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  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
  filed with the Securities and Exchange Commission on June 11, 2021</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
  
  <!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
  STATES</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B> <B></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WASHINGTON,
  D.C. 20549</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>FORM
  S-8</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
  STATEMENT<BR>
  UNDER<BR>
  THE SECURITIES ACT OF 1933</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>BIT
  DIGITAL, INC.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Exact name of registrant as specified in its charter)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 49%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cayman Islands</b></FONT></TD><TD STYLE="width: 2%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 49%"><B>Not
                                              Applicable</B></TD>
  </TR><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State
  or other jurisdiction of</FONT><BR>
  incorporation or organization)</TD><TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center">(I.R.S. Employer<BR>
  Identification
  No.)</TD></TR>
       </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>33
  Irving Place, New York, New York 10003</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
  of Principal Executive Offices) (Zip Code)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2021
  Omnibus Equity Incentive Plan</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Full
  title of the plan)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elliot
  H. Lutzker, Esq.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Davidoff
  Hutcher &amp; Citron LLP</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>605
  3<SUP>rd</SUP> Avenue, 34<SUP>th</SUP> Floor</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
  York, New York 10158</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
  and address of agent for service)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(212)
  557-7200</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B>(Telephone number, including area code, of agent for service)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; a &ldquo;smaller reporting company&rdquo; or an &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Check
  one):</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
      <TD STYLE="white-space: nowrap; width: 0.5in">&nbsp;</TD>
  <TD STYLE="white-space: nowrap; width: 18%">Large accelerated filer</TD><TD STYLE="white-space: nowrap; text-align: left; width: 35%">&#9744;</TD><TD STYLE="white-space: nowrap; text-align: justify; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
                                                                                     <TD STYLE="white-space: nowrap; text-align: justify">&#9744;</TD>
  </TR><TR STYLE="vertical-align: top; text-align: justify">
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
  <TD STYLE="white-space: nowrap">Non-accelerated filer</TD><TD STYLE="white-space: nowrap; text-align: left">&#9744;</TD><TD STYLE="white-space: nowrap; text-align: justify">Smaller reporting company</TD>
                                                                                     <TD STYLE="white-space: nowrap; text-align: justify">&#9744;</TD></TR>
       <TR STYLE="vertical-align: top; text-align: justify">
      <TD STYLE="white-space: nowrap">&nbsp;</TD>
  <TD COLSPAN="2" STYLE="white-space: nowrap"></TD><TD STYLE="white-space: nowrap; text-align: justify">Emerging Growth
  Company</TD>
                                                                                     <TD STYLE="white-space: nowrap; text-align: justify">&#9746;</TD></TR>
       </TABLE>
  
  <P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
  an emerging growth company, 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 7(a)(2)(B) of the Securities Act. &#9744;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
  
  <!-- Field: Page; Sequence: 1 -->
      <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CALCULATION
  OF REGISTRATION FEE</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <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-variant: small-caps; text-align: left; border-bottom: Black 1.5pt solid">Title Of Securities To Be Registered</TD><TD STYLE="font-weight: bold; font-variant: small-caps; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; font-variant: small-caps; text-align: center; border-bottom: Black 1.5pt solid">Amount To Be Registered</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-variant: small-caps">&nbsp;</TD><TD STYLE="font-weight: bold; font-variant: small-caps; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; font-variant: small-caps; text-align: center; border-bottom: Black 1.5pt solid">Proposed Maximum Offering Price Per Share</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-variant: small-caps">&nbsp;</TD><TD STYLE="font-weight: bold; font-variant: small-caps; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; font-variant: small-caps; text-align: center; border-bottom: Black 1.5pt solid">Proposed Maximum Aggregate Offering Price</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-variant: small-caps">&nbsp;</TD><TD STYLE="font-weight: bold; font-variant: small-caps; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; font-variant: small-caps; text-align: center; border-bottom: Black 1.5pt solid">Amount Of Registration Fee</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-variant: small-caps">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 48%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Ordinary Shares, $.01 par value</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,415,293</TD><TD STYLE="width: 5%; text-align: left">(1)(2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">8.11</TD><TD STYLE="width: 1%; text-align: left">(4)</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">19,588,026</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,137.06</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
    </TABLE>
  
  
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
                                              an aggregate of 2,415,293 ordinary shares issuable upon exercise of stock options, restricted
                                              stock awards, or otherwise granted, or to be granted pursuant to the Bit Digital, Inc. 2021
                                              Omnibus Equity Incentive Plan (the &ldquo;Plan&rdquo;).</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
                                              to Rule 416, includes an indeterminable number of ordinary shares which may become issuable
                                              pursuant to the anti-dilution provisions of the Plan.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                              ordinary shares covered by an option or award granted under the Plan that is forfeited, canceled
                                              or expires (whether voluntarily or involuntarily) will be deemed not to have been issued
                                              for purposes of determining the maximum aggregate number of ordinary shares that may be issued
                                              under the Plan.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
                                              solely for the purpose of calculating the registration fee pursuant to Rule 457(h)(1) and
                                              Rule 457(c) based upon the last sale price of the Registrant&rsquo;s ordinary shares, as
                                              reported on the Nasdaq Capital Market on June 10, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPLANATORY
  NOTE</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
  registration statement on Form S-8 is being filed by Bit Digital, Inc. (the &ldquo;Company&rdquo;) to register 2,415,293 ordinary shares
  under the Company&rsquo;s Plan.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
  Registration Statement contains two parts. The first part contains information required in the registration statement pursuant to Part
  I of Form S-8 with respect to ordinary shares issuable upon the exercise of stock options, or restricted stock awards (the &ldquo;Awards&rdquo;)
  made under the Plan subsequent to the date hereof. The second part contains a &ldquo;reoffer&rdquo; prospectus prepared in accordance
  with the requirements of Part I of Form S-3, which, pursuant to General Instruction C of Form S-8, may be used by certain persons, including
  officers and directors of the Company who are deemed to be affiliates of the Company, as that term is defined in Rule 405 under the Securities
  Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), as well as by non-affiliate assignees holding restricted securities, as that
  term is defined in Rule 144 under the Securities Act, in connection with the reoffer and resale of ordinary shares of the Company received
  by such persons pursuant to the exercise of options or Awards granted under the Plan, which 2,415,293 ordinary shares are being registered
  herein. Awards for an aggregate of 271,530 ordinary shares have been granted to date under the Plan.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
  Prospectus omits certain of the information contained in the Registration Statement in accordance with the rules and regulations of the
  Securities and Exchange Commission (the &ldquo;SEC&rdquo;). Reference is hereby made to the Registration Statement and related exhibits
  for further information with respect to the Company and the Shares. Statements contained herein concerning the provisions of any documents
  are not necessarily complete and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration
  Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  prepared this Registration Statement in accordance with the requirements of Form S-8 under the Securities Act. We are registering 2,415,293
  ordinary shares pursuant to our Plan. The purpose of our Plan is to advance the interests of the Company and its stockholders by providing
  a means of attracting and retaining employees, corporate officers, non-employee directors and consultants employed or retained by the
  Company and its subsidiaries and affiliates.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART
  I</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
  REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <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; text-align: justify">
  <TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                             1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Plan
                                           Information</B></FONT></TD>
  </TR></TABLE>
  
  <P STYLE="text-align: justify; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  document containing the information specified in this Part I of this Form S-8 registration statement has been or will be sent or given
  to participants in the 2021 Omnibus Equity Incentive Plan (the &ldquo;Plan&rdquo;), as specified by Rule 428(b)(1) promulgated by the
  SEC under the Securities Act. Such document(s) are not being filed with the SEC but constitute (along with the documents incorporated
  by reference into the registration statement pursuant to Item 3 of Part II hereof) a prospectus that meets the requirements of Section
  10(a) of the Securities Act.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
  registration statement relates to a maximum of 2,415,293 ordinary shares issuable pursuant to our Plan (the &ldquo;Shares&rdquo;).</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                              2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registrant
                                              Information and Employee Plan Annual Information</B></FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  documents incorporated by reference into this prospectus pursuant to Item 3 of Part II hereof are available without charge, upon written
  or oral request. The documents containing the information specified in this Item 2 will be sent or given to employees, officers or directors
  upon written or oral request, as specified by Rule 428(b) under the Securities Act. All requests shall be directed to Corporate Secretary,
  Bit Digital, Inc., 33 Irving Place, New York, NY 10003; (tel) (347) 328-3680. In accordance with the rules and regulations of the SEC
  and the instructions to Form S-8, such documents are not being filed either as part of this registration statement or as prospectuses
  or prospectus supplements pursuant to Rule 424 under the Securities Act.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 4; Value: 2 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REOFFER
  PROSPECTUS</B></FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>BIT
  DIGITAL, INC.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,415,293
  ORDINARY SHARES</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
  prospectus relates to the reoffer and resale of 2,415,293 ordinary shares, par value $0.01 per share, of Bit Digital, Inc., a Cayman
  Islands company (&ldquo;Bit Digital,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our&rdquo;), that
  have been or will be acquired by certain persons (collectively referred to as the &ldquo;Selling Securityholders&rdquo;), including our
  officers and directors who are deemed to be our affiliates, as that term is defined in Rule 405 under the Securities Act of 1933, as
  amended (the &ldquo;Securities Act&rdquo;), holding restricted securities, as that term is defined in Rule 144 under the Securities Act,
  in connection with the reoffer and resale of ordinary shares of the Company received by such persons pursuant to the exercise of options
  to be granted under our 2021 Omnibus Equity Incentive Plan (the &ldquo;Plan&rdquo;).</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  shares offered herby consist of 2,415,293 ordinary shares issued or issuable under the Plan.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  ordinary shares are quoted on the Nasdaq Capital Market under the symbol &ldquo;BTBT.&rdquo; On June 10, 2021, the last reported sale
  price of our ordinary shares on the Nasdaq Capital Market was $8.11 per share.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  shares covered by this prospectus may be offered and sold from time to time directly by the Selling Securityholders of ordinary shares
  issued upon the exercise of options and/or restricted stock awards (the &ldquo;Awards&rdquo;) granted pursuant to the Plan or through
  brokers on the Nasdaq Capital Market, or otherwise, at the prices prevailing at the time of such sales. The net proceeds to the Selling
  Securityholders will be the proceeds received by them upon such sales, less brokerage commissions, if any. We will pay all expenses of
  preparing and reproducing this prospectus but will not receive any of the proceeds from sales by any of the Selling Securityholders,
  but we will receive the exercise price upon exercise of the stock options. The Selling Securityholders and any broker-dealers, agents,
  or underwriters through whom the shares are sold, may be deemed &ldquo;underwriters&rdquo; within the meaning of the Securities Act with
  respect to securities offered by them, and any profits realized or commissions received by them may be deemed underwriting compensation.
  See &ldquo;Plan of Distribution.&rdquo;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NEITHER
  THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED
  UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
  SHARES OFFERED HEREBY INVOLVE A SUBSTANTIAL DEGREE OF RISK. SEE &ldquo;RISK FACTORS&rdquo; beginning on page 8 of this
  prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
  date of this prospectus is June 11, 2021</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
  person is authorized to give any information or to make any representations other than those contained in this prospectus in connection
  with any offer to sell or sale of the securities to which this prospectus relates, and if given or made, such information or representations
  must not be relied upon as having been authorized. Neither the delivery of this prospectus nor any sale made hereunder shall, under any
  circumstances, imply that there has been no change in the facts herein set forth since the date hereof. This prospectus is not an offer
  to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
  OF CONTENTS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_001">AVAILABLE INFORMATION</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">3</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_002">INCORPORATION OF DOCUMENTS BY REFERENCE</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">4</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_003">FORWARD-LOOKING STATEMENTS</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">5</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_004">SUMMARY INFORMATION</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">6</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_005">THE OFFERING</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">7</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_006">RISK FACTORS</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">8</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_007">USE OF PROCEEDS</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">41</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_008">SELLING SECURITYHOLDERS</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">42</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_009">PLAN OF DISTRIBUTION</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">43</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_010">DESCRIPTION OF SECURITIES TO BE REGISTERED</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">45</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_011">INTEREST OF NAMED EXPERTS AND COUNSEL</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">45</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_012">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">46</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_013">EXEMPTION FROM REGISTRATION CLAIMED</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">46</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_014">MATERIAL CHANGES</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">46</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_015">LEGAL MATTERS</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">46</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_016">EXPERTS</A></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">46</TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
  should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized any other person
  to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on
  it.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
  prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where
  the offer or sale is not permitted. You should assume that the information appearing in this Prospectus, as well as information we have
  previously filed with the SEC and incorporated by reference, is accurate only as of the date on the front of those documents.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Page; Sequence: 6; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>AVAILABLE
  INFORMATION</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  file annual, quarterly and current reports and proxy statements and other information with the Securities and Exchange Commission (&ldquo;SEC&rdquo;).
  You may read and copy any such reports, statements or other information that we file with the SEC at the SEC&rsquo;s Public Reference
  Room located at 100 F Street, N.W., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information about the operation
  of the Public Reference Room. Our public filings are also available from commercial document retrieval services and the Internet web
  site maintained by the SEC at http://www.sec.gov. In addition, our common stock is quoted 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  SEC allows us to &ldquo;incorporate by reference&rdquo; information into this prospectus, which means that we can disclose important
  information to investors by referring them to another document filed separately with the SEC. The information incorporated by reference
  is deemed to be part of this prospectus, except for any information superseded by information contained directly in this document. This
  prospectus incorporates by reference the documents set forth below that we have previously filed with the SEC. These documents contain
  important information about us and our financial condition.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>INCORPORATION
  OF documents BY REFERENCE</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  following documents filed with the SEC are incorporated by reference in this prospectus:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021020689/f6k0421_bitdigital.htm">Form 6-K</A> filed with the SEC on April 7, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021018773/f20f2020_bitdigitalinc.htm">Form 20-F</A> for the year ended December 31, 2020, filed with
                                              the SEC on March 30, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021024783/ea140335-6k_bitdigital.htm">Form 6-K</A> for the quarter ended March 31, 2021 filed with
                                              the SEC on May 6, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021001588/ea133142-6k_bitdigital.htm">Form 6-K</A> for January 2021 filed with the SEC on January 12, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021002678/ea133509-6k_bitdigitalinc.htm">Form 6-K</A> for January 2021 filed with the SEC on January 19, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021006339/ea134470-6k_bitdigital.htm">Form 6-K</A> for February 2021 filed with the SEC on February 3, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021019494/ea138838-6k_bitdigital.htm">Form 6-K</A> for April 2021 filed with the SEC on April 1, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021019815/ea138907-6k_bitdigital.htm">Form 6-K</A> for April 2021 filed with the SEC on April 2, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021022806/ea139875-6k_bitdigital.htm">Form 6-K</A> for April 2021 filed with the SEC on April 26, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021027655/ea141235-6k_bitdigital.htm">Form 6-K</A> for May 2021 filed with the SEC on May 18, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021029550/ea141778-6k_bitdigital.htm">Form 6-K</A> for May 2021 filed with the SEC on May 27, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021031401/ea142402-6k_bitdigital.htm">Form 6-K</A> for June 2021 filed with the SEC on June 8, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                              description of our ordinary shares contained in Bit Digital&rsquo;s Registration Statement
                                              on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021014370/ea134675-f1_bitdigital.htm">Form F-1</A> (No. 333-254060).</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
  documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the &ldquo;Exchange
  Act&rdquo;) prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters
  all securities then remaining unsold shall be deemed to be incorporated by reference in this prospectus and to be a part of this prospectus
  from the date of filing of such documents. Any statement contained in a previously filed document incorporated by reference in this prospectus
  shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement in this prospectus modifies
  or supersedes such previous statement and any statement contained in this prospectus shall be deemed to be modified or superseded to
  the extent that a statement in any document subsequently filed, which is incorporated by reference in this prospectus, modifies or supersedes
  such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part
  of this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
  copy of any and all of the information included in the documents that have been incorporated by reference in this prospectus (excluding
  exhibits thereto, unless such exhibits have been specifically incorporated by reference into the information which this prospectus incorporates)
  but which are not delivered with this prospectus will be provided by us without charge to any person to whom this prospectus is delivered,
  upon the oral or written request of such person. Written requests should be directed to Bit Digital, Inc., 33 Irving Place, New York,
  New York 10003, Attention: Corporate Secretary. Oral requests may be directed to the Secretary at (347) 328-3680.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
  in this prospectus shall be deemed to incorporate information furnished to, but not filed with the SEC pursuant to Item 2.02 or Item
  7.01 of Form 8-K.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_003"></A>
  FORWARD-LOOKING STATEMENTS</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
  prospectus contains &ldquo;forward-looking statements&rdquo; for purposes of the safe harbor provisions provided by Section 27 of the
  Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) and Section 21E of the Securities Exchange Act of 1934, as amended
  (the &ldquo;Exchange Act&rdquo;), that represent our beliefs, projections and predictions about future events. All statements other than
  statements of historical fact are &ldquo;forward-looking statements,&rdquo; 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&rsquo;s
  beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such
  as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;predicts,&rdquo; &ldquo;potential,&rdquo;
  &ldquo;continue,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;future,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo;
  &ldquo;believes,&rdquo; &ldquo;estimates&rdquo; and similar expressions, as well as statements in the future tense, identify forward-looking
  statements.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;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
  &ldquo;Risk Factors&rdquo; and elsewhere in this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <DIV STYLE="padding: 5.4pt; border: Black 1.5pt solid">
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_004"></A>SUMMARY INFORMATION</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  following summary is qualified in its entirety by reference to the more detailed information appearing elsewhere in this prospectus or
  incorporated herein by reference. Each prospective investor is urged to read this prospectus and the documents incorporated herein by
  reference in their entirety. Investment in the securities offered hereby involves a high degree of risk. See &ldquo;Risk Factors.&rdquo;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
  references to &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Company,&rdquo; &ldquo;Registrant&rdquo; or similar terms
  used in this prospectus refer to Bit Digital, Inc.(formerly known as Golden Bull Limited), a Cayman Islands exempted company (&ldquo;Bit
  Digital&rdquo;), including its consolidated subsidiaries, unless the context otherwise indicates. We currently conduct our business through,
  Bit Digital Hong Kong Limited, a Hong Kong company and our operating entity in China; 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;PRC&rdquo;
  or &ldquo;China&rdquo; refers to the People&rsquo;s Republic of China, excluding, for the purpose of this prospectus, Taiwan, Hong Kong
  and Macau, &ldquo;RMB&rdquo; or &ldquo;Renminbi&rdquo; refers to the legal currency of China and &ldquo;$&rdquo;, &ldquo;US$&rdquo; or
  &ldquo;U.S. Dollars&rdquo; refers to the legal currency of the United States.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
  Business</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
  September 8, 2020, the Company entered into a certain share purchase agreement (the &ldquo;Disposition SPA&rdquo;) by and among a BVI
  company, Sharp Whale Limited (the &ldquo;Purchaser&rdquo;), Point Cattle Holding Limited (the &ldquo;Subsidiary&rdquo;) and Golden Bull
  Limited (now Bit Digital, Inc., the &ldquo;Seller&rdquo;). Pursuant to the Disposition SPA, the Purchaser agreed to purchase the Subsidiary
  in exchange for nominal consideration of $10.00 and other good and valuable consideration. The Board of Directors approved the transaction
  contemplated by the Disposition SPA (the &ldquo;Disposition&rsquo;). The closing of the Disposition occurred on September 8, 2020 and
  represented the Company&rsquo;s complete disposition of the peer-to-peer lending business and focus onto the bitcoin mining business
  and its planned auto leasing business in the U.S.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
  Digital is an emerging bitcoin mining company with operations in PRC, the United States and Canada. The Company commenced its mining
  operations in February 2020, following the suspension of its peer-to-peer lending business in October 2019. Our bitcoin mining
  operations, hosted by third party suppliers, uses specialized computers, known as miners, to generate bitcoins, a cryptocurrency.
  The miners use application specific integrated circuit (&ldquo;ASIC&rdquo;) chips. These chips enable the miners to apply greater
  computational power, or &ldquo;hash rate&rsquo;, to provide transaction verification services (known as solving a block&rdquo;)
  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 &ldquo;halving,&rdquo; whereby the bitcoin award per block is
  reduced by half in order to control the supply of bitcoins on the market. Miners with a greater hash rate have a higher chance of
  solving a block and receiving a bitcoin award.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;s determination of our cash flow needs. After a third halving of bitcoins
  in May 2020, our mining strategy has been 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, we chose
  to acquire second-hand miners which can be delivered in only a few weeks. We have not signed leases for bitcoin mining facilities. In
  order to achieve lower utility costs, the mining facilities are maintained by our third-party suppliers. The bitcoin mining facilities
  in PRC are maintained by Hong Kong suppliers. They are our hosts and they install the miners, provide IT consulting, maintenance and
  repair work on site for us. Our miners&rsquo; facilities in Texas and Nebraska are maintained by Compute North, a well-known miner hosting
  company in North America.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  executive offices are located at 33 Irving Place, New York, New York 10003 and our telephone number is (347) 328-3680. The information
  on our website does not constitute part of this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  </DIV>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <DIV STYLE="padding: 5.4pt; border: Black 1.5pt solid">
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_005"></A>The Offering</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
  reoffer prospectus relates to the reoffer and resale of an aggregate of 2,415,293 ordinary shares, par value $0.01 per share, by certain
  Selling Securityholders, including our officers and directors, who are deemed to be affiliates of the Company, that are issuable upon
  the exercise of options to be granted pursuant to our Plan and shares underlying Awards. We will not receive any proceeds from the sale
  of the shares sold by the Selling Securityholders, but we will receive the exercise price upon exercise of the stock options, other than
  for any cashless exercise of options.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
  subsequent to the date of this reoffer prospectus, we grant any awards under the Plan to any persons who are affiliates of the Company,
  we would supplement this reoffer prospectus with the names of such affiliates and the amount(s) of shares to be reoffered by them as
  Selling Securityholders.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  </DIV>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"> </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_006"></A>RISK
  FACTORS</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 prospectus, including the matters discussed under the headings
  &ldquo;Forward-Looking Statements&rdquo; before you decide to invest in our ordinary shares. We are a holding company with part of
  our  operations in China and are subject to a legal and regulatory environment that in many respects differs from the
  United States. 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>General
  Risks</U></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  have a history of operating losses, and we may not be able to sustain profitability; we have recently shifted our bitcoin mining business,
  and we may not be continuously successful in this business.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  only recently became profitable from continuing bitcoin mining operations. We may again incur losses, as we continue to work to grow
  our bitcoin mining business. We were previously engaged in peer to peer (&ldquo;P2P&rdquo;) online lending business in China. Starting
  in or about November 2019, we made a decision to diversify into the bitcoin mining business, as well as car rental business, which latter
  plans were suspended as a result of the coronavirus pandemic. In September 2020, we disposed of our P2P and car rental business and totally
  focused on bitcoin mining business. Currently, our operations are focused on our bitcoin mining business located at our bitcoin mining
  facilities in PRC, the United States and Canada. Our current strategy is in an industry that is itself new and evolving and is subject
  to the risks discussed below. Even though we are currently operating profitability, we may not be able to sustain profitability in subsequent
  periods.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  results of operation may fluctuate significantly and may not fully reflect the underlying performance of our business.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 operating history. Accordingly, 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:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25IN"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25IN"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
      in the price of bitcoin; and</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
      economic, industry and market conditions.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  may be subject to penalties as a result of the Chinese government suspension of our P2P lending business</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Company is currently engaged in the bitcoin mining business. Initially, we were primarily an online finance marketplace, or &ldquo;peer-to-peer&rdquo;
  lending company, in China that provided borrowers access to loans. On October 24, 2019, the Pudong Branch of the Shanghai Public Security
  Bureau (the &ldquo;Bureau&rdquo;) announced that it conducted its investigation against 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 suspects. On March 24, 2020, the
  Bureau updated an announcement that it had transferred seven suspects to the procuratorates for criminal prosecution and took criminal
  action against 14 defendants, and our former CEO is still online hunting as of the date of this prospectus. While the Company has not
  been subject to any enforcement actions or investigations, 9 persons, including a former director of the Company, have been sentenced
  guilty of fund-raising fraud or illegally collecting public deposits by the People&rsquo;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&rsquo;s current management believes that its former Chief Financial Officer, as well as members of the VIE&rsquo;s management,
  may have been the subject of these proceedings. The Public Security Bureau also initiated online hunting for the Company&rsquo;s former
  Chief Executive Officer. As of the date of this prospectus, the final outcome of investigation was still not published and the impact
  on the Company could not be estimated.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
  to a Share Purchase Agreement dated September 8, 2020, the Company sold its subsidiary Point Cattle Holdings Limited and its subsidiaries
  and VIEs to an unaffiliated third party and the operations of its peer-to-peer lending business were classified as discontinued operations.
  As of the date of this prospectus, the spun-off subsidiaries and VIEs engaging in peer-to-peer lending business have no relationship
  with the Company. See &ldquo;Business - Legal Proceedings.&rdquo;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  have not received any administrative penalty for our historical peer-to-peer lending business as of the date of this prospectus.
  Nevertheless, uncertainties still exist since the PRC law system also contains government policies and internal rules (some of which
  are not published in a timely manner or at all) that may have retroactive effect. According to the newly issued Regulations on the
  Prevention and Treatment of Illegal Fundraising, which came into force on May 1, 2021, no one shall benefit from illegal
  fund-raising. Even if there is no criminal offense, the PRC governmental authority or regulator has the right to seal up, freeze,
  seize the related assets, and the PRC governmental authority also could mandatorily request the person/entity who commits illegal
  fund-raising or who assists the illegal fund-raising to return or sell related assets at the current price to recover the funds. In
  addition, although the Company is not responsible for customers&rsquo; claimed losses, the filing of any such claims and/or
  government investigations or proceedings against the Company or any of its affiliates, even if not justified, may create negative
  publicity and have a material adverse effect on the Company. If such situations occur, our business, financial condition and results
  of operations may be materially and adversely affected even though our former VIE entities of the P2P lending business have been
  disposed of.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 stockholders&rsquo; 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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  are seeking to enter bitcoin mining related business 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
  finance any acquisitions or joint ventures, we may choose to issue ordinary shares, preferred stock or a combination of debt and equity
  as consideration, which could significantly dilute the ownership of our existing stockholders or provide rights to such preferred stockholders
  in priority over our common stockholders. 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>From
  time to time we may evaluate and potentially consummate strategic investments or acquisitions, which could require significant management
  attention, disrupt our business and adversely affect our financial results.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  may evaluate and consider strategic investments, combinations, acquisitions or alliances in the bitcoin mining business. 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strategic
  investments or acquisitions will involve risks commonly encountered in business relationships, including:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25IN"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25IN"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
      in assimilating and integrating the operations, personnel, systems, data, technologies, products and services of the acquired business;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
      of the acquired technologies, products or businesses to achieve expected levels of revenue, profitability, productivity or other
      benefits;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
      in retaining, training, motivating and integrating key personnel;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversion
      of management&rsquo;s time and resources from our normal daily operations;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
      in successfully incorporating licensed or acquired technology and rights into our businesses;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
      in maintaining uniform standards, controls, procedures and policies within the combined organizations;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
      in retaining relationships with customers, employees and suppliers of the acquired business;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks
      of entering markets, in parts of the U.S., in which we have limited or no prior experience;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
      to successfully further develop the acquired technology;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
      disruptions to our ongoing businesses; and</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unexpected
      costs and unknown risks and liabilities associated with strategic investments or acquisitions.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  loss of any 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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  success and future growth will depend to a significant degree on the skills and services of our management, including Mr. Bryan Bullett,
  our Chief Executive Officer, Mr. Erke Huang, our Chief Financial Officer, and Mr. Sam Tabar, our Chief Strategy 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, 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 such personnel. If we are unable
  to attract such personnel, our business could be harmed.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 could be impaired, which could harm our operating results, our ability to operate our business and our reputation</I></B>.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
  our internal control over financial reporting is 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 common stock listing
  on Nasdaq could be suspended or terminated and our stock 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 stockholder lawsuits, which could impose
  significant additional costs on us and divert management attention.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Because
  cryptocurrencies may be determined to be investment securities, we may inadvertently violate the Investment Company Act and incur large
  losses as a result and potentially be required to register as an investment company or terminate operations and we may incur third party
  liabilities.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  are engaged in the mining of bitcoins which the SEC said is currency and not securities. We therefore believe that we are not engaged
  in the business of investing, reinvesting, or trading in securities, and we do not hold ourselves out as being engaged in those activities.
  However, under the Investment Company Act a company may be deemed an investment company under section 3(a)(1)(C) thereof if the value
  of its investment securities is more than 40% of its total assets (exclusive of government securities and cash items) on an unconsolidated
  basis.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
  a result of our investments and our mining activities, including investments in which we do not have a controlling interest, the investment
  securities we hold could exceed 40% of our total assets, exclusive of cash items and, accordingly, we could determine that we have become
  an inadvertent investment company. The bitcoins we own, acquire or mine may be deemed an investment security by the SEC, although we
  do not believe the bitcoins we own, acquire or mine are securities. An inadvertent investment company can avoid being classified as an
  investment company if it can rely on one of the exclusions under the Investment Company Act. One such exclusion, Rule 3a-2 under the
  Investment Company Act, allows an inadvertent investment company a grace period of one year from the earlier of (a) the date on which
  an issuer owns securities and/or cash having a value exceeding 50% of the issuer&rsquo;s total assets on either a consolidated or unconsolidated
  basis and (b) the date on which an issuer owns or proposes to acquire investment securities having a value exceeding 40% of the value
  of such issuer&rsquo;s total assets (exclusive of government securities and cash items) on an unconsolidated basis. We may take actions
  to cause the investment securities held by us to be less than 40% of our total assets, which may include acquiring assets with our cash
  and bitcoin on hand or liquidating our investment securities or bitcoin or seeking a no-action letter from the SEC if we are unable to
  acquire sufficient assets or liquidate sufficient investment securities in a timely manner.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
  the Rule 3a-2 exception is available to a company no more than once every three years, and assuming no other exclusion were available
  to us, we would have to keep within the 40% limit for at least three years after we cease being an inadvertent investment company. This
  may limit our ability to make certain investments or enter into joint ventures that could otherwise have a positive impact on our earnings.
  In any event, we do not intend to become an investment company engaged in the business of investing and trading securities.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
  as an investment company under the Investment Company Act requires registration with the SEC. If an investment company fails to register,
  it would have to stop doing almost all business, and its contracts would become voidable. Registration is time consuming and restrictive
  and would require a restructuring of our operations, and we would be very constrained in the kind of business we could do as a registered
  investment company. Further, we would become subject to substantial regulation concerning management, operations, transactions with affiliated
  persons and portfolio composition, and would need to file reports under the Investment Company Act regime. The cost of such compliance
  would result in the Company incurring substantial additional expenses, and the failure to register if required would have a materially
  adverse impact to our operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  face risks related to the novel Coronavirus (COVID-19) outbreak, which could significantly disrupt our operations and financial results.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  believe that our results of operations, business and financial condition has continuously been adversely impacted by the effects of
  the novel Coronavirus (COVID-19). Currently, Our mining operations in China are under the process of migration out of China.
  Although the novel Coronavirus (COVID-19) outbreak in China has been strictly and well controlled, to date the Chinese local
  authorities normally require quarantine or restriction on the movement of residents once new novel Coronavirus (COVID-19) patient
  found in their jurisdiction according to the severity of the situation. If a similar situation occurs near our mining factories, we
  may experience disruptions to our current business operations and migration resulting from quarantines, self-isolations, or other
  movement and restrictions on the ability of our mining consultants to perform their jobs. If we are unable to effectively service
  our miners, our ability to mine bitcoin will be adversely affected as miners go offline, which would have an adverse effect on our
  business and the results of our operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  addition to global macroeconomic effects, the novel Coronavirus (COVID-19) outbreak and any other related adverse public health developments
  may cause disruption to our mining activities. The novel Coronavirus (COVID-19) or other disease outbreak will in the short-term, and
  may over the longer term, adversely affect the economies and financial markets of many countries, resulting in an economic downturn that
  may adversely affect demand for bitcoin and impact our operating results. Although the magnitude of the impact of the novel Coronavirus
  (COVID-19) outbreak on our business and operations remains uncertain, the continued global spread of the novel Coronavirus (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. In addition, we have experienced and will experience disruptions
  to our business operations resulting from quarantines, self-isolations, or other movement and restrictions on the ability of our employees
  to perform their jobs. If we are unable to effectively service our miners, our ability to mine bitcoin will be adversely affected as
  miners go offline, which would have an adverse effect on our business and the results of our operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  third-party manufacturers, suppliers, sub-contractors and customers have been and will continue to be disrupted by worker absenteeism,
  quarantines, restrictions on employees&rsquo; ability to work, office and factory closures, disruptions to ports and other shipping infrastructure,
  border closures, or other travel or health-related restrictions. Depending on the magnitude of such effects on our supply chain, shipments
  of parts for our existing miners, which are second-hand, as well as any new miners we purchase, may be delayed. As our miners require
  repair or become obsolete and require replacement, our ability to obtain adequate replacements or repair parts from their manufacturer
  may therefore be hampered. Supply chain disruptions could therefore negatively impact our operations. If not resolved quickly, the impact
  of the novel Coronavirus (COVID-19) global pandemic could have a material adverse effect on our business.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
  coronavirus pandemic is a serious threat to health and economic wellbeing affecting our employees, investors and our sources of supply.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
  March 11, 2020, the World Health Organization announced that infections of the novel Coronavirus (COVID-19) had become pandemic, and
  on March 13, 2020, the U.S. President announced a National Emergency relating to the disease. There has been and continues to be widespread
  infection in the United States with a second wave now appearing in China, with the potential for catastrophic impact. Mandatory business
  closures have had catastrophic impacts on domestic and foreign economies of uncertain duration.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  effectiveness of the novel Coronavirus (COVID-19) vaccine remains to be verified worldwide. The sweeping nature of the novel Coronavirus
  (COVID-19) pandemic makes it extremely difficult to predict how the company&rsquo;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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 develop the infrastructure of a public company and 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  do not have any business insurance coverage.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance
  companies in China currently do not offer as extensive an array of insurance products as insurance companies in more developed economies.
  Currently, we do not have any business liability or disruption insurance to cover our operations. However, we do have director&rsquo;s
  and officer&rsquo;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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
  we are unable to successfully continue our bitcoin mining business plan, it would affect our financial and business condition and results
  of operations.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  previously announced growth strategy included the expansion of our operations to our upstream and downstream industries. In fiscal 2018,
  we set new financial targets to grow operating income, accelerate earnings per share growth faster than operating income growth and improve
  return on invested capital. In October 2019, we decided to enter the bitcoin mining business. There are various risks related to these
  efforts, including 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. Our intentions and expectations with regard to the execution of our business plan, and
  the timing of any related initiatives, are subject to change at any time based on management&rsquo;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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
  the year ended December 31, 2020, we raised gross proceeds aggregating $5.2 million in cash and $14.6 million in USDC in certain private
  placements, which enabled us to implement our new business strategy. However, we incurred net losses of approximately $1.9 million, $9.7
  million and $3.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. We also had negative cash flows from our
  operating activities of approximately $3.1 million, $1.3 million and $5.1 million for the years ended December 31, 2020, 2019 and 2018,
  respectively. 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&rsquo;s development. Our inability to offset our expenses with adequate revenue,
  will adversely affect our liquidity, financial condition and results of operations. Although we believe that our cash on hand and anticipated
  cash flows from operating activities will 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 this 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Bitcoin-Related
  Risks</U></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  results of operations are expected to be impacted by significant fluctuation of Bitcoin price</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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$3,792 per coin as of December 31, 2018, US$7,220 per coin as of December 31,
  2019 to US$ 28,922 per coin as of December 31, 2020 according to Blockchain.info. According to the same source, from January 1, 2020
  to December 31, 2020, the highest Bitcoin price was approximately US$29,307 per coin and the lowest was US$3,800 per coin.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  expect our results of operations to continue to be affected by the bitcoin price as most of the revenue is from bitcoin mining production
  as of the filing date. 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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 four years later,
  which may further contribute to Bitcoin price volatility.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>It
  may be illegal now, or in the future, to acquire, own, hold, sell or use bitcoin, ether, or other cryptocurrencies, participate in blockchains
  or utilize similar bitcoin assets in China or other countries, the ruling of which would adversely affect us.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
  currently cryptocurrencies generally are not regulated or are lightly regulated in most countries, one or more countries such as China
  and Russia, which have taken harsh regulatory action, may take regulatory actions in the future that could severely restrict the right
  to acquire, own, hold, sell or use these bitcoin assets or to exchange for fiat currency. In many nations, particularly in China and
  Russia, financial institutions are barred from accepting deposits of cryptocurrencies. Such restrictions may adversely affect us as the
  large-scale use of cryptocurrencies as a means of exchange is presently confined to certain regions globally.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  mining operating costs outpace our mining revenues, which could seriously harm our business or increase our losses.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
  the Purchase Agreement to continue to purchase bitcoin mining machines. 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 perform.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  have an evolving business model which is subject to various uncertainties.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
  bitcoin 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 may need to evolve as well. From time to time, we may 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
  properties included in our mining network may experience damages, including damages that are not covered by insurance.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  current mining operation in the states of Texas, Nebraska and Georgia in the United States and our mining operation under migration
  out of China 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:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25IN"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25IN"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
      presence of construction or repair defects or other structural or building damage;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">claims
      by employees and others for injuries sustained at our properties.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
  example, our mine could be rendered inoperable, temporarily or permanently, as a result of a fire or other natural disaster, the coronavirus,
  or by a terrorist or other attack on the mine. The security and other measures we take to protect against these risks may not be sufficient.
  Additionally, our mine 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 requirement, 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If,
  pursuant to our hosting service contracts (the &ldquo;Hosting Agreements&rdquo;) with hosting service providers, hosting service providers
  cannot or will not supply sufficient electric power for us to operate our miners, we may be required 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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  have 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 provide many advantages
  as opposed to other alternative arrangements. If we are required to deploy or move our miners from the current hosting service providers
  to other mining facilities, 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 an alternative mining facility. Should this occur, our operations
  may be disrupted, which may have a material adverse effect on our operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
  our Hosting Agreements with the current hosting service providers 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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
  we are forced to relocate to a new mining facility, we may not be successful in identifying adequate replacement facilities to house
  our miners. And 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 will require 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. If we are required to move our miners,
  our business may suffer, and our results of operations would be expected to be materially adversely affected.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Regulatory
  changes or actions may alter the nature of an investment in us or restrict the use of cryptocurrencies in a manner that adversely affects
  our business, prospects or operations.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
  cryptocurrencies have grown in both popularity and market size, governments around the world have reacted differently to cryptocurrencies;
  certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while in some jurisdictions,
  such as in the U.S., subject to extensive, and in some cases overlapping, unclear and evolving regulatory requirements. 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
  development and acceptance of cryptographic and algorithmic protocols governing the issuance of and transactions in cryptocurrencies
  is subject to a variety of factors that are difficult to evaluate.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  use of cryptocurrencies 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 cryptocurrencies 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:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25IN"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25IN"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued
      worldwide growth in the adoption and use of cryptocurrencies as a medium to exchange;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">governmental
      and quasi-governmental regulation of cryptocurrencies and their use, or restrictions on or regulation of access to and operation
      of the network or similar bitcoin systems;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
      in consumer demographics and public tastes and preferences;</FONT></TD></TR>
    </TABLE>
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25IN"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25IN"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
      maintenance and development of the open-source software protocol of the network;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
      increased consolidation of contributors to the bitcoin blockchain through mining pools;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
      use of the networks supporting cryptocurrencies for developing smart contracts and distributed applications;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
      economic conditions and the regulatory environment relating to cryptocurrencies; and</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">negative
      consumer sentiment and perception of bitcoin specifically and cryptocurrencies generally.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 cryptocurrencies we mine or otherwise acquire or hold for our own account, which would harm investors
  in our securities.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Banks
  and financial institutions may not provide banking services, or may cut off services, to businesses that engage in bitcoin-related activities
  or that accept cryptocurrencies as payment, including financial institutions of investors in our securities.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Similarly, a number of companies and individuals or businesses
  associated with cryptocurrencies 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 cryptocurrencies has been
  to exclude their use for ordinary consumer transactions within its jurisdiction.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
  to such restrictions, we also may be unable to obtain or maintain these services for our business. The difficulty that many businesses
  that provide bitcoin and/or derivatives on other bitcoin-related activities have and may continue to have in finding banks and financial
  institutions willing to provide them services may be decreasing the usefulness of cryptocurrencies as a payment system and harming public
  perception of cryptocurrencies and could decrease their usefulness and harm their public perception in the future.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  usefulness of cryptocurrencies as a payment system and the public perception of cryptocurrencies 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 cryptocurrencies 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  may face risks of Internet disruptions, which could have an adverse effect on the price of cryptocurrencies.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
  disruption of the Internet may affect the use of cryptocurrencies and subsequently the value of our securities. Generally, cryptocurrencies
  and our business of mining cryptocurrencies is dependent upon the Internet. A significant disruption in Internet connectivity could disrupt
  a currency&rsquo;s network operations until the disruption is resolved and have an adverse effect on the price of cryptocurrencies and
  our ability to mine cryptocurrencies.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
  impact of geopolitical and economic events on the supply and demand for cryptocurrencies is uncertain.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geopolitical
  crises may motivate large-scale purchases of bitcoin and other cryptocurrencies, which could increase the price of bitcoin and other
  cryptocurrencies 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 cryptocurrencies as investors focus their investment on less volatile asset classes as a means of hedging their investment risk.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
  an alternative to fiat currencies that are backed by central governments, cryptocurrencies, 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 common stock. Political or economic crises may motivate large-scale acquisitions or sales of cryptocurrencies
  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 cryptocurrencies we mine or otherwise acquire or hold for our own account.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Acceptance
  and/or widespread use of bitcoin is uncertain.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Transactional
  fees may decrease demand for bitcoin and prevent expansion.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 to transaction fees. In order to incentivize miners to continue to
  contribute to the bitcoin network, the bitcoin network may either formally or informally transition from a set reward to transaction
  fees earned upon solving a block. This transition could be accomplished by miners independently electing to record in the blocks they
  solve only those transactions that include payment of a transaction fee. 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 bitcoin 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 and demand for bitcoin may adversely affect its value and
  result in a reduction in the price of bitcoin and the value of our ordinary shares.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 cryptocurrencies, the value of our ordinary shares may be adversely affected.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>There
  is a lack of liquid markets, and possible manipulation of blockchain/bitcoin-based assets.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cryptocurrencies
  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&rsquo;s controls and other policies. 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 cryptocurrencies we mine or otherwise acquire or hold for our own account,
  and harm investors.</FONT></P>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  operations, investment strategies and profitability may be adversely affected by competition from other methods of investing in cryptocurrencies.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  compete with other users and/or companies that are mining cryptocurrencies and other potential financial vehicles, including securities
  backed by or linked to cryptocurrencies 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 cryptocurrencies 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 cryptocurrencies we mine or otherwise acquire or hold for our own account, and harm investors.</FONT></P>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 cryptocurrencies
  we mine or otherwise acquire or hold for our own account, and harm investors.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  bitcoins may be subject to loss, theft or restriction on access.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
  is a risk that some or all of our bitcoins could be lost or stolen. Cryptocurrencies are stored in bitcoin sites commonly referred to
  as &ldquo;wallets&rdquo; by holders of bitcoins which may be accessed to exchange a holder&rsquo;s bitcoin assets. Access to our bitcoin
  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. 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 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. We hold all of our cryptocurrencies in cold storage to reduce the risk of malfeasance, but the risk of loss of
  our bitcoin assets cannot be wholly eliminated.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hackers
  or malicious actors may launch attacks to steal, compromise or secure cryptocurrencies, such as by attacking the bitcoin network source
  code, exchange miners, third-party platforms, cold and hot storage locations or software, or by other means. We may be in control and
  possession of one of the more substantial holdings of bitcoins. 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 bitcoin holdings or the holdings of others 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cryptocurrencies
  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&rsquo;s public key or address is reflected in the network&rsquo;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 cryptocurrencies 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 cryptocurrencies we mine or otherwise acquire
  or hold for our own account.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risks
  due to hacking or adverse software event.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
  present, the Company is evaluating several third-party custodial 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 bitcoin 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Incorrect
  or fraudulent bitcoin transactions may be irreversible.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
  transactions are irrevocable and stolen or incorrectly transferred cryptocurrencies may be irretrievable. As a result, any incorrectly
  executed or fraudulent bitcoin transactions could adversely affect our investments and assets.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
  transactions are not, from an administrative perspective, reversible without the consent and active participation of the recipient of
  the cryptocurrencies 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 cryptocurrencies we mine or otherwise acquire or hold for our own account.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  interactions with a blockchain may expose us to SDN or blocked persons or cause us to violate provisions of law that did not contemplate
  distribute ledger technology.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Office of Financial Assets Control of the US Department of Treasury (&ldquo;OFAC&rdquo;) requires us to comply with its sanction program
  and not conduct business with persons named on its specially designated nationals (&ldquo;SDN&rdquo;) 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&rsquo;s
  SDN list. Our Company&rsquo;s policy prohibits any transactions with such SDN individuals, 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 literally 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 common stock.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  reliance primarily on a single model of miner may subject our operations to increased risk of mine failure.</I></B></FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  performance and reliability of our miners and our technology is critical to our reputation and our operations. Because we currently use
  MicroBT, Bitmain and Innosilicon 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, Bitmain
  and Innosilicon miners affects all our miners, if a defect other flaw is exploited, our entire mine 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
  damage to our reputation.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
  Company&rsquo;s reliance on a third-party mining pool service provider for our mining revenue payouts may have a negative impact on the
  Company&rsquo;s operations.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  use third&ndash;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&rsquo;s overall mining power, used to generate each block. Should the pool operator&rsquo;s
  system suffer downtime due to a cyber-attack, 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&rsquo;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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (&ldquo;FDIC&rdquo;) or the Securities Investor Protection Corporation (&ldquo;SIPC&rdquo;).
  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 stock price.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
  regulatory changes or interpretations of our activities require our registration as a money services business (&ldquo;MSB&rdquo;) under
  the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act, 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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
  the extent that our activities cause us to be deemed an 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
  the extent that our activities cause us to be deemed a &ldquo;money transmitter&rdquo; (&ldquo;MT&rdquo;) or equivalent designation,
  under state law in any state in which we operate (currently, Nebraska and Texas), 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 U.S. completely. Any such action would be expected to materially adversely affect our operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
  legislation, including the Commodities Exchange Act of 1936, as amended (the &ldquo;CEA&rdquo;) 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 (&ldquo;CFTC&rdquo;), which oversees the CEA, may impact the classification of bitcoins and
  therefore may subject them to additional regulatory oversight by the CFTC.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Presently,
  bitcoin derivatives are not excluded from the definition of a &ldquo;commodity future&rdquo; 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 prospectus, no CFTC orders or rulings are applicable to our business.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Cryptocurrencies
  face significant scaling obstacles that can lead to high fees or slow transaction settlement times.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cryptocurrencies
  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 cryptocurrencies is essential to the widespread acceptance of cryptocurrencies 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, cryptocurrencies 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&rsquo;s or validator&rsquo;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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
  price of cryptocurrencies may be affected by the sale of such cryptocurrencies by other vehicles investing in cryptocurrencies or tracking
  bitcoin markets.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 cryptocurrencies 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 cryptocurrencies or tracking bitcoin markets form and come to represent a significant proportion of the demand for cryptocurrencies,
  large redemptions of the securities of those vehicles and the subsequent sale of cryptocurrencies 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 cryptocurrencies we mine or otherwise acquire or hold for our
  own account.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Because
  there has been limited precedent set for financial accounting of bitcoin and other bitcoin assets, the determination that we have made
  for how to account for bitcoin assets transactions may be subject to change.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
  there has been limited precedent set for the financial accounting of cryptocurrencies 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 transactions and assets 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 cryptocurrencies we hold or expects to acquire for
  our own account and harm investors.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  mining operations can only be successful and ultimately profitable if the costs, including hardware and electricity costs, associated
  with mining cryptocurrencies 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. To date, we have
  purchased second-hand miners from third parties. The degradation of our miners will require us to, over time, replace those miners which
  are no longer functional. Additionally, as the technology evolves, we may be required to acquire newer models of miners to remain competitive
  in the market. Reports have been released which indicate that miner manufacturer or seller adjusts the prices of its 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, which has been severely affected by the emergence of the COVID-19 coronavirus global pandemic. The global reliance on China as
  a main supplier of bitcoin miners has been called into question in the wake of the COVID-19 pandemic. Should similar outbreaks or other
  disruptions to the China-based global supply chain for bitcoin hardware 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
  bitcoin for which we mine, is subject to halving; the bitcoin reward for successfully uncovering a block will halve several times in
  the future and their value may not adjust to compensate us for the reduction in the rewards we receive from our mining efforts.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Halving
  is a process designed to control the overall supply and reduce the risk of inflation in cryptocurrencies using a Proof-of-Work consensus
  algorithm. At a predetermined block, the mining reward is cut in half, hence the term &ldquo;halving.&rdquo; 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 process will reoccur until the total amount of bitcoin currency rewards issued reaches 21 million, which is expected around
  2140. 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  future success will depend in large part upon the value of bitcoin; the value of bitcoin may be subject to pricing risk and has historically
  been subject to wide swings</I>.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  operating results will depend in large part upon the value of bitcoin because it&rsquo;s the sole cryptocurrency we currently mine. Specifically,
  our revenues from our bitcoin mining operations are based upon two factors: (1) the number of bitcoin rewards we successfully mine and
  (2) the value of bitcoin. 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 will be reflected in our statement of operations (i.e., we will be
  marking bitcoin to fair value each quarter). This means that our operating results will be subject to swings based upon increases or
  decreases in the value of bitcoin. Furthermore, our strategy currently focuses entirely on bitcoin (as opposed to other cryptocurrencies).
  Further, our current application-specific integrated circuit (&ldquo;ASIC&rdquo;) machines (which we refer to as &ldquo;miners&rdquo;)
  are principally utilized for mining bitcoin and bitcoin cash and cannot mine other cryptocurrencies, such as ether, that are not mined
  utilizing the &ldquo;SHA-256 algorithm.&rdquo; If other cryptocurrencies were to achieve acceptance at the expense of bitcoin or bitcoin
  cash 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
  and other bitcoin market prices, which have historically been volatile and are impacted by a variety of factors (including those discussed
  below), are determined primarily using data from various exchanges, over-the-counter markets and derivative platforms. 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 cryptocurrencies,
  or our share price, inflating and making their market prices more volatile or creating &ldquo;bubble&rdquo; type risks for both bitcoin
  and shares of our ordinary shares.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  may not be able to realize the benefits of forks.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;fork&rdquo; 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 a 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 cryptocurrencies, 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 stock.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proof
  of stake is an alternative method in validating bitcoin transactions. Should the algorithm shift from a proof of work validation method
  to a proof of stake method, mining would require 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 form this as a result, and may be negatively impacted if a switch
  to proof of stake validation were to occur. 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 cryptocurrencies
  we mine or otherwise acquire or hold for our own account<B>.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 cryptocurrencies.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;professionalized&rdquo;
  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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
  a malicious actor or botnet obtains control of more than 50% of the processing power on a bitcoin network, 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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, it may be able to alter blockchains on which
  transactions of bitcoin 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 could not generate
  new units or transactions using such control. The malicious actor could &ldquo;double-spend&rdquo; its own bitcoin (i.e., spend the same
  bitcoin in more than one transaction) and prevent the confirmation of other users&rsquo; transactions for as long as it maintained control.
  To the extent that such malicious actor or botnet does not yield its control of the processing power on the network or the bitcoin community
  does 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 cryptocurrencies may be compromised but is only an example.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
  there are no known reports of malicious activity or control of blockchains achieved through controlling over 50% of the processing power
  on the network, it is believed that certain mining pools may have exceeded the 50% threshold in bitcoin. The possible crossing of the
  50% threshold indicates a greater risk that a single mining pool could exert authority over the validation of bitcoin transactions. To
  the extent that the bitcoin ecosystem, and the administrators of mining pools, do not act to ensure greater decentralization of bitcoin
  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 50% mining pool and thereby gain control of 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, may adversely affect an investment in our common stock. 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 cryptocurrencies
  we mine or otherwise acquire or hold for our own account, and harm investors.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Cryptocurrencies,
  including those maintained by or for us, may be exposed to cybersecurity threats and hacks.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
  with any computer code generally, flaws in bitcoin codes may be exposed by malicious actors. Several errors and defects have been found
  previously, including those that disabled some functionality for users and exposed users&rsquo; information. Exploitations of flaws in
  the source code that allow malicious actors to take or create money have previously occurred. Despite our efforts and processes to prevent
  breaches, our devices, as well as our miners, computer systems and those of third parties that we use in our operations, are vulnerable
  to cyber security risks, including cyber-attacks such as viruses and worms, phishing attacks, denial-of-service attacks, physical or
  electronic break-ins, employee theft or misuse, and similar disruptions from unauthorized tampering with our miners and computer systems
  or those of third parties that we use in our operations. 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 cryptocurrencies we mine or otherwise acquire or hold for our own account.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  operation of a bitcoin or other bitcoin 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. According to PRC Provisions on Supply and Use of Electricity (revised in 2019), excessive use of
  electricity or failure to use electricity in accordance with the contract may result in stop of the power supply. Additionally, our miners
  could be materially adversely affected by a power outage. PRC Electricity Law forbids users to build power plants without permission
  of Electric Department of the State Council. Given the power requirement, it would not be feasible to run miners on back-up power generators
  or purchase power from personal power plant in the event of a government restriction on electricity or a power outage.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
  the award of bitcoin rewards, for us primarily bitcoin for solving blocks and transaction fees are not sufficiently high, we may not
  have an adequate incentive to continue mining and may cease mining operations, which will likely lead to our failure to achieve profitability.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
  the number of bitcoin rewards awarded for solving a block in a blockchain decreases, our ability to achieve profitability worsens. Decreased
  use and demand for bitcoin rewards may adversely affect our incentive to expend processing power to solve blocks. 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. For instance, the current fixed reward for solving a new block on the bitcoin blockchain is twelve and
  a half bitcoin currency rewards per block, which decreased from 25 bitcoins to 12.5 bitcoins in July 2016 and from 12.5 bitcoins to 6.25
  bitcoins in May 2020. It is estimated that it will halve again in about three (3) years. This reduction 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 percent of the processing power active on a
  blockchain, potentially permitting such actor or botnet to manipulate a blockchain in a manner that adversely affects 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 cryptocurrencies we mine or otherwise
  acquire or hold for our own account.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  may not adequately respond to price fluctuations and rapidly changing technology, which may negatively affect our business.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competitive
  conditions within the bitcoin 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 bitcoin 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 common stock.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Risk
  Related to The Car Rental Business</U></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  proposed car rental business in the U.S. is particularly sensitive to reductions in the levels of airline passenger travel, and any lasting
  reductions in air travel as a result of COVID-19 could materially adversely our business strategy.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  car rental industry in the U.S. has been severely impacted by reductions in airline passenger traffic as a result of the coronavirus.
  While we believe that we will be able to implement our business strategy at favorable purchase prices there can be no assurance that
  the industry will return to anywhere normal conditions in the near future. Further reductions in levels of air travel, whether caused
  by general economic conditions, airfare increases (such as due to capacity reductions or increases in fuel costs borne by commercial
  airlines) or other events (such as work stoppages, military conflicts, terrorist incidents, natural disasters, epidemic diseases, or
  the response of governments to any of these events) could materially adversely affect us in the future.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  will face intense competition in the car rental business that may lead to downward pricing or an inability to increase prices.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  car rental market in which we expect to operate in the U.S. is highly competitive. We believe that price is the primary competitive factor
  in the car rental market and that the Internet has enabled cost-conscious customers, including business travelers, to more easily compare
  rates available from rental companies. If we try to increase our pricing, our competitors, most of which are expected to have greater
  resources and better access to capital than us, may seek to compete aggressively on the basis of pricing. In addition, our competitors
  may reduce prices in order to attempt to gain a competitive advantage or to compensate for declines in rental activity. To the extent
  we do not match or remain within a reasonable competitive margin of our competitors&rsquo; pricing, our revenues and results of operations
  could be materially adversely affected. If competitive pressures lead us to match any of our competitors&rsquo; downward pricing and
  we are not able to reduce our operating costs, then our margins, results of operations and cash flows could be materially adversely impacted.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
  car rental business is expected to be highly seasonal and any occurrence that disrupts rental activity during our peak periods could
  materially adversely affect our liquidity, cash flows and results of operations.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
  significant components of our expenses are fixed in the short-term, including acquisition costs, real estate taxes, rent, insurance,
  utilities, maintenance and other facility-related expenses, the costs of operating our information technology systems and minimum staffing
  costs. Seasonal changes in our revenues do not alter those fixed expenses, typically resulting in higher profitability in periods when
  our revenues are higher. We are seeking to enter the South Florida marketplace first. The winter months of the year have historically
  been the strongest quarters due to their increased levels of vacation traveling South Florida. If we are able to enter this marketplace,
  any occurrence that disrupts rental activity during the winter months could have a disproportionately material adverse effect on our
  liquidity, cash flows and results of operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
  we are unable to purchase adequate supplies of competitively priced cars or equipment and the cost of the cars or equipment we purchase
  increases, our financial condition, results of operations, liquidity and cash flows may be materially adversely affected.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  do not expect to be a party to any long-term car supply arrangements with manufacturers. The price and other terms at which we can acquire
  cars thus varies based on market and other conditions. For example, certain car manufacturers have in the past, and may in the future,
  utilize strategies to de-emphasize sales to the car rental industry, which can negatively impact our ability to obtain cars on competitive
  terms and conditions. Consequently, there is no guarantee that we can purchase a sufficient number of vehicles at competitive prices
  and on competitive terms and conditions. Reduced or limited supplies of equipment together with increased prices are risks that we also
  face in our equipment rental business. If we are unable to obtain an adequate supply of cars or equipment, or if we obtain less favorable
  pricing and other terms when we acquire cars or equipment and are unable to pass on any increased costs to our customers, then our financial
  condition, results of operations, liquidity and cash flows may be materially adversely affected.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Significant
  increases in fuel prices or reduced supplies of fuel could harm our business.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
  fuel prices are currently at low prices, significant increases in fuel prices, reduced fuel supplies or the imposition of mandatory allocations
  or rationing of fuel could negatively impact our car rental business by discouraging consumers from renting cars, changing the types
  of cars our customers rent from us or the other services they purchase from us or disrupting air travel, any of which could have a material
  adverse effect on our financial condition and results of operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Manufacturer
  safety recalls could create risks to our business.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  cars may be subject to safety recalls by their manufacturers. A recall may cause us to retrieve cars from renters and decline to rent
  recalled cars until we can arrange for the steps described in the recall to be taken. We could also face liability claims if a recall
  affects cars that we have sold. If a large number of cars are the subject of a recall or if needed replacement parts are not in adequate
  supply, we may not be able to rent recalled cars for a significant period of time. Those types of disruptions could jeopardize our ability
  to fulfill existing contractual commitments or satisfy demand for our vehicles and could also result in the loss of business to our competitors.
  Depending on the severity of any recall, it could materially adversely affect our revenues, create customer service problems, reduce
  the residual value of the recalled cars and harm our general reputation.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  face risks related to liabilities and insurance.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  proposed business will expose us to claims for personal injury, death and property damage resulting from the use of the cars rented or
  sold by us, and for employment-related claims by our employees. We cannot assure you that we will not be exposed to uninsured liability
  at levels in excess of historical levels resulting from multiple payouts or otherwise, that liabilities in respect of existing or future
  claims will not exceed the level of our insurance, that we will have sufficient capital available to pay any uninsured claims or that
  insurance with unaffiliated carriers will continue to be available to us on economically reasonable terms or at all.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Environmental
  laws and regulations and the costs of complying with them, or any liability or obligation imposed under them, could materially adversely
  affect our financial position, results of operations or cash flows.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  will be subject to federal, state, local and foreign environmental laws and regulations in connection with our car rental operations,
  including with respect to the ownership and operation of tanks for the storage of petroleum products, such as gasoline, diesel fuel and
  motor and waste oils. We cannot assure you that our tanks will at all times remain free from leaks or that the use of these tanks will
  not result in significant spills or leakage. If leakage or a spill occurs, it is possible that the resulting costs of cleanup, investigation
  and remediation, as well as any resulting fines, could be significant. We cannot assure you that compliance with existing or future environmental
  laws and regulations will not require material expenditures by us or otherwise have a material adverse effect on our consolidated financial
  position, results of operations or cash flows</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  U.S. Congress and other legislative and regulatory authorities in the United States have considered, and will likely continue to consider,
  numerous measures related to climate change and greenhouse gas emissions. Should rules establishing limitations on greenhouse gas emissions
  or rules imposing fees on entities deemed to be responsible for greenhouse gas emissions become effective, demand for our services could
  be affected, our fleet and/or other costs could increase, and our business could be adversely affected.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Changes
  in the U.S. legal and regulatory environment that affect our proposed operations, including laws and regulations relating to taxes, automobile-related
  liability, insurance rates, insurance products, consumer privacy, data security, employment matters, cost and fee recovery and the banking
  and financing industry could disrupt our proposed business, increase our expenses or otherwise have a material adverse effect on our
  results of operations.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  expect to be subject to a wide variety of U.S. laws and regulations and changes in the level of government regulation of our business
  have the potential to materially alter our business practices and materially adversely affect our financial position and results of operations,
  including our profitability. Those changes may come about through new laws and regulations or changes in the interpretation of existing
  laws and regulations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
  Involving Intellectual Property</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Bitcoin
  and bitcoin mining are software related</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
  cryptocurrency related operations. We do expect to 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 cryptocurrency mining operation.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;Business-Intellectual Property&rdquo; and &ldquo;Regulation&mdash;Regulation
  on Intellectual Property Rights.&rdquo; 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
  is often difficult to register, maintain and enforce intellectual property rights in China. Statutory laws and regulations are subject
  to judicial interpretation and enforcement and may not be applied consistently due to the lack of clear guidance on statutory interpretation.
  Confidentiality, invention assignment and non-compete agreements may be breached by counterparties, and there may not be adequate remedies
  available to us for any such breach. Accordingly, we may not be able to effectively protect our intellectual property rights or to enforce
  our contractual rights in China. 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;s time and other resources from our business and operations to defend against these claims,
  regardless of their merits.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
  the application and interpretation of China&rsquo;s intellectual property right laws and the procedures and standards for granting trademarks,
  patents, copyrights, know-how or other intellectual property rights in China are still evolving and are uncertain, and we cannot assure
  you that PRC courts or regulatory authorities would agree with our analysis. 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
  Related to Doing Business in China</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
  to laws and regulations of PRC, there are two ways for foreign legal persons/entities to engaging in operation activities within the
  territory of China: the first, to establish a foreign-invested enterprise, which is incorporated according to Foreign Investment Law
  of PRC, within the territory of China and is wholly or partly invested by a foreign investor. The organization form, institutional framework
  and standard of conduct of a foreign-invested enterprise shall be subject to the provisions of the Company Law of the PRC and the Partnership
  Enterprise Law of the PRC and other law related regulations; or the second, 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Policy
  risk of foreign investment in China.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Chinese government shall implement 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 refers to special administrative measures for
  the access of foreign investment in specific fields as stipulated by the State. The Chinese government shall give national treatment
  to foreign investment beyond the negative list.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
  to the Special Administrative Measures for Access of Foreign Investment (2020 Edition), or the 2020 Edition Negative list, issued by
  The Ministry of Commerce of the PRC (the &ldquo;MOFCOM&rdquo;) and the NDRC on June 23, 2020 which came into effect on July 23, 2020,
  our business does not fall into the negative list and is permitted for foreign investment as of the date hereof. The Negative list will
  be revised from time to time.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Foreign
  company engaged in profit-making activities in China.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
  to Order No.31,foreign enterprises engaged in profit-making activities in China shall 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, the foreign enterprises may not conduct any production and operation activities within the territory of China. Without the
  approval of the approving authorities and the registration of registration authorities, foreign enterprise engaging in profit-making
  activities authority may be imposed penalties such as warning, fine, confiscation of illegal income, suspension of business for rectification
  on a case-by-case basis.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Bit Digital Hong Kong does not provide cloud mining services or similar services to any third
  parties.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Administrative Measures for the Registration of Enterprises of Foreign
  Countries (Regions) Engaging in Production and Operation Activities within the Territory of China or the Order No.31. It has been
  clarified in the Company&rsquo;s Form F-1 Registration Statement that a foreign company, including a Hong Kong company, is permitted
  to be engaged in production and operation within the territory of China in two ways, one is to obtain the license or approval, 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 and/or suspension of business for rectification. Furthermore, although Hong Kong is one of the special administrative
  districts of the PRC, generally, from the perspective of foreign investment supervision, Hong Kong companies are treated as foreign
  companies and most of the laws and regulations related to the foreign investment also apply to Hong Kong. Considering that Bit
  Digital Hong Kong has already been engaged in Bitcoin mining activities in the territory of China, and that Bit Digital Hong Kong
  has not obtained business licenses in relevant provinces yet, it will be much more difficult for Bit Digital Hong Kong to obtain
  license directly 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 the operation activities in P.R.C.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Changes
  in China&rsquo;s economic, political or social conditions or government policies could have a material adverse effect on our business
  and results of operations.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Part our current
  operations are still located in PRC, although we are under the process of shipping miners to the United States and/or Canada our
  bitcoin mining business is worldwide. Accordingly, our business, prospects, financial condition and results of operations may be
  influenced to a significant degree by political, economic and social conditions in China generally and by continued economic growth
  in China as a whole. In March 2021, the government of China&rsquo;s Inner Mongolia, where the Company used to deploy miners, has
  banned cryptocurrency mining in order to constrain growth in energy consumption. On May 21, 2021, the Financial Stability and
  Development Commission of the State Council of China proposed to &ldquo;crack down on bitcoin mining and trading.&rdquo; On June 9,
  2021, Xinjiang Changji Hui Autonomous Prefecture Development and Reform Commission issued a notice on the immediate shutdown of
  enterprises engaged in virtual currency mining. Other provinces in China where the Company has deployed miners may do the same. The
  Company expects to migrate all computer miners out of China by July 1, 2021.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Chinese economy differs from the economies of most developed countries in many respects, including the amount of government involvement,
  level of development, growth rate, control of foreign exchange and allocation of resources. Although the Chinese government has implemented
  measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets and
  the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still
  owned by the government. In addition, the Chinese government continues to play a significant role in regulating industry development
  by imposing industrial policies. The Chinese government also exercises significant control over China&rsquo;s economic growth through
  allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy, and providing preferential
  treatment to particular industries or companies.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
  the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various
  sectors of the economy. The Chinese government has implemented various measures to encourage economic growth and guide the allocation
  of resources. Some of these measures may benefit the overall Chinese economy but may have a negative effect on us. For example, our financial
  condition and results of operations may be adversely affected by government control over capital investments or changes in tax regulations.
  In addition, in the past the Chinese government has implemented certain measures, including interest rate increases, to control the pace
  of economic growth. These measures may cause decreased economic activity in China, and since 2012, and in particular in 2020 as a result
  of COVID-19, China&rsquo;s economic growth has slowed down. Any prolonged slowdown in the Chinese economy may reduce the demand for our
  products and services and materially and adversely affect our business and results of operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Uncertainties
  in the interpretation and enforcement of Chinese laws and regulations could limit the legal protections available to us.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  PRC legal system is based on written statutes and prior court decisions have limited value as precedents. Since the PRC legal system
  continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these
  laws, regulations and rules involves uncertainties.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China
  is one of the jurisdictions to implement strict foreign exchange control. As a matter of fact, the free flow of bitcoin blurs the boundary
  of foreign exchange control. in some public speeches, officials of the Chinese State Administration of Foreign Exchange, or SAFE have
  expressed concerns about the challenges of cryptocurrency to foreign exchange control. In the event regulators believe that the circulation
  of bitcoin has a significant adverse impact on financial security, they may restrict the trading of bitcoin and the mining business in
  its jurisdiction.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
  time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. However, since PRC administrative
  and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult
  to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal
  systems. Furthermore, the PRC legal system is based in part on government policies and internal rules (some of which are not published
  in a timely manner or at all) that may have retroactive effect. Such uncertainties, including uncertainty over the scope and effect of
  our contractual, property (including intellectual property) and procedural rights, could materially and adversely affect our business
  and impede our ability to continue our operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  addition to the unified policies at the national level, the attitudes of the Chinese local or provincial governments towards mining enterprises
  have also changed from time to time. In recent years, local governments in Inner Mongolia, Sichuan and Xinjiang have taken action to
  inspect and clean up mining enterprises in their jurisdictions. The sharp rise in bitcoin prices this year results in increase of mining
  activity and electricity consumption, which may draw further attention and trigger new regulatory measures by local governments.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
  M&amp;A Rules and certain other PRC regulations establish complex procedures for some acquisitions of Chinese companies by foreign investors,
  which could make it more difficult for us to pursue growth through acquisitions in China.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  M&amp;A Rules discussed under &ldquo;Business- Regulation&rdquo; and some other regulations and rules concerning mergers and acquisitions
  established additional procedures and requirements that could make merger and acquisition activities by foreign investors more time consuming
  and complex, including requirements in some instances that the MOFCOM be notified in advance of any change-of-control transaction in
  which a foreign investor takes control of a PRC domestic enterprise. Moreover, the Anti-Monopoly Law requires that the MOFCOM shall be
  notified in advance of any concentration of undertaking if certain thresholds are triggered. In addition, the security review rules issued
  by the MOFCOM that became effective in September 2011 specify that mergers and acquisitions by foreign investors that raise &ldquo;national
  defense and security&rdquo; concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic
  enterprises that raise &ldquo;national security&rdquo; concerns are subject to strict review by the MOFCOM, and the rules prohibit any
  activities attempting to bypass a security review, including by structuring the transaction through a proxy or contractual control arrangement.
  In the future, we may grow our business by acquiring complementary businesses. Complying with the requirements of the above-mentioned
  regulations and other relevant rules to complete such transactions could be time consuming, and any required approval processes, including
  obtaining approval from the MOFCOM or its local counterparts may delay or inhibit our ability to complete such transactions, which could
  affect our ability to expand our business or maintain our market share.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
  promulgated the Circular on Relevant Issues Relating to Domestic Resident&rsquo;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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
  to comply with the SAFE registration described above could result in liability under PRC laws for evasion of applicable foreign exchange
  restrictions.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The remaining shareholders who directly
  or indirectly hold shares in our Company and who are known to us as being PRC residents are currently processing such registrations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Any
  failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans may subject the PRC
  plan participants or us to fines and other legal or administrative sanctions.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  February 2012, SAFE promulgated the Notices on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating
  in Stock Incentive Plan of Overseas Publicly-Listed Company, replacing earlier rules promulgated in March 2007. Pursuant to these rules,
  PRC citizens and non-PRC citizens who reside in China for a continuous period of not less than one year who participate in any stock
  incentive plan of an overseas publicly listed company, subject to a few exceptions, are required to register with SAFE through a domestic
  qualified agent, which could be the PRC subsidiary of such overseas listed company, and complete certain other procedures. In addition,
  an overseas entrusted institution must be retained to handle matters in connection with the exercise or sale of stock options and the
  purchase or sale of shares and interests. We and our executive officers and other employees who are PRC citizens or who have resided
  in the PRC for a continuous period of not less than one year and who have been granted options or other awards are subject to these regulations
  because our company is an overseas listed company. Failure to complete the SAFE registrations may subject them to fines and legal sanctions.
  See &ldquo;Regulation &mdash; Regulations on Stock Incentive Plans.&rdquo;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
  the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with a &ldquo;de facto management
  body&rdquo; 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 &ldquo;de facto management body&rdquo; 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 &ldquo;de facto management body&rdquo; 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&rsquo;s general position on how the &ldquo;de facto management body&rdquo; 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 &ldquo;de facto management body&rdquo; 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&rsquo;s financial and human
  resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise&rsquo;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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  believe none of our entities outside of China is a PRC resident enterprise for PRC tax purposes. See &ldquo;Taxation &mdash; People&rsquo;s
  Republic of China Taxation.&rdquo; 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 &ldquo;de facto management body.&rdquo; As all of our management
  members are 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Regulatory
  bodies of the United States may be limited in their ability to conduct investigations or inspections of our operations in China.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
  time to time, the Company may receive requests from certain U.S. agencies to investigate or inspect the Company&rsquo;s operations, or
  to otherwise provide information. While the Company will be compliant with these requests from these regulators, there is no guarantee
  that such requests will be honored by those entities who provide services to us or with whom we associate, especially as those entities
  are located in China. Furthermore, an on-site inspection of our facilities by any of these regulators may be limited or entirely prohibited.
  Such inspections, though permitted by the Company and its affiliates, are subject to the unpredictability of the Chinese enforcers, and
  may therefore be impossible to facilitate.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 in replacement of some of the existing rules in Circular 698, which became
  effective in February 2015.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
  Circular 7, where a non-resident enterprise conducts an &ldquo;indirect transfer&rdquo; by transferring the equity interests of a PRC
  &ldquo;resident enterprise&rdquo; 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%.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;substance over form&rdquo; 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 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Fluctuations
  in exchange rates could have a material adverse effect on our results of operations and the value of your investment.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
  date, substantially all of our revenues and expenditures have been denominated in RMB, whereas our reporting currency is the U.S. dollar.
  As a result, fluctuations in the exchange rate between the U.S. dollar and RMB will affect the relative purchasing power in RMB terms
  of our U.S. dollar assets. Our reporting currency is the U.S. dollar while the functional currency for our future PRC subsidiary and
  consolidated variable interest entity is RMB. Gains and losses from the remeasurement of assets and liabilities that are receivable or
  payable in RMB are included in our consolidated statements of operations. The remeasurement has caused the U.S. dollar value of our results
  of operations to vary with exchange rate fluctuations, and the U.S. dollar value of our results of operations will continue to vary with
  exchange rate fluctuations. A fluctuation in the value of RMB relative to the U.S. dollar could reduce our profits from operations and
  the translated value of our net assets when reported in U.S. dollars in our financial statements. This could have a negative impact on
  our business, financial condition or results of operations as reported in U.S. dollars. If we decide to convert our RMB into U.S. dollars
  for the purpose of making payments for dividends on our ordinary shares or for other business purposes, appreciation of the U.S. dollar
  against the RMB would have a negative effect on the U.S. dollar amount available to us. In addition, fluctuations in currencies relative
  to the periods in which the earnings are generated may make it more difficult to perform period-to-period comparisons of our reported
  results of operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
  remains significant international pressure on the PRC government to adopt a flexible currency policy. Any significant appreciation or
  depreciation of the RMB may materially and adversely affect our revenues, earnings and financial position, and the value of, and any
  dividends payable on, our ordinary shares in U.S. dollars. For example, to the extent that we need to convert U.S. dollars into RMB to
  pay our operating expenses, appreciation of the RMB against the U.S. dollar would have an adverse effect on the RMB amount we would receive
  from the conversion. Conversely, a significant depreciation of the RMB against the U.S. dollar may significantly reduce the U.S. dollar
  equivalent of our earnings, which in turn could adversely affect the market price of our ordinary shares.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
  limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into
  any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging
  transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge
  our exposure or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict
  our ability to convert RMB into foreign currency. As a result, fluctuations in exchange rates may have a material adverse effect on your
  investment.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Governmental
  control of currency conversion may limit our ability to utilize our net revenues effectively and affect the value of your investment.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  PRC government imposes controls on the convertibility of the RMB into foreign currencies and, in certain cases, the remittance of currency
  out of China. We have received substantially all of our net revenues in RMB. Under our current corporate structure, our company in the
  Cayman Islands may rely on dividend payments from our PRC subsidiary to fund any cash and financing requirements we may have. Under existing
  PRC foreign exchange regulations, payments of current account items, such as profit distributions and trade and service-related foreign
  exchange transactions, can be made in foreign currencies without prior approval from SAFE by complying with certain procedural requirements.
  Therefore, our future PRC subsidiary is able to pay dividends in foreign currencies to us without prior approval from SAFE, subject to
  the condition that the remittance of such dividends outside of the PRC complies with certain procedures under PRC foreign exchange regulation,
  such as the overseas investment registrations by the beneficial owners of our Company who are PRC residents. But approval from or registration
  with appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China to pay
  capital expenses such as the repayment of loans denominated in foreign currencies. Therefore, the Company&rsquo;s ability to support
  its operating and capital expenditure commitments will depend upon its obtaining approval from or registration with appropriate governmental
  authorities. The PRC government may also at its discretion restrict access in the future to foreign currencies or current account transactions.
  If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands,
  we may not be able to pay dividends in foreign currencies to our shareholders.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
  Related to Our Ordinary Shares</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  trading price of our ordinary shares is subject to arbitrary 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 cryptocurrencies or blockchains generally, factors over which we have little or no influence or control.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
  factors which could cause volatility in the market price of our ordinary shares include, but are not limited to:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
      or anticipated changes in our growth rate relative to our competitors;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">commercial
      success and market acceptance of blockchain and bitcoin and other cryptocurrencies;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions
      by our competitors, such as new business initiatives, acquisitions and divestitures;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategic
      transactions undertaken by us;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
      or departures of key personnel;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prevailing
      economic conditions;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disputes
      concerning our intellectual property or other proprietary rights;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
      of our common stock by our officers, directors or significant stockholders;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
      actions taken by our stockholders;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">future
      sales or issuances of equity or debt securities by us;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">business
      disruptions caused by earthquakes, tornadoes or other natural disasters;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuance
      of new or changed securities analysts&rsquo; reports or recommendations regarding us;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal
      proceedings involving our company, our industry or both;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
      in market valuations of companies similar to ours;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
      prospects of the industry in which we operate;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">speculation
      or reports by the press or investment community with respect to us or our industry in general;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
      level of short interest in our stock; and</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
      risks, uncertainties and factors described in this annual report.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  addition, the stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance
  of the issuer. These broad market fluctuations may negatively impact the price or liquidity of our common stock. 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 &ldquo;Business- Legal Proceedings, &ldquo;We, and some of our current and former officers and directors,
  have been named as parties to various lawsuits arising out of, or related to, allegedly false and misleading statements made in prior
  securities filings, and those lawsuits could adversely affect us, require significant management time and attention, result in significant
  legal expenses or damages, and cause our business, financial condition, results of operations and cash flows to suffer.&rdquo;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, so
  we were not in compliance with Nasdaq&rsquo;s rules for listing standards. Although we regained compliance, there can be no assurance
  we will continue to meet the minimum bid price requirements or any other requirements in the future, in which case our ordinary shares
  could be delisted.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  the event that our ordinary shares are delisted from Nasdaq and is not eligible for quotation or listing on another market or exchange,
  trading of our ordinary shares could be conducted only in 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,
  which may negatively affect our plans and the results of our operations.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
  securities or industry analysts do not publish research or publish unfavorable research about our business, our stock price and trading
  volume could decline</I>.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
  stock, 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 stock price of our common stock 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 stock price could decline.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  ordinary shares may become &ldquo;thinly-traded&rdquo;, 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 are relatively unknown 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 an unproven 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. Broad or active public trading market for our ordinary shares may not develop
  or be sustained.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  are defendants in securities class actions litigation which could result in substantial costs and liabilities.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">
  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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; text-transform: none">On
  January 20, 2021, a securities class action lawsuit was filed against the Company and its Chief Executive Officer and Chief Financial
  Officer titled <U>Anthony Pauwels v. Bit Digital, Inc., Min Hu and Erke Huang</U> (Case No. 1:21-cv-00515) (U.S.D.C. S.D.N.Y.). The class
  action is on behalf of persons that purchased or acquired our ordinary shares between December 21, 2020 and January 8, 2021, a period
  of volatility in our stock, 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 29, 2021, the Court consolidated several related cases under the caption <U>In re Bit Digital, Inc. Securities
  Litigation</U>. Joseph Franklin Monkam Nitcheu was appointed as legal plaintiff. We intend to seek dismissal of the lawsuits and will
  vigorously defend the action.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Two
  former members of our management team have substantial shareholdings in our Company and their interests may not be aligned with the interests
  of our other shareholders</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
  Zeng, our former chief executive officer and chairman and Mr. Liu, a former member of our Board of Director, beneficially own approximately
  5.1% and 13.0%, respectively, of our ordinary shares. Neither shareholder has any involvement in the management of the Company or the
  decisions of the Board of Directors, However, as a result of their significant shareholdings, Mr. Zeng and Mr. Liu may have influence
  over decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election of directors, and other
  significant corporate actions. They may take action that is not in the best interests of us or our other shareholders This concentration
  of ownership may discourage, 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. For more information regarding our principal shareholders and their affiliated entities see
  &ldquo;Principal Shareholders.&rdquo;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>There
  is uncertainty to pay cash dividends in the foreseeable future.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  currently intend to retain any future earnings for use in the operation and expansion of our business. Accordingly, we do not expect
  to pay any cash dividends in the foreseeable future but will review this policy as circumstances dictate. Should we determine to pay
  dividends in the future, our ability to do so will depend upon the receipt of dividends or other payments from our subsidiaries.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 United States courts.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 United States 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 United States securities laws. It may be difficult for
  a shareholder to enforce against us judgments obtained in United States courts, including judgments predicated upon the civil liability
  provisions of the securities laws of the United States or any state in the United States.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  are 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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  are a foreign private issuer within the meaning of the rules under the Exchange Act. As such, we are exempt from certain provisions applicable
  to United States domestic public companies. For example:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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 &ldquo;short-swing&rdquo; trading transaction.</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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. Accordingly, our shareholders may not have
      access to certain information they may deem important.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  are an &ldquo;emerging growth company&rdquo; within the meaning of the Securities Act, and if we take advantage of certain exemptions
  from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with
  other public companies</I></B>.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  are an &ldquo;emerging growth company&rdquo; 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. 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 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 which 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>As
  an &ldquo;emerging growth company&rdquo; under applicable law, we will be subject to lessened disclosure requirements. Such reduced disclosure
  may make our Ordinary Shares less attractive to investors.</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
  as long as we remain an &ldquo;emerging growth company&rdquo;, as defined in the JOBS Act, we will elect to take advantage of certain
  exemptions from various reporting requirements that are applicable to other public companies that are not &ldquo;emerging growth companies&rdquo;,
  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. Because of these lessened regulatory requirements, our shareholders would be 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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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%.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. taxpayer who
  holds our ordinary shares, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional
  reporting requirements.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
  on the amount of any assets held for the production of passive income, it is possible that, for any taxable year, more than 50% of our
  assets may be assets which produce passive income. We will make this determination following the end of any particular tax year. Although
  the law in this regard is unclear, we treat our consolidated affiliated entities as being owned by us for United States federal income
  tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to
  substantially all of their economic benefits, and, as a result, we consolidate their operating results in our consolidated financial
  statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its pro rata share of the gross income
  and assets of any entity in which it is considered to own at least 25% of the equity by value.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
  a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to
  be a PFIC, see &ldquo;Taxation &mdash; United States Federal Income Taxation &mdash; Passive Foreign Investment Company.&rdquo;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
  incur significant costs as a result of being a public company and will, particularly after we cease to qualify as an &ldquo;emerging
  growth company&rdquo;</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  incur significant legal, account and other expenses as a public company. The Sarbanes-Oxley Ac 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 &ldquo;emerging growth company,&rdquo; as defined in the JOBS Act 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. These provisions include exemption from
  the auditor attestation requirement under Section 404 in the assessment of the emerging growth company&rsquo;s internal control over
  financial reporting and permission to delay adopting new or revising accounting standards until such time as those standards apply to
  private companies.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>USE
  OF PROCEEDS</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  will not receive any proceeds from the sale of the ordinary shares by the Selling Securityholders. All such proceeds will be received
  by the Selling Securityholders. However, we expect to use the proceeds from the exercise of the options for working capital and other
  general corporate purposes.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_008"></A>SELLING
  SECURITYHOLDERS</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  shares offered by this prospectus are being registered for reoffers and resales by the Selling Securityholders, who may acquire such
  shares pursuant to the exercise of options and Awards granted under the Plan. All of the ordinary shares registered for sale under this
  reoffer prospectus will be owned, prior to the offer and sale of such shares, by certain of our employees, non-employee directors, executive
  officers and consultants listed below (the &ldquo;Selling Securityholders&rdquo;). We are registering the ordinary shares covered by
  this reoffer prospectus for the Selling Securityholders. As used in this reoffer prospectus, &ldquo;Selling Securityholders&rdquo; includes
  the pledges, donees, transferees or others who may later hold the Selling Securityholders&rsquo; interests. The Selling Securityholders
  named below may resell all, a portion or none of such shares from time to time. In addition, certain non-affiliates of the Company, not
  named in the following table, who hold less than the lesser of 1,000 shares or 1% of the shares issuable under a plan may also use this
  prospectus to sell up to that amount of shares acquired by them pursuant to the exercise of options or other Awards granted to them under
  the Plan.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  following table sets forth, with respect to each Selling Securityholder, based upon information available to us as of June 4, 2021, the
  number of ordinary shares beneficially owned before and after the sale of the ordinary shares offered by this prospectus; the maximum
  number of shares to be sold; and the percent of the outstanding ordinary shares owned before and after the sale of the ordinary shares
  offered by this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <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; font-weight: bold; font-variant: small-caps; text-align: left">Selling Securityholder</TD><TD STYLE="text-align: center; font-weight: bold; font-variant: small-caps">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-variant: small-caps; text-align: center">Shares Owned<BR> Prior to the <BR> Sale (1)</TD><TD STYLE="text-align: center; font-weight: bold; font-variant: small-caps">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; font-variant: small-caps">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-variant: small-caps; text-align: center">Percentage<BR> of<BR>
      Shares Owned <BR> Prior to the<BR> Sale</TD><TD STYLE="text-align: center; font-weight: bold; font-variant: small-caps">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; font-variant: small-caps">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-variant: small-caps; text-align: center">Shares<BR> Registered</TD><TD STYLE="text-align: center; font-weight: bold; font-variant: small-caps">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 58%; text-align: left">Bryan Bullett</TD><TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
      <TD STYLE="width: 12%; text-align: center">135,765</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
      <TD STYLE="width: 12%; text-align: center">*</TD><TD STYLE="width: 1%; text-align: center"></TD><TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
      <TD STYLE="width: 12%; text-align: center">135,765</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Sam Tabar</TD><TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="text-align: center">135,765</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="text-align: center">135,765</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
    </TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  
  <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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
  than one (1%) percent of the issued and outstanding ordinary shares.</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
  on 51,097,206 ordinary shares issued and outstanding as of June 4, 2021 together with securities exercisable or convertible with ordinary
  shares within sixty (60) days as of such date for each shareholder. Except to the extent otherwise indicated, to the best of the Company&rsquo;s
  knowledge, each of the indicated persons exercises sole voting and investment power with respect to all shares beneficially owned by
  him.</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
  15,000 ordinary shares issuable under Restricted Award Agreements issued for consulting services and 120,765 ordinary shares under Restricted
  Stock Units (&ldquo;RSUs&rdquo;), pursuant to Employment Agreements entered into on March 31, 2021 by Messrs. Bullett and Tabar.</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Page; Sequence: 46; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_009"></A>PLAN OF DISTRIBUTION</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  ordinary shares listed in the table appearing under &ldquo;Selling Securityholders&rdquo; are being registered to permit the resale of
  ordinary shares by the Selling Securityholders from time to time after the date of this prospectus. There can be no assurance that the
  Selling Securityholders will sell any or all of the ordinary shares offered hereby. We will not receive any of the proceeds from the
  sale of the ordinary shares by the Selling Securityholders.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Selling Securityholder may sell all or a portion of the ordinary shares offered hereby from time to time directly to purchasers or through
  one or more underwriters, broker-dealers or agents, at market prices prevailing at the time of sale, at prices related to such market
  prices, at a fixed price or prices subject to change or at negotiated prices, by a variety of methods including the following:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
  any national securities exchange or&nbsp;over-the-counter&nbsp;market on which the ordinary shares may be listed or quoted at the time
  of sale;</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
  brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block
  trades in which a broker-dealer may attempt to sell the shares as agent but may position and resell a portion of the block as principal
  to facilitate the transaction;</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases
  by a broker-dealer, as principal, and a subsequent resale by the broker-dealer for its account;</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
  &ldquo;at the market&rdquo; offerings to or through market makers into an existing market for ordinary shares;</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
  exchange distribution in accordance with the rules of the applicable exchange;</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately
  negotiated transactions;</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
  transactions otherwise than on such exchanges or in the&nbsp;over-the-counter&nbsp;market;</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
  a combination of any such methods; or</FONT></TD>
  </TR></TABLE>
  
  
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
  any other method permitted under applicable law.</FONT></TD>
  </TR></TABLE>
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  will pay the expenses incident to the registration and offering of the ordinary shares offered hereby. We have agreed to indemnify the
  Selling Securityholders and certain other persons against certain liabilities in connection with the offering by the Selling Securityholders
  offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required
  to be paid in respect of such liabilities.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker-dealers
  engaged by the Selling Securityholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
  or discounts from the Selling Securityholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser)
  in amounts to be negotiated. The Selling Securityholders do not expect these commissions and discounts to exceed what is customary in
  the types of transactions involved.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Selling Securityholders may from time to time pledge or grant a security interest in some or all of the shares owned by them and, if
  they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell ordinary shares from
  time to time under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provisions of the
  Securities Act amending the list of Selling Securityholders to include the pledgee, transferee or other successors in interest as Selling
  Securityholders under this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
  our being notified by a Selling Securityholder that any material arrangement has been entered into with a broker or dealer for the sale
  of shares through a secondary distribution, or a purchase by a broker or dealer, we will file a prospectus supplement, if required, pursuant
  to Rule 424(b) under the Securities Act, disclosing (a) the name of each of such Selling Securityholder and the participating broker-dealers,
  (b) the number of shares involved, (c) the price at which such shares are being sold, (d) the commissions paid or the discounts or concessions
  allowed to such broker-dealers, (e) where applicable, that such broker-dealers did not conduct any investigation to verify the information
  set out or incorporated by reference in the prospectus, as supplemented, and (f) other facts material to the transaction.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  addition to any such number of shares sold hereunder, a Selling Securityholder may, at the same time, sell any share of common stock,
  including the shares offered by this prospectus, owned by such person in compliance with all of the requirements of Rule 144 under the
  Securities Act, regardless of whether such shares are covered by this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  addition, upon us being notified in writing by a Selling Securityholders that a donee or pledgee intends to sell more than 500 ordinary
  shares, a supplement to this prospectus will be filed if then required in accordance with applicable securities law.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Selling Securityholders also may transfer the ordinary shares in other circumstances, in which case the transferees, pledgees or other
  successors in interest will be the selling beneficial owners for purposes of this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Selling Securityholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be &ldquo;underwriters&rdquo;
  within the meaning of the Securities Act in connection with such sales. In such event any commissions received by such broker-dealers
  or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under
  the Securities Act. Discounts, concessions, commissions and similar selling expenses, if any, that can be attributed to the sale of securities
  will be paid by the selling stockholder and/or the purchasers. The ordinary shares are listed on the Nasdaq Capital Market under the
  symbol &ldquo;BTBT.&rdquo;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
  Selling Securityholder may be deemed to be an &ldquo;underwriter&rdquo; within the meaning of Section 2(a)(11) of the Securities Act.
  Any underwriters, brokers, dealers or agents that participate in such distribution may be deemed to be &ldquo;underwriters&rdquo; within
  the meaning of the Securities Act, and any discounts, commissions or concessions received by any underwriters, brokers, dealers or agents
  might be deemed to be underwriting discounts and commissions under the Securities Act. Any Selling Securityholder who is an &ldquo;underwriter&rdquo;
  within the meaning of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act and the provisions
  of the Exchange Act and the rules thereunder relating to stock manipulation.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  order to comply with the securities laws of some states, ordinary shares sold in those jurisdictions may only be sold through registered
  or licensed brokers or dealers. In addition, in some states, ordinary shares may not be sold unless the ordinary shares have been registered
  or qualified for sale in that state or an exemption from registration or qualification is available and is complied with. The compensation
  paid to a particular broker-dealer may be less than or in excess of customary commissions. Neither we nor Ionic can presently estimate
  the amount of compensation that any agent will receive. Each Selling Securityholder has represented and warranted to us that it acquired
  the securities subject to this registration statement in the ordinary course of such Selling Securityholder&rsquo;s business and, at
  the time of its purchase of such securities such Selling Securityholder had no agreements or understandings, directly or indirectly,
  with any person to distribute any such securities.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  have advised each Selling Securityholder that it may not use shares registered on this registration statement to cover short sales of
  common stock made prior to the date on which this registration statement shall have been declared effective by the SEC. If a Selling
  Securityholder uses this prospectus for any sale of the common stock, it will be subject to the prospectus delivery requirements of the
  Securities Act. The Selling Securityholders will be responsible to comply with the applicable provisions of the Securities Act and Exchange
  Act, and the rules and regulations thereunder promulgated, including, without limitation, Regulation M, as applicable to such Selling
  Securityholders in connection with resales of their respective shares under this registration statement.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  are required to pay all fees and expenses incident to the registration of the shares, other than commissions and discounts of underwriters,
  dealers or agents, but we will not receive any proceeds from the sale of the common stock. We have agreed to indemnify the Selling Securityholders
  against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
  is no assurance that any of the Selling Securityholders will sell any or all of the shares offered by this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_010"></A>DESCRIPTION
  OF SECURITIES TO BE REGISTERED</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  following summary of the terms of our share capital does not purport to be complete and is qualified in its entirety by reference to
  the applicable provisions of Cayman Islands law and our Amended and Restated Memorandum and Articles of Association.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  amended our memorandum and articles 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 Preference Shares and for changes to the description of Cayman Island laws and certain other
  updates.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association
  (referred to herein as the &ldquo;Amended and Restated Memorandum and Articles of Association&rdquo;) and the Companies Act (Revised)
  of the Cayman Islands, which we refer to as the Companies Act below.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  authorized share capital is 150,000,000 shares consisting of 140,000,000 ordinary shares, par value $0.01 per share and 10,000,000 Preference
  Shares, par value $0.01 per share. As of June 4, 2021, there were 51,097,206 ordinary shares and 1,000,000 Preference Shares issued and
  outstanding.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  holders of our ordinary shares are entitled to one vote for each share held of record on all matters submitted to a vote of members.
  The holders of our ordinary shares are entitled to receive ratably such dividends as are declared by our board of directors out of funds
  legally available therefor. In the event of our liquidation, dissolution or winding up, holders of our ordinary shares have the right
  to a ratable portion of assets remaining after payment of liabilities. The holders of our ordinary shares have no preemptive rights or
  rights to convert their ordinary shares into any other securities and are not subject to future calls or assessments by the Company.
  All issued and outstanding ordinary shares are fully paid and non-assessable.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_011"></A>INTEREST OF NAMED EXPERTS AND COUNSEL.</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
  are no interests of named experts and counsel.</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Page; Sequence: 49; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_012"></A>DISCLOSURE
  OF COMMISSION POSITION ON INDEMNIFICATION<BR> FOR SECURITIES ACT LIABILITIES</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
  as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
  the Company, the SEC has expressed its opinion that such indemnification is against public policy as expressed in the Securities Act
  and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
  Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action,
  suit or proceeding) is asserted by such director, officer or controlling person in connection with the shares being registered, the Company
  will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
  the question whether such indemnification by us is against public policy as expressed in the Securities Act and we will be governed by
  the final adjudication of such issue.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_013"></A>EXEMPTION
  FROM REGISTRATION CLAIMED</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
  from registration pursuant to Section 4(a)(2) of the Securities Act is claimed for the issuance of Restricted Stock Units awarded to
  officers of the Company under the Plan. See &ldquo;Selling Securityholders.&rdquo;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_014"></A>Material
  changes</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
  have been no material changes in the Company&rsquo;s affairs since the end of the latest fiscal year that have not been disclosed in
  a previously filed report.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_015"></A>LEGAL MATTERS</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  validity of the ordinary shares offered in this Prospectus and certain other legal matters as to Cayman Islands law will be passed upon
  for us by Ogier, our counsel as to Cayman Islands law.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_016"></A>EXPERTS</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
  consolidated financial statements for the fiscal year ended December 31, 2020 have been incorporated by reference in this Prospectus
  and in this Registration Statement in reliance upon the report of Audit Alliance LLP and for the fiscal year ended December 31, 2019,
  upon the report of JLKZ CPA LLP, independent registered public accounting firm, on their audit of our financial statements given on authority
  of this firm as experts in accounting and auditing.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTIVE
  INVESTORS MAY RELY ONLY ON THE INFORMATION CONTAINED IN THIS PROSPECTUS. WE HAVE NOT AUTHORIZED ANYONE TO PROVIDE PROSPECTIVE INVESTORS
  WITH DIFFERENT OR ADDITIONAL INFORMATION. THIS PROSPECTUS IS NOT AN OFFER TO SELL NOR IS IT SEEKING AN OFFER TO BUY IN ANY JURISDICTION
  WHERE SUCH OFFER, OR SALE IS NOT PERMITTED. THE INFORMATION CONTAINED IN THIS PROSPECTUS IS CORRECT ONLY AS OF THE DATE OF THIS PROSPECTUS,
  REGARDLESS OF THE TIME OF DELIVERY OF THIS PROSPECTUS OR ANY SALE OF THESE SHARES.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 50; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART
  II</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
  REQUIRED IN THE<BR>
  REGISTRATION STATEMENT</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                              3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporation
                                              of Documents by Reference</B></FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  following documents filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) by Bit Digital, Inc., a Cayman Islands
  corporation (the &ldquo;Registrant&rdquo;), pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
  are incorporated by reference in this registration statement:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021020689/f6k0421_bitdigital.htm">Form 6-K</A> filed with the SEC on April 7, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021018773/f20f2020_bitdigitalinc.htm">Form 20-F</A> for the year ended December 31, 2020, filed with
                                              the SEC on March 30, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021024783/ea140335-6k_bitdigital.htm">Form 6-K</A> for the quarter ended March 31, 2021 filed with
                                              the SEC on May 6, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021001588/ea133142-6k_bitdigital.htm">Form 6-K</A> for January 2021 filed with the SEC on January 12, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021002678/ea133509-6k_bitdigitalinc.htm">Form 6-K</A> for January 2021 filed with the SEC on January 19, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021006339/ea134470-6k_bitdigital.htm">Form 6-K</A> for February 2021 filed with the SEC on February 3, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021019494/ea138838-6k_bitdigital.htm">Form 6-K</A> for April 2021 filed with the SEC on April 1, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021019815/ea138907-6k_bitdigital.htm">Form 6-K</A> for April 2021 filed with the SEC on April 2, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021022806/0001213900-21-022806-index.htm">Form 6-K</A> for April 2021 filed with the SEC on April 26, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021027655/ea141235-6k_bitdigital.htm">Form 6-K</A> for May 2021 filed with the SEC on May 18, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021029550/ea141778-6k_bitdigital.htm">Form 6-K</A> for May 2021 filed with the SEC on May 27, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bit
                                              Digital&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021031401/ea142402-6k_bitdigital.htm">Form 6-K</A> for June 2021 filed with the SEC on June 8, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                              description of our ordinary shares contained in Bit Digital&rsquo;s Registration Statement
                                              on <A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021021206/ea139003-f1a1_bitdigital.htm">Form F-1</A> (No. 333-254060).</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
  documents subsequently filed by the Registrant after the date of this prospectus pursuant to Sections 13(a), 13(c), 14, and 15(d) of
  the Exchange Act shall be deemed to be incorporated by reference in this prospectus and to be a part of this prospectus from the
  date of filing of such documents. Any statement contained in a previously filed document incorporated by reference in this
  prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement in this
  prospectus modifies or supersedes such previous statement and any statement contained in this prospectus shall be deemed to be
  modified or superseded to the extent that a statement in any document subsequently filed, which is incorporated by reference in this
  prospectus, modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so
  modified or superseded, to constitute a part of this prospectus.</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
  may read and copy any reports, statements or other information we have filed at the SEC&rsquo;s Public Reference Room at 100 F Street,
  N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the Public Reference Rooms. Our filings
  are also available on the Internet at the SEC&rsquo;s website at http:\\www.sec.gov.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Page; Sequence: 51; Options: NewSection; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                             4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
  of Securities.</B></FONT></TD>
  </TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
  applicable.</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                             5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interests
  of Named Experts and Counsel.</B></FONT></TD>
  </TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
  applicable.</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                             6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification
  of Directors and Officers.</B></FONT></TD>
  </TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)
  The registrant&rsquo;s authority to indemnify its officers and directors is governed by the provisions of the registrant&rsquo;s
  Amended and Restated Memorandum and Articles of Association.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)
  The Amended and Restated Memorandum and Articles of Association of the registrant provides as follows:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
  Director and officer for the time being of the Company or any trustee for the time being acting in relation to the affairs of the Company
  and their respective heirs, executors, administrators, personal representatives or successors or assigns shall, in the absence of wilful
  neglect or default, be indemnified by the Company against, and it shall be the duty of the Directors out of the funds and other assets
  of the Company to pay, all costs, losses, damages and expenses, including travelling expenses, which any such Director, officer or trustee
  may incur or become liable in respect of by reason of any contract entered into, or act or thing done by him as such Director, officer
  or trustee or in any way in or about the execution of his duties and the amount for which such indemnity is provided shall immediately
  attach as a lien on the property of the Company and have priority as between the Members over all other claims. No such Director, officer
  or trustee shall be liable or answerable for the acts, receipts, neglects or defaults of any other Director, officer or trustee or for
  joining in any receipt or other act for conformity or for any loss or expense happening to the Company through the insufficiency or deficiency
  of any security in or upon which any of the monies of the Company which shall be invested or for any loss of the monies of the Company
  which shall be invested on for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person with whom any
  monies, securities or effects shall be deposited, or for any other loss, damage or misfortune whatsoever which shall happen in or about
  the execution of the duties of his respective office or trust or in relation thereto unless the same happens through his own wilful neglect
  or default.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)
  The Board of Directors of the registrant authorized the registrant to enter into indemnity agreements with officers and directors of
  the registrant when and as determined by the Board of Directors. Pursuant to the foregoing authority, the registrant has entered
  into indemnity agreements with each of its directors and certain of its officers.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  indemnity agreements obligate the registrant to provide the maximum protection allowed under the BCL. The indemnity agreements supplement
  and increase the protection afforded to officers and directors under the Certificate of Incorporation in the following respects:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
  (a) The Indemnification Agreements entered into with Bryan Bullett and Sam Tabar (the &ldquo;Indemnitees&rdquo;) dated as of
  March 31, 2021 in connection with their Employment Agreements provide for a supplement to and in furtherance of the Amended and
  Restated Memorandum and Articles of Association. The Indemnitees did not regard the protection available under the organizational
  documents of the Company and any insurance policies maintained by the Company to be adequate.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
  The Indemnitees shall be entitled to indemnification if the Indemnitee is, or is threatened to be made, a party to or participant in
  any Proceeding (as defined) other than a Proceeding by or in the right of the Company. The Indemnitees shall be indemnified against
  all expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf,
  in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the
  Indemnitees reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal
  proceeding, had no reasonable cause to believe the Indemnitee&rsquo;s conduct was unlawful.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
  The Indemnitees shall be entitled to indemnification if the Indemnitee is, or is threatened to be made, a party to or participant in
  any Proceeding brought by or in the right of the Company, provided the Indemnitees acted in good faith and in a manner the
  Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; <U>provided</U>, <U>however</U>, that
  if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in
  such Proceeding as to which Indemnitees shall have been adjudged to be liable to the Company unless and to the extent that a court
  of competent jurisdiction shall determine that such indemnification may be made.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 52; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
  To the extent that an Indemnitee is a party to and is successful, on the merits or otherwise, in any proceeding, he shall be
  indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and
  reasonably incurred by him, or on his behalf, in connection therewith. If Indemnitee is not wholly successful in such Proceeding but
  is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
  Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him, or on his behalf, in connection
  with each successfully resolved claim, issue or matter.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
  Whether or not indemnification is available, in respect of any Proceeding in which the Company is jointly liable with Indemnitee (or
  would be if joined in such Proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or
  settlement of such Proceeding without requiring Indemnitee to contribute to such payment and the Company waived and relinquished any
  right of contribution it may have against Indemnitee.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
  All agreements and obligations of the Company contained in the Agreement shall continue until the date that is ten (10) years after
  the date upon which Indemnitee&rsquo;s corporate status terminates and shall continue thereafter so long as Indemnitee shall be
  subject to any Proceeding.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
  The Indemnitee provided certain consulting services to the Company prior to his employment by the Company pursuant to an agreement
  dated February 1, 2021 between the Company and Wellington Park Inc. (&ldquo;Wellington&rdquo;), a company owned by Indemnitee. To
  further induce Indemnitee to accept employment with the Company, the Company agrees that the terms of the Indemnification Agreement
  shall apply to Wellington as if Wellington were also the &ldquo;Indemnitee&rdquo; under such Agreement.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
  as indemnification for liabilities arising under the Securities Act may be permitted to officers and directors pursuant to the provisions
  described above or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against public policy as
  expressed in the Securities Act and is, therefore, unenforceable.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                              7.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exemption
                                              from Registration Claimed.</B></FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
  applicable.</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                              8.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits</B></FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Exhibit
  No.</B></TD>
      <TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>Description</B></TD></TR>
                                                                                                                                            <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/1710350/000121390021027655/ea141235ex2-1_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021 Omnibus Equity Incentive Plan with Form of Restricted Stock Award (1)</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                                                                                    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><A HREF="ea142592ex4-2_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Incentive Stock Option Agreement</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                                                  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><A HREF="ea142592ex4-3_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Non-Statutory Stock Option Agreement</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><A HREF="ea142592ex5-1_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Ogier</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                       <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><A HREF="ea142592ex5-1_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Ogier (contained in the opinion at Exhibit 5.1)</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                                                                 <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><A HREF="ea142592ex23-2_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Audit Alliance LLP</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                                    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><A HREF="ea142592ex23-3_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of JLKZ CPA LLC</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                              <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_001">Power of attorney of officers and directors of the Registrant (included in page II-6)</A></FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
                                              by reference to the Registrant&rsquo;s Form 6-K filed with the SEC on May 18, 2021.</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Page; Sequence: 53; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                              9.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertakings</B></FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
  The undersigned registrant hereby undertakes:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
  To file, during any period in which offers or sales are being made, a post-effective amendment to this registration
  statement:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              reflect in the prospectus any facts or events arising after the effective date of the registration
                                              statement (or the most recent post-effective amendment thereof) which, individually or in
                                              the aggregate, represent a fundamental change in the information set forth in the registration
                                              statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                              offered (if the total dollar value of securities offered would not exceed that which was
                                              registered) and any deviation from the low or high end of the estimated maximum offering
                                              range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
                                              424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change
                                              in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
                                              Fee&rdquo; table in the effective registration statement;</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              include any material information with respect to the plan of distribution not previously
                                              disclosed in the registration statement or any material change to such information in the
                                              registration statement;</FONT></TD></TR></TABLE>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided,
  however,</I> that paragraphs (a)1(i) and (a)(1)(ii) of above do not apply if the registration statement is on Form
  S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports
  filed with or furnished to the Commission by the registrant pursuant to Section
  13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated
  by reference in the registration statement.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
  That, for the purpose of determining liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
  to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
  shall be deemed to be the initial bona fide offering thereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
  To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
  termination of the offering.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
  That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be
  deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
  time shall be deemed to be the initial <I>bona fide </I>offering thereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
  For determining liability of the undersigned registrant under the Securities Act to any purchaser in the initial distribution of the
  securities:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
  statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
  to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
  be considered to offer or sell such securities to such purchaser:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
  Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be file( pursuant to
  Rule 424 (&sect;230.424 of this chapter);</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
  Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
  by the undersigned registrant;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Page; Sequence: 54; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
  The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
  registrant or its securities provided by or on behalf of the undersigned registrant; and</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
  Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
  The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
  filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934
  (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities
  Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
  statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
  initial bona fide offering thereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
  Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and
  controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in
  the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is,
  therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
  registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of
  any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
  registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit
  to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the
  Act and will be governed by the final adjudication of such issue.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Page; Sequence: 55; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
  to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
  of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned,
  thereunto duly authorized, in New York, New York, on June 10, 2021.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: left; vertical-align: top"><B>BIT DIGITAL, INC.</B></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
      <TD STYLE="text-align: left; vertical-align: top">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: left; vertical-align: top"><I>/s/ Bryan Bullett</I></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 60%; vertical-align: top">&nbsp;</TD>
      <TD STYLE="text-align: left; width: 4%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%; vertical-align: top">By:</TD>
      <TD STYLE="text-align: left; width: 31%; vertical-align: top">Bryan
  Bullett</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
      <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Title:</TD>
      <TD STYLE="text-align: left; vertical-align: top">Chief
  Executive Officer</TD></TR>
  </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="b_001"></A>KNOW
  ALL MEN BY THESE PRESENTS</B>, that each person whose signature appears below constitutes and appoints Bryan Bullett and Erke Huang,
  and each of them, his true and lawful attorney-in-fact and agent, with full power of substitution and revocation, for him and in his
  name, place and stead, in any and all capacities (until revoked in writing), to sign any and all amendments (including post-effective
  amendments) to this registration statement and to file the same with all exhibits thereto, and other documents in connection therewith,
  with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform
  each and every act and thing requisite and necessary to be done as fully for all intents and purposes as he might or could do in person,
  hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause
  to be done by virtue hereof. This power-of-attorney does not revoke any earlier powers-of-attorney.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
  to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
  and on the date indicated.</FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 40%"><B>SIGNATURE</B></TD>
    <TD STYLE="text-align: center; width: 1%"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; width: 40%"><B>TITLE</B></TD>
    <TD STYLE="text-align: center; width: 1%"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; width: 18%"><B>DATE</B></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><I>/s/ Bryan Bullett</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 10, 2021</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">Bryan Bullett</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><I>/s/ Erke Huang</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 10, 2021</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">Erke Huang</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><I>/s/ Zhaohui Deng</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 10, 2021</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">Zhaohui Deng</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><I>/s/ Erke Huang</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 10, 2021</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">Erke Huang</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><I>/s/ Ichi Shih</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 10, 2021</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">Ichi Shih</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">________, 2021</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">Min Hu</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><I>/s/ Yan Xiong</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 10, 2021</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top">Yan Xiong</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
  
  <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Page; Sequence: 56; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BIT
  DIGITAL, INC.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
  STATEMENT ON FORM S-8,</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
  INDEX</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Exhibit Number</B></TD>
      <TD STYLE="text-align: left; padding-bottom: 1.5pt; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Description</B></TD></TR>
                                                                                                                                            <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea142592ex4-2_bitdigital.htm">Form of Incentive Stock Option Agreement</A></FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                                                  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="ea142592ex4-3_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Non-Statutory Stock Option Agreement</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="ea142592ex5-1_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Ogier</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                       <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="ea142592ex5-1_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Ogier (contained in the opinion at Exhibit 5.1)</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                                                                 <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="ea142592ex23-2_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Audit Alliance LLP</FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                                    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="ea142592ex23-3_bitdigital.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of JLKZ CPA LLC </FONT></A></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"></TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
                                                                              <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
      <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_001">Power of Attorney of officers and directors of the Registrant (included in signature page II-6)</A></FONT></TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">II-7</P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  </BODY>
  </HTML>
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metadata_filer: {"company-data": {"conformed-name": "Bit Digital, Inc", "cik": "0001710350", "assigned-sic": "6199", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-257034", "film-number": "211011718"}, "business-address": {"street1": "33 IRVING PLACE", "city": "NEW YORK", "state": "NY", "zip": "10003", "phone": "1-347-328-3680"}, "mail-address": {"street1": "33 IRVING PLACE", "city": "NEW YORK", "state": "NY", "zip": "10003"}, "former-company": {"former-conformed-name": "Golden Bull Ltd", "date-changed": "20170626"}}
text: As
  filed with the Securities and Exchange Commission on June 11, 2021
  Registration No. 333-
  UNITED
  STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON,
  D.C. 20549
  FORM
  S-8
  REGISTRATION
  STATEMENT
  UNDER
  THE SECURITIES ACT OF 1933
  BIT
  DIGITAL, INC.
  (Exact name of registrant as specified in its charter)
  Cayman Islands
  Not
                                              Applicable
  (State
  or other jurisdiction of
  incorporation or organization)
  (I.R.S. Employer
  Identification
  No.)
  33
  Irving Place, New York, New York 10003
  (Address
  of Principal Executive Offices) (Zip Code)
  2021
  Omnibus Equity Incentive Plan
  (Full
  title of the plan)
  Elliot
  H. Lutzker, Esq.
  Davidoff
  Hutcher & Citron LLP
  605
  3
  rd
  Avenue, 34
  th
  Floor
  New
  York, New York 10158
  (Name
  and address of agent for service)
  (212)
  557-7200
  (Telephone number, including area code, of agent for service)
  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," a "smaller reporting company" or an "emerging growth company" in Rule 12b-2 of the Exchange Act.
  (Check
  one):
  Large accelerated filer
  ☐
  Accelerated filer
  ☐
  Non-accelerated filer
  ☐
  Smaller reporting company
  ☐
  Emerging Growth
  Company
  ☒
  If
  an emerging growth company, 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 7(a)(2)(B) of the Securities Act. ☐
  CALCULATION
  OF REGISTRATION FEE
  Title Of Securities To Be Registered
  Amount To Be Registered
  Proposed Maximum Offering Price Per Share
  Proposed Maximum Aggregate Offering Price
  Amount Of Registration Fee
  Ordinary Shares, $.01 par value
  2,415,293
  (1)(2)
  $
  8.11
  (4)
  $
  19,588,026
  $
  2,137.06
  (1)
  Represents
                                              an aggregate of 2,415,293 ordinary shares issuable upon exercise of stock options, restricted
                                              stock awards, or otherwise granted, or to be granted pursuant to the Bit Digital, Inc. 2021
                                              Omnibus Equity Incentive Plan (the "Plan").
  (2)
  Pursuant
                                              to Rule 416, includes an indeterminable number of ordinary shares which may become issuable
                                              pursuant to the anti-dilution provisions of the Plan.
  (3)
  Any
                                              ordinary shares covered by an option or award granted under the Plan that is forfeited, canceled
                                              or expires (whether voluntarily or involuntarily) will be deemed not to have been issued
                                              for purposes of determining the maximum aggregate number of ordinary shares that may be issued
                                              under the Plan.
  (4)
  Estimated
                                              solely for the purpose of calculating the registration fee pursuant to Rule 457(h)(1) and
                                              Rule 457(c) based upon the last sale price of the Registrant's ordinary shares, as
                                              reported on the Nasdaq Capital Market on June 10, 2021.
  -
  ii
  -
  EXPLANATORY
  NOTE
  This
  registration statement on Form S-8 is being filed by Bit Digital, Inc. (the "Company") to register 2,415,293 ordinary shares
  under the Company's Plan.
  This
  Registration Statement contains two parts. The first part contains information required in the registration statement pursuant to Part
  I of Form S-8 with respect to ordinary shares issuable upon the exercise of stock options, or restricted stock awards (the "Awards")
  made under the Plan subsequent to the date hereof. The second part contains a "reoffer" prospectus prepared in accordance
  with the requirements of Part I of Form S-3, which, pursuant to General Instruction C of Form S-8, may be used by certain persons, including
  officers and directors of the Company who are deemed to be affiliates of the Company, as that term is defined in Rule 405 under the Securities
  Act of 1933, as amended (the "Securities Act"), as well as by non-affiliate assignees holding restricted securities, as that
  term is defined in Rule 144 under the Securities Act, in connection with the reoffer and resale of ordinary shares of the Company received
  by such persons pursuant to the exercise of options or Awards granted under the Plan, which 2,415,293 ordinary shares are being registered
  herein. Awards for an aggregate of 271,530 ordinary shares have been granted to date under the Plan.
  This
  Prospectus omits certain of the information contained in the Registration Statement in accordance with the rules and regulations of the
  Securities and Exchange Commission (the "SEC"). Reference is hereby made to the Registration Statement and related exhibits
  for further information with respect to the Company and the Shares. Statements contained herein concerning the provisions of any documents
  are not necessarily complete and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration
  Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference.
  We
  prepared this Registration Statement in accordance with the requirements of Form S-8 under the Securities Act. We are registering 2,415,293
  ordinary shares pursuant to our Plan. The purpose of our Plan is to advance the interests of the Company and its stockholders by providing
  a means of attracting and retaining employees, corporate officers, non-employee directors and consultants employed or retained by the
  Company and its subsidiaries and affiliates.
  -
  iii
  -
  PART
  I
  INFORMATION
  REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item
                             1.
  Plan
                                           Information
  The
  document containing the information specified in this Part I of this Form S-8 registration statement has been or will be sent or given
  to participants in the 2021 Omnibus Equity Incentive Plan (the "Plan"), as specified by Rule 428(b)(1) promulgated by the
  SEC under the Securities Act. Such document(s) are not being filed with the SEC but constitute (along with the documents incorporated
  by reference into the registration statement pursuant to Item 3 of Part II hereof) a prospectus that meets the requirements of Section
  10(a) of the Securities Act.
  This
  registration statement relates to a maximum of 2,415,293 ordinary shares issuable pursuant to our Plan (the "Shares").
  Item
                                              2.
  Registrant
                                              Information and Employee Plan Annual Information
  The
  documents incorporated by reference into this prospectus pursuant to Item 3 of Part II hereof are available without charge, upon written
  or oral request. The documents containing the information specified in this Item 2 will be sent or given to employees, officers or directors
  upon written or oral request, as specified by Rule 428(b) under the Securities Act. All requests shall be directed to Corporate Secretary,
  Bit Digital, Inc., 33 Irving Place, New York, NY 10003; (tel) (347) 328-3680. In accordance with the rules and regulations of the SEC
  and the instructions to Form S-8, such documents are not being filed either as part of this registration statement or as prospectuses
  or prospectus supplements pursuant to Rule 424 under the Securities Act.
  -
  iv
  -
  REOFFER
  PROSPECTUS
  BIT
  DIGITAL, INC.
  2,415,293
  ORDINARY SHARES
  This
  prospectus relates to the reoffer and resale of 2,415,293 ordinary shares, par value $0.01 per share, of Bit Digital, Inc., a Cayman
  Islands company ("Bit Digital," the "Company," "we," "us," or "our"), that
  have been or will be acquired by certain persons (collectively referred to as the "Selling Securityholders"), including our
  officers and directors who are deemed to be our affiliates, as that term is defined in Rule 405 under the Securities Act of 1933, as
  amended (the "Securities Act"), holding restricted securities, as that term is defined in Rule 144 under the Securities Act,
  in connection with the reoffer and resale of ordinary shares of the Company received by such persons pursuant to the exercise of options
  to be granted under our 2021 Omnibus Equity Incentive Plan (the "Plan").
  The
  shares offered herby consist of 2,415,293 ordinary shares issued or issuable under the Plan.
  Our
  ordinary shares are quoted on the Nasdaq Capital Market under the symbol "BTBT." On June 10, 2021, the last reported sale
  price of our ordinary shares on the Nasdaq Capital Market was $8.11 per share.
  The
  shares covered by this prospectus may be offered and sold from time to time directly by the Selling Securityholders of ordinary shares
  issued upon the exercise of options and/or restricted stock awards (the "Awards") granted pursuant to the Plan or through
  brokers on the Nasdaq Capital Market, or otherwise, at the prices prevailing at the time of such sales. The net proceeds to the Selling
  Securityholders will be the proceeds received by them upon such sales, less brokerage commissions, if any. We will pay all expenses of
  preparing and reproducing this prospectus but will not receive any of the proceeds from sales by any of the Selling Securityholders,
  but we will receive the exercise price upon exercise of the stock options. The Selling Securityholders and any broker-dealers, agents,
  or underwriters through whom the shares are sold, may be deemed "underwriters" within the meaning of the Securities Act with
  respect to securities offered by them, and any profits realized or commissions received by them may be deemed underwriting compensation.
  See "Plan of Distribution."
  NEITHER
  THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED
  UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
  THE
  SHARES OFFERED HEREBY INVOLVE A SUBSTANTIAL DEGREE OF RISK. SEE "RISK FACTORS" beginning on page 8 of this
  prospectus.
  The
  date of this prospectus is June 11, 2021
  No
  person is authorized to give any information or to make any representations other than those contained in this prospectus in connection
  with any offer to sell or sale of the securities to which this prospectus relates, and if given or made, such information or representations
  must not be relied upon as having been authorized. Neither the delivery of this prospectus nor any sale made hereunder shall, under any
  circumstances, imply that there has been no change in the facts herein set forth since the date hereof. This prospectus is not an offer
  to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
  -
  1
  -
  TABLE
  OF CONTENTS
  Page
  AVAILABLE INFORMATION
  3
  INCORPORATION OF DOCUMENTS BY REFERENCE
  4
  FORWARD-LOOKING STATEMENTS
  5
  SUMMARY INFORMATION
  6
  THE OFFERING
  7
  RISK FACTORS
  8
  USE OF PROCEEDS
  41
  SELLING SECURITYHOLDERS
  42
  PLAN OF DISTRIBUTION
  43
  DESCRIPTION OF SECURITIES TO BE REGISTERED
  45
  INTEREST OF NAMED EXPERTS AND COUNSEL
  45
  DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
  46
  EXEMPTION FROM REGISTRATION CLAIMED
  46
  MATERIAL CHANGES
  46
  LEGAL MATTERS
  46
  EXPERTS
  46
  You
  should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized any other person
  to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on
  it.
  This
  prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where
  the offer or sale is not permitted. You should assume that the information appearing in this Prospectus, as well as information we have
  previously filed with the SEC and incorporated by reference, is accurate only as of the date on the front of those documents.
  -
  2
  -
  AVAILABLE
  INFORMATION
  We
  file annual, quarterly and current reports and proxy statements and other information with the Securities and Exchange Commission ("SEC").
  You may read and copy any such reports, statements or other information that we file with the SEC at the SEC's Public Reference
  Room located at 100 F Street, N.W., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information about the operation
  of the Public Reference Room. Our public filings are also available from commercial document retrieval services and the Internet web
  site maintained by the SEC at http://www.sec.gov. In addition, our common stock is quoted 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.
  The
  SEC allows us to "incorporate by reference" information into this prospectus, which means that we can disclose important
  information to investors by referring them to another document filed separately with the SEC. The information incorporated by reference
  is deemed to be part of this prospectus, except for any information superseded by information contained directly in this document. This
  prospectus incorporates by reference the documents set forth below that we have previously filed with the SEC. These documents contain
  important information about us and our financial condition.
  -
  3
  -
  INCORPORATION
  OF documents BY REFERENCE
  The
  following documents filed with the SEC are incorporated by reference in this prospectus:
  (1)
  Bit
                                              Digital's Proxy Statement on
  Form 6-K
  filed with the SEC on April 7, 2021.
  (2)
  Bit
                                              Digital's Annual Report on
  Form 20-F
  for the year ended December 31, 2020, filed with
                                              the SEC on March 30, 2021.
  (3)
  Bit
                                              Digital's Quarterly Report on
  Form 6-K
  for the quarter ended March 31, 2021 filed with
                                              the SEC on May 6, 2021.
  (4)
  Bit
                                              Digital's Report on
  Form 6-K
  for January 2021 filed with the SEC on January 12, 2021.
  (5)
  Bit
                                              Digital's Report on
  Form 6-K
  for January 2021 filed with the SEC on January 19, 2021.
  (6)
  Bit
                                              Digital's Report on
  Form 6-K
  for February 2021 filed with the SEC on February 3, 2021.
  (7)
  Bit
                                              Digital's Report on
  Form 6-K
  for April 2021 filed with the SEC on April 1, 2021.
  (8)
  Bit
                                              Digital's Report on
  Form 6-K
  for April 2021 filed with the SEC on April 2, 2021.
  (9)
  Bit
                                              Digital's Report on
  Form 6-K
  for April 2021 filed with the SEC on April 26, 2021.
  (10)
  Bit
                                              Digital's Report on
  Form 6-K
  for May 2021 filed with the SEC on May 18, 2021.
  (11)
  Bit
                                              Digital's Report on
  Form 6-K
  for May 2021 filed with the SEC on May 27, 2021.
  (12)
  Bit
                                              Digital's Report on
  Form 6-K
  for June 2021 filed with the SEC on June 8, 2021.
  (13)
  The
                                              description of our ordinary shares contained in Bit Digital's Registration Statement
                                              on
  Form F-1
  (No. 333-254060).
  All
  documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the "Exchange
  Act") prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters
  all securities then remaining unsold shall be deemed to be incorporated by reference in this prospectus and to be a part of this prospectus
  from the date of filing of such documents. Any statement contained in a previously filed document incorporated by reference in this prospectus
  shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement in this prospectus modifies
  or supersedes such previous statement and any statement contained in this prospectus shall be deemed to be modified or superseded to
  the extent that a statement in any document subsequently filed, which is incorporated by reference in this prospectus, modifies or supersedes
  such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part
  of this prospectus.
  A
  copy of any and all of the information included in the documents that have been incorporated by reference in this prospectus (excluding
  exhibits thereto, unless such exhibits have been specifically incorporated by reference into the information which this prospectus incorporates)
  but which are not delivered with this prospectus will be provided by us without charge to any person to whom this prospectus is delivered,
  upon the oral or written request of such person. Written requests should be directed to Bit Digital, Inc., 33 Irving Place, New York,
  New York 10003, Attention: Corporate Secretary. Oral requests may be directed to the Secretary at (347) 328-3680.
  Nothing
  in this prospectus shall be deemed to incorporate information furnished to, but not filed with the SEC pursuant to Item 2.02 or Item
  7.01 of Form 8-K.
  -
  4
  -
  FORWARD-LOOKING STATEMENTS
  This
  prospectus 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
  "Risk Factors" and elsewhere in this prospectus.
  -
  5
  -
  SUMMARY INFORMATION
  The
  following summary is qualified in its entirety by reference to the more detailed information appearing elsewhere in this prospectus or
  incorporated herein by reference. Each prospective investor is urged to read this prospectus and the documents incorporated herein by
  reference in their entirety. Investment in the securities offered hereby involves a high degree of risk. See "Risk Factors."
  All
  references to "we," "us," "our," "Company," "Registrant" or similar terms
  used in this prospectus refer to Bit Digital, Inc.(formerly known as Golden Bull Limited), a Cayman Islands exempted company ("Bit
  Digital"), including its consolidated subsidiaries, unless the context otherwise indicates. We currently conduct our business through,
  Bit Digital Hong Kong Limited, a Hong Kong company and our operating entity in China; 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.
  "PRC"
  or "China" refers to the People's Republic of China, excluding, for the purpose of this prospectus, 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.
  Our
  Business
  On
  September 8, 2020, 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 Holding Limited (the "Subsidiary") and Golden Bull
  Limited (now Bit Digital, Inc., the "Seller"). Pursuant to the Disposition SPA, the Purchaser agreed to purchase the Subsidiary
  in exchange for nominal consideration of $10.00 and other good and valuable consideration. The Board of Directors approved the transaction
  contemplated by the Disposition SPA (the "Disposition'). The closing of the Disposition occurred on September 8, 2020 and
  represented the Company's complete disposition of the peer-to-peer lending business and focus onto the bitcoin mining business
  and its planned auto leasing business in the U.S.
  Bit
  Digital is an emerging bitcoin mining company with operations in PRC, the United States and Canada. The Company commenced its mining
  operations in February 2020, following the suspension of its peer-to-peer lending business in October 2019. Our bitcoin mining
  operations, hosted by third party suppliers, uses specialized computers, known as miners, to generate bitcoins, a cryptocurrency.
  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. Miners with a greater hash rate have a higher chance of
  solving a block and receiving a bitcoin award.
  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. After a third halving of bitcoins
  in May 2020, our mining strategy has been 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, we chose
  to acquire second-hand miners which can be delivered in only a few weeks. We have not signed leases for bitcoin mining facilities. In
  order to achieve lower utility costs, the mining facilities are maintained by our third-party suppliers. The bitcoin mining facilities
  in PRC are maintained by Hong Kong suppliers. They are our hosts and they install the miners, provide IT consulting, maintenance and
  repair work on site for us. Our miners' facilities in Texas and Nebraska are maintained by Compute North, a well-known miner hosting
  company in North America.
  Our
  executive offices are located at 33 Irving Place, New York, New York 10003 and our telephone number is (347) 328-3680. The information
  on our website does not constitute part of this prospectus.
  -
  6
  -
  The Offering
  This
  reoffer prospectus relates to the reoffer and resale of an aggregate of 2,415,293 ordinary shares, par value $0.01 per share, by certain
  Selling Securityholders, including our officers and directors, who are deemed to be affiliates of the Company, that are issuable upon
  the exercise of options to be granted pursuant to our Plan and shares underlying Awards. We will not receive any proceeds from the sale
  of the shares sold by the Selling Securityholders, but we will receive the exercise price upon exercise of the stock options, other than
  for any cashless exercise of options.
  If
  subsequent to the date of this reoffer prospectus, we grant any awards under the Plan to any persons who are affiliates of the Company,
  we would supplement this reoffer prospectus with the names of such affiliates and the amount(s) of shares to be reoffered by them as
  Selling Securityholders.
  -
  7
  -
  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 prospectus, including the matters discussed under the headings
  "Forward-Looking Statements" before you decide to invest in our ordinary shares. We are a holding company with part of
  our  operations in China and are subject to a legal and regulatory environment that in many respects differs from the
  United States. 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.
  General
  Risks
  We
  have a history of operating losses, and we may not be able to sustain profitability; we have recently shifted our bitcoin mining business,
  and we may not be continuously successful in this business.
  We
  only recently became profitable from continuing bitcoin mining operations. We may again incur losses, as we continue to work to grow
  our bitcoin mining business. We were previously engaged in peer to peer ("P2P") online lending business in China. Starting
  in or about November 2019, we made a decision to diversify into the bitcoin mining business, as well as car rental business, which latter
  plans were suspended as a result of the coronavirus pandemic. In September 2020, we disposed of our P2P and car rental business and totally
  focused on bitcoin mining business. Currently, our operations are focused on our bitcoin mining business located at our bitcoin mining
  facilities in PRC, the United States and Canada. Our current strategy is in an industry that is itself new and evolving and is subject
  to the risks discussed below. Even though we are currently operating profitability, we may not be able to sustain profitability in subsequent
  periods.
  Our
  results of operation 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 operating history. Accordingly, 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 bitcoin; and
  ●
  general
      economic, industry and market conditions.
  We
  may be subject to penalties as a result of the Chinese government suspension of our P2P lending business
  The
  Company is currently engaged in the bitcoin mining business. Initially, we were 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 conducted its investigation against 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 suspects. On March 24, 2020, the
  Bureau updated an announcement that it had transferred seven suspects to the procuratorates for criminal prosecution and took criminal
  action against 14 defendants, and our former CEO is still online hunting as of the date of this prospectus. While the Company has not
  been subject to any enforcement actions or investigations, 9 persons, including a former director of the Company, have been sentenced
  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. The Public Security Bureau also initiated online hunting for the Company's former
  Chief Executive Officer. As of the date of this prospectus, the final outcome of investigation was still not published and the impact
  on the Company could not be estimated.
  -
  8
  -
  Pursuant
  to a Share Purchase Agreement dated September 8, 2020, the Company sold its subsidiary Point Cattle Holdings Limited and its subsidiaries
  and VIEs to an unaffiliated third party and the operations of its peer-to-peer lending business were classified as discontinued operations.
  As of the date of this prospectus, the spun-off subsidiaries and VIEs engaging in peer-to-peer lending business have no relationship
  with the Company. See "Business - Legal Proceedings."
  We
  have not received any administrative penalty for our historical peer-to-peer lending business as of the date of this prospectus.
  Nevertheless, uncertainties still exist since the PRC law system also contains government policies and internal rules (some of which
  are not published in a timely manner or at all) that may have retroactive effect. According to the newly issued Regulations on the
  Prevention and Treatment of Illegal Fundraising, which came into force on May 1, 2021, no one shall benefit from illegal
  fund-raising. Even if there is no criminal offense, the PRC governmental authority or regulator has the right to seal up, freeze,
  seize the related assets, and the PRC governmental authority also could mandatorily request the person/entity who commits illegal
  fund-raising or who assists the illegal fund-raising to return or sell related assets at the current price to recover the funds. In
  addition, although the Company is not responsible for customers' claimed losses, the filing of any such claims and/or
  government investigations or proceedings against the Company or any of its affiliates, even if not justified, may create negative
  publicity and have a material adverse effect on the Company. If such situations occur, our business, financial condition and results
  of operations may be materially and adversely affected even though our former VIE entities of the P2P lending business have been
  disposed of.
  We
  may acquire other businesses, form joint ventures or acquire other companies or businesses that could negatively affect our operating
  results, dilute our stockholders' 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.
  We
  are seeking to enter bitcoin mining related business 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 stock or a combination of debt and equity
  as consideration, which could significantly dilute the ownership of our existing stockholders or provide rights to such preferred stockholders
  in priority over our common stockholders. 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 or acquisitions, 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 business. 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.
  -
  9
  -
  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;
  ●
  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 U.S., 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.
  Our
  loss of any 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, including Mr. Bryan Bullett,
  our Chief Executive Officer, Mr. Erke Huang, our Chief Financial Officer, and Mr. Sam Tabar, our Chief Strategy 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, 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 such personnel. If we are unable
  to attract such personnel, our business could be harmed.
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  10
  -
  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 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.
  If
  our internal control over financial reporting is 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 common stock listing
  on Nasdaq could be suspended or terminated and our stock 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 stockholder lawsuits, which could impose
  significant additional costs on us and divert management attention.
  Because
  cryptocurrencies may be determined to be investment securities, we may inadvertently violate the Investment Company Act and incur large
  losses as a result and potentially be required to register as an investment company or terminate operations and we may incur third party
  liabilities.
  We
  are engaged in the mining of bitcoins which the SEC said is currency and not securities. We therefore believe that we are not engaged
  in the business of investing, reinvesting, or trading in securities, and we do not hold ourselves out as being engaged in those activities.
  However, under the Investment Company Act a company may be deemed an investment company under section 3(a)(1)(C) thereof if the value
  of its investment securities is more than 40% of its total assets (exclusive of government securities and cash items) on an unconsolidated
  basis.
  As
  a result of our investments and our mining activities, including investments in which we do not have a controlling interest, the investment
  securities we hold could exceed 40% of our total assets, exclusive of cash items and, accordingly, we could determine that we have become
  an inadvertent investment company. The bitcoins we own, acquire or mine may be deemed an investment security by the SEC, although we
  do not believe the bitcoins we own, acquire or mine are securities. An inadvertent investment company can avoid being classified as an
  investment company if it can rely on one of the exclusions under the Investment Company Act. One such exclusion, Rule 3a-2 under the
  Investment Company Act, allows an inadvertent investment company a grace period of one year from the earlier of (a) the date on which
  an issuer owns securities and/or cash having a value exceeding 50% of the issuer's total assets on either a consolidated or unconsolidated
  basis and (b) the date on which an issuer owns or proposes to acquire investment securities having a value exceeding 40% of the value
  of such issuer's total assets (exclusive of government securities and cash items) on an unconsolidated basis. We may take actions
  to cause the investment securities held by us to be less than 40% of our total assets, which may include acquiring assets with our cash
  and bitcoin on hand or liquidating our investment securities or bitcoin or seeking a no-action letter from the SEC if we are unable to
  acquire sufficient assets or liquidate sufficient investment securities in a timely manner.
  As
  the Rule 3a-2 exception is available to a company no more than once every three years, and assuming no other exclusion were available
  to us, we would have to keep within the 40% limit for at least three years after we cease being an inadvertent investment company. This
  may limit our ability to make certain investments or enter into joint ventures that could otherwise have a positive impact on our earnings.
  In any event, we do not intend to become an investment company engaged in the business of investing and trading securities.
  Classification
  as an investment company under the Investment Company Act requires registration with the SEC. If an investment company fails to register,
  it would have to stop doing almost all business, and its contracts would become voidable. Registration is time consuming and restrictive
  and would require a restructuring of our operations, and we would be very constrained in the kind of business we could do as a registered
  investment company. Further, we would become subject to substantial regulation concerning management, operations, transactions with affiliated
  persons and portfolio composition, and would need to file reports under the Investment Company Act regime. The cost of such compliance
  would result in the Company incurring substantial additional expenses, and the failure to register if required would have a materially
  adverse impact to our operations.
  -
  11
  -
  We
  face risks related to the novel Coronavirus (COVID-19) outbreak, which could significantly disrupt our operations and financial results.
  We
  believe that our results of operations, business and financial condition has continuously been adversely impacted by the effects of
  the novel Coronavirus (COVID-19). Currently, Our mining operations in China are under the process of migration out of China.
  Although the novel Coronavirus (COVID-19) outbreak in China has been strictly and well controlled, to date the Chinese local
  authorities normally require quarantine or restriction on the movement of residents once new novel Coronavirus (COVID-19) patient
  found in their jurisdiction according to the severity of the situation. If a similar situation occurs near our mining factories, we
  may experience disruptions to our current business operations and migration resulting from quarantines, self-isolations, or other
  movement and restrictions on the ability of our mining consultants to perform their jobs. If we are unable to effectively service
  our miners, our ability to mine bitcoin will be adversely affected as miners go offline, which would have an adverse effect on our
  business and the results of our operations.
  In
  addition to global macroeconomic effects, the novel Coronavirus (COVID-19) outbreak and any other related adverse public health developments
  may cause disruption to our mining activities. The novel Coronavirus (COVID-19) or other disease outbreak will in the short-term, and
  may over the longer term, adversely affect the economies and financial markets of many countries, resulting in an economic downturn that
  may adversely affect demand for bitcoin and impact our operating results. Although the magnitude of the impact of the novel Coronavirus
  (COVID-19) outbreak on our business and operations remains uncertain, the continued global spread of the novel Coronavirus (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. In addition, we have experienced and will experience disruptions
  to our business operations resulting from quarantines, self-isolations, or other movement and restrictions on the ability of our employees
  to perform their jobs. If we are unable to effectively service our miners, our ability to mine bitcoin will be adversely affected as
  miners go offline, which would have an adverse effect on our business and the results of our operations.
  Our
  third-party manufacturers, suppliers, sub-contractors and customers have been and will continue to be disrupted by worker absenteeism,
  quarantines, restrictions on employees' ability to work, office and factory closures, disruptions to ports and other shipping infrastructure,
  border closures, or other travel or health-related restrictions. Depending on the magnitude of such effects on our supply chain, shipments
  of parts for our existing miners, which are second-hand, as well as any new miners we purchase, may be delayed. As our miners require
  repair or become obsolete and require replacement, our ability to obtain adequate replacements or repair parts from their manufacturer
  may therefore be hampered. Supply chain disruptions could therefore negatively impact our operations. If not resolved quickly, the impact
  of the novel Coronavirus (COVID-19) global pandemic could have a material adverse effect on our business.
  The
  coronavirus pandemic is a serious threat to health and economic wellbeing affecting our employees, investors and our sources of supply.
  On
  March 11, 2020, the World Health Organization announced that infections of the novel Coronavirus (COVID-19) had become pandemic, and
  on March 13, 2020, the U.S. President announced a National Emergency relating to the disease. There has been and continues to be widespread
  infection in the United States with a second wave now appearing in China, with the potential for catastrophic impact. Mandatory business
  closures have had catastrophic impacts on domestic and foreign economies of uncertain duration.
  The
  effectiveness of the novel Coronavirus (COVID-19) vaccine remains to be verified worldwide. The sweeping nature of the novel Coronavirus
  (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 develop the infrastructure of a public company and 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.
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  12
  -
  We
  do not have any business insurance coverage.
  Insurance
  companies in China currently do not offer as extensive an array of insurance products as insurance companies in more developed economies.
  Currently, we do not have any business liability or disruption insurance to cover our operations. However, we do have 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 bitcoin mining business plan, it would affect our financial and business condition and results
  of operations.
  Our
  previously announced growth strategy included the expansion of our operations to our upstream and downstream industries. In fiscal 2018,
  we set new financial targets to grow operating income, accelerate earnings per share growth faster than operating income growth and improve
  return on invested capital. In October 2019, we decided to enter the bitcoin mining business. There are various risks related to these
  efforts, including 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. Our intentions and expectations with regard to 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.
  During
  the year ended December 31, 2020, we raised gross proceeds aggregating $5.2 million in cash and $14.6 million in USDC in certain private
  placements, which enabled us to implement our new business strategy. However, we incurred net losses of approximately $1.9 million, $9.7
  million and $3.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. We also had negative cash flows from our
  operating activities of approximately $3.1 million, $1.3 million and $5.1 million for the years ended December 31, 2020, 2019 and 2018,
  respectively. 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 believe that our cash on hand and anticipated
  cash flows from operating activities will 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 this 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.
  Bitcoin-Related
  Risks
  Our
  results of operations are expected to be impacted by significant fluctuation of Bitcoin price
  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$3,792 per coin as of December 31, 2018, US$7,220 per coin as of December 31,
  2019 to US$ 28,922 per coin as of December 31, 2020 according to Blockchain.info. According to the same source, from January 1, 2020
  to December 31, 2020, the highest Bitcoin price was approximately US$29,307 per coin and the lowest was US$3,800 per coin.
  -
  13
  -
  We
  expect our results of operations to continue to be affected by the bitcoin price as most of the revenue is from bitcoin mining production
  as of the filing date. 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 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 four years later,
  which may further contribute to Bitcoin price volatility.
  It
  may be illegal now, or in the future, to acquire, own, hold, sell or use bitcoin, ether, or other cryptocurrencies, participate in blockchains
  or utilize similar bitcoin assets in China or other countries, the ruling of which would adversely affect us.
  Although
  currently cryptocurrencies generally are not regulated or are lightly regulated in most countries, one or more countries such as China
  and Russia, which have taken harsh regulatory action, may take regulatory actions in the future that could severely restrict the right
  to acquire, own, hold, sell or use these bitcoin assets or to exchange for fiat currency. In many nations, particularly in China and
  Russia, financial institutions are barred from accepting deposits of cryptocurrencies. Such restrictions may adversely affect us as the
  large-scale use of cryptocurrencies as a means of exchange is presently confined to certain regions globally.
  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
  the Purchase Agreement to continue to purchase bitcoin mining machines. 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 perform.
  We
  have an evolving business model which is subject to various uncertainties.
  As
  bitcoin 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 may need to evolve as well. From time to time, we may 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.
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  14
  -
  The
  properties included in our mining network may experience damages, including damages that are not covered by insurance.
  Our
  current mining operation in the states of Texas, Nebraska and Georgia in the United States and our mining operation under migration
  out of China 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;
  ●
  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 mine could be rendered inoperable, temporarily or permanently, as a result of a fire or other natural disaster, the coronavirus,
  or by a terrorist or other attack on the mine. The security and other measures we take to protect against these risks may not be sufficient.
  Additionally, our mine 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 requirement, 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.
  If,
  pursuant to our hosting service contracts (the "Hosting Agreements") with hosting service providers, hosting service providers
  cannot or will not supply sufficient electric power for us to operate our miners, we may be required 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
  have 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 provide many advantages
  as opposed to other alternative arrangements. If we are required to deploy or move our miners from the current hosting service providers
  to other mining facilities, 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.
  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 an alternative mining facility. Should this occur, our operations
  may be disrupted, which may have a material adverse effect on our operations.
  If
  our Hosting Agreements with the current hosting service providers 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.
  If
  we are forced to relocate to a new mining facility, we may not be successful in identifying adequate replacement facilities to house
  our miners. And 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 will require 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. If we are required to move our miners,
  our business may suffer, and our results of operations would be expected to be materially adversely affected.
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  15
  -
  Regulatory
  changes or actions may alter the nature of an investment in us or restrict the use of cryptocurrencies in a manner that adversely affects
  our business, prospects or operations.
  As
  cryptocurrencies have grown in both popularity and market size, governments around the world have reacted differently to cryptocurrencies;
  certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while in some jurisdictions,
  such as in the U.S., subject to extensive, and in some cases overlapping, unclear and evolving regulatory requirements. 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.
  The
  development and acceptance of cryptographic and algorithmic protocols governing the issuance of and transactions in cryptocurrencies
  is subject to a variety of factors that are difficult to evaluate.
  The
  use of cryptocurrencies 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 cryptocurrencies 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 cryptocurrencies as a medium to exchange;
  ●
  governmental
      and quasi-governmental regulation of cryptocurrencies 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 cryptocurrencies for developing smart contracts and distributed applications;
  ●
  general
      economic conditions and the regulatory environment relating to cryptocurrencies; and
  ●
  negative
      consumer sentiment and perception of bitcoin specifically and cryptocurrencies 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 cryptocurrencies 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 bitcoin-related activities
  or that accept cryptocurrencies 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. Similarly, a number of companies and individuals or businesses
  associated with cryptocurrencies 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 cryptocurrencies has been
  to exclude their use for ordinary consumer transactions within its jurisdiction.
  -
  16
  -
  Subject
  to such restrictions, we also may be unable to obtain or maintain these services for our business. The difficulty that many businesses
  that provide bitcoin and/or derivatives on other bitcoin-related activities have and may continue to have in finding banks and financial
  institutions willing to provide them services may be decreasing the usefulness of cryptocurrencies as a payment system and harming public
  perception of cryptocurrencies and could decrease their usefulness and harm their public perception in the future.
  The
  usefulness of cryptocurrencies as a payment system and the public perception of cryptocurrencies 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 cryptocurrencies 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.
  We
  may face risks of Internet disruptions, which could have an adverse effect on the price of cryptocurrencies.
  A
  disruption of the Internet may affect the use of cryptocurrencies and subsequently the value of our securities. Generally, cryptocurrencies
  and our business of mining cryptocurrencies is dependent upon the Internet. A significant disruption in Internet connectivity could disrupt
  a currency's network operations until the disruption is resolved and have an adverse effect on the price of cryptocurrencies and
  our ability to mine cryptocurrencies.
  The
  impact of geopolitical and economic events on the supply and demand for cryptocurrencies is uncertain.
  Geopolitical
  crises may motivate large-scale purchases of bitcoin and other cryptocurrencies, which could increase the price of bitcoin and other
  cryptocurrencies 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 cryptocurrencies 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, cryptocurrencies, 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 common stock. Political or economic crises may motivate large-scale acquisitions or sales of cryptocurrencies
  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 cryptocurrencies 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.
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  Transactional
  fees may decrease demand for bitcoin and prevent expansion.
  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 to transaction fees. In order to incentivize miners to continue to
  contribute to the bitcoin network, the bitcoin network may either formally or informally transition from a set reward to transaction
  fees earned upon solving a block. This transition could be accomplished by miners independently electing to record in the blocks they
  solve only those transactions that include payment of a transaction fee. 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 bitcoin 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 and demand for bitcoin may adversely affect its value and
  result in a reduction in the price of bitcoin and 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 cryptocurrencies, the value of our ordinary shares may be adversely affected.
  There
  is a lack of liquid markets, and possible manipulation of blockchain/bitcoin-based assets.
  Cryptocurrencies
  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. 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 cryptocurrencies 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 cryptocurrencies.
  We
  compete with other users and/or companies that are mining cryptocurrencies and other potential financial vehicles, including securities
  backed by or linked to cryptocurrencies 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 cryptocurrencies 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 cryptocurrencies we mine or otherwise acquire or hold for our own account, and harm investors.
  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 cryptocurrencies
  we mine or otherwise acquire or hold for our own account, and harm investors.
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  Our
  bitcoins may be subject to loss, theft or restriction on access.
  There
  is a risk that some or all of our bitcoins could be lost or stolen. Cryptocurrencies are stored in bitcoin sites commonly referred to
  as "wallets" by holders of bitcoins which may be accessed to exchange a holder's bitcoin assets. Access to our bitcoin
  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. 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 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. We hold all of our cryptocurrencies in cold storage to reduce the risk of malfeasance, but the risk of loss of
  our bitcoin assets cannot be wholly eliminated.
  Hackers
  or malicious actors may launch attacks to steal, compromise or secure cryptocurrencies, such as by attacking the bitcoin network source
  code, exchange miners, third-party platforms, cold and hot storage locations or software, or by other means. We may be in control and
  possession of one of the more substantial holdings of bitcoins. 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 bitcoin holdings or the holdings of others 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.
  Cryptocurrencies
  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 cryptocurrencies 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 cryptocurrencies we mine or otherwise acquire
  or hold for our own account.
  Risks
  due to hacking or adverse software event.
  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.
  At
  present, the Company is evaluating several third-party custodial 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 bitcoin 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.
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  Incorrect
  or fraudulent bitcoin transactions may be irreversible.
  Bitcoin
  transactions are irrevocable and stolen or incorrectly transferred cryptocurrencies 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 cryptocurrencies 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 cryptocurrencies we mine or otherwise acquire or hold for our own account.
  Our
  interactions with a blockchain may expose us to SDN or blocked persons or cause us to violate provisions of law that did not contemplate
  distribute ledger technology.
  The
  Office of Financial Assets Control of the US 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. Our Company's policy prohibits any transactions with such SDN individuals, 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 literally 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 common stock.
  Our
  reliance primarily on a single model of miner may subject our operations to increased risk of mine failure.
  The
  performance and reliability of our miners and our technology is critical to our reputation and our operations. Because we currently use
  MicroBT, Bitmain and Innosilicon 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, Bitmain
  and Innosilicon miners affects all our miners, if a defect other flaw is exploited, our entire mine 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
  damage to our reputation.
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  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 cyber-attack, 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 stock price.
  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, 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 an 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.
  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, Nebraska and Texas), 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 U.S. completely. Any such action would be expected to materially adversely affect our operations.
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  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 prospectus, no CFTC orders or rulings are applicable to our business.
  Cryptocurrencies
  face significant scaling obstacles that can lead to high fees or slow transaction settlement times.
  Cryptocurrencies
  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 cryptocurrencies is essential to the widespread acceptance of cryptocurrencies 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, cryptocurrencies 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 cryptocurrencies may be affected by the sale of such cryptocurrencies by other vehicles investing in cryptocurrencies 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 cryptocurrencies 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 cryptocurrencies or tracking bitcoin markets form and come to represent a significant proportion of the demand for cryptocurrencies,
  large redemptions of the securities of those vehicles and the subsequent sale of cryptocurrencies 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 cryptocurrencies we mine or otherwise acquire or hold for our
  own account.
  Because
  there has been limited precedent set for financial accounting of bitcoin and other bitcoin assets, the determination that we have made
  for how to account for bitcoin assets transactions may be subject to change.
  Because
  there has been limited precedent set for the financial accounting of cryptocurrencies 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 transactions and assets 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 cryptocurrencies we hold or expects to acquire for
  our own account and harm investors.
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  22
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  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 cryptocurrencies 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. To date, we have
  purchased second-hand miners from third parties. The degradation of our miners will require us to, over time, replace those miners which
  are no longer functional. Additionally, as the technology evolves, we may be required to acquire newer models of miners to remain competitive
  in the market. Reports have been released which indicate that miner manufacturer or seller adjusts the prices of its 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, which has been severely affected by the emergence of the COVID-19 coronavirus global pandemic. The global reliance on China as
  a main supplier of bitcoin miners has been called into question in the wake of the COVID-19 pandemic. Should similar outbreaks or other
  disruptions to the China-based global supply chain for bitcoin hardware 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 for which we mine, is subject to halving; the bitcoin reward for successfully uncovering a block will halve several times in
  the future and their 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 cryptocurrencies 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 process will reoccur until the total amount of bitcoin currency rewards issued reaches 21 million, which is expected around
  2140. 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.
  Our
  future success will depend in large part upon the value of bitcoin; the value of bitcoin may be subject to pricing risk and has historically
  been subject to wide swings
  .
  Our
  operating results will depend in large part upon the value of bitcoin because it's the sole cryptocurrency we currently mine. Specifically,
  our revenues from our bitcoin mining operations are based upon two factors: (1) the number of bitcoin rewards we successfully mine and
  (2) the value of bitcoin. 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 will be reflected in our statement of operations (i.e., we will be
  marking bitcoin to fair value each quarter). This means that our operating results will be subject to swings based upon increases or
  decreases in the value of bitcoin. Furthermore, our strategy currently focuses entirely on bitcoin (as opposed to other cryptocurrencies).
  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 cryptocurrencies, such as ether, that are not mined
  utilizing the "SHA-256 algorithm." If other cryptocurrencies were to achieve acceptance at the expense of bitcoin or bitcoin
  cash 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 bitcoin market prices, which have historically been volatile and are impacted by a variety of factors (including those discussed
  below), are determined primarily using data from various exchanges, over-the-counter markets and derivative platforms. 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 cryptocurrencies,
  or our share price, inflating and making their market prices more volatile or creating "bubble" type risks for both bitcoin
  and shares of our ordinary shares.
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  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 a 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 cryptocurrencies, 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 stock.
  Proof
  of stake is an alternative method in validating bitcoin transactions. Should the algorithm shift from a proof of work validation method
  to a proof of stake method, mining would require 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 form this as a result, and may be negatively impacted if a switch
  to proof of stake validation were to occur. 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 cryptocurrencies
  we mine or otherwise acquire or hold for our own account
  .
  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 cryptocurrencies.
  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.
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  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, 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, it may be able to alter blockchains on which
  transactions of bitcoin 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 could not generate
  new units or transactions using such control. The malicious actor could "double-spend" its own bitcoin (i.e., spend the same
  bitcoin 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 does not yield its control of the processing power on the network or the bitcoin community
  does 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 cryptocurrencies 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 network, it is believed that certain mining pools may have exceeded the 50% threshold in bitcoin. The possible crossing of the
  50% threshold indicates a greater risk that a single mining pool could exert authority over the validation of bitcoin transactions. To
  the extent that the bitcoin ecosystem, and the administrators of mining pools, do not act to ensure greater decentralization of bitcoin
  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 50% mining pool and thereby gain control of 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, may adversely affect an investment in our common stock. 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 cryptocurrencies
  we mine or otherwise acquire or hold for our own account, and harm investors.
  Cryptocurrencies,
  including those maintained by or for us, may be exposed to cybersecurity threats and hacks.
  As
  with any computer code generally, flaws in bitcoin codes may be exposed by malicious actors. Several errors and defects have been found
  previously, including those that disabled some functionality for users and exposed users' information. Exploitations of flaws in
  the source code that allow malicious actors to take or create money have previously occurred. Despite our efforts and processes to prevent
  breaches, our devices, as well as our miners, computer systems and those of third parties that we use in our operations, are vulnerable
  to cyber security risks, including cyber-attacks such as viruses and worms, phishing attacks, denial-of-service attacks, physical or
  electronic break-ins, employee theft or misuse, and similar disruptions from unauthorized tampering with our miners and computer systems
  or those of third parties that we use in our operations. 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 cryptocurrencies we mine or otherwise acquire or hold for our own account.
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  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 bitcoin 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. According to PRC Provisions on Supply and Use of Electricity (revised in 2019), excessive use of
  electricity or failure to use electricity in accordance with the contract may result in stop of the power supply. Additionally, our miners
  could be materially adversely affected by a power outage. PRC Electricity Law forbids users to build power plants without permission
  of Electric Department of the State Council. Given the power requirement, it would not be feasible to run miners on back-up power generators
  or purchase power from personal power plant in the event of a government restriction on electricity or a power outage.
  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.
  If
  the award of bitcoin rewards, for us primarily bitcoin for solving blocks and transaction fees are not sufficiently high, we may not
  have an adequate incentive to continue mining and may cease mining operations, which will likely lead to our failure to achieve profitability.
  As
  the number of bitcoin rewards awarded for solving a block in a blockchain decreases, our ability to achieve profitability worsens. Decreased
  use and demand for bitcoin rewards may adversely affect our incentive to expend processing power to solve blocks. 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. For instance, the current fixed reward for solving a new block on the bitcoin blockchain is twelve and
  a half bitcoin currency rewards per block, which decreased from 25 bitcoins to 12.5 bitcoins in July 2016 and from 12.5 bitcoins to 6.25
  bitcoins in May 2020. It is estimated that it will halve again in about three (3) years. This reduction 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 percent of the processing power active on a
  blockchain, potentially permitting such actor or botnet to manipulate a blockchain in a manner that adversely affects 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 cryptocurrencies we mine or otherwise
  acquire or hold for our own account.
  We
  may not adequately respond to price fluctuations and rapidly changing technology, which may negatively affect our business.
  Competitive
  conditions within the bitcoin 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 bitcoin 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 common stock.
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  Risk
  Related to The Car Rental Business
  Our
  proposed car rental business in the U.S. is particularly sensitive to reductions in the levels of airline passenger travel, and any lasting
  reductions in air travel as a result of COVID-19 could materially adversely our business strategy.
  The
  car rental industry in the U.S. has been severely impacted by reductions in airline passenger traffic as a result of the coronavirus.
  While we believe that we will be able to implement our business strategy at favorable purchase prices there can be no assurance that
  the industry will return to anywhere normal conditions in the near future. Further reductions in levels of air travel, whether caused
  by general economic conditions, airfare increases (such as due to capacity reductions or increases in fuel costs borne by commercial
  airlines) or other events (such as work stoppages, military conflicts, terrorist incidents, natural disasters, epidemic diseases, or
  the response of governments to any of these events) could materially adversely affect us in the future.
  We
  will face intense competition in the car rental business that may lead to downward pricing or an inability to increase prices.
  The
  car rental market in which we expect to operate in the U.S. is highly competitive. We believe that price is the primary competitive factor
  in the car rental market and that the Internet has enabled cost-conscious customers, including business travelers, to more easily compare
  rates available from rental companies. If we try to increase our pricing, our competitors, most of which are expected to have greater
  resources and better access to capital than us, may seek to compete aggressively on the basis of pricing. In addition, our competitors
  may reduce prices in order to attempt to gain a competitive advantage or to compensate for declines in rental activity. To the extent
  we do not match or remain within a reasonable competitive margin of our competitors' pricing, our revenues and results of operations
  could be materially adversely affected. If competitive pressures lead us to match any of our competitors' downward pricing and
  we are not able to reduce our operating costs, then our margins, results of operations and cash flows could be materially adversely impacted.
  Our
  car rental business is expected to be highly seasonal and any occurrence that disrupts rental activity during our peak periods could
  materially adversely affect our liquidity, cash flows and results of operations.
  Certain
  significant components of our expenses are fixed in the short-term, including acquisition costs, real estate taxes, rent, insurance,
  utilities, maintenance and other facility-related expenses, the costs of operating our information technology systems and minimum staffing
  costs. Seasonal changes in our revenues do not alter those fixed expenses, typically resulting in higher profitability in periods when
  our revenues are higher. We are seeking to enter the South Florida marketplace first. The winter months of the year have historically
  been the strongest quarters due to their increased levels of vacation traveling South Florida. If we are able to enter this marketplace,
  any occurrence that disrupts rental activity during the winter months could have a disproportionately material adverse effect on our
  liquidity, cash flows and results of operations.
  If
  we are unable to purchase adequate supplies of competitively priced cars or equipment and the cost of the cars or equipment we purchase
  increases, our financial condition, results of operations, liquidity and cash flows may be materially adversely affected.
  We
  do not expect to be a party to any long-term car supply arrangements with manufacturers. The price and other terms at which we can acquire
  cars thus varies based on market and other conditions. For example, certain car manufacturers have in the past, and may in the future,
  utilize strategies to de-emphasize sales to the car rental industry, which can negatively impact our ability to obtain cars on competitive
  terms and conditions. Consequently, there is no guarantee that we can purchase a sufficient number of vehicles at competitive prices
  and on competitive terms and conditions. Reduced or limited supplies of equipment together with increased prices are risks that we also
  face in our equipment rental business. If we are unable to obtain an adequate supply of cars or equipment, or if we obtain less favorable
  pricing and other terms when we acquire cars or equipment and are unable to pass on any increased costs to our customers, then our financial
  condition, results of operations, liquidity and cash flows may be materially adversely affected.
  Significant
  increases in fuel prices or reduced supplies of fuel could harm our business.
  Although
  fuel prices are currently at low prices, significant increases in fuel prices, reduced fuel supplies or the imposition of mandatory allocations
  or rationing of fuel could negatively impact our car rental business by discouraging consumers from renting cars, changing the types
  of cars our customers rent from us or the other services they purchase from us or disrupting air travel, any of which could have a material
  adverse effect on our financial condition and results of operations.
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  Manufacturer
  safety recalls could create risks to our business.
  Our
  cars may be subject to safety recalls by their manufacturers. A recall may cause us to retrieve cars from renters and decline to rent
  recalled cars until we can arrange for the steps described in the recall to be taken. We could also face liability claims if a recall
  affects cars that we have sold. If a large number of cars are the subject of a recall or if needed replacement parts are not in adequate
  supply, we may not be able to rent recalled cars for a significant period of time. Those types of disruptions could jeopardize our ability
  to fulfill existing contractual commitments or satisfy demand for our vehicles and could also result in the loss of business to our competitors.
  Depending on the severity of any recall, it could materially adversely affect our revenues, create customer service problems, reduce
  the residual value of the recalled cars and harm our general reputation.
  We
  face risks related to liabilities and insurance.
  Our
  proposed business will expose us to claims for personal injury, death and property damage resulting from the use of the cars rented or
  sold by us, and for employment-related claims by our employees. We cannot assure you that we will not be exposed to uninsured liability
  at levels in excess of historical levels resulting from multiple payouts or otherwise, that liabilities in respect of existing or future
  claims will not exceed the level of our insurance, that we will have sufficient capital available to pay any uninsured claims or that
  insurance with unaffiliated carriers will continue to be available to us on economically reasonable terms or at all.
  Environmental
  laws and regulations and the costs of complying with them, or any liability or obligation imposed under them, could materially adversely
  affect our financial position, results of operations or cash flows.
  We
  will be subject to federal, state, local and foreign environmental laws and regulations in connection with our car rental operations,
  including with respect to the ownership and operation of tanks for the storage of petroleum products, such as gasoline, diesel fuel and
  motor and waste oils. We cannot assure you that our tanks will at all times remain free from leaks or that the use of these tanks will
  not result in significant spills or leakage. If leakage or a spill occurs, it is possible that the resulting costs of cleanup, investigation
  and remediation, as well as any resulting fines, could be significant. We cannot assure you that compliance with existing or future environmental
  laws and regulations will not require material expenditures by us or otherwise have a material adverse effect on our consolidated financial
  position, results of operations or cash flows
  The
  U.S. Congress and other legislative and regulatory authorities in the United States have considered, and will likely continue to consider,
  numerous measures related to climate change and greenhouse gas emissions. Should rules establishing limitations on greenhouse gas emissions
  or rules imposing fees on entities deemed to be responsible for greenhouse gas emissions become effective, demand for our services could
  be affected, our fleet and/or other costs could increase, and our business could be adversely affected.
  Changes
  in the U.S. legal and regulatory environment that affect our proposed operations, including laws and regulations relating to taxes, automobile-related
  liability, insurance rates, insurance products, consumer privacy, data security, employment matters, cost and fee recovery and the banking
  and financing industry could disrupt our proposed business, increase our expenses or otherwise have a material adverse effect on our
  results of operations.
  We
  expect to be subject to a wide variety of U.S. laws and regulations and changes in the level of government regulation of our business
  have the potential to materially alter our business practices and materially adversely affect our financial position and results of operations,
  including our profitability. Those changes may come about through new laws and regulations or changes in the interpretation of existing
  laws and regulations.
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  Risks
  Involving Intellectual Property
  Bitcoin
  and bitcoin mining are software related
  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
  cryptocurrency related operations. We do expect to 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 cryptocurrency mining operation.
  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 "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.
  It
  is often difficult to register, maintain and enforce intellectual property rights in China. Statutory laws and regulations are subject
  to judicial interpretation and enforcement and may not be applied consistently due to the lack of clear guidance on statutory interpretation.
  Confidentiality, invention assignment and non-compete agreements may be breached by counterparties, and there may not be adequate remedies
  available to us for any such breach. Accordingly, we may not be able to effectively protect our intellectual property rights or to enforce
  our contractual rights in China. 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.
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  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.
  Additionally,
  the application and interpretation of China's intellectual property right laws and the procedures and standards for granting trademarks,
  patents, copyrights, know-how or other intellectual property rights in China are still evolving and are uncertain, and we cannot assure
  you that PRC courts or regulatory authorities would agree with our analysis. 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 Doing Business in China
  Pursuant
  to laws and regulations of PRC, there are two ways for foreign legal persons/entities to engaging in operation activities within the
  territory of China: the first, to establish a foreign-invested enterprise, which is incorporated according to Foreign Investment Law
  of PRC, within the territory of China and is wholly or partly invested by a foreign investor. The organization form, institutional framework
  and standard of conduct of a foreign-invested enterprise shall be subject to the provisions of the Company Law of the PRC and the Partnership
  Enterprise Law of the PRC and other law related regulations; or the second, 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.
  Policy
  risk of foreign investment in China.
  The
  Chinese government shall implement 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 refers to special administrative measures for
  the access of foreign investment in specific fields as stipulated by the State. The Chinese government shall give national treatment
  to foreign investment beyond the negative list.
  Pursuant
  to the Special Administrative Measures for Access of Foreign Investment (2020 Edition), or the 2020 Edition Negative list, issued by
  The Ministry of Commerce of the PRC (the "MOFCOM") and the NDRC on June 23, 2020 which came into effect on July 23, 2020,
  our business does not fall into the negative list and is permitted for foreign investment as of the date hereof. The Negative list will
  be revised from time to time.
  Foreign
  company engaged in profit-making activities in China.
  According
  to Order No.31,foreign enterprises engaged in profit-making activities in China shall 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, the foreign enterprises may not conduct any production and operation activities within the territory of China. Without the
  approval of the approving authorities and the registration of registration authorities, foreign enterprise engaging in profit-making
  activities authority may be imposed penalties such as warning, fine, confiscation of illegal income, suspension of business for rectification
  on a case-by-case basis.
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  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. Bit Digital Hong Kong does not provide cloud mining services or similar services to any third
  parties.
  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 Administrative Measures for the Registration of Enterprises of Foreign
  Countries (Regions) Engaging in Production and Operation Activities within the Territory of China or the Order No.31. It has been
  clarified in the Company's Form F-1 Registration Statement that a foreign company, including a Hong Kong company, is permitted
  to be engaged in production and operation within the territory of China in two ways, one is to obtain the license or approval, 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 and/or suspension of business for rectification. Furthermore, although Hong Kong is one of the special administrative
  districts of the PRC, generally, from the perspective of foreign investment supervision, Hong Kong companies are treated as foreign
  companies and most of the laws and regulations related to the foreign investment also apply to Hong Kong. Considering that Bit
  Digital Hong Kong has already been engaged in Bitcoin mining activities in the territory of China, and that Bit Digital Hong Kong
  has not obtained business licenses in relevant provinces yet, it will be much more difficult for Bit Digital Hong Kong to obtain
  license directly 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 the operation activities in P.R.C.
  Changes
  in China's economic, political or social conditions or government policies could have a material adverse effect on our business
  and results of operations.
  Part our current
  operations are still located in PRC, although we are under the process of shipping miners to the United States and/or Canada our
  bitcoin mining business is worldwide. Accordingly, our business, prospects, financial condition and results of operations may be
  influenced to a significant degree by political, economic and social conditions in China generally and by continued economic growth
  in China as a whole. In March 2021, the government of China's Inner Mongolia, where the Company used to deploy miners, has
  banned cryptocurrency mining in order to constrain growth in energy consumption. On May 21, 2021, the Financial Stability and
  Development Commission of the State Council of China proposed to "crack down on bitcoin mining and trading." On June 9,
  2021, Xinjiang Changji Hui Autonomous Prefecture Development and Reform Commission issued a notice on the immediate shutdown of
  enterprises engaged in virtual currency mining. Other provinces in China where the Company has deployed miners may do the same. The
  Company expects to migrate all computer miners out of China by July 1, 2021.
  The
  Chinese economy differs from the economies of most developed countries in many respects, including the amount of government involvement,
  level of development, growth rate, control of foreign exchange and allocation of resources. Although the Chinese government has implemented
  measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets and
  the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still
  owned by the government. In addition, the Chinese government continues to play a significant role in regulating industry development
  by imposing industrial policies. The Chinese government also exercises significant control over China's economic growth through
  allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy, and providing preferential
  treatment to particular industries or companies.
  While
  the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various
  sectors of the economy. The Chinese government has implemented various measures to encourage economic growth and guide the allocation
  of resources. Some of these measures may benefit the overall Chinese economy but may have a negative effect on us. For example, our financial
  condition and results of operations may be adversely affected by government control over capital investments or changes in tax regulations.
  In addition, in the past the Chinese government has implemented certain measures, including interest rate increases, to control the pace
  of economic growth. These measures may cause decreased economic activity in China, and since 2012, and in particular in 2020 as a result
  of COVID-19, China's economic growth has slowed down. Any prolonged slowdown in the Chinese economy may reduce the demand for our
  products and services and materially and adversely affect our business and results of operations.
  Uncertainties
  in the interpretation and enforcement of Chinese laws and regulations could limit the legal protections available to us.
  The
  PRC legal system is based on written statutes and prior court decisions have limited value as precedents. Since the PRC legal system
  continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these
  laws, regulations and rules involves uncertainties.
  -
  31
  -
  China
  is one of the jurisdictions to implement strict foreign exchange control. As a matter of fact, the free flow of bitcoin blurs the boundary
  of foreign exchange control. in some public speeches, officials of the Chinese State Administration of Foreign Exchange, or SAFE have
  expressed concerns about the challenges of cryptocurrency to foreign exchange control. In the event regulators believe that the circulation
  of bitcoin has a significant adverse impact on financial security, they may restrict the trading of bitcoin and the mining business in
  its jurisdiction.
  From
  time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. However, since PRC administrative
  and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult
  to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal
  systems. Furthermore, the PRC legal system is based in part on government policies and internal rules (some of which are not published
  in a timely manner or at all) that may have retroactive effect. Such uncertainties, including uncertainty over the scope and effect of
  our contractual, property (including intellectual property) and procedural rights, could materially and adversely affect our business
  and impede our ability to continue our operations.
  In
  addition to the unified policies at the national level, the attitudes of the Chinese local or provincial governments towards mining enterprises
  have also changed from time to time. In recent years, local governments in Inner Mongolia, Sichuan and Xinjiang have taken action to
  inspect and clean up mining enterprises in their jurisdictions. The sharp rise in bitcoin prices this year results in increase of mining
  activity and electricity consumption, which may draw further attention and trigger new regulatory measures by local governments.
  The
  M&A Rules and certain other PRC regulations establish complex procedures for some acquisitions of Chinese companies by foreign investors,
  which could make it more difficult for us to pursue growth through acquisitions in China.
  The
  M&A Rules discussed under "Business- Regulation" and some other regulations and rules concerning mergers and acquisitions
  established additional procedures and requirements that could make merger and acquisition activities by foreign investors more time consuming
  and complex, including requirements in some instances that the MOFCOM be notified in advance of any change-of-control transaction in
  which a foreign investor takes control of a PRC domestic enterprise. Moreover, the Anti-Monopoly Law requires that the MOFCOM shall be
  notified in advance of any concentration of undertaking if certain thresholds are triggered. In addition, the security review rules issued
  by the MOFCOM that became effective in September 2011 specify that mergers and acquisitions by foreign investors that raise "national
  defense and security" concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic
  enterprises that raise "national security" concerns are subject to strict review by the MOFCOM, and the rules prohibit any
  activities attempting to bypass a security review, including by structuring the transaction through a proxy or contractual control arrangement.
  In the future, we may grow our business by acquiring complementary businesses. Complying with the requirements of the above-mentioned
  regulations and other relevant rules to complete such transactions could be time consuming, and any required approval processes, including
  obtaining approval from the MOFCOM or its local counterparts may delay or inhibit our ability to complete such transactions, which could
  affect our ability to expand our business or maintain our market share.
  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.
  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.
  -
  32
  -
  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. The remaining shareholders who directly
  or indirectly hold shares in our Company and who are known to us as being PRC residents are currently processing such registrations.
  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.
  Any
  failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans may subject the PRC
  plan participants or us to fines and other legal or administrative sanctions.
  In
  February 2012, SAFE promulgated the Notices on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating
  in Stock Incentive Plan of Overseas Publicly-Listed Company, replacing earlier rules promulgated in March 2007. Pursuant to these rules,
  PRC citizens and non-PRC citizens who reside in China for a continuous period of not less than one year who participate in any stock
  incentive plan of an overseas publicly listed company, subject to a few exceptions, are required to register with SAFE through a domestic
  qualified agent, which could be the PRC subsidiary of such overseas listed company, and complete certain other procedures. In addition,
  an overseas entrusted institution must be retained to handle matters in connection with the exercise or sale of stock options and the
  purchase or sale of shares and interests. We and our executive officers and other employees who are PRC citizens or who have resided
  in the PRC for a continuous period of not less than one year and who have been granted options or other awards are subject to these regulations
  because our company is an overseas listed company. Failure to complete the SAFE registrations may subject them to fines and legal sanctions.
  See "Regulation — Regulations on Stock Incentive Plans."
  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.
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  33
  -
  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." As all of our management
  members are 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.
  Regulatory
  bodies of the United States may be limited in their ability to conduct investigations or inspections of our operations in China.
  From
  time to time, the Company may receive requests from certain U.S. agencies to investigate or inspect the Company's operations, or
  to otherwise provide information. While the Company will be compliant with these requests from these regulators, there is no guarantee
  that such requests will be honored by those entities who provide services to us or with whom we associate, especially as those entities
  are located in China. Furthermore, an on-site inspection of our facilities by any of these regulators may be limited or entirely prohibited.
  Such inspections, though permitted by the Company and its affiliates, are subject to the unpredictability of the Chinese enforcers, and
  may therefore be impossible to facilitate.
  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 in replacement of 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, 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.
  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 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.
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  34
  -
  Fluctuations
  in exchange rates could have a material adverse effect on our results of operations and the value of your investment.
  To
  date, substantially all of our revenues and expenditures have been denominated in RMB, whereas our reporting currency is the U.S. dollar.
  As a result, fluctuations in the exchange rate between the U.S. dollar and RMB will affect the relative purchasing power in RMB terms
  of our U.S. dollar assets. Our reporting currency is the U.S. dollar while the functional currency for our future PRC subsidiary and
  consolidated variable interest entity is RMB. Gains and losses from the remeasurement of assets and liabilities that are receivable or
  payable in RMB are included in our consolidated statements of operations. The remeasurement has caused the U.S. dollar value of our results
  of operations to vary with exchange rate fluctuations, and the U.S. dollar value of our results of operations will continue to vary with
  exchange rate fluctuations. A fluctuation in the value of RMB relative to the U.S. dollar could reduce our profits from operations and
  the translated value of our net assets when reported in U.S. dollars in our financial statements. This could have a negative impact on
  our business, financial condition or results of operations as reported in U.S. dollars. If we decide to convert our RMB into U.S. dollars
  for the purpose of making payments for dividends on our ordinary shares or for other business purposes, appreciation of the U.S. dollar
  against the RMB would have a negative effect on the U.S. dollar amount available to us. In addition, fluctuations in currencies relative
  to the periods in which the earnings are generated may make it more difficult to perform period-to-period comparisons of our reported
  results of operations.
  There
  remains significant international pressure on the PRC government to adopt a flexible currency policy. Any significant appreciation or
  depreciation of the RMB may materially and adversely affect our revenues, earnings and financial position, and the value of, and any
  dividends payable on, our ordinary shares in U.S. dollars. For example, to the extent that we need to convert U.S. dollars into RMB to
  pay our operating expenses, appreciation of the RMB against the U.S. dollar would have an adverse effect on the RMB amount we would receive
  from the conversion. Conversely, a significant depreciation of the RMB against the U.S. dollar may significantly reduce the U.S. dollar
  equivalent of our earnings, which in turn could adversely affect the market price of our ordinary shares.
  Very
  limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into
  any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging
  transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge
  our exposure or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict
  our ability to convert RMB into foreign currency. As a result, fluctuations in exchange rates may have a material adverse effect on your
  investment.
  Governmental
  control of currency conversion may limit our ability to utilize our net revenues effectively and affect the value of your investment.
  The
  PRC government imposes controls on the convertibility of the RMB into foreign currencies and, in certain cases, the remittance of currency
  out of China. We have received substantially all of our net revenues in RMB. Under our current corporate structure, our company in the
  Cayman Islands may rely on dividend payments from our PRC subsidiary to fund any cash and financing requirements we may have. Under existing
  PRC foreign exchange regulations, payments of current account items, such as profit distributions and trade and service-related foreign
  exchange transactions, can be made in foreign currencies without prior approval from SAFE by complying with certain procedural requirements.
  Therefore, our future PRC subsidiary is able to pay dividends in foreign currencies to us without prior approval from SAFE, subject to
  the condition that the remittance of such dividends outside of the PRC complies with certain procedures under PRC foreign exchange regulation,
  such as the overseas investment registrations by the beneficial owners of our Company who are PRC residents. But approval from or registration
  with appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China to pay
  capital expenses such as the repayment of loans denominated in foreign currencies. Therefore, the Company's ability to support
  its operating and capital expenditure commitments will depend upon its obtaining approval from or registration with appropriate governmental
  authorities. The PRC government may also at its discretion restrict access in the future to foreign currencies or current account transactions.
  If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands,
  we may not be able to pay dividends in foreign currencies to our shareholders.
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  35
  -
  Risks
  Related to Our Ordinary Shares
  The
  trading price of our ordinary shares is subject to arbitrary 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 cryptocurrencies or blockchains generally, factors over which we have little or no influence or control.
  Other
  factors which 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 cryptocurrencies;
  ●
  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 common stock by our officers, directors or significant stockholders;
  ●
  other
      actions taken by our stockholders;
  ●
  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 stock; and
  ●
  other
      risks, uncertainties and factors described in this annual report.
  In
  addition, the stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance
  of the issuer. These broad market fluctuations may negatively impact the price or liquidity of our common stock. 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 "Business- Legal Proceedings, "We, and some of our current and former officers and directors,
  have been named as parties to various lawsuits arising out of, or related to, allegedly false and misleading statements made in prior
  securities filings, and those lawsuits could adversely affect us, require significant management time and attention, result in significant
  legal expenses or damages, and cause our business, financial condition, results of operations and cash flows to suffer."
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  36
  -
  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, so
  we were not in compliance with Nasdaq's rules for listing standards. Although we regained compliance, there can be no assurance
  we will continue to meet the minimum bid price requirements or any other 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 is not eligible for quotation or listing on another market or exchange,
  trading of our ordinary shares could be conducted only in 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,
  which may negatively affect our plans and the results of our operations.
  If
  securities or industry analysts do not publish research or publish unfavorable research about our business, our stock 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
  stock, 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 stock price of our common stock 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 stock 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 are relatively unknown 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 an unproven 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. Broad or active public trading market for our ordinary shares may not develop
  or be sustained.
  We
  are defendants in securities class actions litigation which could result in substantial costs and liabilities.
  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 is on behalf of persons that purchased or acquired our ordinary shares between December 21, 2020 and January 8, 2021, a period
  of volatility in our stock, 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 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 legal plaintiff. We intend to seek dismissal of the lawsuits and will
  vigorously defend the action.
  -
  37
  -
  Two
  former members of our management team have substantial shareholdings in our Company and their interests may not be aligned with the interests
  of our other shareholders
  Mr.
  Zeng, our former chief executive officer and chairman and Mr. Liu, a former member of our Board of Director, beneficially own approximately
  5.1% and 13.0%, respectively, of our ordinary shares. Neither shareholder has any involvement in the management of the Company or the
  decisions of the Board of Directors, However, as a result of their significant shareholdings, Mr. Zeng and Mr. Liu may have influence
  over decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election of directors, and other
  significant corporate actions. They may take action that is not in the best interests of us or our other shareholders This concentration
  of ownership may discourage, 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. For more information regarding our principal shareholders and their affiliated entities see
  "Principal Shareholders."
  There
  is uncertainty to pay cash dividends in the foreseeable future.
  We
  currently intend to retain any future earnings for use in the operation and expansion of our business. Accordingly, we do not expect
  to pay any cash dividends in the foreseeable future but will review this policy as circumstances dictate. Should we determine to pay
  dividends in the future, our ability to do so will depend upon the receipt of dividends or other payments from our subsidiaries.
  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 United States 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 United States 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 United States securities laws. It may be difficult for
  a shareholder to enforce against us judgments obtained in United States 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.
  -
  38
  -
  We
  are 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 a foreign private issuer within the meaning of the rules under 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
  ●
  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.
  ●
  We
      file annual reports on Form 20-F and reports on Form 6-K as a foreign private issuer. Accordingly, 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 if we take advantage of certain exemptions
  from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with
  other public companies
  .
  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. 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 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 which 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.
  As
  an "emerging growth company" under applicable law, we will be subject to lessened disclosure requirements. Such reduced disclosure
  may make our Ordinary Shares less attractive to investors.
  For
  as long as we remain an "emerging growth company", as defined in the JOBS Act, we will elect 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. Because of these lessened regulatory requirements, our shareholders would be 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.
  -
  39
  -
  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. taxpayer who
  holds our ordinary shares, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional
  reporting requirements.
  Depending
  on the amount of any assets held for the production of passive income, it is possible that, for any taxable year, more than 50% of our
  assets may be assets which produce passive income. We will make this determination following the end of any particular tax year. Although
  the law in this regard is unclear, we treat our consolidated affiliated entities as being owned by us for United States federal income
  tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to
  substantially all of their economic benefits, and, as a result, we consolidate their operating results in our consolidated financial
  statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its pro rata share of the gross income
  and assets of any entity in which it is considered to own at least 25% of the equity by value.
  For
  a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to
  be a PFIC, see "Taxation — United States Federal Income Taxation — Passive Foreign Investment Company."
  We
  incur significant costs as a result of being a public company and will, particularly after we cease to qualify as an "emerging
  growth company"
  We
  incur significant legal, account and other expenses as a public company. The Sarbanes-Oxley Ac 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 defined in the JOBS Act 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. These provisions include exemption from
  the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over
  financial reporting and permission to delay adopting new or revising accounting standards until such time as those standards apply to
  private companies.
  -
  40
  -
  USE
  OF PROCEEDS
  We
  will not receive any proceeds from the sale of the ordinary shares by the Selling Securityholders. All such proceeds will be received
  by the Selling Securityholders. However, we expect to use the proceeds from the exercise of the options for working capital and other
  general corporate purposes.
  -
  41
  -
  SELLING
  SECURITYHOLDERS
  The
  shares offered by this prospectus are being registered for reoffers and resales by the Selling Securityholders, who may acquire such
  shares pursuant to the exercise of options and Awards granted under the Plan. All of the ordinary shares registered for sale under this
  reoffer prospectus will be owned, prior to the offer and sale of such shares, by certain of our employees, non-employee directors, executive
  officers and consultants listed below (the "Selling Securityholders"). We are registering the ordinary shares covered by
  this reoffer prospectus for the Selling Securityholders. As used in this reoffer prospectus, "Selling Securityholders" includes
  the pledges, donees, transferees or others who may later hold the Selling Securityholders' interests. The Selling Securityholders
  named below may resell all, a portion or none of such shares from time to time. In addition, certain non-affiliates of the Company, not
  named in the following table, who hold less than the lesser of 1,000 shares or 1% of the shares issuable under a plan may also use this
  prospectus to sell up to that amount of shares acquired by them pursuant to the exercise of options or other Awards granted to them under
  the Plan.
  The
  following table sets forth, with respect to each Selling Securityholder, based upon information available to us as of June 4, 2021, the
  number of ordinary shares beneficially owned before and after the sale of the ordinary shares offered by this prospectus; the maximum
  number of shares to be sold; and the percent of the outstanding ordinary shares owned before and after the sale of the ordinary shares
  offered by this prospectus.
  Selling Securityholder
  Shares Owned
  Prior to the
  Sale (1)
  Percentage
  of
  Shares Owned
  Prior to the
  Sale
  Shares
  Registered
  Bryan Bullett
  135,765
  *
  135,765
  Sam Tabar
  135,765
  *
  135,765
  *
  Less
  than one (1%) percent of the issued and outstanding ordinary shares.
  (1)
  Based
  on 51,097,206 ordinary shares issued and outstanding as of June 4, 2021 together with securities exercisable or convertible with ordinary
  shares within sixty (60) days as of such date for each shareholder. Except to the extent otherwise indicated, to the best of the Company's
  knowledge, each of the indicated persons exercises sole voting and investment power with respect to all shares beneficially owned by
  him.
  (2)
  Represents
  15,000 ordinary shares issuable under Restricted Award Agreements issued for consulting services and 120,765 ordinary shares under Restricted
  Stock Units ("RSUs"), pursuant to Employment Agreements entered into on March 31, 2021 by Messrs. Bullett and Tabar.
  -
  42
  -
  PLAN OF DISTRIBUTION
  The
  ordinary shares listed in the table appearing under "Selling Securityholders" are being registered to permit the resale of
  ordinary shares by the Selling Securityholders from time to time after the date of this prospectus. There can be no assurance that the
  Selling Securityholders will sell any or all of the ordinary shares offered hereby. We will not receive any of the proceeds from the
  sale of the ordinary shares by the Selling Securityholders.
  The
  Selling Securityholder may sell all or a portion of the ordinary shares offered hereby from time to time directly to purchasers or through
  one or more underwriters, broker-dealers or agents, at market prices prevailing at the time of sale, at prices related to such market
  prices, at a fixed price or prices subject to change or at negotiated prices, by a variety of methods including the following:
  ●
  on
  any national securities exchange or over-the-counter market on which the ordinary shares may be listed or quoted at the time
  of sale;
  ●
  ordinary
  brokerage transactions and transactions in which the broker-dealer solicits purchasers;
  ●
  block
  trades in which a broker-dealer may attempt to sell the shares as agent but may position and resell a portion of the block as principal
  to facilitate the transaction;
  ●
  purchases
  by a broker-dealer, as principal, and a subsequent resale by the broker-dealer for its account;
  ●
  in
  "at the market" offerings to or through market makers into an existing market for ordinary shares;
  ●
  an
  exchange distribution in accordance with the rules of the applicable exchange;
  ●
  privately
  negotiated transactions;
  ●
  in
  transactions otherwise than on such exchanges or in the over-the-counter market;
  ●
  through
  a combination of any such methods; or
  ●
  through
  any other method permitted under applicable law.
  We
  will pay the expenses incident to the registration and offering of the ordinary shares offered hereby. We have agreed to indemnify the
  Selling Securityholders and certain other persons against certain liabilities in connection with the offering by the Selling Securityholders
  offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required
  to be paid in respect of such liabilities.
  Broker-dealers
  engaged by the Selling Securityholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
  or discounts from the Selling Securityholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser)
  in amounts to be negotiated. The Selling Securityholders do not expect these commissions and discounts to exceed what is customary in
  the types of transactions involved.
  The
  Selling Securityholders may from time to time pledge or grant a security interest in some or all of the shares owned by them and, if
  they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell ordinary shares from
  time to time under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provisions of the
  Securities Act amending the list of Selling Securityholders to include the pledgee, transferee or other successors in interest as Selling
  Securityholders under this prospectus.
  Upon
  our being notified by a Selling Securityholder that any material arrangement has been entered into with a broker or dealer for the sale
  of shares through a secondary distribution, or a purchase by a broker or dealer, we will file a prospectus supplement, if required, pursuant
  to Rule 424(b) under the Securities Act, disclosing (a) the name of each of such Selling Securityholder and the participating broker-dealers,
  (b) the number of shares involved, (c) the price at which such shares are being sold, (d) the commissions paid or the discounts or concessions
  allowed to such broker-dealers, (e) where applicable, that such broker-dealers did not conduct any investigation to verify the information
  set out or incorporated by reference in the prospectus, as supplemented, and (f) other facts material to the transaction.
  -
  43
  -
  In
  addition to any such number of shares sold hereunder, a Selling Securityholder may, at the same time, sell any share of common stock,
  including the shares offered by this prospectus, owned by such person in compliance with all of the requirements of Rule 144 under the
  Securities Act, regardless of whether such shares are covered by this prospectus.
  In
  addition, upon us being notified in writing by a Selling Securityholders that a donee or pledgee intends to sell more than 500 ordinary
  shares, a supplement to this prospectus will be filed if then required in accordance with applicable securities law.
  The
  Selling Securityholders also may transfer the ordinary shares in other circumstances, in which case the transferees, pledgees or other
  successors in interest will be the selling beneficial owners for purposes of this prospectus.
  The
  Selling Securityholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be "underwriters"
  within the meaning of the Securities Act in connection with such sales. In such event any commissions received by such broker-dealers
  or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under
  the Securities Act. Discounts, concessions, commissions and similar selling expenses, if any, that can be attributed to the sale of securities
  will be paid by the selling stockholder and/or the purchasers. The ordinary shares are listed on the Nasdaq Capital Market under the
  symbol "BTBT."
  Each
  Selling Securityholder may be deemed to be an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act.
  Any underwriters, brokers, dealers or agents that participate in such distribution may be deemed to be "underwriters" within
  the meaning of the Securities Act, and any discounts, commissions or concessions received by any underwriters, brokers, dealers or agents
  might be deemed to be underwriting discounts and commissions under the Securities Act. Any Selling Securityholder who is an "underwriter"
  within the meaning of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act and the provisions
  of the Exchange Act and the rules thereunder relating to stock manipulation.
  In
  order to comply with the securities laws of some states, ordinary shares sold in those jurisdictions may only be sold through registered
  or licensed brokers or dealers. In addition, in some states, ordinary shares may not be sold unless the ordinary shares have been registered
  or qualified for sale in that state or an exemption from registration or qualification is available and is complied with. The compensation
  paid to a particular broker-dealer may be less than or in excess of customary commissions. Neither we nor Ionic can presently estimate
  the amount of compensation that any agent will receive. Each Selling Securityholder has represented and warranted to us that it acquired
  the securities subject to this registration statement in the ordinary course of such Selling Securityholder's business and, at
  the time of its purchase of such securities such Selling Securityholder had no agreements or understandings, directly or indirectly,
  with any person to distribute any such securities.
  We
  have advised each Selling Securityholder that it may not use shares registered on this registration statement to cover short sales of
  common stock made prior to the date on which this registration statement shall have been declared effective by the SEC. If a Selling
  Securityholder uses this prospectus for any sale of the common stock, it will be subject to the prospectus delivery requirements of the
  Securities Act. The Selling Securityholders will be responsible to comply with the applicable provisions of the Securities Act and Exchange
  Act, and the rules and regulations thereunder promulgated, including, without limitation, Regulation M, as applicable to such Selling
  Securityholders in connection with resales of their respective shares under this registration statement.
  We
  are required to pay all fees and expenses incident to the registration of the shares, other than commissions and discounts of underwriters,
  dealers or agents, but we will not receive any proceeds from the sale of the common stock. We have agreed to indemnify the Selling Securityholders
  against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.
  There
  is no assurance that any of the Selling Securityholders will sell any or all of the shares offered by this prospectus.
  -
  44
  -
  DESCRIPTION
  OF SECURITIES TO BE REGISTERED
  The
  following summary of the terms of our share capital does not purport to be complete and is qualified in its entirety by reference to
  the applicable provisions of Cayman Islands law and our Amended and Restated Memorandum and Articles of Association.
  We
  amended our memorandum and articles 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 Preference Shares and for changes to the description of Cayman Island laws and certain other
  updates.
  We
  are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association
  (referred to herein as the "Amended and Restated Memorandum and Articles of Association") and the Companies Act (Revised)
  of the Cayman Islands, which we refer to as the Companies Act below.
  Our
  authorized share capital is 150,000,000 shares consisting of 140,000,000 ordinary shares, par value $0.01 per share and 10,000,000 Preference
  Shares, par value $0.01 per share. As of June 4, 2021, there were 51,097,206 ordinary shares and 1,000,000 Preference Shares issued and
  outstanding.
  The
  holders of our ordinary shares are entitled to one vote for each share held of record on all matters submitted to a vote of members.
  The holders of our ordinary shares are entitled to receive ratably such dividends as are declared by our board of directors out of funds
  legally available therefor. In the event of our liquidation, dissolution or winding up, holders of our ordinary shares have the right
  to a ratable portion of assets remaining after payment of liabilities. The holders of our ordinary shares have no preemptive rights or
  rights to convert their ordinary shares into any other securities and are not subject to future calls or assessments by the Company.
  All issued and outstanding ordinary shares are fully paid and non-assessable.
  INTEREST OF NAMED EXPERTS AND COUNSEL.
  There
  are no interests of named experts and counsel.
  -
  45
  -
  DISCLOSURE
  OF COMMISSION POSITION ON INDEMNIFICATION
  FOR SECURITIES ACT LIABILITIES
  Insofar
  as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
  the Company, the SEC has expressed its opinion that such indemnification is against public policy as expressed in the Securities Act
  and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
  Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action,
  suit or proceeding) is asserted by such director, officer or controlling person in connection with the shares being registered, the Company
  will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
  the question whether such indemnification by us is against public policy as expressed in the Securities Act and we will be governed by
  the final adjudication of such issue.
  EXEMPTION
  FROM REGISTRATION CLAIMED
  Exemption
  from registration pursuant to Section 4(a)(2) of the Securities Act is claimed for the issuance of Restricted Stock Units awarded to
  officers of the Company under the Plan. See "Selling Securityholders."
  Material
  changes
  There
  have been no material changes in the Company's affairs since the end of the latest fiscal year that have not been disclosed in
  a previously filed report.
  LEGAL MATTERS
  The
  validity of the ordinary shares offered in this Prospectus and certain other legal matters as to Cayman Islands law will be passed upon
  for us by Ogier, our counsel as to Cayman Islands law.
  EXPERTS
  Our
  consolidated financial statements for the fiscal year ended December 31, 2020 have been incorporated by reference in this Prospectus
  and in this Registration Statement in reliance upon the report of Audit Alliance LLP and for the fiscal year ended December 31, 2019,
  upon the report of JLKZ CPA LLP, independent registered public accounting firm, on their audit of our financial statements given on authority
  of this firm as experts in accounting and auditing.
  PROSPECTIVE
  INVESTORS MAY RELY ONLY ON THE INFORMATION CONTAINED IN THIS PROSPECTUS. WE HAVE NOT AUTHORIZED ANYONE TO PROVIDE PROSPECTIVE INVESTORS
  WITH DIFFERENT OR ADDITIONAL INFORMATION. THIS PROSPECTUS IS NOT AN OFFER TO SELL NOR IS IT SEEKING AN OFFER TO BUY IN ANY JURISDICTION
  WHERE SUCH OFFER, OR SALE IS NOT PERMITTED. THE INFORMATION CONTAINED IN THIS PROSPECTUS IS CORRECT ONLY AS OF THE DATE OF THIS PROSPECTUS,
  REGARDLESS OF THE TIME OF DELIVERY OF THIS PROSPECTUS OR ANY SALE OF THESE SHARES.
  -
  46
  -
  PART
  II
  INFORMATION
  REQUIRED IN THE
  REGISTRATION STATEMENT
  Item
                                              3.
  Incorporation
                                              of Documents by Reference
  The
  following documents filed with the Securities and Exchange Commission (the "SEC") by Bit Digital, Inc., a Cayman Islands
  corporation (the "Registrant"), pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
  are incorporated by reference in this registration statement:
  (1)
  Bit
                                              Digital's Proxy Statement on
  Form 6-K
  filed with the SEC on April 7, 2021.
  (2)
  Bit
                                              Digital's Annual Report on
  Form 20-F
  for the year ended December 31, 2020, filed with
                                              the SEC on March 30, 2021.
  (3)
  Bit
                                              Digital's Quarterly Report on
  Form 6-K
  for the quarter ended March 31, 2021 filed with
                                              the SEC on May 6, 2021.
  (4)
  Bit
                                              Digital's Report on
  Form 6-K
  for January 2021 filed with the SEC on January 12, 2021.
  (5)
  Bit
                                              Digital's Report on
  Form 6-K
  for January 2021 filed with the SEC on January 19, 2021.
  (6)
  Bit
                                              Digital's Report on
  Form 6-K
  for February 2021 filed with the SEC on February 3, 2021.
  (7)
  Bit
                                              Digital's Report on
  Form 6-K
  for April 2021 filed with the SEC on April 1, 2021.
  (8)
  Bit
                                              Digital's Report on
  Form 6-K
  for April 2021 filed with the SEC on April 2, 2021.
  (9)
  Bit
                                              Digital's Report on
  Form 6-K
  for April 2021 filed with the SEC on April 26, 2021.
  (10)
  Bit
                                              Digital's Report on
  Form 6-K
  for May 2021 filed with the SEC on May 18, 2021.
  (11)
  Bit
                                              Digital's Report on
  Form 6-K
  for May 2021 filed with the SEC on May 27, 2021.
  (12)
  Bit
                                              Digital's Report on
  Form 6-K
  for June 2021 filed with the SEC on June 8, 2021.
  (13)
  The
                                              description of our ordinary shares contained in Bit Digital's Registration Statement
                                              on
  Form F-1
  (No. 333-254060).
  All
  documents subsequently filed by the Registrant after the date of this prospectus pursuant to Sections 13(a), 13(c), 14, and 15(d) of
  the Exchange Act shall be deemed to be incorporated by reference in this prospectus and to be a part of this prospectus from the
  date of filing of such documents. Any statement contained in a previously filed document incorporated by reference in this
  prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement in this
  prospectus modifies or supersedes such previous statement and any statement contained in this prospectus shall be deemed to be
  modified or superseded to the extent that a statement in any document subsequently filed, which is incorporated by reference in this
  prospectus, modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so
  modified or superseded, to constitute a part of this prospectus.
  You
  may read and copy any reports, statements or other information we have filed at the SEC's Public Reference Room at 100 F Street,
  N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the Public Reference Rooms. Our filings
  are also available on the Internet at the SEC's website at http:\\www.sec.gov.
  II-
  1
  Item
                             4.
  Description
  of Securities.
  Not
  applicable.
  Item
                             5.
  Interests
  of Named Experts and Counsel.
  Not
  applicable.
  Item
                             6.
  Indemnification
  of Directors and Officers.
  (A)
  The registrant's authority to indemnify its officers and directors is governed by the provisions of the registrant's
  Amended and Restated Memorandum and Articles of Association.
  (B)
  The Amended and Restated Memorandum and Articles of Association of the registrant provides as follows:
  Every
  Director and officer for the time being of the Company or any trustee for the time being acting in relation to the affairs of the Company
  and their respective heirs, executors, administrators, personal representatives or successors or assigns shall, in the absence of wilful
  neglect or default, be indemnified by the Company against, and it shall be the duty of the Directors out of the funds and other assets
  of the Company to pay, all costs, losses, damages and expenses, including travelling expenses, which any such Director, officer or trustee
  may incur or become liable in respect of by reason of any contract entered into, or act or thing done by him as such Director, officer
  or trustee or in any way in or about the execution of his duties and the amount for which such indemnity is provided shall immediately
  attach as a lien on the property of the Company and have priority as between the Members over all other claims. No such Director, officer
  or trustee shall be liable or answerable for the acts, receipts, neglects or defaults of any other Director, officer or trustee or for
  joining in any receipt or other act for conformity or for any loss or expense happening to the Company through the insufficiency or deficiency
  of any security in or upon which any of the monies of the Company which shall be invested or for any loss of the monies of the Company
  which shall be invested on for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person with whom any
  monies, securities or effects shall be deposited, or for any other loss, damage or misfortune whatsoever which shall happen in or about
  the execution of the duties of his respective office or trust or in relation thereto unless the same happens through his own wilful neglect
  or default.
  (C)
  The Board of Directors of the registrant authorized the registrant to enter into indemnity agreements with officers and directors of
  the registrant when and as determined by the Board of Directors. Pursuant to the foregoing authority, the registrant has entered
  into indemnity agreements with each of its directors and certain of its officers.
  The
  indemnity agreements obligate the registrant to provide the maximum protection allowed under the BCL. The indemnity agreements supplement
  and increase the protection afforded to officers and directors under the Certificate of Incorporation in the following respects:
  1.
  (a) The Indemnification Agreements entered into with Bryan Bullett and Sam Tabar (the "Indemnitees") dated as of
  March 31, 2021 in connection with their Employment Agreements provide for a supplement to and in furtherance of the Amended and
  Restated Memorandum and Articles of Association. The Indemnitees did not regard the protection available under the organizational
  documents of the Company and any insurance policies maintained by the Company to be adequate.
  (b)
  The Indemnitees shall be entitled to indemnification if the Indemnitee is, or is threatened to be made, a party to or participant in
  any Proceeding (as defined) other than a Proceeding by or in the right of the Company. The Indemnitees shall be indemnified against
  all expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf,
  in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the
  Indemnitees reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal
  proceeding, had no reasonable cause to believe the Indemnitee's conduct was unlawful.
  (c)
  The Indemnitees shall be entitled to indemnification if the Indemnitee is, or is threatened to be made, a party to or participant in
  any Proceeding brought by or in the right of the Company, provided the Indemnitees acted in good faith and in a manner the
  Indemnitee reasonably believed to be in or not opposed to the best interests of the Company;
  provided
  ,
  however
  , that
  if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in
  such Proceeding as to which Indemnitees shall have been adjudged to be liable to the Company unless and to the extent that a court
  of competent jurisdiction shall determine that such indemnification may be made.
  II-
  2
  (d)
  To the extent that an Indemnitee is a party to and is successful, on the merits or otherwise, in any proceeding, he shall be
  indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and
  reasonably incurred by him, or on his behalf, in connection therewith. If Indemnitee is not wholly successful in such Proceeding but
  is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
  Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him, or on his behalf, in connection
  with each successfully resolved claim, issue or matter.
  (e)
  Whether or not indemnification is available, in respect of any Proceeding in which the Company is jointly liable with Indemnitee (or
  would be if joined in such Proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or
  settlement of such Proceeding without requiring Indemnitee to contribute to such payment and the Company waived and relinquished any
  right of contribution it may have against Indemnitee.
  (f)
  All agreements and obligations of the Company contained in the Agreement shall continue until the date that is ten (10) years after
  the date upon which Indemnitee's corporate status terminates and shall continue thereafter so long as Indemnitee shall be
  subject to any Proceeding.
  (g)
  The Indemnitee provided certain consulting services to the Company prior to his employment by the Company pursuant to an agreement
  dated February 1, 2021 between the Company and Wellington Park Inc. ("Wellington"), a company owned by Indemnitee. To
  further induce Indemnitee to accept employment with the Company, the Company agrees that the terms of the Indemnification Agreement
  shall apply to Wellington as if Wellington were also the "Indemnitee" under such Agreement.
  Insofar
  as indemnification for liabilities arising under the Securities Act may be permitted to officers and directors pursuant to the provisions
  described above or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against public policy as
  expressed in the Securities Act and is, therefore, unenforceable.
  Item
                                              7.
  Exemption
                                              from Registration Claimed.
  Not
  applicable.
  Item
                                              8.
  Exhibits
  Exhibit
  No.
  Description
  4.1
  2021 Omnibus Equity Incentive Plan with Form of Restricted Stock Award (1)
  4.2
  Form of Incentive Stock Option Agreement
  4.3
  Form of Non-Statutory Stock Option Agreement
  5.1
  Opinion of Ogier
  23.1
  Consent of Ogier (contained in the opinion at Exhibit 5.1)
  23.2
  Consent of Audit Alliance LLP
  23.3
  Consent of JLKZ CPA LLC
  24.1
  Power of attorney of officers and directors of the Registrant (included in page II-6)
  (1)
  Incorporated
                                              by reference to the Registrant's Form 6-K filed with the SEC on May 18, 2021.
  II-
  3
  Item
                                              9.
  Undertakings
  (a)
  The undersigned registrant hereby undertakes:
  (1)
  To file, during any period in which offers or sales are being made, a post-effective amendment to this registration
  statement:
  (i)
  To
                                              include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
  (ii)
  To
                                              reflect in the prospectus any facts or events arising after the effective date of the registration
                                              statement (or the most recent post-effective amendment thereof) which, individually or in
                                              the aggregate, represent a fundamental change in the information set forth in the registration
                                              statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                              offered (if the total dollar value of securities offered would not exceed that which was
                                              registered) and any deviation from the low or high end of the estimated maximum offering
                                              range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
                                              424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change
                                              in the maximum aggregate offering price set forth in the "Calculation of Registration
                                              Fee" table in the effective registration statement;
  (iii)
  To
                                              include any material information with respect to the plan of distribution not previously
                                              disclosed in the registration statement or any material change to such information in the
                                              registration statement;
  provided,
  however,
  that paragraphs (a)1(i) and (a)(1)(ii) of above do not apply if the registration statement is on Form
  S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports
  filed with or furnished to the Commission by the registrant pursuant to Section
  13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated
  by reference in the registration statement.
  (2)
  That, for the purpose of determining liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
  to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
  shall be deemed to be the initial bona fide offering thereof.
  (3)
  To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
  termination of the offering.
  (4)
  That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be
  deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
  time shall be deemed to be the initial
  bona fide
  offering thereof.
  (5)
  For determining liability of the undersigned registrant under the Securities Act to any purchaser in the initial distribution of the
  securities:
  The
  undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
  statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
  to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
  be considered to offer or sell such securities to such purchaser:
  (i)
  Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be file( pursuant to
  Rule 424 (§230.424 of this chapter);
  (ii)
  Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
  by the undersigned registrant;
  II-
  4
  (iii)
  The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
  registrant or its securities provided by or on behalf of the undersigned registrant; and
  (iv)
  Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
  (b)
  The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
  filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934
  (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities
  Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
  statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
  initial bona fide offering thereof.
  (c)
  Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and
  controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in
  the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is,
  therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
  registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of
  any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
  registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit
  to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the
  Act and will be governed by the final adjudication of such issue.
  II-
  5
  SIGNATURES
  Pursuant
  to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
  of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned,
  thereunto duly authorized, in New York, New York, on June 10, 2021.
  BIT DIGITAL, INC.
  By:
  /s/ Bryan Bullett
  By:
  Bryan
  Bullett
  Title:
  Chief
  Executive Officer
  KNOW
  ALL MEN BY THESE PRESENTS
  , that each person whose signature appears below constitutes and appoints Bryan Bullett and Erke Huang,
  and each of them, his true and lawful attorney-in-fact and agent, with full power of substitution and revocation, for him and in his
  name, place and stead, in any and all capacities (until revoked in writing), to sign any and all amendments (including post-effective
  amendments) to this registration statement and to file the same with all exhibits thereto, and other documents in connection therewith,
  with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform
  each and every act and thing requisite and necessary to be done as fully for all intents and purposes as he might or could do in person,
  hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause
  to be done by virtue hereof. This power-of-attorney does not revoke any earlier powers-of-attorney.
  Pursuant
  to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
  and on the date indicated.
  SIGNATURE
  TITLE
  DATE
  /s/ Bryan Bullett
  Chief Executive Officer
  June 10, 2021
  Bryan Bullett
  /s/ Erke Huang
  Chief Financial Officer
  June 10, 2021
  Erke Huang
  /s/ Zhaohui Deng
  Director
  June 10, 2021
  Zhaohui Deng
  /s/ Erke Huang
  Director
  June 10, 2021
  Erke Huang
  /s/ Ichi Shih
  Director
  June 10, 2021
  Ichi Shih
  Director
  ________, 2021
  Min Hu
  /s/ Yan Xiong
  Director
  June 10, 2021
  Yan Xiong
  II-
  6
  BIT
  DIGITAL, INC.
  REGISTRATION
  STATEMENT ON FORM S-8,
  EXHIBIT
  INDEX
  Exhibit Number
  Description
  4.2
  Form of Incentive Stock Option Agreement
  4.3
  Form of Non-Statutory Stock Option Agreement
  5.1
  Opinion of Ogier
  23.1
  Consent of Ogier (contained in the opinion at Exhibit 5.1)
  23.2
  Consent of Audit Alliance LLP
  23.3
  Consent of JLKZ CPA LLC
  24.1
  Power of Attorney of officers and directors of the Registrant (included in signature page II-6)
  II-7