency
The gross amount of any payment in a currency
other than U.S. dollars will be included by each U.S. Holder in income in a U.S. dollar amount calculated by reference to the exchange
rate in effect on the day such U.S. Holder actually or constructively receives the payment in accordance with its regular method of accounting
for U.S. federal income tax purposes regardless of whether the payment is in fact converted into U.S. dollars at that time. If the foreign
currency is converted into U.S. dollars on the date of the payment, the U.S. Holder is not generally required to recognize any foreign
currency gain or loss with respect to the receipt of foreign currency. If, instead, the foreign currency is converted at a later date,
any currency gains or losses resulting from the conversion of the foreign currency is generally treated as U.S. source ordinary income
or loss for U.S. foreign tax credit purposes. U.S. Holders are urged to consult their own U.S. tax advisors regarding the U.S. federal
income tax consequences of receiving, owning, and disposing of foreign currency.
Additional Tax on Net Investment Income
U.S. Holders that are individuals, estates or
trusts are required to pay an additional 3.8% tax on the lesser of (1) the U.S. Holder's "net investment income" for
the relevant taxable year or (2) the excess of the U.S. Holder's modified adjusted gross income for the taxable year over a certain
threshold. A U.S. Holder's "net investment income" generally includes, among other things, dividends and net gains from
disposition of property (other than property held in the ordinary course of the conduct of a trade or business). Accordingly, dividends
on and capital gain from the sale, exchange or other taxable disposition of Ordinary Shares may be subject to this additional tax. U.S.
Holders are urged to consult their own tax advisors regarding the additional tax on passive income.
Information Reporting and Backup Withholding
Dividend payments with respect to our Ordinary
Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to information reporting to the IRS and
possible U.S. backup withholding at a current rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes
a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup
withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9.
U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding
rules.
Backup withholding is not an additional tax. Amounts
withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess
amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required
information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or
other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required
by law to withhold such taxes.
Certain U.S. Holders are required to report information
relating to our Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained
by certain financial institutions), by attaching a completed Internal IRS Form 8938, Statement of Specified Foreign Financial Assets,
with their tax return for each year in which they hold Ordinary Shares. U.S. Holders should also be aware that if the Company were a PFIC,
they would generally be required to file IRS Form 8261, Information Return by a Shareholder of a Passive Foreign Investments Company or
Qualified Electing Fund, during any taxable year in which such U.S. Holder recognizes gain or receives an excess distribution or with
respect to which the U.S. Holder has made certain elections.
U.S. Holders are urged to consult their own tax
advisors regarding the application of the information reporting rules to the Ordinary Shares and their particular circumstances.
127
EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT
ITS OWN TAX ADVISORS ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN ORDINARY SHARES IN LIGHT OF THE INVESTOR'S OWN CIRCUMSTANCES
.
10.F. Dividends and Paying Agents
Not Applicable.
10.G. Statement by Experts
Not Applicable.
10.H. Documents on Display
We file annual, semi-annual, quarterly (on a voluntary
basis as a foreign private issuer) and current reports and other information with the Securities and Exchange Commission (the "SEC").
Our public filings are available from the Internet web site maintained by the SEC at WWW.SEC.GOV. In addition, our Ordinary Shares are
listed on the Nasdaq Capital Market. Accordingly, our reports, statements and other information may be inspected at the offices of Nasdaq,
One Liberty Plaza, 165 Broadway, New York, New York 10006.
Our web site address is www.bit-digital.com. The
information on, or accessible through, our web site, however, is not, and should not be deemed to be, a part of this report.
10.I. Subsidiary Information
Not Applicable.
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Financial instruments that expose us to concentrations
of credit risk primarily consist of cash and accounts receivables. The maximum amount of loss due to credit risk in the event of other
parties failing to perform their obligations is represented by the carrying amount of each financial asset as stated in our consolidated
balance sheets.
We are exposed to various types of market risks,
including changes in foreign exchange rates, commodity prices and inflation in the normal course of business.
Market price risk of Bitcoin
The price of Bitcoin has experienced significant
fluctuations over its relatively short existence and may continue to fluctuate significantly in the future. Bitcoin prices ranged from
approximately US$7,220 per coin as of December 31, 2019; US$28,922 per coin as of December 31, 2020; to US$34,755 per coin as of June
30, 2021 and a high of US$45,538 as of March 31, 2022 and a low of US$16,547 as of December 31, 2022, according to CoinMarketCap.
We expect our results of operations to continue
to be affected by the bitcoin price as most of our revenue is from bitcoin mining production as of the date of this report. Any future
significant reductions in the price of bitcoin will likely have a material and adverse effect on our results of operations and financial
condition. We cannot assure you that the bitcoin price will remain high enough to sustain our operation or that the bitcoin price will
not decline significantly in the future. Furthermore, fluctuations in the bitcoin price can have an immediate impact on the trading price
of our Ordinary Shares even before our financial performance is affected, if at all.
Various factors, mostly beyond our control, could
impact the bitcoin price. For example, the usage of bitcoins in the retail and commercial marketplace is relatively low in comparison
with the usage for speculation, which contributes to bitcoin's price volatility. Additionally, the reward for bitcoin mining will
decline over time, with the most recent halving event occurred in May 2020 and the next one to occur four years later, which may further
contribute to bitcoin price volatility.
128
Interest rate risk
We are subject to risks resulting from fluctuations
in interest rates on our bank balances. To the extent that we may need to raise debt financing in the future, upward fluctuations in interest
rates would increase the cost of new debt. We do not currently use any derivative instruments to manage our interest rate risk.
Inflation risk
Inflationary factors such as increases in the
cost of our products and overhead costs may adversely affect our operating results. A high rate of inflation may have an adverse effect
on our ability to maintain current levels of gross margin and selling, general and administrative expenses as a percentage of net revenues
if the selling prices of our products do not increase proportionately with these increased costs.
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
Not applicable.
129
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not Applicable.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS
Not applicable.
ITEM 15. CONTROLS AND
PROCEDURES
(a)
Disclosure Controls and Procedures
Our management, with the participation of our
chief executive officer (CEO) and chief financial officer (CFO), has performed an evaluation of the effectiveness of our disclosure controls
and procedures (as defined in Rule 13a-15(c) under the Securities Exchange Act of 1934 (the "Exchange Act") as of the end
of the period covered by this report, as required by Rule 13a-15(b) under the Exchange Act.
Based upon that evaluation, our management has
concluded that, as of December 31, 2022, our disclosure controls and procedures were not effective in ensuring that the information required
to be disclosed by us in the reports that we file and furnish under the Exchange Act was recorded, processed, summarized and reported,
within the time periods specified in the SEC's rules and forms, and that the information required to be disclosed by us in the reports
that we file or submit under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate,
to allow timely decisions regarding required disclosure.
(b)
Management's Report on Internal Control
Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal
control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Our management is also required to assess and
report on the effectiveness of our internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act
of 2002. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP.
The Company's internal control over financials reporting includes
those policies and procedures that:
●
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;
●
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our directors; and
●
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of our annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency,
or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important
enough to merit attention by those responsible for oversight of the company's financial reporting.
130
Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions or because the degree of compliance
with policies or procedures may deteriorate.
Under the supervision and with the participation of our
management, including our CEO and CFO, we conducted an assessment of the effectiveness of our internal control over financial reporting
as of December 31, 2022. The assessment was based on criteria established in the framework Internal Control – Integrated Framework
(2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on this assessment,
management determined that, as of December 31, 2022, we did not maintain effective internal control over financial reporting due to the
existence of the following significant deficiencies and material weaknesses:
●
Lack of a functional internal audit department or
personnel that monitors the consistencies of the internal control procedures and, as a result, the Company may not be able to discover
the existence of problems and prevent the problematic behavior in internal control;
●
For example,
the material weakness related to the application and interpretation of GAAP in the area of impairment of digital assets resulted in a
material misstatement to the Company's previously issued consolidated financial statements. Such control weakness resulted from
the Company's method in calculating impairment that was not in compliance with the ASC 350-30-35-19 requirement to recognize impairment
whenever carrying value exceeds fair value, which effectively calls for the intraday low price to be utilized in calculating impairment.
●
Information
Technology General Controls. Formal policies and procedures are not in place to govern access and security to data, applications, networks,
hardware and firmware. This includes, but is not limited to, the management of miners at third-party hosting facilities.
Remediation
Management is responsible its assessment of the effectiveness
of internal controls over financial reporting and is committed to improving its controls related to the material weaknesses described
above, such that these controls are designed, implemented, and operating effectively.
During and subsequent to the year ended December 31, 2022,
Management has worked to improve the Company's internal controls, such as implementation of a reputable cloud based general ledger
system to record and maintain complete and accurate financial information. Our management also has commenced the following actions to
remediate the material weakness described above:
●
Establish formal internal control policies and procedures and practices.
i.
Hire a well-established SOX advisory firm
to evaluate internal controls and to report on the results of that evaluation.
ii.
Hire an independent IT technical expert to
    audit the IT environment as well as internal controls and to assist in remediation efforts.
iii.
Hire an experienced financial and IT controls
expert who will work with management and staff to implement policy, procedure and knowledge management protocols to sustain compliance
with SOX internal controls over financial reporting.
iv.
Provide training on policies, procedures and GAAP compliance.
●
Implement new applications and systems that are aligned with our focus on creating strong internal controls, as well as complete and accurate financial information;
i.
Formalize the process for user access provisioning and
    de-provisioning will be implemented along with a knowledge management protocol to ensure robust knowledge transfer.
Reviews of user access will be performed periodically
    based on the system risk, at least annually, for segregation of duties and user responsibilities alignment.
ii.
Formalize back-up and recovery protocols for relevant applications or data.
iii.
Change management policies and procedures will be formalized to ensure that the enforcement of these protocols effectively bolsters centralized monitoring.
iv.
Vendors, including but not limited to our hosting partners, will be evaluated at least bi-annually or more often based on an assessment of vendor risk. Actions, ranging from remediation to termination of the relationship, will be taken based on these evaluations.
v.
The policies and procedures related to shipping, receiving and monitoring will be refined to facilitate improved management and protection of mining assets.
The material weaknesses in our internal control over financial reporting will
not be considered remediated until ITGCs and process-level controls operate for a sufficient period of time and can be tested and concluded
by management to be designed and operating effectively. We cannot provide any assurance that these remediation efforts will be successful
or that our internal control over financial reporting will be effective as a result of these efforts. In addition, as we continue to evaluate
and work to improve our internal control over financial reporting related to the identified material weaknesses, management may determine
to take additional measures to address control deficiencies or determine to modify the remediation plan described above. Furthermore,
management will report the progress and status of the above remediation efforts to the Audit Committee on a periodic basis.
131
(c)
Changes in Internal Control
over Financial Reporting
Management is committed to improving the internal controls over financial
reporting and will undertake consistent improvements or enhancements on an ongoing basis. Except as described above, there were no changes
in our internal controls over financial reporting during our twelve months ended December 31, 2022 that have materially affected, or are
reasonably likely to material affect, our internal control over financial reporting.
ITEM 16. RESERVED
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our audit committee consists of Ms. Ichi Shih,
Yan Xiong, Brock Pierce and Zhaohui Deng. Our board of directors has determined Ichi Shih, Yan Xiong, Brock Pierce and Zhaohui Deng are
"independent directors" within the meaning of Nasdaq Stock Market Rule 5605(a)(2) and meet the criteria for independence set
forth in Rule 10A−3(b) of the Exchange Act. Ichi Shih meets the criteria of an audit committee financial expert as set forth under
the applicable rules of the SEC.
ITEM 16B. CODE OF ETHICS
Our board of directors has adopted a code of business
conduct and ethics. The purpose of the code is to promote ethical conduct and deter wrongdoing. The policies outlined in the code are
designed to ensure that our directors, executive officers and employees act in accordance with not only the letter but also the spirit
of the laws and regulations that apply to our business. We expect our directors, executive officers and employees to exercise good judgment,
to uphold these standards in their day-to-day activities, and to comply with all applicable policies and procedures in the course of their
relationship with the company. During fiscal year 2022, no amendments to or waivers from the Code were made or given for any of our executive
officers. The code of ethics is updated as needed from time to time.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following table sets forth the aggregate fees
by categories specified below in connection with certain professional services rendered by our principal external auditors, for the periods
indicated.
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Year Ended
December 31,
2020
Audit fees
(1)
$
232,230
$
190,000
$
120,000
Audit related fees
(2)
49,230
50,940
-
Tax fees
(3)
-
-
-
All other fees
(4)
-
-
-
Total
$
281,460
$
240,940
$
120,000
(1)
"Audit fees" means the aggregate fees billed for each of the fiscal years for professional services rendered by our principal accountant for the audit of our annual financial statements or services that are normally provided by the accountant in connection with regulatory filings or engagements for those fiscal years.
(2)
"Audit related fees" means the aggregate fees billed for each of the fiscal years for assurance and related services by our principal accountant that are reasonably related to the performance of the audit or review of our financial statements and are not reported under paragraph (1).
(3)
"Tax fees" represents the aggregate fees billed in each of the fiscal years listed for the professional tax services rendered by our principal auditors.
(4)
"All other fees" represents the aggregate fees billed in each of the fiscal years listed for services rendered by our principal auditors other than services reported under "Audit fees," "Audit related fees" and "Tax fees."
The policy of our audit committee and our board
of directors is to pre-approve all audit and non-audit services provided by our principal auditors, including audit services, audit related
services, and other services as described above, other than those for de minimis services, which are approved by the audit committee or
our board of directors.
132
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS
FOR AUDIT COMMITTEES
Not Applicable.
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY
THE ISSUER AND AFFILIATED PURCHASERS
Not Applicable.
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING
ACCOUNTANT
None.
ITEM 16G. CORPORATE GOVERNANCE
Our Ordinary Shares are listed on the Nasdaq Capital
Market, or Nasdaq. As such, we are subject to corporate governance requirements imposed by Nasdaq. Under Nasdaq rules, listed non-US companies
such as ourselves may, in general, follow their home country corporate governance practices in lieu of some of the Nasdaq corporate governance
requirements. A Nasdaq-listed non-US company is required to provide a general summary of the significant differences to its US investors
either on the company website or in its annual report distributed to its US investors. We are committed to a high standard of corporate
governance. As such, we endeavor to comply with the Nasdaq corporate governance practices.
As of June 30, 2022, the date of determination,
we are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:
●
we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;
●
for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;
●
we are not required to provide the same level of disclosure on certain issues, such as executive compensation;
●
we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;
●
we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; and
●
our insiders are not required to comply with Section 16 of the Exchange Act requiring such individuals, and entities to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.
●
we file annual reports on Form 20-F and reports on Form 6-K as a foreign private issuer. As a result of our reduced reporting requirements, our shareholders may not have access to certain information they may deem important.
ITEM 16H. MINE SAFETY DISCLOSURE
Not applicable.
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTION
The Company's auditor, Audit Alliance LLP, is PCAOB registered
and based in Singapore. Under the Holding Foreign Companies Accountable Act (the "HFCAA"), the PCAOB is permitted to inspect
our independent public accounting firm. There is no guarantee that future audit reports will be prepared by auditors that are completely
inspected by the PCAOB, and, as such, future investors may be deprived of such inspections, which could result in limitations or restrictions
to our access of the U.S. capital markets. On December 2, 2021, the SEC adopted amendments to finalize rules implementing the HFCAA requiring
the SEC to prohibit an issuer's securities from trading on any U.S. securities exchange and on the over-the-counter market, if the
auditor is not subject to PCAOB inspections for two consecutive years (as amended) and this ultimately could result in our Ordinary Shares
being delisted. The PCAOB issued a Determination Report on December 15, 2022, determining that the PCAOB secured complete access to inspect
and investigate registered public accounting firms headquartered in mainland China and Hong Kong, and vacating the 2021 Determinations
to the contrary. However, the PCAOB further noted that it will act immediately to consider the need to issue a new determination if the
PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access. While the audit reports of Audit Alliance LLP incorporated
by reference into this report are prepared by auditors based in Singapore who are subject to inspection and investigation by the PCAOB,
there can be no assurance that our auditor or we will be able to comply with these and other requirements imposed by U.S. regulators in
the future.
ITEM 16J. INSIDER TRADING POLICIES
(a)   The
Company has adopted an Insider Trading Policy and procedures governing the purchase, sale and other dispositions of the Company's
securities by directors, senior management and employees that are reasonably designated to promote compliance with applicable insider
trading laws, rules and regulations and any listing standards applicable to the Company.
(b)   A
copy of the Insider Trading Policy has been filed as Exhibit 11(b) to this Form 20-F. A copy of the Company's Code of Ethics is
filed as Exhibit 11(a) to this Form 20-F.
(c)   The Insider Trading Policy is provided in an Interactive Data File.
133
PART III
ITEM 17. FINANCIAL STATEMENTS
The consolidated financial statements and related notes required by
this item follow are as follows:
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Public Accounting Firm (PCAOB ID #
3487
)
F-2
Audited Consolidated Financial Statements
Consolidated Balance Sheets as of December 31, 2022 and 2021
F-3
Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2022, 2021 and 2020
F-4
Consolidated Statements of Equity for the years ended December 31, 2022, 2021 and 2020
F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020
F-6
Notes to Consolidated Financial Statements
F-7
F-
1
Report
of Independent Registered Public Accounting Firm
To the shareholders and board of directors
of Bit Digital, Inc.:
Opinion on the Financial Statements
We have audited the accompanying
consolidated balance sheets of Bit Digital, Inc. and its subsidiaries (collectively, the "Company") as of December 31, 2022
and 2021, the related consolidated statements of operations and comprehensive loss, shareholders' equity, and cash flows for each
of the three years in the period ended December 31. 2022, and the related notes to the consolidated financial statements and schedule
(collectively, the financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each
of the three years in the period ended December 31 2022, in conformity with accounting principles generally accepted in the United States
of America.
Restatement of Previous Issued Financial
Statements
As discussed in Note
2 to the consolidated financial statements, the Company has restated its consolidated financial statements as of December 2021 and for
the years ended December 31, 2021 and 2020 to correct misstatements.
Basis for Opinion
These financial statements
are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our opinion.
/s/
Audit Alliance
LLP
Singapore
, April 27,
2023
We have served as the
Company's auditor since 2020.
F-
2
BIT DIGITAL, INC.
CONSOLIDATED
BALANCE SHEETS
As of December 31, 2022 and 2021
(Expressed in US dollars, except for the number
of shares)
December 31,
December 31,
2022
2021
(Restated)
ASSETS
Current Assets
Cash and cash equivalents
$
32,691,060
$
42,398,528
Restricted cash
1,320,000
-
USDC
626,441
15,829,464
Digital assets
27,587,328
29,039,761
Income tax receivable
736,445
-
Other current assets
1,433,999
3,050,616
Total Current Assets
64,395,273
90,318,369
Non-Current Assets
Investment securities
1,787,922
1,000,000
Deposits for property and equipment
2,594,881
43,094,881
Property and equipment, net
22,609,391
32,489,158
Deferred tax assets
-
58,081
Other non-current assets
9,033,200
6,714,571
Total Non-Current Assets
36,025,394
83,356,691
Total Assets
$
100,420,667
$
173,675,060
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable
$
3,628,619
$
2,608,899
Income tax payable
-
559,774
Accrued litigation settlement cost
2,100,000
-
Other payables and accrued liabilities
1,714,735
1,875,933
Total Current Liabilities
7,443,354
5,044,606
Non-Current Liabilities
Deferred tax liabilities
-
462,372
Long-term income tax payable
3,044,004
2,767,276
Total Non-Current Liabilities
3,044,004
3,229,648
Total Liabilities
10,487,358
8,274,254
Commitments and Contingencies
Shareholders' Equity
Preferred shares, $
0.01
par value,
10,000,000
and
10,000,000
shares authorized,
1,000,000
and
1,000,000
shares issued and outstanding of December 31, 2022 and 2021, respectively
9,050,000
9,050,000
Ordinary shares, $
0.01
par value,
340,000,000
and
340,000,000
shares authorized,
82,485,583
and
69,591,389
shares issued and outstanding of December 31, 2022 and 2021, respectively
824,856
695,914
Treasury stock, at cost,
129,986
and
115,514
shares as of December 31, 2022 and 2021, respectively
(
1,171,679
)
(
1,094,859
)
Additional paid-in capital
212,646,143
182,869,159
Accumulated deficit
(
131,416,011
)
(
26,119,408
)
Total Shareholders' Equity
89,933,309
165,400,806
Total Liabilities and Shareholders' Equity
$
100,420,667
$
173,675,060
The accompanying notes are an integral part of
these consolidated financial statements.
F-
3
BIT DIGITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
For
the Years E
nded December 31, 2022, 2021 and 2020
(Expressed in US dollars, except for the number
of shares)
For the Years Ended December 31,
2022
2021
2020
(Restated)
(Restated)
Revenues
$
32,296,593
$
96,078,570
$
21,065,113
Operating costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown below)
(
20,374,633
)
(
30,739,776
)
(
14,104,628
)
Depreciation and amortization expenses
(
27,829,730
)
(
13,113,964
)
(
3,324,655
)
General and administrative expenses
(
23,114,629
)
(
39,154,204
)
(
2,515,117
)
Realized gain on exchange of digital assets
6,548,841
20,813,167
1,434,544
Impairment of digital assets
(
24,654,267
)
(
27,993,571
)
(
997,954
)
Impairment of property and equipment
(
50,038,650
)
-
-
Total operating expenses
(
139,463,068
)
(
90,188,348
)
(
19,507,810
)
(Loss) income from operations
(
107,166,475
)
5,890,222
1,557,303
Net gain (loss) from disposal of property and equipment
1,353,299
(
3,746,247
)
-
Gain from sale of investment security
1,039,999
-
-
Other (expense) income, net
(
1,116,276
)
702,414
(
1,924
)
Total other income (expenses), net
1,277,022
(
3,043,833
)
(
1,924
)
(Loss) income before income taxes
(
105,889,453
)
2,846,389
1,555,379
Income tax expenses
592,850
(
3,856,341
)
-
Net (loss) income from continuing operations
(
105,296,603
)
(
1,009,952
)
1,555,379
Net loss from discontinued operations, net of income taxes
-
-
(
3,834,683
)
Net loss
$
(
105,296,603
)
$
(
1,009,952
)
$
(
2,279,304
)
Other comprehensive income, net of tax
Reclassified to net loss from discontinued operations
-
-
100,185
Comprehensive loss
$
(
105,296,603
)
$
(
1,009,952
)
$
(
2,179,119
)
Weighted average number of ordinary share outstanding
Basic
78,614,174
55,440,527
30,591,122
Diluted
78,614,174
55,440,527
30,591,122
Loss per share
Basic
$
(
1.34
)
$
(
0.02
)
$
(
0.07
)
Diluted
$
(
1.34
)
$
(
0.02
)
$
(
0.07
)
The accompanying notes are an integral part of
these consolidated financial statements.
F-
4
BIT DIGITAL, INC.
CONSOLIDATED
STATEMENTS OF EQUITY
For the Years Ended December 31, 2022, 2021
and 2020
(Expressed in U.S. dollars, except for the number
of shares)
Retained earnings
Accumulated
Shares
Additional
(accumulated deficit)
Other
Non-
Total
Preferred Shares
Common Shares
Treasury
Subscription
paid-in
Statutory
comprehensive
controlling
stockholders'
Shares
Amount
Shares
Par Value
Stocks
Receivables
capital
reserves
Unrestricted
loss
interest
equity
Balance, December 31, 2019
-
-
15,399,185
$
153,992
$
-
$
(
45,457
)
$
17,610,220
$
6,189
$
(
13,790,152
)
$
(
100,185
)
$
252,333
$
4,086,940
Issuance of ordinary shares to pursuant to certain private placements
-
-
28,000,000
280,000
-
-
19,520,000
-
-
-
-
19,800,000
Issuance of ordinary shares to in exchange of bitcoin miners
-
-
4,344,603
43,446
-
-
15,423,341
-
-
-
-
15,466,787
Issuance of ordinary shares to service consultants
-
-
300,000
3,000
-
-
453,000
-
-
-
-
456,000
Disposition of peer-to-peer lending business and the car rental business
-
-
-
-
-
45,457
213,065
(
6,189
)
-
-
(
252,333
)
-
Net loss
-
-
-
-
-
-
-
-
(
2,279,304
)
-
-
(
2,279,304
)
Reclassified to net loss from discontinued operations, net of tax
-
-
-
-
-
-
-
-
-
100,185
-
100,185
Balance, December 31, 2020 (Restated)
-
-
48,043,788
$
480,438
$
-
$
-
$
53,219,626
$
-
$
(
16,069,456
)
$
-
$
-
$
37,630,608
Issuance of ordinary shares pursuant to certain private placements
-
-
13,752,810
137,528
-
-
71,200,206
-
-
-
-
71,337,734
Issuance of ordinary shares pursuant to conversion of convertible notes
-
-
279,662
2,797
-
-
1,277,203
-
-
-
-
1,280,000
Issuance of ordinary shares pursuant to direct offerings
-
-
6,197,194
61,972
-
-
34,193,028
-
-
-
-
34,255,000
Share-based
    compensation in connection with issuance of ordinary shares
-
-
180,232
1,802
-
-
1,444,296
-
-
-
-
1,446,098
Issuance of ordinary shares in connection with share-based compensation
-
-
2,253,217
22,532
-
-
20,438,786
-
-
-
-
20,461,318
Exchange of ordinary share into preferred share
1,000,000
9,050,000
(
1,000,000
)
(
10,000
)
-
-
-
-
(
9,040,000
)
-
-
-
Withholding of ordinary shares for payment of employee withholding taxes
-
-
(
115,514
)
(
1,155
)
(
1,094,859
)
-
1,096,014
-
-
-
-
-
Net loss
-
-
-
-
-
-
-
-
(
1,009,952
)
-
-
(
1,009,952
)
Balance, December 31, 2021  (Restated)
1,000,000
9,050,000
69,591,389
$
695,914
$
(
1,094,859
)
$
-
$
182,869,159
$
-
$
(
26,119,408
)
$
-
$
-
$
165,400,806
Withholding
    of ordinary shares for payment of employee withholding taxes
-
-
(
14,472
)
(
145
)
(
76,820
)
-
145
-
-
-
-
(
76,820
)
Share-based compensation in connection with issuance of ordinary shares to employees
-
-
161,768
1,618
-
1,807,964
-
-
-
-
1,809,582
Share-based
    compensation in connection with issuance of ordinary shares to consultants and director
-
-
24,000
240
-
121,860
-
-
-
-
122,100
Share-based compensation in connection with issuance of share options to employees
-
-
-
-
-
326,712
-
-
-
-
326,712
Share-based compensation in connection with issuance of ordinary shares for marketing services
-
-
245,098
2,451
-
997,549
-
-
-
-
1,000,000
Issuance of ordinary shares in connection with private placements with an institutional investor
-
-
10,990,327
109,903
-
20,900,097
-
-
-
-
21,010,000
Issuance of ordinary shares in exchange of bitcoin miners
-
-
1,487,473
14,875
-
5,622,657
-
-
-
-
5,637,532
Net loss
-
-
-
-
-
-
-
(
105,296,603
)
-
-
(
105,296,603
)
Balance, December 31, 2022
1,000,000
9,050,000
82,485,583
$
824,856
$
(
1,171,679
)
$
-
$
212,646,143
$
-
$
(
131,416,011
)
$
-
$
-
$
89,933,309
The accompanying notes are an integral part of
these consolidated financial statements.
F-
5
BIT DIGITAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2022, 2021
and 2020
(Expressed in US dollars)
For the Years ended December 31,
2022
2021
2020
(Restated)
(Restated)
Cash Flows from Operating Activities:
Net loss
$
(
105,296,603
)
$
(
1,009,952
)
$
(
2,279,304
)
Less: Net loss from discontinued operations
-
-
3,834,683
Net (loss) income from continuing operations
(
105,296,603
)
(
1,009,952
)
1,555,379
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation of property and equipment
27,829,730
13,113,964
3,324,655
(Gain) loss from disposal of property and equipment
(
1,353,299
)
3,746,247
-
Realized gain on exchange of digital assets
(
6,548,841
)
(
20,813,167
)
(
1,434,544
)
Impairment of digital assets
24,654,267
27,993,571
997,954
Impairment of property and equipment
50,038,650
-
-
Gain from sale of investment security
(
1,039,999
)
-
-
Share based compensation expenses in connection with restricted stock units and share options
2,262,691
20,461,318
-
Share based compensation expenses in connection with issuance of ordinary shares
-
1,446,098
456,000
Liquidated damage expenses
619,355
-
-
Gain from divestiture of a subsidiary
(
52,383
)
-
-
Loss from acquisition of a subsidiary
-
-
1,964
Deferred tax (benefits) expenses
(
404,290
)
404,291
-
Changes in fair value of investment security
545,412
-
-
Provision of doubtful accounts
129,845
-
-
Digital assets mined
(
32,270,689
)
(
96,078,570
)
(
21,065,113
)
Digital assets earned from staking
(
25,904
)
-
-
Changes in operating assets and liabilities:
Digital assets and stable coins
25,140,951
5,706,790
2,856,627
Other current assets
2,472,503
(
257,736
)
(
1,762,167
)
Other non-current assets
(
2,318,629
)
(
5,538,500
)
-
Accounts payable
3,163,976
21,551,220
14,284,286
Income tax recoverable/payable
(
1,296,169
)
559,774
-
Long-term income tax payable
276,728
2,767,276
-
Other payables and accrued liabilities
4,976,670
8,595,484
(
186,731
)
Net Cash Used in Operating Activities
(
8,496,028
)
(
17,351,892
)
(
971,690
)
Cash Flows from Investing Activities:
Purchases of property and equipment
(
19,333,310
)
(
6,466,270
)
(
4,505,491
)
Deposits for property and equipment
-
(
40,374,950
)
-
Proceeds from sales of property and equipment
1,081,075
-
-
Proceeds from disposal of long-term investment
1,706,665
-
-
Loss of cash in connection with divestiture of a subsidiary
(
59,695
)
-
-
Acquisition of cash in connection with acquisition of a subsidiary
-
-
11,326
Investment in an equity security
(
2,000,000
)
-
-
Net Cash Used in Investing Activities
(
18,605,265
)
(
46,841,220
)
(
4,494,165
)
Cash Flows from Financing Activities:
Proceeds from issuance of ordinary shares under private placement, net of issuance costs
21,010,000
74,958,366
5,248,000
Proceeds from issuance of ordinary shares under direct offering, net of issuance costs
-
34,255,000
-
Proceeds from issuance of convertible notes, net of issuance costs
-
1,280,000
-
Payment of liquidated damages related to private placement transactions
(
2,219,355
)
(
3,200,000
)
-
Withholding of common shares to pay employee withholding taxes
(
76,820
)
(
1,094,859
)
-
Proceeds from borrowings from related parties
-
-
7,000
Repayment of borrowings to related parties
-
(
12,000
)
-
Net Cash Provided by Financing Activities
18,713,825
106,186,507
5,255,000
Net (decrease) increase in cash, cash equivalents and restricted cash
(
8,387,468
)
41,993,395
(
210,855
)
Cash, cash equivalents and restricted cash, beginning of year
42,398,528
405,133
630,650
Cash, cash equivalents and restricted cash, end of year
$
34,011,060
$
42,398,528
419,795
Less: cash, cash equivalents and restricted cash from discontinued operations, end of year
-
-
14,662
Cash, cash equivalents and restricted cash from continuing operations, end of year
$
34,011,060
$
42,398,528
$
405,133
Supplemental Cash Flow Information
Cash paid for interest expense
$
-
$
-
$
-
Cash paid for income tax
$
734,200
$
125,000
$
-
Non-cash Transactions of Investing and Financing Activities
Collection of USDC from private placement
$
-
$
1,179,368
$
14,552,000
Proceeds from sales of miners in USDT
$
-
$
9,441,561
$
-
Investment in an investment security in USDC
$
-
$
(
1,000,000
)
$
-
Purchases of property and equipment in USDT
$
-
$
(
21,103,910
)
$
-
Purchases of property and equipment in USDC
$
(
2,366,580
)
$
(
895,893
)
$
(
14,416,498
)
Issuance of ordinary shares in exchange of property and equipment
$
(
5,637,523
)
$
-
$
(
15,466,787
)
Reclassification of deposits to property and equipment
$
(
40,524,763
)
$
-
$
-
Payment of deposits on equipment in BTC
$
-
$
(
13,226,077
)
$
-
Repayment of USDC to a related party
$
-
$
(
329,722
)
$
-
Collection of USDC from a related party
$
-
$
-
$
329,722
Collection of USDC from sales of property and equipment
$
712,800
$
-
$
-
Reconciliation of cash, cash equivalents and
restricted cash
December 31,
December 31,
2022
2021
Cash and cash equivalents
$
32,691,060
$
42,398,528
Restricted cash
1,320,000
-
Cash, cash equivalents and restricted cash
$
34,011,060
$
42,398,528
The accompanying notes are an integral part of
these consolidated financial statements.
F-
6
BIT DIGITAL, INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1. ORGANIZATION AND PRINCIPAL ACTIVITIES
Bit Digital, Inc. ("BTBT" or the "Company"),
formerly known as Golden Bull Limited, is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands. The
Company is currently engaged in the digital asset mining business and Ethereum staking activities through its wholly owned subsidiaries.
The accompanying consolidated financial statements
reflect the activities of the Company and each of the following entities:
Name
Background
Ownership
Bit Digital USA, Inc. ("BT USA")
● A United States company
● Incorporated on September 1, 2020
● Engaged in digital asset mining business
100% owned by Bit Digital, Inc.
Bit Digital Canada, Inc. ("BT Canada")
● A Canadian company
● Incorporated on February 23, 2021
● Engaged in digital asset mining business
100% owned by Bit Digital, Inc.
Bit Digital Hong Kong Limited ("BT HK")
● A Hong Kong company
● Acquired on April 8, 2020
● Engaged in digital asset mining related business
100% owned by Bit Digital, Inc.
Bit Digital Strategies Limited ("BT Strategies")
● A Hong Kong company
● Incorporated on June 1, 2021
● Engaged in treasury management activities
100% owned by Bit Digital, Inc.
Bit Digital Singapore PTE. LTD. ("BT Singapore")
● A Singapore company
● Incorporated on July 1, 2021
● Engaged in digital asset staking activities
100% owned by Bit Digital, Inc.
F-
7
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
The Company accounts for its digital assets (including
Bitcoin and ETH) held as an intangible asset and tested it for impairment on a daily basis based on quoted prices of digital assets, historically
utilizing the closing price of digital assets. During the preparation of this Annual Report, the Company determined it has not been appropriately
calculating its impairment of digital assets. The Company determined that its method of calculating impairment of its digital assets  was
not in compliance with the ASC 350-30-35-19 requirement to recognize impairment whenever carrying value exceeds fair value.  Effectively,
the Company determined that ASC 350-30-35-19 calls for the intraday low price of digital assets to be utilized in calculating impairment
of the Company's digital assets held as that metric is the most accurate indicator of whether it is more likely than not that the
asset is impaired.
Updating of the Company's
historical calculations of digital assets impairment amounts resulted in correction of Impairment of digital assets, in some cases, Realized
gains on exchange of digital assets.
In accordance with Staff
Accounting Bulletin ("SAB") 99,
Materiality
, and SAB 108,
Considering the Effects of Prior Year Misstatements
when Quantifying Misstatements in Current Year Financial Statements
, the Company evaluated the materiality of the error from qualitative
and quantitative perspectives, and concluded that the error was material to the Consolidated Balance Sheet as of December 31, 2021
and Consolidated Statements of Operations, Equity, and Cash Flows for the years ended December 31, 2021 and 2020. Management restated
the impacted financial statements as of December 31, 2021, and for the years ended December 31, 2021 and 2020, and related notes included
herein to correct this error.
The following tables
present the effects of correcting this error on the Company's financial statements as of December 31, 2021, and for the years ended
December 31, 2021 and 2020:
As of December 31, 2021
Consolidated Balance Sheet
As previously
reported
Adjustment
As restated
Digital assets
$
35,282,682
$
(
6,242,921
)
$
29,039,761
Total current assets
$
96,561,290
$
(
6,242,921
)
$
90,318,369
Total assets
$
179,917,981
$
(
6,242,921
)
$
173,675,060
Accumulated deficit
$
(
19,876,487
)
$
(
6,242,921
)
$
(
26,119,408
)
Total shareholders' equity
$
171,643,727
$
(
6,242,921
)
$
165,400,806
Total liabilities and shareholders' equity
$
179,917,981
$
(
6,242,921
)
$
173,675,060
For the Year Ended
December 31, 2021
Consolidated Statement of Operations
As previously
reported
Adjustment
As restated
Realized gain on exchange of digital assets
$
7,738,557
$
13,074,610
$
20,813,167
Impairment of digital assets
$
(
9,045,007
)
$
(
18,948,564
)
$
(
27,993,571
)
Total operating expenses
$
(
84,314,394
)
$
(
5,873,954
)
$
(
90,188,348
)
Income from operations
$
11,764,176
$
(
5,873,954
)
$
5,890,222
Income before income taxes
$
8,720,343
$
(
5,873,954
)
$
2,846,389
Net income (loss) from continuing operations
$
4,864,002
$
(
5,873,954
)
$
(
1,009,952
)
Net income (loss) and comprehensive income (loss)
$
4,864,002
$
(
5,873,954
)
$
(
1,009,952
)
Weighted average number of ordinary share outstanding – diluted
57,529,895
(
2,089,368
)
55,440,527
Earnings (loss) per share – basic
$
0.09
$
(
0.11
)
$
(
0.02
)
Earnings (loss) per share – diluted
$
0.08
$
(
0.10
)
$
(
0.02
)
For the Year Ended
December 31, 2020
Consolidated Statement of Operations
As previously
reported
Adjustment
As restated
Realized gain on exchange of digital assets
$
805,557
$
628,987
$
1,434,544
Impairment of digital assets
$
-
$
(
997,954
)
$
(
997,954
)
Total operating expenses
$
(
19,138,843
)
$
(
368,967
)
$
(
19,507,810
)
Income from operations
$
1,926,270
$
(
368,967
)
$
1,557,303
Income before income taxes
$
1,924,346
$
(
368,967
)
$
1,555,379
Net income from continuing operations
$
1,924,346
$
(
368,967
)
$
1,555,379
Net loss
$
(
1,910,337
)
$
(
368,967
)
$
(
2,279,304
)
Comprehensive loss
$
(
1,810,152
)
$
(
368,967
)
$
(
2,179,119
)
Loss per share – basic
$
(
0.06
)
$
(
0.01
)
$
(
0.07
)
Loss per share – diluted
$
(
0.06
)
$
(
0.01
)
$
(
0.07
)
F-
8
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2. RESTATEMENT
OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended
December 31, 2021
Consolidated Statement of Stockholders' Equity
Accumulated deficit
Total shareholders'
equity
Net income (as previously reported)
$
4,864,002
$
4,864,002
Net loss (adjustment)
$
(
5,873,954
)
$
(
5,873,954
)
Net loss (as restated)
$
(
1,009,952
)
$
(
1,009,952
)
Balance as of December 31, 2021 (as previously reported)
$
(
19,876,487
)
$
171,643,727
Balance as of December 31, 2021 (adjustment)
$
(
6,242,921
)
$
(
6,242,921
)
Balance as of December 31, 2021 (as restated)
$
(
26,119,408
)
$
165,400,806
For the Year Ended
December 31, 2020
Consolidated Statement of Stockholders' Equity
Accumulated deficit
Total shareholders'
equity
Net loss (as previously reported)
$
(
1,910,337
)
$
(
1,910,337
)
Net loss (adjustment)
$
(
368,967
)
$
(
368,967
)
Net loss (as restated)
$
(
2,279,304
)
$
(
2,279,304
)
Balance as of December 31, 2020 (as previously reported)
$
(
15,700,489
)
$
37,999,575
Balance as of December 31, 2020 (adjustment)
$
(
368,967
)
$
(
368,967
)
Balance as of December 31, 2020 (as restated)
$
(
16,069,456
)
$
37,630,608
For the Year Ended
December 31, 2021
Consolidated Statement of Cash Flows
As previously
reported
Adjustment
As restated
Net income (loss)
$
4,864,002
$
(
5,873,954
)
$
(
1,009,952
)
Net income (loss) from continuing operations
$
4,864,002
$
(
5,873,954
)
$
(
1,009,952
)
Digital assets generated from mining
$
-
$
(
96,078,570
)
$
(
96,078,570
)
Realized gain on exchange of digital assets
$
-
$
(
20,813,167
)
$
(
20,813,167
)
Impairment of digital assets
$
9,045,007
$
18,948,564
$
27,993,571
Digital assets and stable coins
$
(
104,117,143
)
$
109,823,933
$
5,706,790
Other payables and accrued liabilities
$
8,695,500
$
(
100,016
)
$
8,595,484
Net Cash Used in Operating Activities
$
(
23,258,682
)
$
5,906,790
$
(
17,351,892
)
Proceeds from sales of digital assets
$
5,906,790
$
(
5,906,790
)
$
-
Net Cash Used in Investing Activities
$
(
40,934,430
)
$
(
5,906,790
)
$
(
46,841,220
)
For the Year Ended
December 31, 2020
Consolidated Statement of Cash Flows
As previously
reported
Adjustment
As restated
Net loss
$
(
1,910,337
)
$
(
368,967
)
$
(
2,279,304
)
Net income (loss) from continuing operations
$
1,924,346
$
(
368,967
)
$
1,555,379
Digital assets generated from mining
$
-
$
(
21,065,113
)
$
(
21,065,113
)
Realized gain on exchange of digital assets
$
-
$
(
1,434,544
)
$
(
1,434,544
)
Impairment of digital assets
$
-
$
997,954
$
997,954
Digital assets and stable coins
$
(
21,440,377
)
$
24,297,004
$
2,856,627
Other payables and accrued liabilities
$
(
207,803
)
$
21,072
$
(
186,731
)
Net Cash Used in Operating Activities
$
(
3,419,096
)
$
2,447,406
$
(
971,690
)
Proceeds from sales of digital assets
$
2,447,406
$
(
2,447,406
)
$
-
Net Cash Used in Investing Activities
$
(
2,046,759
)
$
(
2,447,406
)
$
(
4,494,165
)
F-
9
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation and principles of
consolidation
The accompanying
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").
The consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries. All material transactions and balances among
the Company and its subsidiaries have been eliminated upon consolidation.
Use
of estimates
In preparing the consolidated financial statements
in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant
estimates required to be made by management include, but are not limited to, the valuation of digital assets and other current assets,
useful lives of property and equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities and realization
of deferred tax assets. Actual results could differ from those estimates.
Fair value of financial instruments
ASC 825-10 requires certain disclosures regarding
the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes
the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of
unobservable inputs. The three levels of inputs used to measure fair value are as follows:
●
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
●
Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.
●
Level 3 - inputs to the valuation methodology are unobservable.
Fair value of digital assets is based on quoted
prices in active markets. The fair value of the Company's other financial instruments including cash and cash equivalents, restricted
cash, deposits, other receivables, accounts payable, and other payables, approximate their fair values because of the short-term nature
of these assets and liabilities. Warrants were measured at fair value using unobservable inputs and categorized in Level 3 of the fair
value hierarchy (Note 11).
Cash
and cash equivalents
Cash includes
cash on hand and demand deposits in accounts maintained with commercial banks. The Company considers all highly liquid investment instruments
with an original maturity of three months or less from the date of purchase to be cash equivalents.
F-
10
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
USDC
USD Coin ("USDC") is accounted for
as a financial instrument; USDC which can be redeemed one USDC for one U.S. dollar on demand from the issuer. While not accounted for
as cash or cash equivalents, we treat our USDC holdings as a liquidity resource.
Digital assets
Digital assets (primarily include bitcoin
and ETH) are included in current assets in the accompanying consolidated balance sheets. Digital assets purchased are recorded at
cost and digital assets awarded to the Company through its mining activities and staking activities are accounted for in accordance
with the Company's revenue recognition policy disclosed below.
An intangible asset with an indefinite useful
life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating
that it is more likely than not that the indefinite-lived asset is impaired. Digital assets held are accounted for as intangible assets
with indefinite useful lives and are subject to impairment losses if the fair value of digital assets decreases below the carrying value
at any time during the period. The fair value is measured using the quoted price of the digital assets at the time its fair value is being
measured. In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more
likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative
impairment test is not necessary. If the Company concludes otherwise, it is required to perform a quantitative impairment test. To the
extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses
is not permitted.
Purchases
of digital assets by the Company and digital assets awarded to the Company through its mining activities and staking activities are
included within operating activities on the accompanying consolidated statements of cash flows. The changes of digital assets are
included within operating activities in the accompanying
consolidated statements of cash flows and any realized gains or losses from such sales are included in "realized gain (loss)
on exchange of digital assets" in the consolidated statements of operations and comprehensive loss. The Company accounts for
its gains or losses in accordance with the first-in first-out method of accounting.
ASC 820 defines "principal market"
as the market with the greatest volume and level of activity for the asset or liability. The determination of the principal market (and,
as a result, the market participants in the principal market) is made from the perspective of the reporting entity. The digital assets
held by the Company are traded on a number of active markets globally. The Company does not use any exchanges to buy or sell of digital
assets. Instead, the Company uses Amber Group's OTC desk for selling or exchanging bitcoins for U.S. dollars or vice versa. The
Company determines CoinMarketCap as its principal market, as it is one of the earliest and the most trusted sources by users, institutions,
and media for comparing thousands of crypto assets and selected by the U.S. government.
The Company also used hourly close price from
CryptoCompare to recognize revenue from our digital asset mining activities. The Company believes the hourly close price can better reflect
revenue recognized from our digital asset mining activities as compared to daily close price from CoinMarketCap.
F-
11
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
Investment
security
As
of December 31, 2022, investment security represents the Company's investment in one fund and
one privately held company, over which the Company neither has control nor significant influence through investment in ordinary
share. As of December 31, 2021, investment security represents the Company's investment in one privately held company, over
which the Company neither has control nor significant influence through investment in ordinary share.
Investment
in the fund
Equity securities not accounted for using the
equity method are carried at fair value with unrealized gains and losses recorded in the consolidated income statements, according to
ASC 321,
Investments - Equity Securities
. As a practical expedient, the Company uses Net Asset Value ("NAV") or
its equivalent to measure the fair value of the investment in the fund. NAV is primarily determined based on information provided by the
fund administrator.
Investment
in the privately held company
Equity securities
not accounted for using the equity method are carried at fair value with unrealized gains and losses recorded in the consolidated income
statements, according to ASC 321,
Investments - Equity Securities
. The Company elected to record the equity investments in
privately held companies using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price
changes resulting from orderly transactions for identical or similar investments of the same issuer.
Equity investments
in privately held companies accounted for using the measurement alternative are subject to periodic impairment reviews. The Company's
impairment analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of these
equity securities, including consideration of the impact of the COVID-19 pandemic. In computing realized gains and losses on equity securities,
the Company determines cost based on amounts paid using the average cost method. Dividend income is recognized when the right to receive
the payment is established.
Deposits for property and equipment
The
deposits for property and equipment represented advance payments for miner purchases. The Company initially recognizes deposits for property
and equipment when cash is advanced to suppliers of our miners. Subsequently, the Company derecognizes and reclassifies deposits for
property and equipment to property and equipment when control over these miners is transferred to and obtained by the Company.
Below is the roll forward of the balance of deposits
for property and equipment for the years ended December 31, 2022 and 2021, respectively.
For the Years Ended
December 31,
2022
2021
Opening balance
$
43,094,881
$
1,324,963
Reclassification to property and equipment
(
40,500,000
)
(
1,199,913
)
Addition of deposits for property and equipment
-
43,094,881
Write-off of deposit
-
(
125,050
)
Ending balance
$
2,594,881
$
43,094,881
F-
12
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
Property
and equipment, net
Property and equipment is stated at cost and depreciated
using the straight-line method over the estimated useful lives of the assets. The Company's property and equipment were primarily
comprised of digital asset miners with estimated useful lives of
three years
.
Impairment
of long-lived assets
Management
reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may
not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted
future cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized
is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.
Revenue recognition
The Company recognizes revenue in accordance with
ASC 606,
Revenue from Contracts with Customers
("ASC 606").
To determine revenue recognition for contracts
with customers, the Company performs the following five steps: (i) identify the contract with the customer, (ii) identify the performance
obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable
that a significant future reversal will
not
occur, (iv) allocate the transaction price to the respective performance obligations
in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.
The Company recognizes revenue when it transfers
its goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange.
Digital
asset mining
The
Company has entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to
the mining pool. The contract is terminable at any time by either party with no termination penalty. Our enforceable right to compensation
begins when, and lasts for as long as, we provide computing power to the mining pool operator; our performance obligation extends over
the contract term given our continuous provision of computing power. This period of time corresponds with the period of service for which
the mining pool operator determines compensation due to us. Given cancellation terms of the contract, and our customary business practice,
the contract effectively provides the option to renew for successive contract terms daily.
In
exchange for providing computing power, the Company is entitled to a fractional share of the fixed digital assets award the mining pool
operator receives, for successfully adding a block to the blockchain. The Company's fractional share is based on the proportion
of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants
in solving the current algorithm. The Company is entitled to its relative share of consideration even if a block is not successfully placed.
Providing computing power in digital asset transaction
verification services is an output of the Company's ordinary activities. The provision of such computing power is the only performance
obligation in the Company's contracts with mining pool operators. The transaction consideration the Company receives, if any, is
noncash consideration. ASC 606-10-32-21 requires entities to measure the estimated fair value of noncash consideration at contract inception.
Because the consideration to which the Company expects to be entitled for providing computing power is entirely variable, as well as being
noncash consideration, the Company assesses the estimated amount of the variable noncash consideration at contract inception and subsequently,
to determine when and to what extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not
occur once the uncertainty associated with the variable consideration is subsequently resolved. Because it is probable that a significant
reversal of cumulative revenue will not occur and the Company is able to calculate the payout based on the contractual formula. This amount
should be estimated and recognized in revenue upon inception, which is when hash rate is provided.
For
reasons of operational practicality, the Company applies an accounting convention to use the daily quoted closing U.S. dollar spot rate
of digital asset each day to determine the fair value of digital asset on the date received, which is not materially different than the
fair value at contract inception or the time the Company has earned the award from the pools.
Fair value of the digital assets award received
is determined using the quoted price of the related digital assets at the time of receipt. There is currently no specific definitive guidance
under US GAAP or alternative accounting framework for the accounting for digital assets
recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment.
In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect
on the Company's consolidated financial position and results from operations.
F-
13
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
Revenue recognition (continued)
Below table presents the Company's revenues
generated from digital asset mining business by countries:
For the Years Ended December 31,
2022
2021
2020
United States
$
31,132,771
$
33,573,412
$
307,673
Canada
1,137,918
640,554
-
Hong Kong
-
61,864,604
20,757,440
$
32,270,689
$
96,078,570
$
21,065,113
Below table presents the Company's revenues by mining pool
operators:
For the Years Ended December 31,
2022
2021
2020
Foundry USA Pool
$
32,270,689
$
27,862,786
$
-
Huobi Pool
-
58,607,927
19,641,993
Antpool
-
9,607,857
347,981
Poolin
-
-
1,075,139
$
32,270,689
$
96,078,570
$
21,065,113
Note: The revenue by mining pool operator is allocation
of total revenue based on the number of digital assets mined for the years ended on December 31, 2021 and 2020.
ETH staking
business
The Company also generates revenue
through ETH staking rewards. The ETH staking business is comprised of native staking and liquid staking.
(a)
Native
staking
The Company has entered into network-based smart
contracts by staking ETH on nodes run by third-party operators or nodes maintained by us in 2022. Through these contracts, the Company
stakes ETH on nodes for the purpose of validating transactions and adding blocks to the Ethereum blockchain network. The staked ETHs remained
locked up until the Shanghai upgrade occurred on April 12, 2023. In exchange for staking the ETH and validating transactions on blockchain
networks, the Company is entitled to the block rewards and transaction fees for successfully validating or adding a block to the blockchain.
These rewards are received by the Company directly from the Ethereum network and are calculated approximately based on the proportion
of the Company's stake to the total ETH staked by all validators.
The
provision of validating blockchain transactions is an output of the Company's ordinary activities. Each separate block creation
or validation under a smart contract with a network represents a performance obligation. The transaction consideration the Company receives,
the digital asset awards, is a non-cash consideration, which the Company measures at fair value on the date received. The fair value
of the ETH reward received is determined using the quoted price of the ETH at the time of receipt. The satisfaction of the performance
obligation for transaction verification services occurs at a point in time when confirmation is received from the network indicating
that the validation is complete, and the awards are deposited to our address. At that point, revenue is recognized.
The
Company commenced native staking business in the year ended December 31, 2022. For the year ended December 31, 2022, the Company generated
revenues of $
5,722
from the native staking.
F-
14
BIT
DIGITAL, INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b)
Liquid staking
The
liquid staking is similar to native staking in terms of performance obligations, determination of transaction price and revenue recognition. 
However liquid staking solves this illiquidity problem arising from the native staking. During the liquid staking transactions Shanghai
upgrade occurred on April 12, 2023, the Company receives receipt tokens sETH-H to represent staked ETH at 1:1 ratio. The liquid staking
rewards are in the form of rETH-H which could be redeemed for ETH from the liquid staking provider or exchange for ETH via OTC.
The
Company commenced liquid staking business in the year ended December 31, 2022. For the year ended December 31, 2022, the Company generated
revenues of $
20,182
from liquid staking.
Disaggregation of revenues
Below table presents the disaggregation of Company's revenues
by revenue streams.
For the Years Ended December 31,
2022
2021
2020
Digital asset mining
$
32,270,689
$
96,078,570
$
21,065,113
ETH native staking
5,722
-
-
ETH liquid staking
20,182
-
-
$
32,296,593
$
96,078,570
$
21,065,113
Cost
of revenue
The
Company's cost of revenue consists primarily of i) direct production costs related to mining operations, including electricity
costs, profit-sharing fees/variable performance fees and/or other relevant costs paid to our hosting facilities, but excluding
depreciation and amortization, which are separately stated in the Company's consolidated statements of operations, and ii)
direct cost related to ETH staking business, including
service fees
payable to the service provider, which was
immaterial during
the year ended December 31, 2022.
Income taxes
The Company
accounts for income taxes under the asset and liability method, in which deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their
respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the
enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable.
ASC Topic
740, Income Taxes, ("ASC 740"), also clarifies the accounting for uncertainty in income taxes recognized in an enterprise's
financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and
penalties, accounting in interim period, disclosure and transition.
Loss per share
Basic loss
per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding
during the period. The computation of diluted net
loss per share does not include dilutive ordinary shares equivalents in the weighted average shares outstanding, as they would be anti-dilutive.
F-
15
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
Comprehensive
loss
Comprehensive
loss consists of two components, net loss and other comprehensive income. For the years ended December 31, 2020, the foreign currency
translation gain or loss resulting from translation of the financial statements expressed in RMB to US$ is reported in other comprehensive
income (loss) in the consolidated statements of operations and other comprehensive loss. For the years ended December 31, 2022 and 2021,
the Company had no other comprehensive income.
Commitments
and contingencies
In the normal
course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover
a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount
of the assessment can be reasonably estimated.
If the assessment
of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then
the estimated liability is accrued in the Company's financial statements. If the assessment indicates that a potentially material
loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent
liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.
Loss contingencies
considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
Share-based compensation
Share-based awards granted are measured at fair
value on grant date and share-based compensation expense is recognized (i) immediately at the grant date if no vesting conditions are
required, or (ii) using the straight-line attribution method, net of estimated forfeitures, over the requisite service period. The fair
values of restricted stock units ("RSUs") and restricted shares are determined with reference to the fair value of the underlying
shares and the fair value of share options is generally determined using the Black-Scholes valuation model. The value is recognized as
an expense over the respective service period, net of estimated forfeitures. Share-based compensation expense, when recognized, is charged
to the consolidated income statements with the corresponding entry to additional paid-in capital, liability or noncontrolling interests.
On each measurement date, the Company reviews
internal and external sources of information to assist in the estimation of various attributes to determine the fair value of the share-based
awards granted by the Company, including the fair value of the underlying shares, expected life and expected volatility. The Company recognizes
the impact of any revisions to the original forfeiture rate assumptions in the consolidated income statements, with a corresponding adjustment
to equity.
In April 2019, the Company adopted ASU 2018-07,
Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
, which expands
the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. The amendments specify
that ASC 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a
grantor's own operations by issuing share-based payment awards. Upon the adoption of this guidance, the Company no longer re-measures
equity-classified share-based awards granted to consultants or non-employees at each reporting date through the vesting date and the accounting
for these share-based awards to consultants or non-employees and employees will be substantially aligned. The adoption of this guidance
did not have a material impact on the Company's financial position, results of operations and cash flows. The consolidated financial
statements for the years ended December 31, 2022, 2021 and 2020 were not retroactively adjusted.
F-
16
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
Treasury
stock
The Company
accounts for treasury stocks using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury
stocks account on the consolidated balance sheets.
The Company
treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as ordinary share
repurchases because they reduce the number of shares that would have been issued upon vesting.
Reclassification
Certain
items in the financial statements of comparative period have been reclassified to conform to the financial statements for the current
period. The reclassification has no impact on the total assets and total liabilities as of December 31, 2022 or on the statements of operations
for the year
ended December 31, 2022.
Recent
accounting pronouncements
The Company continually assesses any new accounting
pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's
financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements
and assures that there are proper controls in place to ascertain that the Company's consolidated financial statements properly reflect
the change.
In June 2016, the FASB issued ASU 2016-13,
Financial
Instruments-Credit Losses (Topic 326)
, which requires entities to measure all expected credit losses for financial assets held at
the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing
incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13
was subsequently amended by Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit
Losses, Accounting Standards Update 2019-04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815,
Derivatives and Hedging, and Topic 825, Financial Instruments, and Accounting Standards Update 2019-05, Targeted Transition Relief. For
public entities, ASU 2016-13 and its amendments are effective for fiscal years, and interim periods within those fiscal years, beginning
after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December
15, 2022, including interim periods within those fiscal years. Early application will be permitted for all entities for fiscal years,
and interim periods within those fiscal years, beginning after December 15, 2018. As an emerging growth company, the Company plans to
adopt this guidance effective January 1, 2023. The Company is currently evaluating the impact of its pending adoption of ASU 2016-13 on
its consolidated financial statements.
In 2020, the Financial Accounting Standards Board
issued Accounting Standards Update (ASU) 2020-06,
Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an
Entity's Own Equity
, to address the complexity in accounting for certain financial instruments with characteristics of liabilities
and equity. Amongst other provisions, the amendments in this ASU significantly change the guidance on the issuer's accounting for
convertible instruments and the guidance on the derivative scope exception for contracts in an entity's own equity such that fewer
conversion features will require separate recognition, and fewer freestanding instruments, like warrants, will require liability treatment.
This guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. As an emerging growth company,
the Company plans to adopt this guidance effective January 1, 2023. The Company is currently evaluating the impact of its pending adoption
of ASU 2020-06 on its consolidated financial statements.
F-
17
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4. USDC
December 31,
2022
December 31,
2021
USDC
$
626,441
$
15,829,464
The following table presents additional information
about USDC for the years ended December 31, 2022, 2021 and 2020, respectively:
For the Years Ended
December 31,
2022
2021
2020
Opening balance
$
15,829,464
$
56,005
$
-
Collection of USDC from exchange of cash and other digital assets
1,998,002
18,201,257
-
Collection of USDC from private placement
-
1,179,368
-
Receipt of USDC from sales of property and equipment
712,800
-
-
Collection of deposits of miner sales and other fees
230,000
-
-
Refund of deposit on property and equipment
-
234,371
-
Collection from borrowings from a related party
-
-
329,722
Sales of USDC in exchange of cash
(
13,450,000
)
-
-
Payment of USDC for transportation expenses
(
2,426,065
)
-
-
Payment of USDC for other expenses
(
2,267,760
)
(
1,615,922
)
(
273,717
)
Investment in an investment security
-
(
1,000,000
)
-
Purchases of miners
-
(
895,893
)
-
Repayment of borrowings from a related party (Note 15)
-
(
329,722
)
-
Ending balance
$
626,441
$
15,829,464
$
56,005
5. DIGITAL ASSETS
Digital asset holdings were comprised of the following:
December 31,
2022
December 31,
2021
(Restated)
BTC
$
15,796,147
$
28,846,587
ETH*
$
11,791,181
$
193,174
$
27,587,328
$
29,039,761
*
The ETH ending balance as of December 31, 2022 includes 16.3 rETH-H earned from the liquid staking activity described below.
For the year ended December 31, 2022, the
Company recognized impairment loss of $
24,654,267
on digital assets, consisting of $
21,143,096
on BTC and $
3,511,171
on ETH,
respectively. For the year ended December 31, 2021, the Company recognized impairment of $
27,993,571
, consisting of $
27,869,847
on
bitcoins and $123,724 on ETH, respectively. For the year ended December 31, 2020, the Company recognized impairment of $
997,954
on
bitcoins.
For
the year ended December 31, 2022 and 2021,
the Company has native staked 160 ETH and 96 ETH, respectively, on the Ethereum
blockchain. The Company was not able to withdraw the stake until the Shanghai upgrade occurred on April 12, 2023. In addition, the
Company staked 2,004 ETH in a liquid staking protocol with an unaffiliated third party and received receipt tokens which could be
redeemed for ETH from the liquid staking provider or exchanged for cash via OTC. For the years ended December 31, 2022, the Company
earned 19.9 ETH from
such staking activities and recognized the ETH staking rewards as revenues.
F-
18
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5. DIGITAL ASSETS (CONTINUED)
Additional information about digital assets
The following table presents additional information
about BTC for the years ended December 31, 2022, 2021 and 2020, respectively:
For the Years Ended December 31,
2022
2021
2020
(Restated)
(Restated)
Opening balance
$
28,846,587
$
5,868,950
$
-
Receipt of BTC from mining services
31,414,102
96,078,586
21,065,113
Sales of BTC in exchange of cash
(
9,837,211
)
(
16,973,380
)
(
2,138,159
)
Sales of BTC in exchange of ETH
(
12,160,450
)
-
-
Payment of BTC for service charges from mining facilities
(
1,199,380
)
(
14,443,484
)
(
11,049,584
)
Payment of BTC as deposits for miners
-
(
3,527,671
)
-
Payment of BTC as deposits in hosting facilities
(
9,292,646
)
(
900,563
)
Payment of BTC for other expenses
(
124,405
)
(
1,053,221
)
(
18,380
)
Collection of BTC from a third party
-
59,300
(
91,523
)
Impairment of BTC
(
21,143,096
)
(
27,869,847
)
(
997,954
)
Ending balance
$
15,796,147
$
28,846,587
$
5,868,950
The following table presents additional information
about ETH for the years ended December 31, 2022, 2021 and 2020, respectively.
For the Years Ended December 31,
2022
2021
2020
(Restated)
Opening balance
$
193,174
$
-
$
-
Receipt of ETH from exchange of BTC
14,368,964
-
-
Receipt of ETH from mining services
856,604
-
-
Receipt of ETH from native staking business
5,722
-
-
Receipt of ETH from liquid staking business*
20,182
-
-
Other income in the form of ETH
23,834
27,326
-
Purchases of ETH
-
289,668
-
Payment of ETH for service charges from mining facilities
(
173,473
)
-
-
Collection (payment) of ETH for other income (expenses)
7,345
(
96
)
-
Impairment of ETH
(
3,511,171
)
(
123,724
)
-
Ending balance
$
11,791,181
$
193,174
$
-
*
It represents 16.3 rETH-H earned from the liquid staking activity in 2022.
F-
19
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6. OTHER CURRENT ASSETS
Other current assets were comprised of the following:
December 31,
2022
December 31,
2021
Deposits (a)
$
400,000
$
2,981,684
Prepaid marketing expenses
307,004
-
Prepaid director and officer insurance expenses
365,350
-
Prepaid consulting service expenses
-
-
Office rental deposit
36,343
41,793
Others
325,302
27,139
$
1,433,999
$
3,050,616
(a)
As
of December 31, 2022 and 2021, the balance of deposits represented the deposits made to one and two service providers, respectively,
who paid utility charges in mining facilities on behalf of the Company. The deposits are refundable upon expiration of the agreement
between the Company and the service provider, which may be due within 12 months from the effective date of the agreement.
7. PROPERTY
AND EQUIPMENT, NET
Property
and equipment, net was comprised of the following:
December 31,
2022
December 31,
2021
Miners for Bitcoin
$
32,006,128
$
33,268,859
Miners for ETH
211,142
5,829,019
Less: Accumulated depreciation
(
9,067,879
)
(
6,608,720
)
Property and equipment, net
$
22,609,391
$
32,489,158
For
the years ended December 31, 2022, 2021 and 2020, depreciation
expenses were $
27,829,730
, $
13,113,964
and $
3,342,655
, respectively.
During the year ended December 31, 2022, adverse
changes in business climate, including decreases in the price of BTC and ETH and resulting decrease in the market price of miners, indicated
that an impairment triggering event had occurred. Testing performed indicated the estimated fair value of the Company's miners to
be less than their net carrying value as of December 31, 2022, and an impairment charge of $
46,369,095
and $
3,669,555
was recognized for
the BTC miners and ETH miners, respectively, decreasing the net carrying value of the Company's miners to their estimated fair value.
The estimated fair value of the Company's miners is classified in Level 2 of the fair value hierarchy due to the quoted market prices
for similar assets.
F-
20
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7. PROPERTY AND EQUIPMENT, NET (CONTINUED)
Sales and writing off of miners in the year
of 2022
For the
year ended December 31, 2022, the Company sold
1,115
bitcoin miners for
a total consideration of $
1,816,870
. On the dates of the transaction, the total original cost and accumulated depreciation of these miners
were $
571,681
and $
276,610
,
respectively. The Company recognized a gain of $
1,521,799
from the sale of miners which was recorded in the account of "net gain
from disposal of property and equipment". As of the date of this report, the Company has collected the cash consideration of $
1,056,775
,
netting off the related miner testing costs, and consideration of
712,800
USDC.
For
the year ended December 31, 2022, the Company wrote off 917 BTC miners and 1 ETH miner during the year, and the Company recorded a loss
of $
168,500
resulting from the writing off in the account of "net gain from disposal of property and equipment".
Sales and disposal of miners in the year of
2021
For the year ended December 31, 2021, the Company
sold
15,808
miners to three third party customers for a total consideration of $
9,441,561
. On the date of the transaction, the original
cost and accumulated depreciation of these
15,808
miners was $
11,044,804
and $
2,213,763
, respectively. The Company recognized a gain on
sales of $
610,520
which was recorded as a reduction against "loss from disposal of property and equipment". As of the date
of this report, the Company has collected the consideration in the form of USDT.
During the year ended December 31, 2021, the Company
disposed of
1,779
miners. On the date of disposal, the original cost and accumulated depreciation of these
1,779
miners was $
5,307,790
and $
951,024
, respectively. The Company incurred a loss of $
4,356,767
, which was recorded in the account of "loss from disposal
of property and equipment".
8. INVESTMENT SECURITIES
Investment securities were comprised of the following:
December 31,
2022
December 31,
2021
Investment in Digital Future Alliance Limited ("DFA") (a)
$
94,534
$
1,000,000
Investment in Nine Blocks Offshore Feeder Fund ("Nine Blocks") (b)
1,693,388
-
Total
$
1,787,922
$
1,000,000
(a)
Investment
in DFA
During the year ended December 31, 2021, the Company
made an investment of $
1,000,000
, in the form of USDC, in DFA which is a privately held company, over which the Company neither has control
nor significant influence through investment in ordinary shares. During the years ended December 31, 2022, the Company sold two-thirds
(2/3) of the investment for consideration of $
1,706,665
. The Company recognized a gain of $
1,039,999
from the sale of investment security
which was recorded in the account of "gain from sale of investment security". As of the date of this report, the Company has
received the full payment.
In December 2022, DFA raised proceeds through
equity financing with third party investors. This orderly transaction provided
observable price
changes, and the Company
recorded downward adjustments of $
238,800
on the investment. For the year ended December 31, 2021, the
Company did not record upward adjustments or downward adjustments on the investment.
The Company's impairment analysis considers
both qualitative and quantitative factors that may have a significant effect on the fair value of the equity security. As of December
31, 2022 and 2021, the Company did not recognize impairment against the investment security.
F-
21
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
8. INVESTMENT SECURITIES (CONTINUED)
(b)
Investment
in Nine Blocks
On
August 1, 2022, the Company entered into a subscription agreement with Nine Blocks for investment of $
2.0
million. The investment
includes a direct investment into the Nine Blocks Master Fund, a digital assets
market neutral fund using basis trading, relative value, and special situations strategies.
As a practical
expedient, the Company uses Net Asset Value ("NAV") or its equivalent to measure the fair value of the investment in the fund.
For the year ended December 31, 2022, the Company recorded downward adjustments of $
306,612
on the investment.
9. OTHER NON-CURRENT ASSETS
Other noncurrent assets were comprised of the
following:
December 31,
2022
December 31,
2021
Deposits (a)
$
8,965,160
$
6,714,571
Others
68,040
-
Total
$
9,033,200
$
6,714,571
(a)
As of December 31, 2022 and 2021, the balance of deposits represented
the deposits made to service providers, who paid utility charges in mining facilities on behalf of the Company. The deposits are refundable
upon expiration of the agreement between the Company and the service provider, which may be due 12 months from the effective date of the
agreement.
10. SHARE-BASED COMPENSATION
Share-based compensation such as RSUs, incentive and non-statutory
stock options, restricted shares, share appreciation rights and share payments may be granted to any directors, employees and consultants
of the Company or affiliated companies under 2021 Omnibus Equity Incentive Plan ("2021 Plan") and 2021 Second Omnibus Equity
Incentive Plan ("2021 Second Plan"). An aggregate of
2,415,293
RSUs were granted under the 2021 Plan and no ordinary shares
remain reserved for issuance under the 2021 Plan. There are
5,000,000
ordinary shares reserved for issuance under the Company's
2021 Second Plan, under which
65,000
RSUs and
355,000
share options have been granted to employees and a consultant as of December 31,
2022.
Restricted Stock Units ("RSUs")
Pursuant to a Consulting Services Agreement dated
February 1, 2021, with Wellington Park, Inc., the Company granted
15,000
RSUs to each of its CEO, Bryan Bullett and the CSO, Sam Tabar,
then consultants. All of these RSUs were subject to a 24-month service vesting schedule, and vested 1/24 for each month.
Pursuant to Employment Agreements dated
March 31, 2021, the Company granted
120,768
RSUs to Bryan Bullett, the Chief Executive Officer and Sam Tabar, the Chief Strategy Officer,
respectively, as part of the compensation for their services. All of these RSUs were subject to a 24-month service vesting schedule, and
vested 1/24 for each month.
On July 29, 2021, the Company granted
1,954,400
RSUs to senior management and consultants for past services,
1,920,000
of which were immediately vested, and the remainder of which are
vested per their vesting schedules.
F-
22
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
10. SHARE-BASED COMPENSATION (CONTINUED)
On October 13, 2021, the Company granted
18,400
RSUs to
two
consultants, and the RSUs were subject to 6-month and 2-month vesting schedules, respectively.
On October 29, 2021, the Company granted
10,000
and
140,963
RSUs to an independent director and an employee for their past services. All of these RSUs were vested immediately.
On October 30, 2021, the Company granted
20,000
RSUs to an independent director in connection with the Director Agreement executed on October 18, 2021. These RSUs were vested immediately.
On
December 30, 2021, the Company granted
11,000
RSUs to
two
employees as annual bonus. These RSUs were vested
on
January 3, 2022.
On April 1, 2022, the Company granted
24,000
RSUs
to
one
consultant and the RSU grant was subject to six-month vesting schedule.
On October 28, 2022, the Company granted
30,000
RSUs to an independent director. These RSUs were vested immediately.
As
of December 31, 2022, the Company had
11,308
awarded and unvested RSUs.
A summary of the changes in the RSUs relating
to ordinary shares granted by the Company during the year ended December 31, 2022 and 2021 is as follows:
Number of RSUs
Weighted
average
grant date fair
value
Awarded and unvested as of January 1, 2021
-
$
-
Granted
2,426,293
$
9.18
Vested
(
2,247,617
)
$
8.82
Awarded and unvested as of December 31, 2021
178,676
$
13.67
Granted
54,000
$
2.26
Vested
(
221,368
)
$
12.43
Awarded and unvested as of December 31, 2022
11,308
$
15.02
Expected to vest as of December 31, 2022
11,308
$
15.02
As of December 31, 2022, there were $
4,873
of
unrecognized compensation costs related to all outstanding RSUs. These amounts are expected to be recognized over a weighted average period
of
0.12
years.
For the year ended December 31, 2022 and 2021,
the Company recognized share-based compensation expense of $
1,935,948
and $
20,461,318
in connection with the above RSU awards.
F-
23
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
10. SHARE-BASED COMPENSATION (CONTINUED)
Share
options
On March 16, 2022, the Company granted
225,000
share options to
three
employees under 2021 Second Plan. All of these share options are subject to a 24-month service vesting schedule,
and vest 1/24 for each month at an exercise price of $
3.17
which was determined by reference to the closing price on the grant date.
On April 1, 2022, the Company granted
100,000
share options to
one
consultant under 2021 Second Plan. All of these share options are subject to a 3-year vesting schedule, and vest
1/12 for each quarter at an exercise price of $
3.60
.
On July 1, 2022, the Company granted
25,000
share
options to
one
employee under 2021 Second Plan. All of these share options are subject to a 2-year service vesting schedule, and vest
1/8 for each quarter at an exercise price of $
1.36
which was determined by reference to the closing price on the grant date.
On July 1, 2022, the Company granted
5,000
share
options to
one
employee under 2021 Second Plan. All of these share options are subject to a 24-month service vesting schedule, and vest
1/24 for each month at an exercise price of $
1.36
which was determined by reference to the closing price on the grant date.
The
Company recognizes compensation expenses related to those option on a straight-line basis over the vesting periods. For the year ended
December 31, 2022, the Company recognized share-based compensation expenses of $
326,743
. As of December 31, 2022, there were $
595,812
of unrecognized
compensation costs related to all outstanding share
options.
The following table summarized the share option
activities for the years ended December 31, 2022:
Number of
Options
Weighted
Average
Grant Date Fair value
Weighted
Average
Remaining
Contract
Life (in years)
Options outstanding on December 31, 2021
—
—
—
Granted
355,000
$
2.67
2.28
Forfeited
(
21,875
)
$
1.13
—
Expired
—
—
—
Exercised
—
—
—
Options outstanding on December 31, 2022
333,125
$
2.77
1.51
Vested and exercisable on December 31, 2022
113,750
2.72
1.44
Vested and expected to vest on December 31, 2022
333,125
$
2.77
1.51
Other
share-based compensation
In
April 2022, the Company issued
245,098
ordinary shares to a service provider for marketing service. The marketing service would be provided
for a period of 12 months. The Company recognized share-based compensation expenses aggregating $
1,000,000
, at per share price by reference
to the closing price on issuance dates.
In May 2021 and July 2021, the Company issued
an
80,232
and
100,000
ordinary shares as payment to two service providers for marketing and promotion services and financial consulting
services, respectively. The Company recognized share-based compensation expenses aggregating
$
1,446,098
, at per share price by reference to the closing price on issuance dates.
F-
24
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. SHARE CAPITAL
Ordinary shares
On
September 29, 2021, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain purchasers
signatory thereto (the "Purchasers"), pursuant to which the Company agreed to issue and sell, in a private offering (the "Private
Placement"), an aggregate of $
80,000,017
of securities, consisting of
13,490,728
ordinary shares of the Company, par value $
.01
per share and warrants to purchase an aggregate of
10,118,046
ordinary shares at an exercise price of $
7.91
per whole share ("Warrant"),
at a combined purchase price of $
5.93
per share and accompanying warrant (collectively, the "Securities"). Each Warrant is
exercisable immediately and will expire three and one-half years after the effective date of a resale registration statement (the
"Registration Statement") to be filed. On October 4, 2021, the Company closed the Private Placement. Pursuant to the Registration
Rights Agreement, the Company is subject to liquidated damages if the Registration Statement registering shares for resale is not declared
effective by the SEC per the mutually agreed timeline. The monthly payment is calculated at
2
% of gross proceeds, or $
1,600,000
. On January
25, 2022, the Registration Statement was declared effective.
Pursuant to ASC 450-20, a liability for the contingent
obligation under the registration rights agreement was recognized at inception since it is probable that a payment under the registration
rights agreement would be required and the amount of payment can be reasonably estimated. The contingent liability under the registration
payment arrangement should be included in the allocation of proceeds from the related financing transaction. The remaining proceeds should
then be allocated to the financial instruments issued based on the provisions of other US GAAP. Accordingly, a portion of the proceeds
was allocated to the contingent liquidated payment under the registration payment arrangements and the remaining proceeds were allocated
to the private placement.
For the years ended December 31, 2022 and 2021, the Company accrued
liquidated damages of $
619,355
and $
4,800,000
with corresponding accounts in "other payables and accrued liabilities". For
the year ended December 31, 2022 and 2021, the Company paid liquidated damages of $
2,219,355
and $
3,200,000
, respectively. As of December
31, 2022 and 2021, the Company had outstanding accrued liquidated damages of $
nil
and $
1,600,000
.
As of December 31, 2021, there were
69,591,389
ordinary shares issued and outstanding.
During the year ended December 31, 2022,
161,768
ordinary shares were issued to the Company's officers, employees and consultants in settlement of an equal number of
fully vested restricted stock units awarded to such individuals by the Company pursuant to grants made under the Company's
2021 Plan. In addition, the Company also withheld
14,472
shares of its ordinary shares that were surrendered to the Company for
withholding taxes related to restricted stock units granted to certain management.
During
the year ended December 31, 2022,
24,000
ordinary shares were issued
to a consultant in settlement of an equal number of fully vested restricted stock units awarded to such individuals by the Company pursuant
to grants made under the Company's 2021 Second Plan.
In April 2022, the Company issued
245,098
ordinary
shares to a market service provider, at fair value of $
1.0
million. The marketing service would be provided for a period of 12 months
from issuance of shares.
In
April 2022, the Company issued
1,487,473
ordinary shares, at fair value of $
5.6
million, to purchase certain bitcoin miners.
During
April 4 through May 12, 2022, the Company issued an aggregate of
10,990,327
ordinary shares to Ionic Ventures LLC for gross proceeds of
$
22.0
million. The Company received net proceeds of $
21.0
million
after deducting commissions payable to broker-dealers.
As
of December 31, 2022, there were
82,485,583
ordinary shares issued and outstanding.
Preferred shares
As of December 31, 2022 and 2021, there were
1,000,000
preferred shares issued and outstanding.
The preference shares are entitled to the following
preference features: 1) an annual dividend of 8% when and if declared by the Board of Directors; 2) a liquidation preference of $10.00
per share; 3) convert on a one for one basis for ordinary shares, subject to a 4.99% conversion limitation; 4) rank senior to ordinary
shares in insolvency; and 5) solely for voting purposes vote 50 ordinary shares, for each preference share.
Treasury stock
The
Company treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as ordinary
share repurchases because they reduce the number of shares that would have been issued upon vesting. For the year ended December 31, 2022,
the Company withheld
14,472
shares of its ordinary shares that were surrendered to the Company for withholding taxes related to restricted
stock vesting valued at $
76,820
, based on fair value of the withheld shares on the vesting date. As of December 31, 2022 and 2021, the
Company had treasury stock of $
1,171,679
and $
1,094,859
, respectively.
F-
25
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. SHARE CAPITAL (CONTINUED)
Warrants
As of December 31, 2022 and 2021, the Company
had outstanding
10,118,046
private placement warrants to purchase an aggregate of
10,118,046
ordinary shares at an exercise price of $
7.91
per whole share.
In accordance with ASC 815, the Company determined
that the warrants meet the conditions necessary to be classified as equity because the consideration is indexed to the Company's
own equity, there are no exercise contingencies based on an observable market not based on its stock or operations, settlement is consistent
with a fixed-for-fixed equity instrument, the agreement contains an explicit number of shares and there are no cash payment provisions.
The fair value of the warrants was estimated at
$
33.3
million using the Black-Scholes model. Inherent in these valuations are assumptions related to expected stock-price volatility,
expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on historical
and implied volatilities of selected peer companies as well as its own that match the expected remaining life of the warrants. The risk-free
interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining
life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend
rate is based on the historical rate, which the Company anticipates it to remain at zero.
The following table provides quantitative information
regarding Level 3 fair value measurements inputs for the Company's warrants at their measurement dates:
As of
October 4,
2021
Volatility
192.85
%
Stock price
7.59
Expected life of the warrants to convert
3.81
Risk free rate
0.97
%
Dividend yield
0.0
%
F-
26
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12. INCOME TAXES
Cayman Islands
Under the current and applicable laws of the Cayman
Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company to its shareholders,
no Cayman Islands withholding tax will be imposed.
Hong Kong
After
all bitcoin miners were migrated to North America, BT HK operates under a cost-plus model for its general and administration services
which is currently reimbursed by Bit Digital USA Inc. starting in fiscal year 2022. The Company is currently engaging a third-party
service provider to perform a benchmark study for transfer pricing purposes. Currently the mark-up percentage for the general and administration
services provided by BT HK is estimated to be
4.84
%
and the Company
will update the percentage, if necessary, once the benchmark study is finalized. The Company does not expect any material impact as a
result of change on the mark-up.
Our subsidiaries in Hong Kong are taxed at a reduced
rate of
8.25
% for assessable profits not exceeding
2
million HKD and the remaining assessable profits will be taxed at the standard tax
rate of
16.5
% under Hong Kong profits tax.
According to ASC Topic 740, Income Taxes, ("ASC
740"), the uncertainty in income taxes shall be recognized in an enterprise's financial statements and prescribes a recognition
threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken
in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by
taxing authorities. Based on the Company's evaluation, the Company believes that its income tax positions are more-likely-than-not
to be sustained upon audit.
For
the year ended December 31, 2022, BT HK generated a taxable income of $
192,940
and recorded a current income tax expense of $
15,918
. For
the year ended December 31, 2021, BT HK record $
nil
for its current income tax liability due to the offshore claim.
By
virtue of the territorial source system adopted in Hong Kong, BT HK is in the process of applying for the Offshore Non-taxable Claim on
its bitcoin mining income earned for the years ended December 31, 2021 and 2020
under
Hong Kong profits tax with the Hong Kong Inland Revenue Department ("HKIRD") on the ground that the said income is not arising
in or derived from Hong Kong. Given the Offshore Non-taxable Claim is still subject to review and agreement by the HKIRD and there are
uncertainties surrounding the claim as well as the Company's stock-based compensation deduction tax position, the Hong Kong subsidiary
recorded an unrecognized tax benefit of $
276,728
and $
2,767,276
as long-term income tax expenses for the year ended December 31, 2022
and 2021, respectively. The tax expense of $
276,728
is recognized for the incremental penalty accrued on the existing unrecognized tax
benefits for the years ended December 31, 2022. The tax expense of $
2,767,276
is recognized for the uncertain tax position regarding the
offshore claim for years ended December 31, 2021 and 2020.
For
the years ended December 31, 2022 and 2021, BT Strategies generated a pre-tax loss of $
3,547,902
and
$
nil
, and did not recognize any income tax expenses for the relevant periods respectively.
F-
27
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12. INCOME TAXES (CONTINUED)
United States of America
For the U.S. jurisdiction, the Company is subject
to federal and state income taxes on its business operations.
The Company also evaluated the impact from the
recent tax reforms in the United States, including the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and
Inflation Reduction Act. No material impact on the Company is expected based on our analysis. We will continue to monitor the potential
impact going forward.
For the years ended December 31, 2022 and 2021,
the Company is subject to U.S. federal income taxes and withholding taxes, state income taxes and franchise taxes. The Company will continue
to monitor its exposure to different states and comply with state income taxes filing requirement as the Company continues to expand its
business in the United States. The Company has not been under any tax examination in the United States since inception.
For the years ended December 31, 2022 and 2021,
the Company incurred income tax and withholding tax benefits (expenses) as below:
For the Years Ended
December 31,
2022
2021
2020
Federal income tax benefits (expenses)
$
642,118
$
(
738,851
)
$
-
State income tax benefits (expenses)
301,410
(
408,295
)
-
Total
$
943,528
$
(
1,147,146
)
$
-
Canada
The Company is subject to both federal and provincial
income taxes for its business operation in Canada for the years ended December 31, 2022 and 2021.
For years ended December 31, 2022 and 2021, the
Company incurred Canada federal and state income tax (expenses) benefits as below:
For the Years Ended
December 31,
2022
2021
2020
Federal income tax (expenses) benefits
$
(
37,879
)
$
37,879
$
-
State income tax (expenses) benefits
(
20,202
)
20,202
-
Total
$
(
58,081
)
$
58,081
$
-
Singapore
The Company is subject to corporate income tax for its business operation
in Singapore. The Company generated a pre-tax loss of $
1,712,435
and $
nil
for the years ended December 31, 2022 and 2021, respectively,
and did not recognize any tax expense for the relevant periods respectively.
F-
28
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12. INCOME TAXES (CONTINUED)
Effective tax rate
Below is a reconciliation of the statutory tax
rate of US federal tax rate
21
% to the effective tax rate for the consolidated group:
For the Years Ended
December 31,
2022
2021
2020
US Federal income tax rate
$
21.0
%
$
21.0
%
$
21.0
%
Effect of foreign operations taxed at various rates
(
5.5
)%
6.0
%
0
%
State income taxes, net of federal benefit
0.5
%
3.0
%
0
%
Reserve on Hong Kong offshore and share-based compensation tax benefits
(
0.5
)%
11.5
%
0
%
Excessive share-based compensation tax benefits
0
%
(
3.0
)%
0
%
Non-deductible executives compensation
0
%
1.9
%
0
%
Non-deductible impairment on digital assets
(
8.5
)%
3.7
%
0
%
Withholding tax on intercompany interest payment
(
0.2
)%
0
%
0
%
Non-taxable capital gain on investments
8.0
%
0
%
0
%
Others
0.2
%
0.1
%
0
%
Effect of change in valuation allowance
(
14.0
)%
0
%
(
21
)%
Total
$
1.0
%
$
44.2
%
$
-
Deferred Tax Assets/Liabilities
The consolidated Deferred tax assets (liabilities)
as of December 31, 2022 and 2021 consist of the following:
December 31,
2022
December 31,
2021
Deferred tax assets:
Net operating losses carry forwards
$
8,357,549
$
4,775,905
Share-based compensation
610,298
609,933
Capital loss carryforwards
3,812,024
-
Deferred tax liabilities:
Depreciation
(
3,855,914
)
(
5,696,982
)
Net deferred tax assets/(liabilities):
8,923,957
(
311,144
)
Less: valuation allowance
(
8,923,957
)
(
93,147
)
Net deferred tax assets/(liabilities) after valuation allowance
$
-
$
(
404,291
)
In accordance with ASC 740 – Accounting
for Income Taxes, the Company has recognized deferred tax assets and liabilities on its balance sheet. These assets represent temporary
differences between the carrying value of certain assets and liabilities for financial reporting purposes and their tax basis. However,
the realization of these deferred tax assets is dependent upon the generation of future taxable income and the Company is required to
evaluate the realizability of its deferred tax assets.
In the year ended December 31, 2022, the
Company evaluated all the relevant evidence, including both positive and negative evidence, when determining if a valuation
allowance on its deferred tax assets is warranted. After careful consideration, the Company determines that it is more likely than
not that a portion or all of the deferred tax assets will not be realized. The dominant negative evidence is the cumulative
3
years
pre-tax losses, which outweigh any other positive evidence. As a result, the Company applied a full valuation allowance on its
entire deferred tax assets.
The Company will continue to evaluate the
realizability of its deferred tax assets on an ongoing basis and will adjust the valuation allowance as necessary.
F-
29
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12. INCOME TAXES (CONTINUED)
Unrecognized Tax Benefits
For unrecognized tax benefits, the Company's
policy is to recognize interest and penalties that would be assessed in relation to the settlement value of unrecognized tax benefits
as a component of income tax expense. For the years ended December 31, 2022 and 2021, the Company recorded an unrecognized tax benefit
of $
276,728
and $
2,767,275
, respectively, related to its HK operations. The Company will continue to review its tax positions and provide
for unrecognized tax benefits as they arise.
A
reconciliation of gross unrecognized tax benefits was as follows:
For the Years Ended
December
    31,
2022
2021
2020
Unrecognized tax benefits at the beginning of the year
$
2,767,276
$
-
$
-
Increases for tax positions taken in current year
$
-
$
2,767,276
$
-
Increases for tax positions taken in prior years
$
276,728
$
-
$
-
Unrecognized tax benefits at the end of the year
$
3,044,004
$
2,767,276
$
-
Given the uncertainty around the timing of the
resolution of our Hong Kong offshore status claim, we are unable to estimate the full range of possible adjustments to our unrecognized
tax benefits within the next
12
months.
13. LOSS PER SHARE
For the Years Ended
December 31,
2022
2021
2020
(Restated)
(Restated)
Net loss
$
(
105,296,603
)
$
(
1,009,952
)
$
(
2,279,304
)
Weighted average number of ordinary share outstanding
Basic
78,614,174
55,440,527
30,591,122
Diluted
78,614,174
55,440,527
30,591,122
Loss per share
Basic
$
(
1.34
)
$
(
0.02
)
$
(
0.07
)
Diluted
$
(
1.34
)
$
(
0.02
)
$
(
0.07
)
Basic loss per share is computed by dividing
net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The computation
of diluted net loss per share does not include dilutive ordinary shares equivalents in the weighted average shares outstanding, as they
would be anti-dilutive.
For
the years ended December 31, 2022, 2021 and 2020, the unvested RSUs, warrants, options and convertible preferred shares were
excluded from the calculation of diluted earnings per share because they were anti-dilutive.
F-
30
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
14. EMPLOYEE BENEFIT PLANS
Effective
on April 1, 2022, the Company established a 401(k) defined contribution plan. The Company's 401(k) Plan is a tax-qualified deferred
compensation arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating U.S. employees may contribute
a portion of their eligible earnings, subject to applicable U.S. Internal Revenue Service and plan limits. The Company matches
100
% of
each employee's contributions up to a maximum of
4
% of the employee's eligible earnings.
15. RELATED PARTIES
During the Company's normal business operations
in the years ended December 31, 2021, the Company fully repaid the borrowings of $
329,722
due to Mr. Erke Huang, the Company's Chief
Financial Officer in the form of USDC, and repaid the balance of $
7,000
to one shareholder.
On
May 26, 2021, the Company entered into a Share Exchange Agreement (the "SEA") with Geney Development Limited ("Geney"),
a corporation formed under the laws of the British Virgin Islands. Geney is owned seventy (
70
%) percent by Zhaohui Deng, Chairman of the
Board of the Company, and thirty (
30
%) percent beneficially
owned
by Erke Huang, the Company's Chief Financial Officer and a director of the Company.
Under the SEA, Geney exchanged 1,000,000 ordinary
shares for 1,000,000 Preference Shares.
Each Preference Share provides for: (i) an eight (8%) percent annual dividend when and if declared
by the Board; (ii) a liquidation preference of $10 per share (an aggregate of $10 million) senior to ordinary shares; (iii) converts on
a one-for-one basis, subject to a 4.99% blocker; and (iv) fifty (50) votes per Preference Share in order for management to carry out its
intended business plan.
On March 21, 2022, the Company and an officer of the Company entered
into a Confidential Settlement, General Release and Separation Agreement (the "Agreement") with a former employee (the "Employee").
The Employee asserted various disputes, which the Company settled for a sum of $
500,000
. The parties entered into a non-disclosure agreement
and agreed to mutual non-disparagement. The Board of Directors of the Company has retained counsel to review the matter. As of the date
of this Report, the counsel has completed their review and investigation. The Company has updated our policies and procedures based on
their recommendations.
As of December 31, 2022 and 2021, the Company
had no outstanding balances due from or due to related parties.
16. CONTINGENCIES
From time to time, the Company is a party to various
legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable
and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
On
January 20, 2021, a securities class action lawsuit was filed against the Company and its former Chief Executive Officer and Chief Financial
Officer titled Anthony Pauwels v. Bit Digital, Inc., Min Hu and Erke Huang (Case No. 1:21-cv-00515) (U.S.D.C. S.D.N.Y.). A second class
action lawsuit was filed, substantially identical on January 26, 2021, titled, Yang v. Bit Digital, Inc., Min Hu and Erke Huang (Case
No. 1:21-cv- 00721). Several other related cases have since been filed seeking lead plaintiff status. The class action is on behalf of
persons that purchased or acquired our ordinary shares between December 21, 2020 and January 11, 2021, a period of volatility in our Ordinary
Shares, as well as volatility in the price of bitcoin. We believe the complaints are based solely upon a research article issued on January
11, 2021, which included false claims and to which the Company responded in a press release filed on Form 6-K on January 19, 2021. On
April 21, 2021, the Court consolidated several related cases under the caption In re Bit Digital Securities Litigation. Joseph Franklin
Monkam Nitcheu was appointed as lead plaintiff. We filed a motion to dismiss the lawsuits and vigorously defended the action. While that
motion was pending, the Company agreed with the lead plaintiff selected in the case to settle the class action by paying $
2,100,000
. The
Company recorded the liabilities of $
2,100,000
in the account of "accrued litigation settlement costs". The Company chose
to do that to eliminate the burden, expense and uncertainties of further litigation. The Company continues to deny the allegations in
the Amended Complaint and nothing in the settlement is evidence of any liability on the Company's behalf.
On March 7, 2023, a final judgement in this matter
was entered approving the settlement and certifying the class for purposes of enforcing the settlement
and
payment was then made by the Company.
F-
31
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
17. DISPOSITION OF GOLDEN BULL USA
On March 16, 2022, the Company into a share purchase
agreement (the "Disposition SPA") with Star Choice Investments Limited ("Star Choice"), an unrelated Hong Kong
entity (the "Purchaser"). Pursuant to the Disposition SPA, the Purchaser purchased Golden Bull USA in exchange for nominal
consideration of $
10.00
and other good and valuable consideration. Golden Bull USA had been inactive since May 2020. The disposition was
closed on the same date.
On the same date, the parties completed all of
the share transfer registration procedures as required by the laws of State of New York and all other closing conditions had been satisfied.
As a result, the disposition contemplated by the Disposition SPA was completed. Upon completion of the disposition, the Purchaser became
the sole shareholder of Golden Bull USA and assumed all assets and obligations of Golden Bull USA. Upon the closing of the transaction,
the Company does not bear any contractual commitment or obligation to the business of Golden Bull USA, nor to the Purchaser.
Golden Bull USA had been inactive since May 2020.
It did not generate revenues or incur any operating expenses since then. On disposal date, Golden Bull USA had total assets of $
72,196
and total liabilities of $
124,569
, with negative net assets of $
52,373
, the absolute value accounted for
0.03
% of the unaudited consolidated
net assets of the Company as of March 31, 2022. The Company recorded a gain of $
52,383
from the termination in the account of "other
income, net" in the consolidated statements of operations and comprehensive loss.
Management believes that the disposition of Golden
Bull USA does not represent a strategic shift that has (or will have) a major effect on the Company's operations and financial results.
The disposition is not accounted as discontinued operations in accordance with ASC 205-20.
18. DISPOSITION OF POINT CATTLE
On September 8, 2020, the Company entered into
a certain share purchase agreement (the "Disposition SPA") by and among a British Virgin Islands company, Sharp Whale Limited
(the "Purchaser"), Point Cattle Holding Limited ("Point Cattle", or the "Subsidiary") and the Company
(the "Seller"). Pursuant to the Disposition SPA, the Purchaser purchased the Subsidiary in exchange for nominal consideration
of $
10.00
and other good and valuable consideration. Point Cattle Holdings Limited was a former wholly owned subsidiary of the Company
in the British Virgin Islands, and through its subsidiaries and variable interest entities ("VIEs"), Golden Bull Limited previously
operated its peer-to-peer lending business and the car rental business in PRC.
On September 8, 2020, the parties completed all
of the share transfer registration procedures as required by the laws of British Virgin Islands and all other closing conditions had been
satisfied. As a result, the disposition contemplated by the Disposition SPA was completed. Upon completion of the disposition, the Purchaser
became the sole shareholder of Point Cattle and as a result, assumed all assets and obligations of all the subsidiaries and VIE entities
owned or controlled by Point Cattle. Upon the closing of the transaction, the Company does not bear any contractual commitment or obligation
to the peer-to-peer business or the employees of Point Cattle and its subsidiaries and VIEs, nor to the Purchaser.
On the same date, management was authorized to
approve and commit to a plan to sell Point Cattle, therefore the major assets and liabilities relevant to the disposal are reported as
components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of
all discontinued operations, less applicable income taxes, are reported as components of net income (loss) separate from the net loss
of continuing operations in accordance with ASC 205-20-45. Considering the suspension of the former peer-to-peer lending business and
the car rental business in the PRC, the net assets relevant to the sale of Point Cattle was fully impaired by the Company in March 2020.
In accordance with ASU No. 2014-08, Reporting
Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of
components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or
will have) a major effect on an entity's operations and financial results when the components of an entity meets the criteria in
paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including
that management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets,
current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances
of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall
be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.
As the transaction was closed on September 8,
2020, the Company had no assets and liabilities held for sale in the in the consolidated balance sheet as of December 31, 2022 or December
31, 2021.
The following is a reconciliation of the amounts
of major classes of income from operations classified as discontinued operations in the consolidated statements of operations and comprehensive
loss for the years ended December 31, 2022, 2021 and 2020:
For the Years Ended
December 31,
2022
2021
2020
Discontinued Operations
Turnover
$
-
$
-
$
-
Operating expenses
-
-
-
Other income, net
-
-
-
Income tax expenses
-
-
-
Impairment of net assets
-
-
(
3,734,498
)
Net gain from discontinued operations
-
-
(
100,185
)
Net loss from discontinued operations
$
-
$
-
$
(
3,834,683
)
F-
32
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the impacts of the
restatement adjustments, as described in Note 2.
Restatement of Previously Issued Financial Statements,
to the previously
reported financial information as of and for the periods ended March 31, 2022 and 2021, June 30, 2022 and 2021, and September 30, 2022
and 2021.
Restated
Condensed Consolidated Balance Sheets (Unaudited)
March 31, 2022 (unaudited)
March 31, 2021 (unaudited)
As
previously
reported
Adjustments
As
restated
As
previously
reported
Adjustments
As
restated
ASSETS
Current Assets
Cash and cash equivalents
28,086,550
-
28,086,550
227,566
-
227,566
Restricted cash
1,320,000
-
1,320,000
-
-
-
Stable coins
-
15,768,934
15,768,934
-
217,004
217,004
Digital assets
43,899,644
(
16,164,693
)
27,734,951
29,361,599
(
2,876,997
)
26,484,602
Income tax receivable
-
-
-
-
-
-
Other current assets
4,968,525
-
4,968,525
4,908,935
-
4,908,935
Total Current Assets
78,274,719
(
395,759
)
77,878,960
34,498,100
(
2,659,993
)
31,838,107
Investment security
333,334
-
333,334
1,000,000
-
1,000,000
Deposits for property and equipment
54,147,381
-
54,147,381
14,400,272
-
14,400,272
Property and equipment, net
28,651,298
-
28,651,298
28,193,696
-
28,193,696
Deferred tax assets
849,944
-
849,944
-
-
-
Other noncurrent assets
7,305,223
-
7,305,223
-
-
-
Total Assets
169,561,899
(
395,759
)
169,166,140
78,092,068
(
2,659,993
)
75,432,075
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable
3,537,633
-
3,537,633
1,396,773
-
1,396,773
Due to related parties
-
-
-
7,000
-
7,000
Income tax payable
348,253
-
348,253
251,919
-
251,919
Convertible notes
-
-
-
1,280,000
-
1,280,000
Other payables and accrued liabilities
988,537
-
988,537
160,886
-
160,886
Total Current Liabilities
4,874,423
-
4,874,423
3,096,578
-
3,096,578
Deferred tax liabilities
-
-
-
30,223
-
30,223
Long-term income tax payable
2,836,458
-
2,836,458
-
-
-
Total Liabilities
7,710,881
-
7,710,881
3,126,801
-
3,126,801
Commitments and Contingencies
Shareholders' Equity
Preferred shares
9,050,000
-
9,050,000
-
-
-
Common shares
696,293
-
696,293
483,059
-
483,059
Treasury shares
(
1,171,679
)
-
(
1,171,679
)
-
-
-
Additional paid-in capital
183,332,680
-
183,332,680
54,396,373
-
54,396,373
Accumulated deficit
(
30,056,276
)
(
395,759
)
(
30,452,035
)
20,085,835
(
2,659,993
)
17,425,842
Total Shareholders' Equity
161,851,018
(
395,759
)
161,455,259
74,965,267
(
2,659,993
)
72,305,274
Total Liabilities and Equity
169,561,899
(
395,759
)
169,166,140
78,092,068
(
2,659,993
)
75,432,075
F-
33
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
June 30, 2022 (unaudited)
June 30, 2021 (unaudited)
As previously reported
Adjustments
As restated
As previously reported
Adjustments
As restated
ASSETS
Current Assets
Cash and cash equivalents
44,295,291
-
44,295,291
28,254,066
-
28,254,066
Restricted cash
1,320,000
-
1,320,000
-
-
-
Stable coins
-
11,355,060
11,355,060
-
154,664
154,664
Digital assets
26,945,910
(
11,389,504
)
15,556,406
20,989,096
(
3,336,525
)
17,652,571
Income tax receivable
171,362
-
171,362
-
-
-
Other current assets
5,695,638
-
5,695,638
10,366,860
-
10,366,860
Total Current Assets
78,428,201
(
34,444
)
78,393,757
59,610,022
(
3,181,861
)
56,428,161
Investment security
333,334
-
333,334
1,000,000
-
1,000,000
Deposits for property and equipment
4,094,881
-
4,094,881
11,495,450
-
11,495,450
Property and equipment, net
89,995,943
-
89,995,943
35,953,562
-
35,953,562
Other noncurrent assets
6,112,861
-
6,112,861
-
-
-
Total Assets
178,965,220
(
34,444
)
178,930,776
108,059,034
(
3,181,861
)
104,877,173
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable
1,944,502
-
1,944,502
2,455,694
-
2,455,694
Income tax payable
-
-
-
211,365
-
211,365
Other payables and accrued liabilities
2,151,858
-
2,151,858
501,854
-
501,854
Total Current Liabilities
4,096,360
-
4,096,360
3,168,913
-
3,168,913
Deferred tax liabilities
-
-
-
47,684
-
47,684
Long-term income tax payable
2,905,640
-
2,905,640
-
-
-
Total Liabilities
7,002,000
-
7,002,000
3,216,597
-
3,216,597
Commitments and Contingencies
Shareholders' Equity
Preferred shares
9,050,000
-
9,050,000
-
-
-
Common shares
824,057
-
824,057
539,063
-
539,063
Treasury shares
(
1,171,679
)
-
(
1,171,679
)
-
-
-
Additional paid-in capital
211,441,850
-
211,441,850
85,556,939
-
85,556,939
Accumulated deficit
(
48,181,008
)
(
34,444
)
(
48,215,452
)
18,746,435
(
3,181,861
)
15,564,574
Total Shareholders' Equity
171,963,220
(
34,444
)
171,928,776
104,842,437
(
3,181,861
)
101,660,576
Total Liabilities and Equity
178,965,220
(
34,444
)
178,930,776
108,059,034
(
3,181,861
)
104,877,173
F-
34
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
September
    30, 2022 (unaudited)
September
    30, 2021 (unaudited)
As
previously reported
Adjustments
As restated
As
previously
    reported
Adjustments
As
restated
ASSETS
Current Assets
Cash and cash equivalents
32,266,078
-
32,266,078
26,461,096
-
26,461,096
Restricted cash
1,320,000
-
1,320,000
-
-
-
Stable coins
9,058,567
-
9,058,567
-
11,197,324
11,197,324
Digital assets
23,337,430
(
208,518
)
23,128,912
35,020,251
(
14,738,663
)
20,281,588
Income tax receivable
86,104
-
86,104
-
-
-
Other current assets
2,316,803
-
2,316,803
3,144,300
-
3,144,300
Total Current
    Assets
68,384,982
(
208,518
)
68,176,464
64,625,647
(
3,541,339
)
61,084,308
Investment security
2,365,468
-
2,365,468
1,000,000
-
1,000,000
Deposits for property and equipment
4,094,881
-
4,094,881
7,930,061
-
7,930,061
Property and equipment, net
80,658,459
-
80,658,459
29,978,400
-
29,978,400
Other noncurrent assets
9,173,011
-
9,173,011
6,844,416
-
6,844,416
Total Assets
164,676,801
(
208,518
)
164,468,283
110,378,524
(
3,541,339
)
106,837,185
LIABILITIES
    AND EQUITY
Current Liabilities
Accounts payable
2,111,433
-
2,111,433
3,011,122
-
3,011,122
Income tax payable
-
-
-
493,703
-
493,703
Other payables and accrued liabilities
1,348,825
-
1,348,825
154,629
-
154,629
Total Current
    Liabilities
3,460,258
-
3,460,258
3,659,454
-
3,659,454
Deferred tax liabilities
-
-
-
703,924
-
703,924
Long-term income tax payable
2,974,822
-
2,974,822
-
-
-
Total Liabilities
6,435,080
-
6,435,080
4,363,378
-
4,363,378
Commitments
    and Contingencies
Shareholders' Equity
Preferred shares
9,050,000
-
9,050,000
9,050,000
-
9,050,000
Common shares
824,371
-
824,371
558,174
-
558,174
Treasury shares
(
1,171,534
)
-
(
1,171,534
)
-
-
-
Additional paid-in capital
212,058,000
-
212,058,000
106,849,371
-
106,849,371
Accumulated deficit
(
62,519,116
)
(
208,518
)
(
62,727,634
)
(
10,442,399
)
(
3,541,339
)
(
13,983,738
)
Total Shareholders'
    Equity
158,241,721
(
208,518
)
158,033,203
106,015,146
(
3,541,339
)
102,473,807
Total Liabilities
    and Equity
164,676,801
(
208,518
)
164,468,283
110,378,524
(
3,541,339
)
106,837,185
F-
35
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
Restated
Condensed Consolidated Statements of Operations (Unaudited)
For the three months ended
March 31, 2022 (unaudited)
As previously reported
Adjustments
As restated
Revenue from cryptocurrency mining
8,573,747
-
8,573,747
Operating costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown below)
(
4,268,251
)
-
(
4,268,251
)
Depreciation and amortization expenses
(
3,799,629
)
-
(
3,799,629
)
General and administrative expenses
(
4,272,695
)
-
(
4,272,695
)
Realized gain on exchange of digital assets
1,637,023
427,257
2,064,280
Impairment of digital assets
(
10,045,603
)
5,419,905
(
4,625,698
)
Total operating expenses
(
20,749,155
)
5,847,162
(
14,901,993
)
Loss from Operations
(
12,175,408
)
5,847,162
(
6,328,246
)
Gain from disposal of property and equipment
174,568
-
174,568
Gain from sale of investment security
1,039,999
-
1,039,999
Other expenses
(
570,890
)
-
(
570,890
)
Net loss from continuing operations before income taxes
(
11,531,731
)
5,847,162
(
5,684,569
)
Income tax expenses
1,351,942
-
1,351,942
Net loss
(
10,179,789
)
5,847,162
(
4,332,627
)
Weighted average number of ordinary share outstanding
Basic and Diluted
69,627,314
-
69,627,314
Loss per share
Basic and Diluted
(
0.15
)
0.09
(
0.06
)
F-
36
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
For the
    three months ended
June 30, 2022 (unaudited)
For the
    six months ended
June 30, 2022 (unaudited)
As
previously
reported
Adjustments
As
restated
As
previously
reported
Adjustments
As
restated
Revenue
    from cryptocurrency mining
6,815,000
-
6,815,000
15,388,747
-
15,388,747
Operating
                                            costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown below)
(
3,584,145
)
-
(
3,584,145
)
(
7,852,396
)
-
(
7,852,396
)
Depreciation and amortization expenses
(
5,322,120
)
-
(
5,322,120
)
(
9,121,749
)
-
(
9,121,749
)
General and administrative expenses
(
4,598,238
)
-
(
4,598,238
)
(
8,870,933
)
-
(
8,870,933
)
Realized gain on exchange of digital assets
2,115,301
86,335
2,201,636
3,752,324
513,592
4,265,916
Impairment of digital assets
(
13,639,386
)
274,980
(
13,364,406
)
(
23,684,989
)
5,694,885
(
17,990,104
)
Total operating
    expenses
(
25,028,588
)
361,315
(
24,667,273
)
(
45,777,743
)
6,208,477
(
39,569,266
)
Loss from
    Operations
(
18,213,588
)
361,315
(
17,852,273
)
(
30,388,996
)
6,208,477
(
24,180,519
)
Gain from disposal of property and equipment
1,280,328
-
1,280,328
1,454,896
-
1,454,896
Gain from sale of investment security
-
-
-
1,039,999
-
1,039,999
Other expenses
(
20,179
)
-
(
20,179
)
(
591,069
)
-
(
591,069
)
Net loss
    from continuing operations before income taxes
(
16,953,439
)
361,315
(
16,592,124
)
(
28,485,170
)
6,208,477
(
22,276,693
)
Income tax expenses
(
1,171,293
)
-
(
1,171,293
)
180,649
-
180,649
Net loss
(
18,124,732
)
361,315
(
17,763,417
)
(
28,304,521
)
6,208,477
(
22,096,044
)
Weighted
    average number of ordinary share outstanding
Basic and Diluted
49,737,336
-
49,737,336
74,695,686
-
74,695,686
Loss per
    share
Basic and Diluted
(
0.36
)
-
(
0.36
)
(
0.38
)
0.08
(
0.30
)
F-
37
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
For the three months ended
September 30, 2022 (unaudited)
For the nine months ended
September 30, 2022 (unaudited)
As
previously
reported
Adjustments
As
restated
As
previously
reported
Adjustments
As
restated
Revenue from cryptocurrency mining
9,130,961
-
9,130,961
24,519,708
-
24,519,708
Operating Costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown below)
(
6,500,483
)
-
(
6,500,483
)
(
14,352,879
)
-
(
14,352,879
)
Depreciation and amortization expenses
(
9,312,176
)
-
(
9,312,176
)
(
18,433,925
)
-
(
18,433,925
)
General and administrative expenses
(
6,231,658
)
-
(
6,231,658
)
(
15,102,591
)
-
(
15,102,591
)
Realized gain on exchange of digital assets
1,049,110
178,958
1,228,068
4,801,434
692,550
5,493,984
Impairment of digital assets
(
2,365,132
)
(
353,032
)
(
2,718,164
)
(
26,050,121
)
5,341,853
(
20,708,268
)
Total operating expenses
(
23,360,339
)
(
174,074
)
(
23,534,413
)
(
69,138,082
)
6,034,403
(
63,103,679
)
Loss from Operations
(
14,229,378
)
(
174,074
)
(
14,403,452
)
(
44,618,374
)
6,034,403
(
38,583,971
)
Gain from disposal of property and equipment
60,701
-
60,701
1,515,597
-
1,515,597
Gain from sale of investment security
-
-
-
1,039,999
-
1,039,999
Other expenses
26,098
-
26,098
(
564,971
)
-
(
564,971
)
Net loss from continuing operations before income taxes
(
14,142,579
)
(
174,074
)
(
14,316,653
)
(
42,627,749
)
6,034,403
(
36,593,346
)
Income tax expenses
(
195,529
)
-
(
195,529
)
(
14,880
)
-
(
14,880
)
Net loss
(
14,338,108
)
(
174,074
)
(
14,512,182
)
(
42,642,629
)
6,034,403
(
36,608,226
)
Weighted average number of ordinary share outstanding
Basic and Diluted
54,675,621
-
54,675,621
77,296,373
-
77,296,373
Loss per share
Basic and Diluted
(
0.26
)
(
0.01
)
(
0.27
)
(
0.55
)
0.08
(
0.47
)
F-
38
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
For the three months ended
March 31, 2021 (unaudited)
As
previously
reported
Adjustments
As restated
Revenue from cryptocurrency mining
43,953,050
-
43,953,050
Operating costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown below)
(
12,467,728
)
-
(
12,467,728
)
Depreciation and amortization expenses
(
3,650,374
)
-
(
3,650,374
)
General and administrative expenses
(
2,225,170
)
-
(
2,225,170
)
Realized gain on exchange of digital assets
10,456,497
2,838,187
13,294,684
Impairment of digital assets
-
(
5,129,213
)
(
5,129,213
)
Total operating expenses
(
7,886,775
)
(
2,291,026
)
(
10,177,801
)
Income
                                            from Operations
36,066,275
(
2,291,026
)
33,775,249
Other income, net
2,191
-
2,191
Net income from
    continuing operations before income taxes
36,068,466
(
2,291,026
)
33,777,440
Income tax expenses
(
282,142
)
-
(
282,142
)
Net income
35,786,324
(
2,291,026
)
33,495,298
Weighted average number of ordinary share outstanding
Basic and Diluted
48,291,310
-
48,291,310
Earnings per share
Basic and Diluted
0.74
(
0.05
)
0.69
F-
39
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
For the three months ended
June 30, 2021 (unaudited)
For the six months ended
June 30, 2021 (unaudited)
As previously reported
Adjustments
As restated
As previously reported
Adjustments
As restated
Revenue from cryptocurrency mining
28,342,694
-
28,342,694
72,295,744
-
72,295,744
Operating costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown below)
(
10,883,650
)
-
(
10,883,650
)
(
23,351,378
)
-
(
23,351,378
)
Depreciation and amortization expenses
(
2,348,657
)
-
(
2,348,657
)
(
5,999,031
)
-
(
5,999,031
)
General and administrative expenses
(
4,335,983
)
-
(
4,335,983
)
(
6,561,153
)
-
(
6,561,153
)
Realized gain on exchange of digital assets
(
3,503,845
)
8,649,435
5,145,590
6,952,652
11,487,622
18,440,274
Impairment of digital assets
(
9,045,007
)
(
9,171,303
)
(
18,216,310
)
(
9,045,007
)
(
14,300,516
)
(
23,345,523
)
Total operating expenses
(
30,117,142
)
(
521,868
)
(
30,639,010
)
(
38,003,917
)
(
2,812,894
)
(
40,816,811
)
(Loss) Income from Operations
(
1,774,448
)
(
521,868
)
(
2,296,316
)
34,291,827
(
2,812,894
)
31,478,933
Gain from disposal of property and equipment
43,436
-
43,436
43,436
-
43,436
Other income, net
493,519
-
493,519
495,710
-
495,710
Net (loss) income from continuing operations before income taxes
(
1,237,493
)
(
521,868
)
(
1,759,361
)
34,830,973
(
2,812,894
)
32,018,079
Income tax expenses
(
101,907
)
-
(
101,907
)
(
384,049
)
-
(
384,049
)
Net
    (loss) income
(
1,339,400
)
(
521,868
)
(
1,861,268
)
34,446,924
(
2,812,894
)
31,634,030
Weighted average number of ordinary share outstanding
Basic and Diluted
49,737,336
-
49,737,336
49,018,317
-
49,018,317
(Loss) earnings per share
Basic and Diluted
(
0.03
)
(
0.01
)
(
0.04
)
0.70
(
0.05
)
0.65
F-
40
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
For the three months ended
September 30, 2021 (unaudited)
For the nine months ended
September 30, 2021 (unaudited)
As
previously
reported
Adjustments
As
restated
As
previously
reported
Adjustments
As
restated
Revenue from cryptocurrency mining
10,395,894
-
10,395,894
82,691,638
-
82,691,638
Operating costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown below)
(
2,607,945
)
-
(
2,607,945
)
(
25,959,323
)
-
(
25,959,323
)
Depreciation and amortization expenses
(
3,796,672
)
-
(
3,796,672
)
(
9,795,703
)
-
(
9,795,703
)
General and administrative expenses
(
19,545,639
)
-
(
19,545,639
)
(
26,106,792
)
-
(
26,106,792
)
Realized gain on exchange of digital assets
129,935
1,286,681
1,416,616
7,082,587
12,774,303
19,856,890
Impairment of digital assets
-
(
1,646,159
)
(
1,646,159
)
(
9,045,007
)
(
15,946,675
)
(
24,991,682
)
Total operating expenses
(
25,820,321
)
(
359,478
)
(
26,179,799
)
(
63,824,238
)
(
3,172,372
)
(
66,996,610
)
(Loss) Income from Operations
(
15,424,427
)
(
359,478
)
(
15,783,905
)
18,867,400
(
3,172,372
)
15,695,028
Gain from disposal of property and equipment
(
3,789,683
)
-
(
3,789,683
)
(
3,746,247
)
-
(
3,746,247
)
Other income, net
3,854
-
3,854
499,564
-
499,564
Net (loss) income from continuing operations before income taxes
(
19,210,256
)
(
359,478
)
(
19,569,734
)
15,620,717
(
3,172,372
)
12,448,345
Income tax expenses
(
938,578
)
-
(
938,578
)
(
1,322,627
)
-
(
1,322,627
)
Net
    (loss) income
(
20,148,834
)
(
359,478
)
(
20,508,312
)
14,298,090
(
3,172,372
)
11,125,718
Weighted average number of ordinary share outstanding
Basic and Diluted
54,675,621
-
54,675,621
50,921,037
-
50,921,037
(Loss) earnings per share
Basic and Diluted
(
0.37
)
(
0.01
)
(
0.38
)
0.28
(
0.06
)
0.22
F-
41
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
Restated
Condensed Consolidated Statements of Cash Flow (Unaudited)
For the three months ended
March 31, 2022 (unaudited)
For the three months ended
March 31, 2021 (unaudited)
As
previously
reported
Adjustments
As restated
As
previously
reported
Adjustments
As restated
Cash Flows from Operating Activities:
Net (loss) income
(
10,179,789
)
5,847,162
(
4,332,627
)
35,786,324
(
2,291,026
)
33,495,298
Less: Net loss from discontinued operations
-
-
-
-
-
-
Net (loss) income from continuing operations
(
10,179,789
)
5,847,162
(
4,332,627
)
35,786,324
(
2,291,026
)
33,495,298
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment
3,799,629
-
3,799,629
3,650,374
-
3,650,374
Gain from disposal of property and equipment
(
174,568
)
-
(
174,568
)
-
-
-
Gain from sale of investment security
(
1,039,999
)
-
(
1,039,999
)
-
-
-
Share-based compensation expenses with employees
463,900
-
463,900
-
-
-
Liquidated damage expenses
619,355
-
619,355
-
-
-
Digital assets generated from mining
-
(
8,573,747
)
(
8,573,747
)
-
(
43,953,050
)
(
43,953,050
)
Realized gain on exchange of digital assets
(
1,637,023
)
(
427,257
)
(
2,064,280
)
-
(
13,294,684
)
(
13,294,684
)
Impairment of digital assets
10,045,603
(
5,419,905
)
4,625,698
-
5,129,213
5,129,213
Deferred tax expenses
(
1,254,235
)
-
(
1,254,235
)
30,223
-
30,223
Gain from divestiture of a subsidiary
(
52,383
)
-
(
52,383
)
-
-
-
Changes in operating assets and liabilities:
Stable coins
-
199,800
199,800
-
-
-
Digital assets
(
8,573,730
)
15,376,930
6,803,200
(
53,646,868
)
55,413,818
1,766,950
Other current assets
(
223,745
)
-
(
223,745
)
(
1,336,681
)
-
(
1,336,681
)
Other noncurrent assets
(
590,652
)
-
(
590,652
)
-
-
-
Accounts payable
1,420,280
-
1,420,280
12,757,378
-
12,757,378
Income tax payable
(
211,471
)
-
(
211,471
)
251,919
-
251,919
Long-term income tax payable
69,182
-
69,182
-
-
-
Other payables and accrued liabilities
856,218
17
856,235
(
30,648
)
762,679
732,031
Net Cash (Used in) Provided by Operating Activities
(
6,663,428
)
7,003,000
339,572
(
2,537,979
)
1,766,950
(
771,029
)
Cash Flows from Investing Activities:
Purchases of property and equipment
-
-
-
(
686,538
)
-
(
686,538
)
Deposits for property and equipment
(
11,052,500
)
-
(
11,052,500
)
-
-
-
Proceeds from sales of cryptocurrencies
7,003,000
(
7,003,000
)
-
1,766,950
(
1,766,950
)
-
Loss of cash in connection with divestiture of a subsidiary
(
59,695
)
-
(
59,695
)
-
-
-
Net Cash Used in Investing Activities
(
4,109,195
)
(
7,003,000
)
(
11,112,195
)
1,080,412
(
1,766,950
)
(
686,538
)
Cash Flows from Financing Activities:
Payment of liquidated damages related to private placement transactions
(
2,219,355
)
-
(
2,219,355
)
-
-
-
Proceeds from issuance of convertible notes, net of issuance costs
-
-
-
1,280,000
-
1,280,000
Net Cash (Used in) Provided by Financing Activities
(
2,219,355
)
-
(
2,219,355
)
1,280,000
-
1,280,000
Effect of exchange rate changes on cash and cash equivalents
-
-
-
-
-
-
Net decrease in cash, cash equivalents and restricted cash
(
12,991,978
)
-
(
12,991,978
)
(
177,567
)
-
(
177,567
)
Cash, cash equivalents and restricted cash at beginning of period
42,398,528
-
42,398,528
405,133
-
405,133
Cash, cash equivalents and restricted cash at end of period
29,406,550
-
29,406,550
227,566
-
227,566
F-
42
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended
June 30, 2022 (unaudited)
For the six months ended
June 30, 2021 (unaudited)
As
previously
reported
Adjustments
As
restated
As
previously
reported
Adjustments
As
restated
Cash Flows from Operating Activities:
Net (loss) income
(
28,304,521
)
6,208,477
(
22,096,044
)
34,446,924
(
2,812,894
)
31,634,030
Less: Net loss from discontinued operations
-
-
-
-
-
-
Net (loss) income from continuing operations
(
28,304,521
)
6,208,477
(
22,096,044
)
34,446,924
(
2,812,894
)
31,634,030
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment
9,121,749
-
9,121,749
5,999,031
-
5,999,031
Gain from disposal of property and equipment
(
1,454,896
)
-
(
1,454,896
)
(
43,436
)
-
(
43,436
)
Gain from sale of investment security
(
1,039,999
)
-
(
1,039,999
)
-
-
-
Share-based compensation expenses with employees
1,057,313
-
1,057,313
509,794
-
509,794
Share based compensation expenses in connection with issuance of ordinary shares
-
-
-
933,098
-
933,098
Liquidated damage expenses
619,355
-
619,355
-
-
-
Digital assets generated from mining
-
(
15,388,747
)
(
15,388,747
)
-
(
72,295,744
)
(
72,295,744
)
Realized gain on exchange of digital assets
(
3,752,324
)
(
513,592
)
(
4,265,916
)
-
(
18,440,274
)
(
18,440,274
)
Impairment of digital assets
23,684,989
(
5,694,885
)
17,990,104
9,045,007
14,300,516
23,345,523
Deferred tax expenses
(
404,291
)
-
(
404,291
)
47,684
-
47,684
Gain from divestiture of a subsidiary
(
52,383
)
-
(
52,383
)
-
-
-
Changes in fair value of investment security
-
-
-
-
-
-
Changes in operating assets and liabilities:
Stable coins
-
3,501,802
3,501,802
-
-
-
Digital assets
(
15,388,743
)
29,141,443
13,752,700
(
78,531,704
)
82,071,154
3,539,450
Other current assets
(
740,858
)
-
(
740,858
)
(
1,750,324
)
-
(
1,750,324
)
Other noncurrent assets
601,710
-
601,710
-
-
-
Accounts payable
697,185
-
697,185
22,985,200
-
22,985,200
Income tax payable
(
731,092
)
-
(
731,092
)
211,365
-
211,365
Long-term income tax payable
138,364
-
138,364
-
-
-
Other payables and accrued liabilities
682,095
-
682,095
1,325,382
716,692
2,042,074
Net Cash (Used in) Provided by Operating Activities
(
15,266,347
)
17,254,498
1,988,151
(
4,821,979
)
3,539,450
(
1,282,529
)
Cash Flows from Investing Activities:
Purchases of property and equipment
(
19,310,398
)
-
(
19,310,398
)
(
686,538
)
-
(
686,538
)
Deposits for property and equipment
-
-
-
-
-
-
Proceeds from sales of property and equipment
958,060
-
958,060
-
-
-
Proceeds from sales of cryptocurrencies
19,252,500
(
19,252,500
)
-
3,539,450
(
3,539,450
)
-
Purchases of digital assets
(
1,998,002
)
1,998,002
-
-
-
-
Proceeds from disposal of long-term investment
850,000
-
850,000
-
-
-
Loss of cash in connection with divestiture of a subsidiary
(
59,695
)
-
(
59,695
)
-
-
-
Investment in an equity security
-
-
-
-
-
-
Net Cash (Used in) Provided by Investing Activities
(
307,535
)
(
17,254,498
)
(
17,562,033
)
2,852,912
(
3,539,450
)
(
686,538
)
Cash Flows from Financing Activities:
Payment of liquidated damages related to private placement transactions
(
2,219,355
)
-
(
2,219,355
)
-
-
-
Proceeds from issuance of ordinary shares under private placements, net of issuance costs
21,010,000
-
21,010,000
-
-
-
Proceeds from issuance of convertible notes, net of issuance costs
-
-
-
1,280,000
-
1,280,000
Proceeds from issuance of ordinary shares under direct offering
-
-
-
28,550,000
-
28,550,000
Repayment of borrowings to related parties
-
-
-
(
12,000
)
-
(
12,000
)
Net Cash Provided by Financing Activities
18,790,645
-
18,790,645
29,818,000
-
29,818,000
Effect of exchange rate changes on cash and cash equivalents
-
-
-
-
-
-
Net increase in cash, cash
    equivalents and restricted cash
3,216,763
-
3,216,763
27,848,933
-
27,848,933
Cash, cash equivalents and restricted cash at beginning of period
42,398,528
-
42,398,528
405,133
-
405,133
Cash, cash equivalents and restricted cash at end of period
45,615,291
-
45,615,291
28,254,066
-
28,254,066
F-
43
BIT DIGITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
19. RESTATEMENT OF PREVIOUSLY ISSUED INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
For the nine months ended
September 30, 2022 (unaudited)
For the nine months ended
September 30, 2021 (unaudited)
As
previously
reported
Adjustments
As restated
As
previously
reported
Adjustments
As restated
Cash Flows from Operating Activities:
Net (loss) income
(
42,642,629
)
6,034,403
(
36,608,226
)
14,298,090
(
3,172,372
)
11,125,718
Less: Net loss from discontinued operations
-
-
-
-
-
-
Net (loss) income from continuing operations
(
42,642,629
)
6,034,403
(
36,608,226
)
14,298,090
(
3,172,372
)
11,125,718
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment
18,433,925
-
18,433,925
9,795,703
-
9,795,703
Gain from disposal of property and equipment
(
1,515,597
)
-
(
1,515,597
)
3,746,247
-
3,746,247
Gain from sale of investment security
(
1,039,999
)
-
(
1,039,999
)
-
-
-
Share-based compensation expenses with employees
1,673,948
-
1,673,948
16,576,615
-
16,576,615
Share based compensation expenses in connection with issuance of ordinary shares
-
-
-
1,446,098
-
1,446,098
Liquidated damage expenses
619,355
-
619,355
-
-
-
Digital assets generated from mining
(
24,543,543
)
-
(
24,543,543
)
-
(
82,691,638
)
(
82,691,638
)
Realized gain on exchange of digital assets
(
4,801,434
)
(
692,550
)
(
5,493,984
)
-
(
19,856,890
)
(
19,856,890
)
Impairment of digital assets
26,050,121
(
5,341,853
)
20,708,268
9,045,007
15,946,675
24,991,682
Deferred tax expenses
(
404,294
)
-
(
404,294
)
703,924
-
703,924
Gain from divestiture of a subsidiary
(
52,383
)
-
(
52,383
)
-
-
-
Changes in fair value of investment security
(
32,134
)
-
(
32,134
)
-
-
-
Changes in operating assets and liabilities:
Stable coins
-
3,496,298
3,496,298
-
(
200,000
)
(
200,000
)
Digital assets
19,252,500
(
5,494,300
)
13,758,200
(
89,079,726
)
92,619,176
3,539,450
Other current assets
1,719,544
-
1,719,544
(
117,048
)
-
(
117,048
)
Other noncurrent assets
(
2,458,440
)
-
(
2,458,440
)
(
6,844,416
)
-
(
6,844,416
)
Accounts payable
947,055
-
947,055
25,680,947
-
25,680,947
Income tax payable
(
645,828
)
-
(
645,828
)
493,703
-
493,703
Long-term income tax payable
207,546
-
207,546
-
-
-
Other payables and accrued liabilities
2,184,774
-
2,184,774
3,062,969
894,499
3,957,468
Net Cash Used in Operating Activities
(
7,047,513
)
(
1,998,002
)
(
9,045,515
)
(
11,191,887
)
3,539,450
(
7,652,437
)
Cash Flows from Investing Activities:
Purchases of property and equipment
(
19,285,625
)
-
(
19,285,625
)
(
795,000
)
-
(
795,000
)
Deposits for property and equipment
-
-
-
-
-
-
Proceeds from sales of property and equipment
1,081,075
-
1,081,075
-
-
-
Proceeds from sales of cryptocurrencies
-
-
-
3,539,450
(
3,539,450
)
-
Purchases of digital assets
(
1,998,002
)
1,998,002
-
-
-
-
Proceeds from disposal of long-term investment
1,706,665
-
1,706,665
-
-
-
Loss of cash in connection with divestiture of a subsidiary
(
59,695
)
-
(
59,695
)
-
-
-
Investment in an equity security
(
2,000,000
)
-
(
2,000,000
)
-
-
-
Net Cash Used in Investing Activities
(
20,555,582
)
1,998,002
(
18,557,580
)
2,744,450
(
3,539,450
)
(
795,000
)
Cash Flows from Financing Activities:
Payment of liquidated damages related to private placement transactions
(
2,219,355
)
-
(
2,219,355
)
-
-
-
Proceeds from issuance of ordinary shares under private placements, net of issuance costs
21,010,000
-
21,010,000
-
-
-
Proceeds from issuance of convertible notes, net of issuance costs
-
-
-
1,280,000
-
1,280,000
Proceeds from issuance of ordinary shares under direct offering
-
-
-
33,235,400
-
33,235,400
Repayment of borrowings to related parties
-
-
-
(
12,000
)
-
(
12,000
)
Net Cash Provided by Financing Activities
18,790,645
-
18,790,645
34,503,400
-
34,503,400
Effect of exchange rate changes on cash and cash equivalents
-
-
-
-
-
-
Net (decrease) increase in cash, cash equivalents and restricted cash
(
8,812,450
)
-
(
8,812,450
)
26,055,963
-
26,055,963
Cash, cash equivalents and restricted cash at beginning of period
42,398,528
-
42,398,528
405,133
-
405,133
Cash, cash equivalents and restricted cash at end of period
33,586,078
-
33,586,078
26,461,096
-
26,461,096
F-
44
20. SUBSEQUENT EVENTS
Marsprotocol Technologies Pte. Ltd. (the "JV Company")
On March 3, 2023, in connection with a newly formed
joint venture, Bit Digital Singapore Pte. Ltd. and Saving Digital Pte. Ltd. ("SDP"), a wholly owned subsidiary of Mega Matrix
Corp., entered into a shareholders' agreement (the "Shareholders Agreement") with Marsprotocol Technologies Pte. Ltd.,
to provide proof-of-stake technology tools for digital assets through the staking platform "MarsProtocol", an institutional
grade non-custodial staking technology (the "Joint Venture"). Through MarsProtocol, the Joint Venture will seek to provide
non-custodial staking tools whereby users' private keys are not stored in its database to ensure the safety of its users'
digital assets. Currently the services will not be available to U.S. residents. Pursuant to the Shareholders Agreement, SDP will own
60
%
and Bit Digital Singapore will own
40
% of the JV Company.
Declaration of
dividends on preferred shares
On February 7, 2023, the Board of Directors declared
an eight (
8
%) percent ($
800,000
) dividend on the preference shares to Geney Development Ltd. ("Geney"). Erke Huang, our Chief
Financial Officer, is the President of Geney and the beneficial owner of thirty (
30
%) percent of the equity of Geney, with the remaining
seventy (
70
%) percent held by Zhaohui Deng, the Company's Chairman of the Board. As of the date of this report, the Company has
fully paid the declared dividends.
Investment in Auros Global Limited ("Auros")
On February 24, 2023, the Company closed an
investment of $
2
million in Auros, which is a leading crypto-native algorithmic trading and market making firm that delivers
best-in-class liquidity for exchanges and token projects.
F-
45
ITEM 18. EXHIBITS
Exhibit No.
Description
1.1
Certificate of Incorporation, as amended
(10)
1.2
Amended and Restated Memorandum of Association
(17)
1.3
Amended and Restated Articles of Association
(17)
1.4
Director's Certificate dated April 20, 2021 Creating Preference Shares
(6)
4.1
Share Purchase Agreement dated September 8, 2020 by and between the Registrant and Sharp Whale Limited
(1)
4.2
Form of Securities Purchase Agreement dated as of May 2020 for July 6, 2020 financing
(3)
4.3
Form of Asset Purchase Agreement dated November 2020 by and between the Registrant and the Buyers who are signatories
(4)
4.4
Form of Registration Rights Agreement dated January 11, 2021 by and between the Company and Ionic Ventures, LLC
(5)
4.5
2021 Omnibus Equity Incentive Plan with Form of Restricted Stock Award
(6)
4.6
Amended and Restated Purchase Agreement dated as of July 30, 2021 by and between the Company and Ionic Ventures, LLC
(9)
4.7
Share Exchange Agreement by and between the Company and Geney Development
(10)
4.8
2021 Second Omnibus Equity Incentive Plan with form of Restricted Stock Award
(11)
4.9
Form of Warrant under Securities Purchase Agreement dated as of September 29, 2021
(12)
4.10
Form of Registration Rights Agreement dated September 29, 2021
(12)
4.11
Form of Securities Purchase Agreement dated September 29, 2021
(12)
4.12
Employment Agreement dated as of October 28, 2022 by and between the Registrant and Erke Huang as amended on March 10, 2023*
4.13
Director Agreement dated as of October 28, 2022 by and between the Registrant and Erke Huang*
4.14
Independent Director Agreement dated as of April 20, 2020 by and between the Registrant and Yan Xiong
(7)
4.15
Independent Director Agreement dated as of September 7, 2020 by and between the Registrant and Ichi Shih
(1)
4.16
Independent Director Agreement dated as of September 7, 2020 by and between the Registrant and Zhaohui (misstated as Chao Hui) Deng
(1)
4.17
Mining Service Agreement made as of August 25, 2021 by and between Bit Digital USA, Inc. and Blockfusion USA, Inc.
(13)
4.18
Non-Fixed Price Sales and Purchase Agreement between Bitmain Technologies Limited and Bit Digital USA, Inc.
(14)
4.19
Form of Asset Purchase Agreement dated March 28, 2022, for the purchase of bitcoin miners
(16)
4.20
Director Agreement dated as of October 18, 2021 with Percival Services, LLC for the services of Brock Pierce
(16)
4.21
Employment Agreement dated as of March 31, 2021 by and between the Registrant and Sam Tabar, as amended as of January 1, 2022 and as of March 31, 2023*
4.22
Employment Agreement dated as of March 31, 2021 by and between the Registrant and Bryan Bullett, as amended as of January 6, 2022*
8.1
List of subsidiaries of the Registrant*
11(a)
Code of Ethics for Officers, Directors and Employees of Bit Digital, Inc.*
11(b)
Insider Trading Policy*
12.1
CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
12.2
CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
13.1
CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *
13.2
CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *
23.1
Consent of Audit Alliance LLP*
101.
INSXBRL Instance Document
    *
101.
SCHXBRL Taxonomy Extension
    Schema Document *
101.
CALXBRL Taxonomy Extension
    Calculation Linkbase Document *
101.
DEFXBRL Taxonomy Extension
    Definition Linkbase Document *
101.LAB
XBRL Taxonomy Extension
    Label Linkbase Document *
101.PRE
XBRL Taxonomy Extension
    Presentation Linkbase Document *
*
Filed with this report.
(1)
Incorporated by reference to the Registrant's Form 6-K for September 2020 filed on September 14, 2020.
(2)
Incorporated by reference to the Registrant's Form 6-K for September 2020 filed on October 31, 2019.
(3)
Incorporated by reference to the Registrant's Form 6-K for May 2020 filed on May 28, 2020.
(4)
Incorporated by reference to the Registrant's Form 6-K for November 2020 filed on November 10, 2020.
(5)
Incorporated by reference to the Registrant's Form 6-K for January 2021 filed on January 12, 2021.
(6)
Incorporated by reference to the Registrant's Form 6-K for May 2021 filed on May 18, 2021.
(7)
Incorporated by reference to the Registrant's Form 6-K for April 2020 filed on April 24, 2020.
(8)
Incorporated by reference to the Registrant's Form F-1 Registration Statement filed on March 10, 2021.
(9)
Incorporated by reference to the Registrant's Form F-3 Registration Statement filed on August 30, 2021.
(10)
Incorporated by reference to the Registrant's Form 6-K for May 2021 filed on May 27, 2021.
(11)
Incorporated by reference to the Registrant's Form 6-K for August 2021 filed on August 16, 2021.
(12)
Incorporated by reference to the Registrant's Form 6-K for September 2021 filed on September 30, 2021.
(13)
Incorporated by reference to the Registrant's Form 6-K for August 2021 filed on August 31, 2021.
(14)
Incorporated by reference to the Registrant's Form 6-K for October 2021 filed on October 18, 2021.
(15)
Incorporated by reference to the Registrant's Form 20-F for the year ended December 31, 2017 filed on April 30, 2018.
(16)
Bit Digital's Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on April 15, 2022.
(17)
Bit Digital's Proxy Statement on Form 6-K filed with the SEC on June 30, 2022.
134
SIGNATURES
The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this
annual report on its behalf.
BIT DIGITAL, INC.
/s/ Samir Tabar
Name:
Samir Tabar
New York, New York
Title:
Chief Executive Officer
Date: April 27, 2023
135