<SEC-DOCUMENT>0001213900-21-061262.txt : 20211122
<SEC-HEADER>0001213900-21-061262.hdr.sgml : 20211122
<ACCEPTANCE-DATETIME>20211122171145
ACCESSION NUMBER:		0001213900-21-061262
CONFORMED SUBMISSION TYPE:	F-3/A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20211122
DATE AS OF CHANGE:		20211122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bit Digital, Inc
		CENTRAL INDEX KEY:			0001710350
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-260241
		FILM NUMBER:		211433493

	BUSINESS ADDRESS:	
		STREET 1:		33 IRVING PLACE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		1-347-328-3680

	MAIL ADDRESS:	
		STREET 1:		33 IRVING PLACE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Golden Bull Ltd
		DATE OF NAME CHANGE:	20170626
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3/A
<SEQUENCE>1
<FILENAME>ea151163-f3a2_bitdigital.htm
<DESCRIPTION>AMENDMENT NO. 2 TO FORM F-3
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>As filed with the Securities and Exchange
Commission on November 22, 2021</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <b>Registration No. 333-260241</b> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>Amendment No. 2 to</b> <b><br>
Form F-3/A</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT<br>
<i>UNDER</i><br>
<i>THE SECURITIES ACT OF 1933</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Bit Digital, Inc.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its
charter)</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Translation of Registrant&rsquo;s name into
English)</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cayman Islands</b></font></td>
    <td style="width: 2%; text-align: center">&nbsp;</td>
    <td style="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>98-1606989</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(State or other jurisdiction of</b></font></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"><b>(I.R.S. Employer</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incorporation or organization)</b></font></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"><b>Identification Number)</b></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>33 Irving Place<br>
New York, New York 10003<br>
(917) 512-4895 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Address and telephone number of Registrant&rsquo;s
Principal Executive Offices)</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>19 West 44<sup>th</sup> Street, Suite 201</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>New York, New York 10036-8401</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Name, address and telephone number of Agent
for Service)</b></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 100%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Elliot H. Lutzker, Esq.</b></font></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Davidoff Hutcher &amp; Citron LLP</b></font></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>605 Third Avenue</b></font></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New York, New York 10158</b></font></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(212) 557-7200</b></font></td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED
SALE TO THE PUBLIC:</b>&nbsp;From time to time after the effective date of this registration statement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the only securities being registered on this
Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, check the following
box.&nbsp;&#9746;&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is filed to register additional securities
for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. &#9744;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. &#9744;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a registration statement pursuant
to General Instruction I.C. or a post-effective amendment thereto that shall become effective on filing with the SEC pursuant to Rule&nbsp;462(e)
under the Securities Act, check the following box. &#9744;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment to
a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities
pursuant to Rule&nbsp;413(b) under the Securities Act, check the following box. &#9744;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark where the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emerging Growth Company &#9746;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities
Act. &#9744;</p>

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

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

<!-- Field: Page; Sequence: 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: 0pt 0; text-align: center"><b>&nbsp;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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="padding-left: 0.125in; text-indent: -0.125in; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: left; font-weight: bold; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">Title
    of class of securities to be registered</font> </td><td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1.5pt; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td colspan="2" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">Amount
    to be<br> registered(1)</font> </td><td style="vertical-align: bottom; text-align: center; padding-bottom: 1.5pt; font-weight: bold; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1.5pt; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td colspan="2" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">Proposed<br>
    maximum<br> offering price<br> per share</font> </td><td style="vertical-align: bottom; text-align: center; padding-bottom: 1.5pt; font-weight: bold; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1.5pt; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td colspan="2" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">Proposed<br>
    maximum<br> aggregate<br> offering<br> price(2)</font> </td><td style="vertical-align: bottom; text-align: center; padding-bottom: 1.5pt; font-weight: bold; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1.5pt; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td colspan="2" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">Amount
    of<br> registration<br> fee</font> </td><td style="vertical-align: bottom; text-align: center; padding-bottom: 1.5pt; font-weight: bold; white-space: nowrap"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 52%"> <font style="font-family: Times New Roman, Times, Serif">Ordinary
    Shares, par value $0.01 per share</font> </td><td style="width: 1%"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="width: 1%; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="width: 9%; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;13,490,728</font> </td><td style="width: 1%; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">(3)</font> </td><td style="width: 1%"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="width: 1%; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">$</font> </td><td style="width: 9%; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.68
                                            </font> </td><td style="width: 1%; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">(4)</font> </td><td style="width: 1%"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="width: 1%; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">$</font> </td><td style="width: 9%; text-align: right"> <font style="font-family: Times New Roman, Times, Serif">144,080,975</font> </td><td style="width: 1%; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="width: 1%"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="width: 1%; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">$</font> </td><td style="width: 9%; text-align: right"> <font style="font-family: Times New Roman, Times, Serif">13,356.31</font> </td><td style="width: 1%; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">Ordinary
    Share Purchase Warrants</font> </td><td> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: right"> <font style="font-family: Times New Roman, Times, Serif">10,118,046</font> </td><td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: right"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">(5)</font> </td><td> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: right"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">(5)</font> </td><td> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: right"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">(5)</font> </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt"> <font style="font-family: Times New Roman, Times, Serif">Ordinary
    Shares, underlying Ordinary Share Purchase Warrants, par value $0.01 per share</font> </td><td style="padding-bottom: 1.5pt"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;10,118,046
                                            </font> </td><td style="padding-bottom: 1.5pt; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">(6)</font> </td><td style="padding-bottom: 1.5pt"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="padding-bottom: 1.5pt; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">$</font> </td><td style="padding-bottom: 1.5pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif">7.91</font> </td><td style="padding-bottom: 1.5pt; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="padding-bottom: 1.5pt"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">$</font> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> <font style="font-family: Times New Roman, Times, Serif">80,033,744</font> </td><td style="padding-bottom: 1.5pt; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="padding-bottom: 1.5pt"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"> $ </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> 7,419.13 </td><td style="padding-bottom: 1.5pt; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: right"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: right"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: right"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: right"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-bottom: 4pt; padding-left: 0.125in"> <font style="font-family: Times New Roman, Times, Serif">Total:</font> </td><td style="padding-bottom: 4pt"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="border-bottom: Black 4pt double; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="border-bottom: Black 4pt double; text-align: right"> <font style="font-family: Times New Roman, Times, Serif">33,726,820</font> </td><td style="padding-bottom: 4pt; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="padding-bottom: 4pt"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="padding-bottom: 4pt; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="padding-bottom: 4pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="padding-bottom: 4pt; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="padding-bottom: 4pt"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="border-bottom: Black 4pt double; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">$</font> </td><td style="border-bottom: Black 4pt double; text-align: right"> <font style="font-family: Times New Roman, Times, Serif">224,114,719</font> </td><td style="padding-bottom: 4pt; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td><td style="padding-bottom: 4pt"> <font style="font-family: Times New Roman, Times, Serif">&nbsp;</font> </td>
    <td style="border-bottom: Black 4pt double; text-align: left"> <font style="font-family: Times New Roman, Times, Serif">$</font> </td><td style="border-bottom: Black 4pt double; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,775.44
                                            </font> </td><td style="padding-bottom: 4pt; text-align: left"> (7) </td></tr>
  </table>


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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with Rule 416(a), the Registrant is also registering an indeterminate number of additional Ordinary Shares that shall be issuable pursuant to Rule 416 to prevent dilution resulting from share splits, share dividends or similar transactions.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup>&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registration fee for securities to be offered by the Registrant is calculated solely for the purpose of calculating the registration fee pursuant to Rule 457(c).</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registrant is registering for resale, from time to time, 13,490,728 Ordinary Shares that the Registrant sold to Purchasers pursuant to a Securities Purchase Agreement, dated as of September 29, 2021.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(4)</sup></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to Rule 457(c), the fee is based upon the closing price of the Registrant&rsquo;s Ordinary Shares reported on the Nasdaq Capital Market on October 12, 2021.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(5)</sup></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to Rule 457(g) no registration fee is required.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(6)</sup></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registrant is registering for resale, from time to time, 10,118,046 Ordinary Shares issuable upon exercise of Ordinary Share Purchase Warrants issued to the Purchasers described in Note (3) above.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"> <sup>(7)</sup> </td>
    <td style="text-align: justify"> This fee was paid on October 14, 2021, upon the initial filing of the registration statement. </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to
said Section 8(a), may determine.</b>&nbsp;</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>PRELIMINARY PROSPECTUS (SUBJECT TO COMPLETION)
DATED NOVEMBER 22, 2021</b> </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="color: Red"><b>The information in
this prospectus is not complete and may be changed. We may not sell these securities or accept your offer to buy any of them until the
registration statement relating to these securities that has been filed with the Securities and Exchange Commission is declared effective.
This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy the securities in any state where the
offer or sale is not permitted</b>.</font></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>23,608,774 Ordinary Shares</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the sale by selling
shareholders (the &ldquo;Selling Shareholders&rdquo;) of up to 23,608,774 Ordinary Shares consisting of: (a) 13,490,728 Ordinary Shares
sold to institutional investors (the &ldquo;Purchasers&rdquo;), under a Securities Purchase Agreement dated as of September 29, 2021,
between the Company and the Purchasers, which we refer to herein as the &ldquo;Purchase Agreement&rdquo;; and (b) 10,118,046 Ordinary
Shares issuable upon exercise of Ordinary Share Purchase Warrants (the &ldquo;Warrants&rdquo;). See &ldquo;Selling Shareholders.&rdquo;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders may sell the Ordinary Shares from time to time in the open market, on the Nasdaq Capital Market, in privately negotiated transactions,
at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices or a combination
of those methods. See also &ldquo;Plan of Distribution&rdquo; on page 58 for more information.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not selling any securities under this
prospectus and will not receive any of the proceeds from the sale of Ordinary Shares by the Selling Shareholders. However, we may
receive gross proceeds of up to $80,033,744 from the issuance of Ordinary Shares upon exercise of the Warrants in full for cash at
$7.91 per share. Each Warrant is immediately exercisable and will expire three and one-half years from the effective date (the
&ldquo;Effective Date&rdquo;) of the registration statement of which the prospectus is a part.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>We are an &ldquo;emerging growth company,&rdquo;
as that term is used in the Jumpstart Our Business Startups Act of 2012 and are subject to reduced public company reporting requirements.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Investing in our Ordinary Shares is highly
speculative and involves a significant degree of risk. The Company may be subject to various legal and operational risks as a result
of its previously being a China-based Issuer with certain administrative personnel and the majority of the Board of Directors remaining
in China. See &ldquo;Risk Factors&rdquo; beginning on page 13 of this prospectus for a discussion of information that should be considered
before making a decision to purchase our Ordinary Shares, including, but not limited to:</b> </p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"> &nbsp; </td>
    <td style="width: 0.25in"> <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"><i>&ldquo;<b>Uncertainties
    in the interpretation and enforcement of Chinese laws and regulations could limit the legal protections available to us.&rdquo;</b></i>
    In view of our having previously been a China-based issuer and because of our prior bitcoin mining operations in China, as well as
    our current limited presence in China, we are subject to Chinese laws and regulations which could limit the legal protection available
    to us. 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. The risks arising from the legal system in China
    include risks and uncertainties regarding the enforcement of laws and that rules and regulations in China can change quickly with
    little, if any, advance notice; and there is a risk that the Chinese government may intervene or influence our operations at any
    time or may exert more control over offerings conducted overseas which could result in a material change in our operations and/or
    the value of our securities.</font> </td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"> &nbsp; </td>
    <td style="text-align: justify"> <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"><b><i>&ldquo;We may
    be subject to penalties as a result of the Chinese government suspension of our P2P lending business.&rdquo;</i></b> The Pudong Branch
    of the Shanghai Public Safety Bureau (the &ldquo;Bureau&rdquo;) took criminal action against 14 defendants in connection with our
    prior P2P lending business for illegal collection of public deposits. While the Company has not been the subject of any enforcement
    actions or investigations, nine persons were sentenced to imprisonment and the confiscation and return of all illegal gains, including
    the former Chief Financial Officer, former Chief Executive Officer who is still being hunted, as well as a director. The final outcome
    has not been published and the impact on the Company cannot be determined with any degree of certainty.</font> </td></tr>
</table>

<p style="margin: 0">&nbsp;</p>

<p style="margin: 0"></p>

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<p style="margin: 0"></p>

<p style="margin: 0"></p>

<p style="margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"> &nbsp; </td>
    <td style="width: 0.25in"> <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"><b><i>&ldquo;We may
    be subject to fines and penalties for any noncompliance with or liabilities in our historical business in China in a certain period
    from now on.&rdquo;</i></b> Without the approval of the approving authorities and the registration approval of the registration authorities,
    foreign enterprises (which include our Hong Kong subsidiaries) may not conduct business within China. In China our Hong Kong subsidiary
    made profits from mining equipment stored in facilities leased by our Hong Kong subsidiaries. While we have not received any administrative
    penalty for our bitcoin mining activities, there is a two-year statute of limitations. We may be subject to penalties such as warnings,
    fines, confiscation of illegal income or suspension of business for rectification for not having authorization for our bitcoin mining
    operations.</font> </td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif">&#9679;</font> </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&ldquo;It is now
    illegal to engage in digital asset transactions including bitcoin mining operations in China, the ruling of which may adversely
    affect us.&rdquo;</i></b> In May 2021, local governments, including Xinjiang Province, began to issue shutdown notices. During the
    three-week period before the shutdown went into effect on June 9, 2021, we did not operate in Xinjiang. We solely had bitcoin mining
    operations in Sichuan Province until June 21, 2021, whereas the Sichuan shutdown went into effect on June 25, 2021. There can be no
    assurance that Sichuan Province, or any other province will not seek to impose retroactive, fines, penalties or sanctions on our
    Company.&rdquo; On September 24, 2021, all digital asset transactions were banned in China.</font> </td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> <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"><b><i>&ldquo;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.&rdquo; </i></b>Although we have completed the migration of miners to the United States and/or Canada,
    our bitcoin mining business is worldwide. We expect to continue to purchase bitcoin miners on the spot market 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.</font> </td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: 0.25in; text-align: left"> <font style="font-family: Symbol">-</font> </td><td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif"><b><i>Transfer
                                            of cash and other assets</i></b></font> </td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Since the Company&rsquo;s commencement of
mining operations in February 2020, the Company did not transfer any cash from the parent to any of its subsidiaries. All proceeds raised
by the Company in private placements were transferred directly from investors to the Company&rsquo;s U.S. and Hong Kong subsidiaries.
During the period from February 2020 to June 30, 2021, Bit Digital Hong Kong Limited transferred 6,629 miners to Bit Digital USA, Inc.,
with a carrying amount of $6.13 million. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </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: 0.25in; text-align: left"> <font style="font-family: Symbol">-</font> </td><td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif"><b><i>Payment
                                            of dividends or distributions</i></b></font> </td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the period from February 2020 to date,
the Company did not receive any dividends or distributions from any of its subsidiaries, nor did the Company make any dividends or distributions
to its investors. See &ldquo;Prospectus Summary&rdquo; below for further information. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus.
Any representation to the contrary is a criminal offense.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Selling Shareholders may be deemed &ldquo;underwriters&rdquo;
within the meaning of Section&nbsp;2(a)(11) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).&nbsp;The Selling
Shareholders may sell the Ordinary Shares described in this prospectus in a number of different ways and at varying prices. See &ldquo;Plan
of Distribution&rdquo; on page 58 for more information about how the Selling Shareholders may sell the Ordinary Shares being registered
pursuant to this prospectus. </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will pay the expenses incurred in registering
the Ordinary Shares to which this prospectus relates, including legal and accounting fees. See &ldquo;Plan of Distribution.&rdquo;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our Ordinary Shares are traded on the Nasdaq
Capital Market tier under the symbol &ldquo;BTBT&rdquo;. On November 19, 2021, the closing price of our Ordinary Shares was $9.93 per
share. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is _______ __, 2021</p>

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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="vertical-align: top; width: 90%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 10%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_001">ADDITIONAL INFORMATION</a></font></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</font></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><a href="#a_002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD LOOKING STATEMENTS</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_003"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</font></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><a href="#a_004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_005"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><a href="#a_006"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_007"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY OF CIVIL LIABILITIES</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><a href="#a_008"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_009"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRIVATE PLACEMENT OF ORDINARY SHARES AND WARRANTS</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</font></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><a href="#a_010"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_011"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING SHAREHOLDERS</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</font></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><a href="#a_012"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_013"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SHARE CAPITAL</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</font></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><a href="#a_014"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES ELIGIBLE FOR FUTURE SALE</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_015"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAXATION</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</font></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><a href="#a_016"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSES RELATING TO THIS OFFERING</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_017"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</font></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><a href="#a_018"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</font></a></td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_001"></a>ADDITIONAL INFORMATION</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
in this prospectus or in any related free-writing prospectus. We have not authorized anyone to provide you with information different
from that contained in this prospectus or any free-writing prospectus. We are offering to sell, and seeking offers to buy, the Ordinary
Shares only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is current only as of
the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Ordinary Shares.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_002"></a>FORWARD-LOOKING STATEMENTS</b></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Forward-looking statements should not be read
as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which,
our performance or results may be achieved. Forward-looking statements are based on information available at the time those statements
are made and management&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;Prospectus
Summary&rdquo;, &ldquo;Risk Factors&rdquo;, and elsewhere in this prospectus. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_003"></a>WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION
BY REFERENCE</b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We file annual, semi-annual, quarterly (on a voluntary
basis as a foreign private issuer) and current reports and other information with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;).
Our public filings are available from the Internet web site maintained by the SEC at <font style="text-transform: uppercase">WWW.SEC.GOV</font>.
In addition, our ordinary shares are listed on the Nasdaq Capital Market. Accordingly, our reports, statements and other information may
be inspected at the offices of Nasdaq, One Liberty Plaza, 165 Broadway, New York, New York 10006.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our web site address is www.bit-digital.com. The
information on, or accessible through, our web site, however, is not, and should not be deemed to be, a part of this prospectus or prospectus
supplement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and any prospectus supplement
are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement.
The full registration statement may be obtained from the SEC or us, as provided below. Other documents establishing the terms of the offered
securities are or may be filed as exhibits to the registration statement or documents incorporated by reference in the registration statement.
Statements in this prospectus or any prospectus supplement about these documents are summaries, and each statement is qualified in all
respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of
the relevant matters. You may inspect a copy of the registration statement through the SEC&rsquo;s website, as provided above.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Incorporation by Reference</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC&rsquo;s rules allow us to &ldquo;incorporate
by reference&rdquo; information into this prospectus, which means that we can disclose important information to you by referring you to
another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus, and
subsequent information that we file with the SEC will automatically update and supersede that information. Any statement contained in
this prospectus or a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this
prospectus to the extent that a statement contained in this prospectus or a subsequently filed document incorporated by reference modifies
or replaces that statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute
a part of this prospectus.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incorporate by reference in the prospectus
our documents listed below and any future filings made by us with the SEC under Sections&nbsp;13(a), 13(c) or 15(d) of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) between the date of this prospectus and the termination of the offering
of the securities described in this prospectus. We are not, however, incorporating by reference any documents or portions thereof, whether
specifically listed below or filed in the future which are &ldquo;furnished&rdquo; to the SEC, that are not deemed &ldquo;filed&rdquo;
with the SEC.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and any accompanying prospectus
supplement incorporate by reference the documents set forth below that have previously been filed with the SEC:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents filed with the SEC are
incorporated by reference in this prospectus.</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 5%"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font> </td>
    <td style="width: 95%; 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/1710350/000121390021042681/ea145834ex99-2_bitdigital.htm">Form
    6-K</a> filed with the SEC on August 13, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td> <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">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>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font> </td>
    <td style="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>
  <tr style="vertical-align: top; background-color: White">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font> </td>
    <td style="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>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font> </td>
    <td style="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>
  <tr style="vertical-align: top; background-color: White">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</font> </td>
    <td style="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/1710350/000121390021024783/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>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</font> </td>
    <td style="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>
  <tr style="vertical-align: top; background-color: White">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</font> </td>
    <td style="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>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font> </td>
    <td style="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>
  <tr style="vertical-align: top; background-color: White">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font> </td>
    <td style="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/1710350/000121390021036626/ea144118-6k_bitdigi.htm"> Form 6-K</a> for July
    2021 filed with the SEC on July 13, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</font> </td>
    <td style="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/1710350/000121390021036962/ea144234-6k_bitdigital.htm"> Form 6-K </a>for
    July 2021 filed with the SEC on July 15, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</font> </td>
    <td style="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/1710350/000121390021042681/ea145834-6k_bitdigital.htm"> Form 6-K </a>for
    August 2021 filed with the SEC on August 16, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</font> </td>
    <td style="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/1710350/000121390021044072/ea145539-6k_bitdigital.htm">Form 6-K</a> for
    the quarter ended June 30, 2021 filed with the SEC on August 20, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</font> </td>
    <td style="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/1710350/000121390021045773/ea146681-6k_bitdigitalinc.htm">Form 6-K</a>
    for August 2021 filed with the SEC on August 31, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</font> </td>
    <td style="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/1710350/000121390021047317/ea147136-6k_bigdigital.htm">Form 6-K</a> for
    September 2021 filed with the SEC on September 10, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</font> </td>
    <td style="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/1710350/000121390021047565/ea147181-6k_bitdigital.htm">Form 6-K</a> for
    September 2021 filed with the SEC on September 13, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)</font> </td>
    <td style="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/1710350/000121390021050503/ea148105-6k_bitdigitalinc.htm">Form 6-K</a>
    for September 2021 filed with the SEC on September 29, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18)</font> </td>
    <td style="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/1710350/000121390021050743/ea148168-6k_bitdigitalinc.htm"> Form 6-K</a>
    for September 2021 filed with the SEC on September 30, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19)</font> </td>
    <td style="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/1710350/000121390021052159/ea148611-6k_bitdigital.htm">Form 6-K</a> for
    October 2021 filed with the SEC on October 12, 2021.</font> </td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> (20) </td>
    <td style="text-align: justify"> Bit Digital&rsquo;s Report on <a href="https://www.sec.gov/Archives/edgar/data/1710350/000121390021053317/ea148949-6k_bitdigital.htm">Form
    6-K</a> for October 2021 filed with the SEC on October 18, 2021. </td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td> (21) </td>
    <td style="text-align: justify"> Bit Digital&rsquo;s Report on <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021055814/ea149705-6k_bitdigital.htm">Form
    6-K</a> for October 2021 filed with the SEC on November 1, 2021. </td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td> (22) </td>
    <td style="text-align: justify"><p style="margin: 0pt 0"> Bit Digital&rsquo;s Report on <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021060339/ea150929-6k_bitdigital.htm">Form 6-K</a> for November 2021 filed with the SEC on November 17, 2021.</font> </p></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23)</font> </td>
    <td style="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) and any amendment or report filed with the SEC for the purpose of updating.</font> </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 (917) 512-4895.</p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>
<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_004"></a>PROSPECTUS SUMMARY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>This summary highlights certain information contained elsewhere
or incorporated by reference in this prospectus. This summary does not contain all of the information that you should consider before
deciding to invest in our ordinary shares. You should read this entire prospectus carefully, including our financial statements and related
notes thereto and the other documents incorporated by reference in this prospectus and the risks described under &ldquo;Risk Factors&rdquo;
beginning on page 13. We note that our actual results and future events may differ significantly based upon a number of factors. The reader
should not put undue reliance on the forward-looking statements in this document, which speak only as of the date on the cover of this
prospectus.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>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 and Bit Digital Strategies
Limited, Hong Kong companies; Bit Digital Singapore Pte Ltd.; Bit Digital U.S.A. Inc., a Delaware corporation and our operating entity
in the United States; Bit Digital Canada, Inc., our operating entity in Canada, and Golden Bull USA, Inc., a non-operating New York corporation.</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains translations of Renminbi
amounts into U.S. dollars at specified rates solely for the convenience of the reader. We make no representation that the Renminbi or
U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or Renminbi, as the case may
be, at any particular rate or at all.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>No action is being taken in any jurisdiction
outside the United States to permit a public offering of the securities or possession or distribution of this prospectus in that jurisdiction.
Persons who come into possession of this prospectus in jurisdictions outside the United States are required to inform themselves about
and to observe any restrictions as to this offering and the distribution of this prospectus applicable to that jurisdiction.</b> </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>The Company may be subject to various legal
and operational risks as a result of its previously being a China-based Issuer with a substantial amount of the Company&rsquo;s operations
previously in China and Hong Kong. See &ldquo;Risk Factors &ndash; Risks Related to Doing Business in China &ndash; Uncertainties in
the interpretation and enforcement of Chinese laws and regulations could limit the legal protections available to us.&rdquo; The laws
and the rules and regulations in China, including the interpretation and enforcement thereof, particularly concerning our prior mining
operations in China, can change quickly with little advance notice; and the Chinese government may intervene or influence our operations
at any time. Any actions by the Chinese government as a result of our previously being a China-based Issuer, to exert more oversight
and control over offerings that are conducted overseas and/or foreign investment in China-based Issuers could result in a material adverse
change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or
continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. As a result
of our prior structure of an offshore issuer with a variable interest entity (&ldquo;VIE&rdquo;) which are the concern of the SEC as
to China-based Issuers, we are setting forth below some of the risks and uncertainties concerning the Company&rsquo;s prior operations,
however, we are no longer a China-based Issuer,  no longer have, and will not have a VIE structure and do not intend to have a mainland
China subsidiary (hereinafter, a &ldquo;WFOE&rdquo;):</i> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"> &nbsp; </td>
    <td style="width: 0.25in"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font> </td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> We may be subject to penalties
                                    as a result of the Chinese government&rsquo;s suspension of our prior peer-to-peer lending business,
                                    as well as our doing business in Mainland China through Hong Kong subsidiaries. The Company or its
                                    subsidiaries are required to establish a commercial entity under the PRC laws or register itself
                                    directly with the Chinese government as a foreign company from Chinese authorities to operate in
                                    China. Before the Company ceased operating its bitcoin mining business in China, the Company previously
                                    conducted that business in China through its Hong Kong subsidiary, Bit Digital Hong Kong Limited,
                                    which is deemed a foreign company. As a result of the Chinese ban on digital asset transactions,
                                    the Company has terminated the process to register a WFOE subsidiary in mainland China. </p></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> &#9679; </td>
    <td style="text-align: justify"> Since we do not own or control any VIEs and do not intend to form a VIE and have no mining operations
    in China, we do not believe there is an adverse impact on our ability to conduct business in North America, to accept foreign investment
    or list on U.S. or other foreign exchange. </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our present corporate structure, which is
not intended to change, is set forth as:&nbsp;</p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="image_001.jpg" alt=""><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
</DIV>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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

<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 7pt">&nbsp;&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%"> &nbsp; </td>
    <td style="width: 3%; font-size: 10pt"> &#9679; </td>
    <td style="text-align: justify; width: 94%; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since we terminated
    our bitcoin mining operations in China in June 2021, and by September 30, 2021, have migrated previously warehoused miners out of
    China, we have no assets remaining in mainland China. The Company&rsquo;s employees are employed through its U.S., Cayman Islands
    and Hong Kong entities.&nbsp;Of our remaining employees in China, several of such persons currently physically work in Hong
    Kong.&nbsp;Further, all of these persons would be expected to physically work in Hong Kong, leaving us with no personnel in
    mainland China, if not for the ongoing COVID-19 related travel restrictions between P.R.C. and Hong Kong.&nbsp;We have no office
    location in mainland China.&nbsp;The deployment of our crypto assets by Bit Digital Strategies Limited, a Hong Kong subsidiary,
    has taken place since at least June 2021 outside of mainland China in the U.S. and Hong Kong. Notwithstanding the termination of
    our bitcoin mining operations in China, we presently intend to continue these limited activities in China and Hong Kong through our
    Hong Kong subsidiaries, in order to take advantage of our existing bitcoin mining relationships and continue to access the spot market
    and Chinese manufacturers of bitcoin mining equipment. We may be subject to fines and penalties for not previously registering to
    do business in China. See &ldquo;Risk Factors - General Risks, - Risks Related to Doing Business in China - We may be subject to
    fines and penalties for any noncompliance with or liabilities in our historical business in China in a certain period from now on&rdquo;
    and &ldquo;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&rdquo; beginning on page 13.</font> </td></tr>
  </table>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; font-size: 10pt"> &nbsp; </td>
    <td style="width: 3%; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font> </td>
    <td style="width: 94%; text-align: justify; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of the date of this prospectus, we are not required to obtain approval or prior permission of this offering from the China Securities
    Regulatory Commission (the &ldquo;CSRC&rdquo;) or any other Chinese regulatory authority under the Chinese laws and regulations currently
    in effect.&nbsp;&nbsp;As of the date of this prospectus, neither we nor any our subsidiaries have been informed by the CSRC, Cybersecurity
    Administration of China (the &ldquo;CAC&rdquo;) or any other Chinese regulatory authority of any requirements, approvals or permissions
    that we should obtain prior to this offering.&nbsp;&nbsp;However, as there are uncertainties with respect to the Chinese legal system
    and changes in laws, regulations and policies, including how those laws and regulations will be interpreted or implemented, there
    can be no assurances that we will not be subject to such requirements, approvals or permissions in the future.&nbsp;&nbsp;If we are
    unable to comply in the future, we could become subject to penalties, including fines, suspension of business, prohibition against
    new user registration (even for a short period of time) and revocation of required licenses, and our reputation and results of operations
    could be materially and adversely affected.&nbsp;&nbsp;For additional information, see &ldquo;Risk Factors-Risks Related to Doing
    Business in China&rdquo; beginning on page 13.</font> </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%"> &nbsp; </td>
    <td style="width: 3%; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font> </td>
    <td style="text-align: justify; width: 94%; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&rsquo;s auditor, Audit Alliance LLP, is PCAOB registered and based in Singapore. Under the Holding Foreign Companies Accountable
    Act (the &ldquo;HFCAA&rdquo;), the PCAOB is permitted to inspect our independent public accounting firm. There is no guarantee that
    future audit reports will be prepared by auditors that are completely inspected by the PCAOB and, as such, future investors may be
    deprived of such inspections, which could result in limitations or restrictions to our access of the U.S. capital markets.&nbsp;&nbsp;Furthermore,
    trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act (the &ldquo;HFCA Act&rdquo;) or the
    Accelerating Holding Foreign Companies Accountable Act if the SEC subsequently determines our audit work is performed by auditors
    that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as Nasdaq,
    may determine to delist our securities.&nbsp;&nbsp;Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding
    Foreign Companies Accountable Act, which, if enacted, would amend the HFCA Act and require the SEC to prohibit an issuer&rsquo;s
    securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years
    instead of three.&nbsp;&nbsp;For additional information, see &ldquo;Risk Factors-Risks Related to Doing Business in China&rdquo;
    beginning on page 13.</font> </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; font-size: 10pt"> &nbsp; </td>
    <td style="width: 3%; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font> </td>
    <td style="width: 94%; text-align: justify; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
    the Company has no PRC subsidiaries in mainland China and has terminated the process to form one in mainland China, the Company is
    not subject to liquidity risks in mainland China.</font> </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Bit Digital is a sustainability-focused bitcoin
mining company with mining operations in North America. On June 24, 2021, the Company signed the Crypto Climate Accord, a private sector-led
initiative to decarbonize the crypto and blockchain sectors. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We completed our fleet&rsquo;s exit from China
during the third quarter of 2021. As of September 30, 2021, we had no miners remaining in China: 79.1% of our miner fleet was already
deployed or awaiting installation in North America, and 20.9% was in transit. As of end of October 2021, 100% of our fleet had arrived
in North America. As of September 30, 2021, we had 27,744 miners, with an estimated maximum total hash rate of 1.603 Exahash (&ldquo;EH/s&rdquo;),
a decrease from 32,500 miners and a maximum hash rate of 19.2 EH/s as of June 30, 2021; and 40,965 miners and 2.26 EH/s as of March 31,
2021. The 0.318 EH/s reduction in the third quarter was due to fleet repositioning, in which the Company sold or disposed of certain
models (partially offset by purchases) in anticipation of purchase opportunities. The reduction in the second quarter was due to sales
and disposals of certain miners as a result of our decision to migrate our mining operations out of China and fleet repositioning, partially
offset by miner purchases. The Company recognized a $0.375 million gain on miner sales, and the net sale proceeds had been reinvested
into miner purchases. The Company purchased 851 miners on the spot market during the third quarter. </p>

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

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

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

<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The accelerated migration has had a material
adverse effect on our business and financial condition. Specifically, a significant portion of our mining assets have been taken offline
and continue to be non-operating as a result of having to geographically relocate them to new hosting locations in North America. We
continue our efforts to effect their complete redeployment. The timing of redeployment is subject to factors outside of our control,
including but not limited to our hosts&rsquo; delivery of new hosting and power capacity. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our fleet of owned miners comprised the following
models:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid"> Model </td><td style="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Owned as of<br>
    September&nbsp;30, 2021 </td><td style="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left"> MicroBT Whatsminer M21S </td><td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%; text-align: left"> &nbsp; </td><td style="width: 9%; text-align: right"> 16,296 </td><td style="width: 1%; text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"> MicroBT Whatsminer M20S </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 3,690 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"> Bitmain Antminer S17 </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 3,641 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"> MicroBT Whatsminer M10 </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 1,938 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"> Bitmain Antminer T3 </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 769 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"> Bitmain Antminer S19 Pro </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 605 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"> Bitmain Antminer S17+ </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 500 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"> MicroBT Whatsminer M30S </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 261 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left"> Bitmain Antminer T17+ </td><td style="padding-bottom: 1.5pt"> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> 44 </td><td style="padding-bottom: 1.5pt; text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt; font-weight: bold"> Total </td><td style="padding-bottom: 4pt; font-weight: bold"> &nbsp; </td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> &nbsp; </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"> 27,744 </td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> &nbsp; </td></tr>
  </table>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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, use 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&rdquo;, 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 &ldquo;halving,&rdquo; whereby the bitcoin award per block is reduced by half in order to control the supply of bitcoins on
the market. When bitcoin was first launched in 2009, miners were awarded 50 bitcoin if they first solved a new block; this award was
halved to 25 bitcoin per new block in 2012 and halved again in 2016 to 12.5 bitcoin per new block. Most recently, in May 2020, the then
prevailing reward of 12.5 bitcoin per new block was halved to 6.25 bitcoin. This reward rate is expected to next halve during 2024 to
3.125 bitcoin per new block and will continue to halve at approximately four-year intervals until all potential 21 million bitcoin have
been mined. Miners with a greater hash rate have a higher chance of solving a block and receiving a bitcoin award. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After a third halving of bitcoins in May 2020,
our mining strategy 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 initially chose to
acquire second-hand miners which can be delivered in only a few weeks.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p></div>


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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>
<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to achieve lower utility costs, the mining
facilities are maintained by our third-party hosting service providers. Our bitcoin mining facilities in PRC were maintained by Hong Kong
suppliers. They were our hosts, and they installed the miners, provided IT consulting, maintenance and repair work on site for us.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Our miners&rsquo; facilities in Texas and Nebraska
are maintained by Compute North LLC (&ldquo;Compute North&rdquo;), a well-known miner hosting company in North America. Pursuant to a
Master Agreement dated September 9, 2020 between Compute North and the Company, Compute North is providing colocation, managerial and
other services at its cryptocurrency mining facilities, including rack space, electrical power, ambient air cooling, internet connectivity
and physical security for the Company&rsquo;s miners during the equipment term of any miner. The term of this agreement shall be for
the remainder of any Equipment Term set forth on an order when Compute North notifies the Company in writing that such equipment has
been received and turned on by Compute North. On February 21, 2021, the Company signed an additional 9.2 MW of hosting capacity with
Compute North for a term of 24 months. On April 20, 2021, the Company signed another 40 MW of hosting capacity with Compute North for
a term of 36 months. Compute North has advised the Company that delivery of a portion of its contracted hosting capacity has been delayed.
Compute North has not yet determined updated delivery timing for this capacity. Pending revised delivery timing, the Company expects
to redirect miner deployments for such capacity to other hosting partners. The agreement is terminable by Compute North for Cause (as
defined). The Company granted Compute North a security interest in the miners and other equipment installed at the facility to secure
the Company&rsquo;s obligations under the Master Agreement. Compute North may, at such time as it determines appropriate, file a UCC
Financing Statement in such places it determines to evidence the security interest. At the Texas facility, the Company installed Whatsminer
M21s computers and is responsible for a monthly service fee per unit and power costs to be set forth on an Order Form as updated from
time to time. The monthly service fee per unit ranges from $21.39 to $24.09. Actual power costs are determined at $14 per MWh for transmission
and distribution; actual cost of power, plus a $2.50 per MWh power management fee. Compute North shall receive a range of 15&ndash;25%
of the bitcoin mined after payment of the Monthly Service and Power Fees. Estimated Total Fees shall be based on the Monthly Service
Fee per miner, plus a Power Cost of $22 per MWh, plus the $2.50 per miner power management fee, which is equal to $34.50 per MWh. Compute
North shall receive a range of 15&ndash;25% of the bitcoin mined after payment of the above monthly fees and power fees. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In Canada, our miners&rsquo; facilities have
been maintained by Link Global Technologies, Inc. (&ldquo;Link Global&rdquo;). Pursuant to a Master Service Agreement dated as of January
31, 2021 between Link Global and Bit Digital Canada, Inc., Link Global installed the Company&rsquo;s computer miners in Alberta, Canada
and was monitoring them on at least a daily basis. Link Global has advised us that its facility in Alberta Canada that had supplied us
with approximately 3.3 MW for hosting our miners was required to discontinue operations as a result of a permitting dispute. Link Global
is currently evaluating alternative sites to accommodate our miners. In the interim, pending further updates, the Company expects to
direct miners formerly hosted with Link Global to other hosting partners. &ldquo;See Risk Factors - Risks Related to Canada Government
Regulations&rdquo; and our potential to exercise our ROFO described below. Link Global provides power, internet access, cabling, switches,
DHCP and interconnection with its equipment or with other computer carriers. Link Global is responsible for janitorial services, environmental
systems maintenance, power plant maintenance regularly required. The initial term is twelve (12) months subject to a twelve-month renewal
at the Company&rsquo;s option. The Company will pay Link Global the agreed rate for power of $0.036 USD per KW hour, plus a 5% Goods
and Services Tax (GST). The agreed royalty is the total hash rate per miner less the power cost, maintenance cost, service cost and all
costs related to the operation of the miners. Link Global&rsquo;s share is 15% of Net Profit (as defined) after total earnings less total
costs and settled in bitcoin monthly. The Company will pay the agreed royalty by transfer of bitcoin to a wallet deposited by Link Global.
The Company has a right of first offer (&ldquo;ROFO&rdquo;) to purchase additional hosting facilities and/or the purchase of all or substantially
all of the assets of Link Global.&nbsp; Under Canadian law, we cannot export, re-export, transfer, or make available, whether directly
or indirectly, any regulated item or information to anyone outside Canada in connection with an Agreement with Link Global without first
complying with all export control laws and regulations which may be imposed by applicable governmental authorities of any country or
organization of nations within whose jurisdiction we operate or do business. </p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In June 2021, we entered into a strategic
co-mining agreement with Digihost Technologies (&ldquo;Digihost&rdquo;) in North America. Pursuant to the terms of the agreement,
Digihost expects to provide certain premises to Bit Digital for the purpose of the operation and storage of a 20 MW Bitcoin mining
system to be delivered by Bit Digital, and Digihost will also provide services to maintain the premises for a term of two years.
Notwithstanding the foregoing, each party has the right to terminate the agreement in the event of the enactment of New York Senate
Bill S6486, or a similar federal, state or local law, that would require so-called &ldquo;cryptocurrency mining centers&rdquo; to
cease operations. The collaboration between Digihost and Bit Digital is expected to generate an increase in hash rate of
approximately 400 Ph/s between the companies based on certain assumptions, including, but not limited to, the hash rate and power consumption of miners anticipated
to be utilized by the bitcoin mining systems and other factors outside of the Company&rsquo;s control. Under the terms of the agreement, Digihost is obligated to provide power for the
operation of the miners and to also provide management services necessary to maintain 95% uptime on the miners. This Agreement
required a $511,000 security deposit, the first month&rsquo;s rent of $511,000 and a one-time safety installation fee of $35 per
miner. The monthly recurring cost will be a Power Cost of $0.035 per KWh on an averaged basis plus additional costs per KWh on
renewable natural gas usage (TBD). Maintenance and Service Costs will be part of the monthly recurring charge on a performance
basis. Digihost shall also be entitled to 20% of the profit generated by the miners, paid weekly. Digihost shall be provided
read-only access to the Company&rsquo;s wallet for funds generated by the miners. It is expected that the miners will be delivered
to Digihost and installed in New York State during the fourth quarter of 2021, or early 2022. </p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On July 22, 2021, the Company and Digihost
entered into a second strategic co-mining agreement that is expected to be powered by approximately half renewable and/or carbon free
energy sources, subject to finalizing our energy procurement strategy with Digihost. The second agreement brings our total contracted
hosting capacity with Digihost to 120 MW. Digihost is expected to deliver the first 20 MW of contracted power capacity during the fourth
quarter of 2021. The remaining 100 MW is scheduled for delivery during the first and second quarters of 2022. This second agreement Under
this Collocation Services Agreement (the &ldquo;CSA&rdquo;), Digihost will provide the premises to the Company for the operation of a
100 MW bitcoin mining system for a term of two years, subject to earlier termination described above as a result of the New York State
bill, or otherwise for Cause. This expanded CSA is expected to facilitate an additional increase in hash rate of approximately 2EH between
the two companies and a total increase in hash rate between the two companies of approximately 2.4EH, including the prior colocation
described above, based on certain assumptions including, but not limited to, the hash rate and power consumption of miners anticipated
to be utilized by the bitcoin mining systems, and other factors including the Company&rsquo;s ability to purchase such equipment and
to secure financing for such purchases. Substantially the same as under the initial agreement, Digihost will maintain 95% uptime for
miners on the same, safety installation fees, maintenance costs, power costs, and profit-sharing percentage. The CSA required a security
deposit of $2,555,000 and monthly power costs of $511,000 for each of the five months of December 2021 through April 2022. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On August 25. 2021, the Company entered into a 35 MW Mining Services
Agreement (the &ldquo;MSA&rdquo;) with BlockFusion USA, Inc. (the &ldquo;Service Provider&rdquo;) that is expected to be powered primarily
from zero carbon emission energy sources. As of November 17, 2021, the Service Provider had completed the first (of four) phases of miner
deployments, representing approximately 5 MW of power consumption. The remaining three phases are scheduled for delivery in the fourth
quarter of 2021 and the first quarter of 2022. As a result of the Digihost and BlockFusion agreements, as of September 30, 2021, the
Company had secured hosting capacity sufficient to complete the redeployment of its fleet in North America, with additional signed capacity
to facilitate future fleet growth. </p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MSA is for a two (2) year Term with automatic renewals for one
(1) year terms unless terminated by either party on at least thirty (30) days&rsquo; prior written notice. During the Term, the Service
Provider shall provide certain colocation, operation, management and maintenance services (the &ldquo;Services&rdquo;). The Company provided
the Service Provider with the first (of four) Pod Mining Equipment for installation in September&nbsp;2021. If the Service Provider fails
to provide an uptime of 98.5% or better, the Performance Fees under the MSA shall be reduced.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Service Provider shall provide the Company
with all necessary access to remotely monitor &mdash; in person or remotely &mdash; the generated Bitcoin and all other metrics as reasonably
requested by the Company. The Company shall pay the actual expenses incurred for the energy used by the Company on a monthly basis plus
management costs of $2.00 per miner. The Service Provider shall receive a Performance Fee in respect of services relating to the first
20.0 MW hrs of load power equal to 30% of Net Digital Assets mined for any period, subject to adjustment and in respect to the next15.0
MW hrs equal to 20% of Net Digital Assets mined. The Net Digital Assets for a Payout Period means the Generated Digital Assets <i>minus
</i>the amount of Digital Assets that have a value that is equal to the Estimated Daily Costs for Mining such Digital Assets for such
Payout Period. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company paid the Service Provider in advance
$3,750,000 (the &ldquo;Infrastructure Investment&rdquo;) to pay for actual bona fide expenses incurred by the Service Provider. During
the Term and for a twelve (12) month period after termination of the MSA (the &ldquo;ROFR Period&rdquo;), the Company may propose to match
the terms of a bona fide offer from a third party to finance or otherwise sell any interest in the Service Provider, or any of its material
assets or business interests (a &ldquo;Covered Transaction&rdquo;), provided that Company shall be credited the amount of the Infrastructure
Investment paid and not reimbursed (the &ldquo;Discount&rdquo;). If the Parties do not enter into definitive agreements in respect of
one or more Covered Transactions pursuant to which the Company obtains the full economic benefit of the Discount, then, within twelve
(12) months following the termination of this Agreement, Service Provider shall refund the Infrastructure Investment. All capitalized
terms herein shall have the meanings set forth in the attached MSA.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Migration and Status of Mining Operations</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> It is a common practice in the mining
industry in China to migrate miners within geographic locations on a seasonal basis which we did, depending on water and electricity
availability and cost. In October 2020, we commenced our strategy of migrating assets from China to North America. The Company had
already migrated its miners out of Inner Mongolia when the government of China&rsquo;s Inner Mongolia banned all crypto mining
facilities in March 2021. On May 21, 2021, when the Financial Stability and Development Committee of the State Council in China
proposed to &ldquo;crack down on bitcoin mining and trading,&rdquo; local governments began to issue corresponding measures to
respond to the central government&rsquo;s proposal. From May 21, 2021until June 18, 2021, when the Sichuan Province issued a notice
on the shutdown of cryptocurrency mining operations, the Company had mining operations only in Sichuan Province which it terminated
on June 21, 2021, prior to the June 25, 2021 deadline. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During April through June 2021, we shipped
14,500 miners to the United States. As of June 30, 2021, there were 9,489 miners in China warehoused and are not in operation, awaiting
disposition or migration to North America. We completed the migration of all of our remaining China-based miners out of China by September
of 2021. The last miner shipments arrived in the U.S. early in the fourth quarter of 2021. As of October 11, 2021, we had 21, 953 (79.1%)
of our miners in North America, representing a 1,324 PH/s maximum hash rate at 74 MW. We had 5,791 (20.9%) of our miners in transit,
representing a 279 PH/s hash and 17.5 MW. We had zero miners in Asia by the end of September. The miners currently in transit to or awaiting
installation in the United States are expected to be installed at the Nebraska site hosted by Compute North and/or at the facilities
to be operated by Digihost and Blockfusion in upstate New York in early 2022. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>
</DIV>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On October 7, 2021, the Company contracted to
purchase an additional 10,000 Antminers from Bitmain Technologies Limited (&ldquo;Bitmain&rdquo;) under a Sales and Purchase Agreement
(the &ldquo;SPA&rdquo;) at an estimated cost of $65 million. These miners are expected to increase the Company&rsquo;s miner hash rate
by approximately 1.0 Exahash (&ldquo;EH/s&rdquo;). Pro Forma for the announced purchases, our maximum total hash rate is expected to
be approximately 2.603 EH/s. The initial payment of $27,500,000 was made on October 7, 2021 upon the signing of the SPA. Shipments are
scheduled to be made between March and June 2022. The Company is using funds on hand and proceeds from the sale of securities in the
September 2021 Private Placement, as well as the liquidation of bitcoins we currently hold to fund the proposed purchase of additional
miners. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The miners we own are mostly made by manufacturers
MicroBT and Bitmain, which are the top two brands in the industry, and standard Bitcoin ASIC miners providing hash computing power to
the bitcoin network. We do not have miners for cryptocurrencies other than bitcoin. We have not had any bitcoin mining operations in
China since June 2021. Our sole operations in China are administrative. </p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> These miners completed the migration to the United
States in October 2021. All miners and newly purchased miners are expected to be fully operational in early 2022. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> As of September 30, 2021, in Nebraska we had
7,341 miners, in Texas we had 16,977 miners, in Georgia we had 100 miners, in New York we had 2,400 miners, and in Canada we had
926 miners. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> As of September 30, 2021, the maximum total hash
rate of all the 27,444 miners was 1.603 EH/s, all located in North America. &nbsp; </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> From the inception of our bitcoin mining business
in February 2020 to September 30, 2021, we earned an aggregate of 3335.89 bitcoins. The following table presents the number of bitcoins
mined on a quarterly basis: </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="image_002.jpg" alt="">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company earned 248.36 bitcoins in the
third quarter of 2021. The reduction from the second quarter was due to the aforementioned accelerated migration program, in which a
higher percentage of fleet capacity were offline while in transit to or awaiting installation in North America, as well as miner sales
and disposals. </p>

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

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<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of September 30, 2021, our balance of
WBTC is 101, BTC 526, USDT 10,991,177, USDC 206,147 and ETH 101, with a fair market value of approximately $4.4 million, $23.0
million, $11.0 million, $0.2 million and $0.3 million, respectively. We are in the research and development stage of exploring
treasury management alternatives to increase earnings of the bitcoins we mine and hold. We do not plan to hold material amounts of
any digital assets, other than bitcoin, stablecoins, WBTC tokens, and ETH, and will hold the above described digital assets only for
treasury management and operational purposes. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our Hong Kong subsidiary, Bit Digital Hong
Kong Limited, received revenue in the form of cryptocurrencies, the value of which is determined using the market price of the related
cryptocurrency at the time of receipt. The cryptocurrency is either held by the subsidiary or sold for fiat currency, stablecoins or
other digital assets. The bitcoins we mine have been sold and, in the future, may be sold to support our operations, including to pay
for service fees. 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. </p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Generally, we only sell bitcoins when there
is a need for capital to fund working capital and the purchase of mining equipment. We otherwise store the balance in custody. We use
Cactus Custody, a division of Matrixport Guard Limited (&ldquo;Cactus Custody&rdquo;) and Copper Technology (UK) Limited (&ldquo;Copper&rdquo;)
as our custodians (the &ldquo;Custodians&rdquo;) to store all of our digital assets, including stablecoins. While the Custodians hold
our digital assets, the ownership and operation rights are always 100% attributed to the Company. Our custody account status and assets
transactions are clearly recorded, and we can log in to the system to query and download at any time. The Custodians will not loan, hypothecate,
pledge and/or encumber our assets without any instructions. </p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Cactus Custody can transfer any digital assets
to either Cold or Hot wallet addresses which transactions are assigned and managed under the Custodian&rsquo;s management. Copper provides,
cold, warm, and hot storage locations at our choice. The transactions broadcast to the blockchain network, where it is validated and
then enters the Custodian&rsquo;s custody. Digital assets are kept in unique and segregated blockchain addresses accessible by us and
verifiable on blockchain at any time. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For storage of digital assets, the Cactus
Custody wallet arrangement includes hardware and software infrastructure and security controls over key generation, storage, management
and transaction signing. Hot storage is the online key storage part. The Cactus Custody&rsquo;s proprietary solution adopts HSM (Hardware
Security Module) for key generation, storage and transaction signing. An HSM is a physical computing device that safeguards and manages
digital keys for strong authentication and provides cryptoprocessing. HSMs provide tamper evidence, tamper resistance and tamper responsiveness
features that can safeguard client&rsquo;s private keys. Private keys will be generated in HSM by a true random number generator; the
plaintext of the private key will never leave MSM. Cactus Custody&rsquo;s proprietary storage applies industry best practice in security
design for cold storage, such as the highest security level HSM, multi-sig, private key split and stored in geographically distributed
vaults. Vault here refers to a military-grade data center with stringent access control and high-quality environment control. Each cold
storage vault only stores &frac12; encrypted private key in HSM. Vaults are located in three continents and are not prone to single point
of failure. Digital assets stored at Copper are protected using MPC (Multimedia Personal Computer) technology, whether they are stored
in Copper&rsquo;s Omnibus Treasury or in the Company&rsquo;s own blockchain segregated vault. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The physical backup is the disaster recovery
measure. Private keys are generated in HSM. Matrixport will split encrypted private keys into 8 pieces. Each piece will be stored in
an encrypted hard disk which will be then kept in a safe deposit box in different banks. 3 of 8 pieces are held by management, the Company
and a third party would be needed to recover private keys. Cold storage withdrawal can only be made to the user&rsquo;s hot storage address.
The Custodians provide internal risk control measures like withdrawal limit and whitelist as a tool to help protect client&rsquo;s digital
assets. </p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We use Amber Group&rsquo;s OTC desk for selling
or exchanging bitcoins for U.S. dollars, USDT (Tether, a stablecoin) or USDC (USD Coin, a stablecoin), WBTC tokens, or ETH (Ethereum
token). We have held, and may continue to hold these digital assets in order to fund working capital, to purchase mining equipment and
for other general corporate purposes. We have temporarily taken and may from time to time temporarily take receipt of other digital assets,
the amounts of which have not been material. Other than bitcoin, stablecoins, WBTC tokens and ETH, we have no plans to hold material
amounts of any other types of digital assets in the future. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The legal test for determining whether any
digital asset is a security is a fact-driven analysis and difficult to predict. Our determination that the digital assets we hold are
not securities is a risk-based assessment and not a legal standard or one binding on the SEC, or any other regulators. If bitcoin, ETH,
USDT or USDC stablecoins, or WBTC tokens are deemed to be securities under the laws of any U.S. federal, state, or foreign jurisdiction,
or in a proceeding in a court of law or otherwise, it may have adverse consequences for such cryptocurrency. See &ldquo;Risk Factors&ndash;Risks
Related to United States Government Regulation&ndash;A particular digital asset&rsquo;s status as a &ldquo;security&rdquo; in any relevant
jurisdiction is subject to a high degree of uncertainty and if a regulator disagrees with our characterization of a digital asset, we
may be subject to regulatory scrutiny, investigations, fines, and other penalties, which may adversely affect our business, operating
results and financial condition. Furthermore, a determination that bitcoin, ETH, USDT or USDC, WBTC, or any other digital asset that
we own or mine is a &ldquo;security&rdquo; may adversely affect the value of Bitcoin and our business.&rdquo; </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect our results of operations to continue
to be affected by bitcoin price as most of our revenue is from bitcoin mining production as of the filing date of this prospectus. Any
future significant reductions in the price of bitcoin will likely have a material adverse effect on our results of operations and financial
condition. See &ldquo;Risk Factors-Bitcoin Related Risks-Our results of operations are expected to be impacted by significant fluctuations
in bitcoin price.&rdquo;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of December 31, 2020, there was a loan of 5.19 bitcoins to an
unaffiliated third party. As of March 31, 2021, there was a balance of 22.88 bitcoins to two third parties and as of June 30, 2021 the
unaffiliated third parties repaid all bitcoins. During the third quarter, there were no additional bitcoins lent to third parties. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently do not have any insurance of our
miners; however, we intend to purchase insurance in the future. The market is in its early stages. We are actively seeking insurance
per miner asset, as well as digital assets of the Company. Cactus Custody is self-insured for its secure asset fund (the &ldquo;Fund&rdquo;).
The Fund size is USD $4 million, with an additional 35% of custody s<font style="font-family: Times New Roman, Times, Serif">ervice annual
revenue each year to be added to this Fund, at no additional cost to the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">damage
                                            caused by insider theft or dishonest acts by Cactus Custody employees or executives;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">third-party
                                            hacks, copying, or theft of private keys for both hot and cold storage; and</font></td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">damage
                                            caused by loss of keys for both hot and cold storage</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Our
Custodian Copper maintains a $10 million comprehensive insurance policy, at no cost to the Company. Copper bespoke Crypto crime insurance
policy for digital assets as well as fiat maintained on Crypto Copper&rsquo;s digital infrastructure provides protection against: Employee
Theft; Third-Party Computer Crime; Funds Transfer Fraud; Cyber Losses (Crime through fraud/theft, viruses, hacking); Property loss (Relevant
to the assets) within Copper premises and in transit; and appropriate legal costs.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0px">&nbsp;</td>
    <td style="width: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transfer of cash</i></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From the Company&rsquo;s commencement
of mining operations in February 2020 to October 3, 2021, the Company did not transfer any cash from the holding company to any of its
subsidiaries.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December
31, 2020, the Company raised proceeds of approximately $5.2 million from certain private placements, and the proceeds were directly transferred
from investors to the designated accounts of Bit Digital Hong Kong Limited (&ldquo;BT HK&rdquo;), the Company&rsquo;s wholly owned subsidiary
in Hong Kong.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the period from January 1, 2021 to
October 3, 2021, the Company raised proceeds of approximately $37 million from both private placements and direct offering. The proceeds
were directly transferred from investors to designated accounts of Bit Digital USA, Inc. (&ldquo;BT USA&rdquo;), the Company&rsquo;s
subsidiary in U.S. The net proceeds raised in the $80 million September 2021 Private Placement by the Company will be transferred to
BT USA with the remainder held in United States. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font-size: 7pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0px">&nbsp;</td>
    <td style="width: 24px"><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"><i>Transfer of other assets</i></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the period from February 2020 to September
30, 2021, Bit Digital Hong Kong transferred 25,006 miners to BT USA, with carrying amount of 19.80 million. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font-size: 7pt">&nbsp;</font></p>
</DIV>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p>

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<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0px; font-size: 10pt">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td>
    <td style="text-align: justify; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Payment of dividends or distributions</i></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the period from February 2020 to date,
the Company did not receive any dividends or distributions from any of its subsidiaries, nor did the Company make any dividends or distributions
to its investors. </p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Enterprise Income Tax Law and its implementation rules,
if a non-resident enterprise has not set up an organization or establishment in the PRC, or has set up an organization or establishment,
but the income derived has no actual connection with such organization or establishment, it will be subject to a withholding tax on its
PRC-sourced income at a rate of 10%. Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region
for the Avoidance of Double Taxation and Tax Evasion on Income, the withholding tax rate in respect to the payment of dividends by a PRC
enterprise to a Hong Kong enterprise is reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds at least
25% of the PRC enterprise. Pursuant to the Notice of the State Administration of Taxation on the Issues concerning the Application of
the Dividend Clauses of Tax Agreements, or Circular 81, a Hong Kong resident enterprise must meet the following conditions, among others,
in order to enjoy the reduced withholding tax: (i) it must directly own the required percentage of equity interests and voting rights
in the PRC resident enterprise; and (ii) it must have directly owned such percentage in the PRC resident enterprise throughout the 12
months prior to receiving the dividends. There are also other conditions for enjoying the reduced withholding tax rate according to other
relevant tax rules and regulations. In August 2015, the State Administration of Taxation promulgated the Administrative Measures for Non-Resident
Taxpayers to Enjoy Treatments under Tax Treaties, or Circular 60, which became effective on November 1, 2015. Circular 60 provides that
non-resident enterprises are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding
tax rate. Instead, non-resident enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed
criteria to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting
documents when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0px">&nbsp;</td>
    <td style="width: 24px"><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"><i>Restrictions or limitations</i></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of this date, the Company
had six subsidiaries based in the United States, Canada, Hong Kong and Singapore. The Company is not aware of any restrictions or limitations
on foreign exchange in these countries or area, or its ability to transfer cash between entities, across borders or to U.S. investors,
nor is the Company aware of any restrictions and limitations on its ability to distribute earnings from its businesses, including the
businesses of its subsidiaries, to the holding company and its U.S. investors.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Disposition of peer-to-peer lending business and the car rental
business in the PRC</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 8, 2020, the Board approved the disposal
of Point Cattle Holdings Limited, a former wholly owned subsidiary of the Company in the British Virgin Islands, and its subsidiaries
and VIEs, through which the Company previously operated its peer-to-peer lending business and the car rental business in PRC. Upon the
sale, we discontinued our peer-to-peer lending business and the car rental business in the PRC (&ldquo;discontinued operations&rdquo;).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the same date, 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 the Company (the &ldquo;Seller&rdquo;). Pursuant to the Disposition SPA,
the Purchaser purchased the Subsidiary in exchange for nominal consideration of $10.00 and other good and valuable consideration.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Sales of Unregistered Securities</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 29, 2021, the Company entered into a
Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) with certain purchasers signatory thereto (the &ldquo;Purchasers&rdquo;),
pursuant to which the Company agreed to issue and sell, in a private offering (the &ldquo;Private Placement&rdquo;), an aggregate of $80,000,017
of securities, consisting of 13,490,728 ordinary shares of the Company, par value $.01 per share (the &ldquo;Ordinary Shares&rdquo;) and
Ordinary Share Purchase Warrants (&ldquo;Warrants&rdquo;) to purchase an aggregate of 10,118,046 Ordinary Shares at an exercise price
of $7.91 per whole share (subject to adjustment), for a combined purchase price of $5.93 per share and accompanying warrant (collectively,
the &ldquo;Securities&rdquo;). Each Warrant is exercisable immediately and will expire three and one-half years after the effective date
(the &ldquo;Effective Date&rdquo;) of this registration statement (the &ldquo;Registration Statement&rdquo;) which was filed pursuant
to the Registration Right Agreement (the &ldquo;RRA&rdquo;). If and only if, at the time of exercise of the Warrants there is no effective
registration statement, including this registration statement, registering the Warrant Shares for resale, the Warrants may be exercised
on a cashless basis.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Purchase Agreement and the RRA contain customary
representations, warranties, covenants, conditions and agreements of the Company and the Purchasers and customary indemnification rights
and obligations of the parties. In addition, sales by the Purchasers may be limited, to the extent applicable, by Nasdaq and SEC rules.
Pursuant to the Purchase Agreement, the Company agreed to certain restrictions on the issuance and sale of its Ordinary Shares or Ordinary
Share Equivalents (as defined in the Purchase Agreement) during the 60-day period following the Effective Date. The Company agreed with
the Purchasers that it will not enter into any &ldquo;variable rate&rdquo; transaction with any third party exclusive of Ionic Ventures,
LLC and an &ldquo;at the market&rdquo; offering with H.C. Wainwright &amp; Co., LLC (the &ldquo;Placement Agent&rdquo;), for a one-year
period following the Effective Date. The Company also agreed that for a one-year period from the Effective Date, it will not undertake
a reverse or forward stock split or reclassification of its Ordinary Shares without the prior written consent of a majority in interest
of the Purchasers.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Company&rsquo;s Officers and Directors
entered into a Lock-Up Agreement prohibiting transfers and sale of their Ordinary Shares, with certain exceptions (e.g., to pay taxes)
for a ninety (90) day period following the Effective Date. The Company agreed to not amend, modify, waive or terminate any provision of
any of the Lock-Up Agreements.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Purchaser (together with its affiliates) will
not be able to exercise any portion of the Warrant to the extent that the Purchaser would own more than 4.99% (or, at the Purchaser&rsquo;s
option upon issuance, 9.99%) of the Company&rsquo;s outstanding Ordinary Shares immediately after exercise. However, upon prior notice
from the Purchaser to the Company, a Purchaser with a 4.99% ownership blocker may increase or decrease the amount of ownership of outstanding
Ordinary Shares after exercising the Purchaser&rsquo;s Warrant, up to 9.99% of the number of the Company&rsquo;s Ordinary Shares outstanding
immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Warrant,
provided that any increase shall not be effective until 61 days following notice to us. Pursuant to the terms of the Purchase Agreement,
the Company agreed to use commercially reasonable efforts to cause this Registration Statement providing for the resale by holders of
shares of its Ordinary Shares and shares issuable upon the exercise of the Warrants (the &ldquo;Warrant Shares&rdquo;), to be filed within
fifteen (15) days of the execution of the RRA on September 29, 2021 and shall use its best efforts to cause the Registration Statement
to be declared effective no later than forty five (45) days following the execution of the RRA or, in the case of a full review by the
SEC, the 75th day following the execution of the RRA.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Private Placement closed on October 4, 2021.
The Company received gross proceeds of $80,000,017 in connection with the Private Placement before deducting placement agent fees and
related offering expenses.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proceeds received by the Company under the
Purchase Agreement are expected to be used to purchase bitcoin miners, associated assets and for working capital and general corporate
purposes.</p>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our executive offices are located at 33 Irving
Place, New York, New York 10003 and our telephone number is (917) 512-4895. The information on our website does not constitute part of
this prospectus. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>
</DIV>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 25%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Shares Offered</font></td>
    <td style="width: 75%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An aggregate of 23,608,774 Ordinary Shares are registered for resale by the Selling Shareholders, consisting of:</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 13,490,728 Ordinary Shares sold to the Purchasers pursuant to the Purchase Agreement, dated as of September 29, 2021, and </font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) up to 10,118,046 Ordinary Shares issuable upon exercise of Ordinary Share Purchase Warrants issued to the Purchaser.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Shares Outstanding</font> </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69,366,486<sup>(1)</sup></font> </td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are not selling any
securities under this prospectus and will not receive any of the proceeds from the sale of Ordinary Shares by the Selling Shareholder.
However, we may receive proceeds of up to $80,033,774 from the issuance of Ordinary Shares upon exercise of Warrants issued pursuant
to the Purchase Agreement.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Policy</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have never declared any cash dividends on our Ordinary Shares. We currently intend to retain all available funds and any future earnings for use in financing the growth of our business and do not anticipate paying any cash dividends for the foreseeable future. See &ldquo;Dividend Policy.&rdquo;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our common stock currently trades on the Nasdaq Capital Market with the symbol &ldquo;BTBT.&rdquo;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You should carefully consider the information set forth in this prospectus and, in particular, the specific factors set forth in the &ldquo;Risk Factors&rdquo; section beginning on page 13 of this prospectus before deciding whether or not to invest in our Ordinary Shares.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></font> </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects shares issued
    and outstanding as of November 18, 2021, including the 13,490,728 restricted Ordinary Shares sold to the Purchasers.</font> </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
</DIV>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Private Issuer Status</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a foreign private issuer within the meaning
of the rules under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). As such, we are exempt from certain
provisions applicable to United States domestic public companies. For example:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">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>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">we are not required to provide the same level of disclosure on certain issues, such as executive compensation;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">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>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">Our insiders are not required to comply with Section 16 of the Exchange Act requiring such individuals, and entities to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any &ldquo;short-swing&rdquo; trading transaction.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Emerging Growth Company Status</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;emerging growth company,&rdquo;
as defined in the Jumpstart Our Business Startups Act (the &ldquo;JOBS Act&rdquo;), and we are eligible to take advantage of certain exemptions
from various reporting and financial disclosure requirements that are applicable to other public companies, that are not emerging growth
companies, including, but not limited to, (1)&nbsp;presenting only two years of audited financial statements and only two years of related
management&rsquo;s discussion and analysis of financial condition and results of operations in this prospectus, (2)&nbsp;not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the &ldquo;Sarbanes-Oxley Act&rdquo;),
(3) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and (4) exemptions from
the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments
not previously approved. We intend to take advantage of these exemptions. As a result, investors may find investing in our Ordinary Shares
less attractive.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, Section 107 of the JOBS Act also
provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), for complying with new or revised accounting standards. As a result, an emerging
growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We intend to take advantage of such extended transition period.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We could remain an emerging growth company for
up to five years, or until the earliest of (1) the last day of the first fiscal year in which our annual gross revenues exceed $1.07 billion,
(2) the date that we become a &ldquo;large accelerated filer&rdquo; as defined in Rule 12b-2 under the Exchange Act, which would occur
if the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the last business day of our most
recently completed second fiscal quarter and we have been publicly reporting for at least 12 months, or (3) the date on which we have
issued more than $1 billion in non-convertible debt during the preceding three-year period.</p>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our principal executive offices are located
at 33 Irving Place, New York, New York 10003. Our telephone number at this address is 917-512-4895. Our office in Hong Kong is located
at Room 3603, Tower 2 Metro Plaza, Hong Kong, China. Our telephone number at that address is +(852) 68417527. Our registered office in
the Cayman Islands is located at Corporate Filing Services Ltd., 3<SUP>rd</SUP>&nbsp;Floor, Harbour Centre, 103 South Church Street,
George Town, Grand Cayman, KY 1-1002, Cayman Islands. Our agent for service of process in the United States is Corporation Service Company,
19 West 44<SUP>th</SUP> Street, Suite 201, New York, NY 10036. The Company&rsquo;s legal advisers are as follows: in the PRC: Tian Yuan
Law Firm, 10F, Tower B, China Pacific Insurance Plaza, 28 Fengsheng Hutong, Xicheng District, Beijing 10032 China; in the Cayman Islands:
Ogier, 89 Nexus Way, Camana Bay, Grand Cayman, Cayman Islands KY1-9009; and in the United States: Davidoff Hutcher &amp; Citron LLP,
605 Third Ave, New York, NY 10158. Our Auditors are: Audit Alliance, LLP, 20 Maxwell Road #11-09, Maxwell House, Singapore 069113. See
&ldquo;Experts&rdquo; regarding prior auditors. Investors should contact us for any inquiries through the address and telephone number
of our principal executive offices. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>
</DIV>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_005"></a>RISK FACTORS</b></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to laws and regulations of PRC, there
are two ways for foreign legal persons/entities to be considered to be engaging in operation activities within the territory of China.
One way is to establish a foreign-invested enterprise, that is incorporated, according to the Foreign Investment Law of PRC, within the
territory of China and that is wholly or partly invested by a foreign investor. The organization form, institutional framework and standard
of conduct of a foreign-invested enterprise are subject to the provisions of the Company Law of the PRC and the Partnership Enterprise
Law of the PRC and other law related regulations. Another way to be deemed to be operating within China is to complete the approval and
registration procedures with the relevant regulatory authorities in accordance with the provisions of Administrative Measures for the
Registration of Enterprises of Foreign Countries (Regions) Engaging in Production and Operation Activities within the Territory of China
(Revised in 2020), or Order No.31. Notwithstanding the fact that we no longer have bitcoin mining operations in China, our prior operations
may subject us to the statutes and regulations of China, as the Company conducted its bitcoin mining operations in the PRC through its
Hong Kong subsidiary and did not register to do business in the PRC and, as described below, we may be subject to fines and penalties.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There are risks to foreign investors in
Chinese companies.</i></b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Special Administrative Measures
for Access of Foreign Investment (2020 Edition), or the 2020 Edition Negative List, issued by The Ministry of Commerce of the PRC (the
&ldquo;MOFCOM&rdquo;) and the National Development and Reform Commission (the &ldquo;NDRC&rdquo;) on June 23, 2020 which came into effect
on July 23, 2020, our bitcoin mining business does not fall into the Negative List and is permitted for foreign investment as of the date
hereof although bitcoin mining operations in China are not currently allowed.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is currently engaged in the bitcoin
mining business, but, previously, 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 was conducting an investigation of Shanghai Dianniu Internet Finance Information Service Co. Ltd, which was a variable
interest entity (VIE) of the Company, for suspected illegal collection of public deposits. The Bureau took criminal enforcement measures
against 17 suspects in the case and detained at least six of those suspects. On March 24, 2020, the Bureau announced that it had transferred
seven suspects to the procuratorates for criminal prosecution and took criminal action against 14 defendants and is searching for our
former CEO as of the date of this prospectus. While the Company has not been subject to any enforcement actions or investigations, nine
persons, including a former director of the Company, have been found guilty of fund-raising fraud or illegally collecting public deposits
by the People&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. As of the date
of this prospectus, the final outcome of the investigation has not been published, and the impact of any such outcome on the Company cannot
be estimated or determined with any certainty.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">China has now taken harsh regulatory action to
ban cryptocurrency mining operations and to severely restrict the right to acquire, own, hold, sell or use these bitcoin assets or to
exchange them for fiat currency. 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. Ongoing and future regulatory actions may impact our ability to continue to operate,
and such actions could affect our ability to continue as a going concern or to pursue our business strategy at all, which could have a
material adverse effect on our business, prospects or operations.</p>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On May 21, 2021, the Financial Stability and
Development Committee of the State Council in China proposed to &ldquo;crack down on bitcoin mining and trading.&rdquo; However, it was
not until September 24, 2021, as described below, that all digital asset transactions were banned in China. In May 2021, local governments
began to issue corresponding measures in succession to respond to the central government, including Xinjiang Changji Hui Autonomous Prefecture
Development and Reform Commission issuing a notice on the immediate shutdown of enterprises engaged in cryptocurrency mining on June
9, 2021. During that three-week period, we only had mining operations in Sichuan Province and not in Xinjiang. On June 18, 2021, according
to the public media report - Sichuan Provincial Development and Reform Commission and Sichuan Energy Bureau issued a notice on the shutdown
of cryptocurrency mining projects with the deadline of June 25, 2021. That is the reason why we had already ceased all remaining operations
in PRC on June 21, 2021. On September 24, 2021, the newly issued Notification of Overhauling the Mining Activity of Cryptocurrency (or
the Notification No. 1283) banned all new cryptocurrency operations in China. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The NDRC notice set forth penalties on a going
forward basis for all of the PRC. While we do not believe Sichuan Province will seek to impose retroactive fines, penalties or sanctions,
there can be no assurance the province may not seek to do so. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> In consideration of the
PRC government&rsquo;s attitude and our intentional business plan, we will not conduct any cryptocurrency mining operations or cryptocurrency
trading operations in mainland PRC. All miners have been migrated out of the PRC as of September 30, 2021 and are expected to be fully
operational in the U.S. by early 2022. </p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we are in the process of completing the
migration of miners to the United States and/or Canada, our bitcoin mining business is worldwide. We expect to continue to purchase bitcoin
miners on the spot market in China. 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.</p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Uncertainties in the interpretation and
enforcement of Chinese laws and regulations could limit the legal protections available to us.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The PRC legal system is based on written statutes,
and prior court decisions have limited precedential value. Since the PRC legal system continues to rapidly evolve, the interpretation
of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involves uncertainties.
The risks arising from the legal system in China include risks and uncertainties regarding the enforcement of laws and rules and regulations
in China can change quickly with little advance notice; and there is a risk that the Chinese government may intervene or influence our
operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers,
which could result in a material change in our operations and/or the value of our securities. Any risks that any actions by the Chinese
government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers
could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value
of such securities to significantly decline or be worthless. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">China is one of the jurisdictions to implement
strict foreign exchange control. The free flow of bitcoin presents novel issues in the context of Chinese foreign exchange control. In
some public speeches, officials of the Chinese State Administration of Foreign Exchange (&ldquo;SAFE&rdquo;) 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, as they have done with bitcoin mining, in its jurisdiction.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. These actions caused us to commence migration of miners out of China in October 2020.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 10, 2021, the Cyberspace Administration
of China (the &ldquo;CAC&rdquo;) issued the Measures for Cybersecurity Review (Revision Draft for Comments), or the Measures. The scope
of review under the Measures extends to critical information infrastructure operators, data processors carrying out data processing activities,
and national security risks related to a non-PRC listing, especially the &ldquo;risks of core data, important data or substantial personal
information being stolen, leaked, damaged, illegally used or exported; risks of Critical Information Infrastructure, core data, important
data or substantial personal information data being affected, controlled and maliciously used by foreign governments after a foreign listing.&rdquo;
According to Article 6 of the Measures, operators who possess personal information of over a million users shall apply to the Cybersecurity
Review Office for cybersecurity reviews before listing abroad. Besides, where any activities affect or may endanger national security
during the purchase of network products and services by key information infrastructure operators or the data processing by data workers,
cybersecurity reviews should be conducted in accordance with the Measures.</p>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We currently believe we would not be required
to obtain clearance from the CAC regarding our listing in the United States under the Measures because (i) we have not been involved
in any investigations on cybersecurity review initiated by the CAC or related governmental regulatory authorities, and we have not received
any inquiry, notice, warning, or sanction in such respect, as well as (ii) we have never set a digital platform for any user and collected
personal data during our mining operations, (iii) only the operators who possess personal information of over a million users shall apply
for cybersecurity reviews before listing abroad, and (iv) the Measures have yet to take effect and may be further revised. However, since
it is the first time that the cybersecurity review applies to the &ldquo;data processors, and due to our past mining operations in China,
we may be deemed as a &ldquo;data processor&rdquo; carrying out data processing activities, and uncertainties still exist as to the interpretation
or implementation of the Measures and, if required, whether such clearance can be timely obtained, if required. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Compliance with the Measures, as well as additional
laws, regulations and guidelines that the Chinese government promulgates in the future may entail significant expenses and could materially
affect our business. If the Measures take effect and would require us to obtain clearance or permissions from the CAC, we would file
an application with CAC immediately and seek to obtain the clearance or permissions from the CAC as required since we are not willing
to be subject to any inquiry, notice, warning or sanction in such respect which might make a negative impact on our business operations
or financial condition. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The M&amp;A Rules discussed under &ldquo;Business-Regulation&rdquo;
in our Annual Report on Form 20-F, and certain other regulations and rules concerning mergers and acquisitions establish additional procedures
and requirements in PRC 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.
Complying with the requirements of the above-mentioned regulations and other relevant rules to complete such transactions, to the extent
relevant, 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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-Regulations on Stock Incentive
Plans&rdquo; in our Annual Report on Form 20-F for the year ended December 31, 2020.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the PRC Enterprise Income Tax Law and its
implementation rules, an enterprise established outside of the PRC with a &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.</p>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe none of our entities outside of China
is a PRC resident enterprise for PRC tax purposes. See &ldquo;Taxation &mdash; People&rsquo;s Republic of China Taxation&rdquo; in our
Registration Statement on Form F-1 (No. 333-254060). 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;
Since a portion of our management members are not based in China, it remains unclear how the tax residency rule will apply to our case.
If the PRC tax authorities determine that we or any of our subsidiaries outside of China is a PRC resident enterprise for PRC enterprise
income tax purposes, then we or such subsidiary could be subject to PRC tax at a rate of 25% on its world-wide income, which could materially
reduce our net income. In addition, we will also be subject to PRC enterprise income tax reporting obligations. Furthermore, if the PRC
tax authorities determine that we are a PRC resident enterprise for enterprise income tax purposes, gains realized on the sale or other
disposition of our ordinary shares may be subject to PRC tax, at a rate of 10% in the case of non-PRC enterprises or 20% in the case of
non-PRC individuals (in each case, subject to the provisions of any applicable tax treaty), if such gains are deemed to be from PRC sources.
It is unclear whether non-PRC shareholders of our company would be able to claim the benefits of any tax treaties between their country
of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the returns on your
investment in our ordinary shares.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The increased regulatory scrutiny focus on
U.S.-listed companies with operations in China could add uncertainties to our business operations, share price and reputation. Although
the audit reports of Audit Alliance LLP incorporated by reference into this prospectus are prepared by Singapore auditors who are subject
to inspection by the Public Company Accounting Overnight Board (the &ldquo;PCAOB&rdquo;), there is no guarantee that future audit reports
will be prepared by auditors that are completely inspected by the PCAOB and, as such, future investors may be deprived of such inspections,
which could result in limitations or restrictions to our access in the U.S. capital markets. Furthermore, trading in our securities may
be prohibited under the Holding Foreign Companies Accountable Act or the Accelerating Holding Foreign Companies Accountable Act if the
SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and
as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on June 22,
2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would amend the HFCA Act
and require the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S. stock exchanges if its auditor is not subject to
PCAOB inspection for two consecutive years instead of three. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In recent years, as part of increased regulatory
focus in the United States on access to audit information, the United States enacted the Holding Foreign Companies Accountable Act, or
the HFCA Act, in December 2020. The HFCA Act includes requirements for the SEC to identify issuers whose audit reports are prepared by
auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the
auditor&rsquo;s local jurisdiction. The HFCA Act also requires public companies on this SEC list to certify that they are not owned or
controlled by a foreign government and make certain additional disclosures in their SEC filings. In addition, if the auditor of a U.S.
listed company&rsquo;s financial statements is not subject to PCAOB inspections for three consecutive &ldquo;non-inspection&rdquo; years
after the law becomes effective, the SEC is required to prohibit the securities of such issuer from being traded on a U.S. national securities
exchange, such as the NYSE and the Nasdaq, or in the U.S. over-the-counter markets. On March 24, 2021, the SEC announced that it had
adopted interim final amendments to implement the foregoing certification and disclosure requirements and that it was seeking public
comment on the issuer identification process as well as the submission and disclosure requirements. On May 13, 2021, the PCAOB issued
proposed PCAOB Rule 6100 Board Determinations Under the Holding Foreign Companies Accountable Act for public comment. The proposed rule
provides a framework for making determinations as to whether PCAOB is unable to inspect an audit firm in a foreign jurisdiction, including
the timing, factors, bases, publication and revocation or modification of such determinations, and such determinations will be made on
a jurisdiction-wide basis in a consistent manner applicable to all firms headquartered in the jurisdiction. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Accordingly, our securities may be prohibited
from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years, and
this ultimately could result in our ordinary shares being delisted. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, which if enacted into law would amend the HFCA Act and require the SEC to prohibit an issuer&rsquo;s
securities from trading on U.S. stock exchanges if its auditors is not subject to PCAOB inspections for two consecutive &ldquo;non-inspection&rdquo;
years instead of three. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for
the PCAOB to use when determining, as contemplated under the HFCAA, whether the Board is unable to inspect or investigate completely
registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
While we understand that there has been dialogue among the China Securities Regulatory Commission, the SEC and the PCAOB regarding the
inspection of PCAOB-registered accounting firms in China, and the audit reports of Audit Alliance LLP incorporated by reference into
this prospectus are prepared by Singapore auditors who are subject to inspection by the PCAOB, there can be no assurance that our auditor
or us will be able to comply with requirements imposed by U.S. regulators in the future. The market prices of our ordinary shares and/or
other securities could be adversely affected as a result of possible negative impacts of the HFCA. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 17, 2017, the SAT issued the Announcement
of the State Administration of Taxation on Issues Concerning the Withholding of Nonresident Enterprise Income Tax at Source, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Where a non-resident enterprise transfers
taxable assets in China indirectly by disposing of the equity interests of an overseas holding company, which is an Indirect Transfer,
the non-resident enterprise as either transferor or transferee, or the PRC entity whose equity is transferred, may report such Indirect
Transfer to the relevant tax authority. Using a &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 former PRC subsidiaries may be requested to assist in the filing under SAT Circular 7 and/or Circular 37. As a result, we may be
required to expend valuable resources to comply with SAT Circular 7 and/or Circular 37 or to request the relevant transferors from whom
we purchase taxable assets to comply with these circulars, or to establish that our Company should not be taxed under these circulars,
which may have a material adverse effect on our financial condition and results of operations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Historically, a portion 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 have affected the relative purchasing power in RMB terms of our U.S. dollar assets. Gains and losses
from the remeasurement of assets and liabilities that are receivable or payable in RMB are included in our historical consolidated statements
of operations. Periodic remeasurements have 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 may 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 any RMB denominated 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hedge our exposure to exchange rate fluctuations adequately
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.</p>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We recently experienced profitability from
our 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 a peer to peer (&ldquo;P2P&rdquo;) online lending business in China. Starting on or about November 2019, we made
a decision to diversify into the bitcoin mining business, as well as the car rental business in the United States, which plans concerning
the car rental business were suspended as a result of the coronavirus pandemic. In September 2020, we disposed of our P2P and Chinese
car rental business and decided to focus primarily on our bitcoin mining business. Currently, our operations are focused on our bitcoin
mining business located at our bitcoin mining facilities in North America. Our current business, including our growth strategy for our
business, involves an industry that is itself new and evolving and is subject risks, many of which are discussed below. We may not be
able to achieve profitability in subsequent periods. See &ldquo;Bitcoin Related Risks&rdquo; below. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our results of operations, including the levels
of our net revenues, expenses, net loss and other key metrics, may vary significantly in the future due to a variety of factors, some
of which are outside of our control, and period-to-period comparisons of our operating results may not be meaningful, especially given
our limited bitcoin mining operating history. In May 2021, the Chinese government targeted virtual currency mining and put pressure on
Chinese banks and payment companies to restrict cryptocurrency transactions and otherwise signaled that China intended to further limit
cryptocurrency mining within the country. We suspended most operations in China and continued to migrate all of our remaining miners
in China to North America. We terminated bitcoin mining operations in China in June 2021. Our results of operations for the second and
third quarters of 2021 have been adversely affected by the material decrease in bitcoins mined during those periods, including, in part,
due to the need to migrate and replace a portion of our miners. We have migrated all miners to the United States by the end of October
2021 and expect to have them and any newly purchased miners operational during the first quarter of 2022. However, there can be no assurance
we will achieve the level of profitability we experienced in late 2020 or the first quarter of 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; text-align: justify"><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">the amount and timing of operating expenses related to our new business operations and infrastructure;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">fluctuations in the price of bitcoin; and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">general economic, industry and market conditions.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may acquire other businesses, form joint
ventures or acquire other companies or businesses that could negatively affect our operating results, dilute our shareholders&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></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Having recently exited China, 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.</p>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; text-align: justify"><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">difficulties in assimilating and integrating the operations, personnel, systems, data, technologies, products and services of the acquired business;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">inability of the acquired technologies, products or businesses to achieve expected levels of revenue, profitability, productivity or other benefits;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">difficulties in retaining, training, motivating and integrating key personnel;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">diversion of management&rsquo;s time and resources from our normal daily operations;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">difficulties in successfully incorporating licensed or acquired technology and rights into our businesses;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">difficulties in maintaining uniform standards, controls, procedures and policies within the combined organizations;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">difficulties in retaining relationships with customers, employees and suppliers of the acquired business;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">risks of entering markets, in parts of the U.S., in which we have limited or no prior experience;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">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="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">failure to successfully further develop the acquired technology;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">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="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">potential disruptions to our ongoing businesses; and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: justify"><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">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: 0pt 0; text-align: justify">&nbsp;</p>

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a public reporting company, we are required
to, among other things, maintain a system of effective internal control over financial reporting. Ensuring that we have adequate internal
financial and accounting controls and procedures in place so that we can produce accurate financial statements on a timely basis is a
costly and time-consuming effort that needs to be re-evaluated frequently. Substantial work will continue to be required to further implement,
document, assess, test and remediate our system of internal controls. As of December 30, 2020, our disclosure controls and procedures
were not effective and management determined that we did not maintain effective internal control over financial reporting due to certain
significant deficiencies and material weaknesses. Management is undertaking actions to remediate the material weaknesses, but there is
no assurance they will be remediated this year. See Item 15 &ndash; &ldquo;Controls and Procedures&rdquo; in the Company&rsquo;s Annual
Report on Form 20-F for the year ended December 31, 2020.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 11, 2020, the World Health Organization
announced that COVID-19 infections had become pandemic, and, on March 13, 2020, the U.S. President declared a national emergency relating
to the virus. There has been and continues to be widespread infection in the United States with a second wave now appearing in China and
elsewhere, with the potential for catastrophic impact. Mandatory business closures have had catastrophic impacts on worldwide economies
of uncertain duration.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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). 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. If an outbreak occurs near our mining facilities, we may experience disruptions to our business operations 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. The novel Coronavirus (COVID-19) or other disease outbreak
has 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.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effectiveness of the COVID-19 vaccine and
vaccination programs remains to be verified worldwide, including against variants of the virus. The sweeping nature of the COVID-19 pandemic
makes it extremely difficult to predict how the company&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.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that a critical component of our success
is our corporate culture, which we believe fosters innovation, encourages teamwork and cultivates creativity. As we 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.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, we do not have any business liability
or disruption insurance to cover our operations, other than director&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.</p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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. Since May 20, 2021, we drew down an aggregate of $36,000,000 under the Ionic Ventures Purchase Agreement.
However, we incurred net losses of approximately $1.9 million and $9.7 million for the years ended December 31, 2020 and 2019, respectively.
We also reported a net loss of $1,339,400 during the three months ended June 30, 2021, as a result of our suspension of mining operations
in China. 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 have adequate cash on hand from our September 2021 Private Placement 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. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><u>Bitcoin-Related Risks</u></b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The price of Bitcoin has experienced significant
fluctuations over its relatively short existence and may continue to fluctuate significantly in the future. Bitcoin prices ranged from
approximately US$3,792 per coin as of December 31, 2018; US$7,220 per coin as of December 31, 2019; US$28,922 per coin as of December
31, 2020; to US$34,755 per coin as of June 30, 2021 and US$63,516.66 as of November 5, 2021 according to Blockchain.info. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect our results of operations to continue
to be affected by the bitcoin price as most of our revenue is from bitcoin mining production as of the filing date of this prospectus.
Any future significant reductions in the price of bitcoin will likely have a material and adverse effect on our results of operations
and financial condition. We cannot assure you that the bitcoin price will remain high enough to sustain our operation or that the bitcoin
price will not decline significantly in the future. Furthermore, fluctuations in the bitcoin price can have an immediate impact on the
trading price of our ordinary shares even before our financial performance is affected, if at all.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various factors, mostly beyond our control, could
impact the bitcoin price. For example, the usage of bitcoins in the retail and commercial marketplace is relatively low in comparison
with the usage for speculation, which contributes to Bitcoin&rsquo;s price volatility. Additionally, the reward for bitcoin mining will
decline over time, with the most recent halving event occurred in May 2020 and next one to occur four years later, which may further contribute
to Bitcoin price volatility.</p>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our operating results will depend in large
part upon the value of bitcoin because it is the sole cryptocurrency we currently mine. Specifically, our revenues from our bitcoin mining
operations are principally based upon two factors: (1) the number of bitcoin rewards we successfully mine and (2) the value of bitcoin.
We also receive transaction fees paid in bitcoin by participants who initiated transactions associated with new blocks that we mine.
In addition, our operating results are directly impacted by changes in the value of bitcoin, because under the value measurement model,
both realized and unrealized changes 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 ETH, 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 (a variant form of bitcoin created in
2017 by a hard fork of the bitcoin blockchain) causing the value of bitcoin or bitcoin cash to decline, or if bitcoin were to switch
its proof of work algorithm from SHA-256 to another algorithm for which our miners are not specialized, or the value of bitcoin or bitcoin
cash were to decline for other reasons, particularly if such decline were significant or over an extended period of time, our operating
results would be adversely affected, and there could be a material adverse effect on our ability to continue as a going concern or to
pursue our business strategy at all, which could have a material adverse effect on our business, prospects or operations, and harm investors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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 our ordinary shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Because of environmental-impact concerns related
to the potential high demand for electricity to support cryptocurrency mining activity, political concerns, and for other reasons, we
may be required to cease mining operations in certain locations in the world without much or any prior notice by a national or local
government&rsquo;s formal or informal requirement or because of the anticipation of an impending requirement. For example, the Chinese
government has required the mining of cryptocurrencies to be discontinued on very short notice. We were already in the process of migrating
our bitcoin mining assets out of China to North America; however, in light of the Chinese government&rsquo;s actions, we had to accelerate
our migration efforts, which has had a material adverse effect on our operations during the second quarter and expected to have had a
material adverse effect in the third quarter of 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such government action had a negative impact not
only on the value of existing miners owned by us but also on our ability to dispose of obsolete miners and to purchase new miners and
the prices to acquire the same. Such government action also had a significant impact on the price of bitcoin, including an increase in
the volatility of the price (both up and down) of bitcoin and the price and value of miners owned by us (both up and down). These events
had a negative impact on our earnings for the second quarter of 2021.</p>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our discontinuance of mining operations in
China in response to such government action caused us to accelerate our migration of miners to North America. This process resulted in
costs associated with the refurbishment and transfer to be incurred by us, as well as the transferred miners being off-line and not able
to mine cryptocurrencies for some time. This has had an adverse impact on our earnings for the second and third quarters of 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our mining operations are costly, and our expenses
may increase in the future. We intend to use funds on hand and from shares sold under the registration statement of which this prospectus
is a part 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 performance.</p>

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

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

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

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

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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">the presence of construction or repair defects or other structural or building damage;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in"><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">any noncompliance with or liabilities under applicable environmental, health or safety regulations or requirements or building permit requirements;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">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: 0pt 0; text-align: justify">&nbsp;</p>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <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 or services 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> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If we are forced to relocate to a new mining
facility, we may not be successful in identifying adequate replacement facilities timely or to house our miners. As set forth above under
&ldquo;Prospectus Summary- Hosting Agreements&rdquo; we are in the process of determining what miners need to be relocated for Compute
North and Link Global hosting facilities. Even if we do identify such alternative facilities, we may not be able to timely secure use
of those facilities, or at rates that are economically viable to support our mining activities. Relocating our miners, as we did to migrate
from China, 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 further relocate our miners, our business may suffer, and our results
of operations would be expected to be materially adversely affected. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></p>

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in"><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">continued worldwide growth in the adoption and use of cryptocurrencies as a medium to exchange;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">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="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">changes in consumer demographics and public tastes and preferences;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">the maintenance and development of the open-source software protocol of the network;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">the increased consolidation of contributors to the bitcoin blockchain through mining pools;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">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="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">the use of the networks supporting cryptocurrencies for developing smart contracts and distributed applications;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">general economic conditions and the regulatory environment relating to cryptocurrencies; and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">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: 0pt 0; text-align: justify">&nbsp;</p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A number of companies that engage in bitcoin and/or
other bitcoin-related activities have been unable to find banks or financial institutions that are willing to provide them with bank accounts
and other services. 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.</p>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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 strategy at all, which could have a material adverse effect on our business, prospects or operations and harm
investors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may face risks of Internet disruptions,
which could have an adverse effect on the price of cryptocurrencies.</i></b></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Geopolitical crises may motivate large-scale purchases
of bitcoin and other 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.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an alternative to fiat currencies that are
backed by central governments, 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 ordinary shares. 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.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We compete with other users and/or companies that
are mining 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.</p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 from external attack than hot storage but is not ideal for quick or regular transactions
and we may experience lag time in our ability to respond to market fluctuations in the price of our bitcoin assets. Moreover, cold storage
may increase the risk of internal theft or malfeasance. We hold all of our cryptocurrencies in cold storage to reduce the risk of external
malfeasance, but the risk of loss of our bitcoin assets cannot be wholly eliminated. If any of our bitcoin were lost or stolen, it is
unlikely that we would ever be able to recover such bitcoin.</p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may suffer significant and adverse effects
due to hacking or one or more adverse software events.</i></b></p>

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bitcoin transactions are not, from an administrative
perspective, reversible without the consent and active participation of the recipient of the 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.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The performance and reliability of our miners
and our technology is critical to our reputation and our operations. Because we currently use MicroBT, 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/or damage to our reputation.</p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The digital assets held by us are not insured.
Further, banking institutions will not accept our digital assets and they are therefore not insured by the Federal Deposit Insurance Corporation
(&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 share price.</p>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Currently, we do not have any insurance to
cover our digital assets or mining equipment. The market for such insurance is in the early stages and we intend to purchase such insurance
in the future. Our custodian Cactus Custody is self-insured for $4 million plus annual additions; and our custodian Copper Technologies
has a $10 million comprehensive policy which covers our digital assets as well as any fiat currency. Any uninsured losses may have an
adverse effect on our results of operations and/or fund condition. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>&nbsp;</I></B> </p>

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The global market for bitcoin is characterized
by supply constraints that differ from those present in the markets for commodities or other assets such as gold and silver. The mathematical
protocols under which certain 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.</p>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our mining operations can only be successful
and ultimately profitable if the costs, including hardware and electricity costs, associated with mining 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 manufacturers or sellers adjust the prices of their miners according to bitcoin prices, so the cost of new
machines is unpredictable but could be extremely high. As a result, at times, we may obtain miners and other hardware from third parties
at premium prices, to the extent they are available. This upgrading process requires substantial capital investment, and we may face
challenges. Further, the global supply chain for bitcoin miners is presently heavily dependent on China-based manufacturers. Further,
there have been reports of shortages of the semiconductors which are key inputs to miner production. The global reliance on China as
a main supplier of bitcoin miners has been called into question, particularly in the wake of the COVID-19 pandemic. Should similar outbreaks
or other disruptions to the China-based global supply chain for bitcoin hardware on the spot market or otherwise occur, we may not be
able to obtain adequate replacement parts for our existing miners or to obtain additional miners from the manufacturer or third parties
on a timely basis. Such events could have a material adverse effect on our ability to pursue our business strategy, which could have
a material adverse effect on our business and the value of our ordinary shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></p>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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. If the award of bitcoin rewards
for solving blocks and transaction fees are not sufficiently high, we may not have an adequate incentive to continue mining and may cease
our mining operations. Halving may result in a reduction in the aggregate hash rate of the bitcoin network as the incentive for miners
decreases. Miners ceasing operations would reduce the collective processing power on the network, which would adversely affect the confirmation
process for transactions (i.e., temporarily decreasing the speed at which blocks are added to a blockchain until the next scheduled adjustment
in difficulty for block solutions) and make bitcoin networks more vulnerable to a malicious actor or botnet obtaining control in excess
of 50 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 the network and our activities. A reduction in confidence in the confirmation process or processing
power of the network could result and be irreversible. Such events could have a material adverse effect on our ability to continue to
pursue our business strategy at all, which could have a material adverse effect on our business, prospects or operations and potentially
the value of any bitcoin or other cryptocurrencies we mine, whether now or in the future, or otherwise acquire or hold for our own account.
While bitcoin prices have had a history of price fluctuations around the halving of its bitcoin rewards, there is no guarantee that the
price change will be favorable or would compensate for the reduction in mining reward. If a corresponding and proportionate increase
in the trading price of bitcoin does not follow these anticipated halving events, the revenue we earn from our mining operations would
see a corresponding decrease, which would have a material adverse effect on our business and operations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></p>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> To the extent that a significant majority
of users and miners on a bitcoin network install software that changes the bitcoin network or properties of a bitcoin, including the
irreversibility of transactions and limitations on the mining of new bitcoin, the bitcoin network would be subject to new protocols and
software. However, if less than a significant majority of users and miners on the bitcoin network consent to the proposed modification,
and the modification is not compatible with the software prior to its modification, the consequence would be what is known as a &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 bitcoin, blockchains with the greatest amount of hashing power contributed by miners
or validators; or blockchains with the longest chain. A fork in the network of a particular bitcoin could adversely affect an investment
in our Company or our ability to operate. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not be able to realize the economic benefit
of a fork, either immediately or ever, which could adversely affect an investment in our securities. If we hold a bitcoin at the time
of a hard fork into two 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.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The protocol pursuant to which transactions are
confirmed automatically on the bitcoin blockchain through mining is known as proof of work. Proof of stake is an alternative method in
validating cryptocurrency transactions. Should the bitcoin 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></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Over the past several years, bitcoin mining operations
have evolved from individual users mining with computer processors, graphics processing units and first-generation ASIC servers. Currently,
new processing power is predominantly added by incorporated and unincorporated &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.</p>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If a malicious actor or botnet (a volunteer
or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the
processing power dedicated to mining a bitcoin, 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 is believed that 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 yields 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Although there are no known reports of malicious
activity or control of blockchains achieved through controlling over 50% of the processing power on the 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, which may adversely affect
an investment in our ordinary shares. Such lack of controls and responses to such circumstances could have a material adverse effect
on our ability to continue as a going concern or to pursue our 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></p>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Investment Company Act of 1940, as amended,
a company may fall within the definition of an investment company under section 3(c)(1)(A) thereof if it is or holds itself out as being
engaged primarily, or proposes to engage primarily in the business of investing, reinvesting or trading in securities, or under section
3(a)(1)(C) thereof if it is engaged or proposes to engage in business of investing, reinvesting, owning, holding, or trading in securities,
and owns or proposes to acquire &ldquo;investment securities&rdquo; (as defined) having a value exceeding 40% of its total assets (exclusive
of government securities and cash items) on an unconsolidated basis. There is no authoritative law, rule or binding guidance published
by the SEC regarding the status of digital assets as &ldquo;securities&rdquo; or &ldquo;investment securities&rdquo; under the Investment
Company Act. Although we believe that we are not engaged in the business of investing, reinvesting, or trading in investment securities,
and we do not hold ourselves out as being primarily engaged, or proposing to engage primarily, in the business of investing, reinvesting
or trading in securities, to the extent the digital assets which we mine, own, or otherwise acquire may be deemed &ldquo;securities&rdquo;
or  &ldquo;investment securities&rdquo; by the SEC or a court of competent jurisdiction, we may meet the definition of an investment company.
If we fall within the definition of an investment company under the Investment Company Act, we would be required to register with the
SEC. If an investment company fails to register, it likely would have to stop doing almost all business, and its contracts would become
voidable. Generally non-U.S. issuers may not register as an investment company without an SEC order.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The classification of a digital asset as a security
under applicable law has wide-ranging implications for the regulatory obligations that flow from the mining, sale and trading of such
assets. For example, a digital asset that is a security in the United States may generally only be offered or sold in the United States
pursuant to a registration statement filed with the SEC or in an offering that qualifies for an exemption from registration. Persons that
effect transactions in digital assets that are securities in the United States may be subject to registration with the SEC as a &ldquo;broker&rdquo;
or &ldquo;dealer.&rdquo;</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> This reporting requirement does not take effect
until January 1, 2023 and thus affects tax returns filed in 2024. The implementation of these requirements will require further guidance
from the federal government. Disclosing the identity of our bitcoin mining operations and associated accounts to ensure they can be taxed
by the IRS could cause a significant devaluing of our business, the Bitcoin currency, and the entire cryptocurrency market. Additionally,
noncompliance with this provision could lead to significant fines and or regulatory actions against our company. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our interactions with a blockchain and mining
pools may expose us to SDN or blocked persons or cause us to violate provisions of law that did not contemplate distributive ledger technology.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Office of Financial Assets Control of the
U.S. Department of Treasury (&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 or from countries on
OFAC&rsquo;s sanctioned countries&rsquo; list. We also rely on a third-party mining pool service provider for our mining revenue payments
and other participants in the mining pool, unknown to us, may also be persons from countries on OFAC&rsquo;s SDN list or from countries
on OFAC&rsquo;s sanctioned countries list. Our Company&rsquo;s policy prohibits any transactions with such SDN individuals or persons
from sanctioned countries, but we may not be adequately capable of determining the ultimate identity of the individual with whom we transact
with respect to selling bitcoin assets. Moreover, federal law prohibits any U.S. person from knowingly or unknowingly possessing any visual
depiction commonly known as child pornography. Recent media reports have suggested that persons have imbedded such depictions on one or
more blockchains. Because our business requires us to download and retain one or more blockchains to effectuate our ongoing business,
it is possible that such digital ledgers contain prohibited depictions without our knowledge or consent. To the extent government enforcement
authorities enforce these and other laws and regulations that are impacted by decentralized distributed ledger technology, we may be subject
to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm our
reputation and affect the value of our ordinary shares.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If regulatory changes or interpretations
of our activities require our registration as a money services business (&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></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that our activities cause us to
be deemed 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.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that our activities cause us to
be deemed a &ldquo;money transmitter&rdquo; (&ldquo;MT&rdquo;) or equivalent designation, under state law in any state in which we operate
(currently, Nebraska, Georgia 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.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Current regulation of the exchange of bitcoins
under the CEA by the CFTC is unclear; to the extent we become subject to regulation under the CFTC in connection with our exchange of
bitcoin, we may incur additional compliance costs, which may be significant.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current legislation, including the Commodities
Exchange Act of 1936, as amended (the &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.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Presently, bitcoin derivatives are not excluded
from the definition of a &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.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because there has been limited precedent set for
the financial accounting of 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.</p>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Canadian Government Regulations</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <B><I>The Alberta Utilities Commission (&ldquo;AUC&rdquo;)
and AUC&rsquo;s Decision 26379-D02-2021 has had an adverse impact on our Canadian operations.</I></B> </P>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Alberta Utilities Commission (&ldquo;AUC&rdquo;)
is the Province of Alberta&rsquo;s electric generation regulatory agency. AUC regulates and oversees the development of and generation
of electricity under the Hydro and Electric Act (the &ldquo;Act&rdquo;). AUC ensures that proposed electric generation activities are
in the public interest while considering related environmental and social issues. As such, AUC must approve all cryptocurrency miners
seeking to develop their own electric generation in Alberta, unless their operations are exempt. Our hosting partner, Link Global Technologies
(&ldquo;Link&rdquo;) that had supplied approximately 3.3 MW for hosting our miners was required to discontinue operations as a result
of the hereinafter described AUC proceedings. Link is currently evaluating alternative sites to accommodate our hosting capacity. Pending
a new delivery schedule, the Company expects to redirect miners formerly, hosted with Link to other hosting partners. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AUC requires a formal application and approval
for all generation plants over 10 MW. An application to AUC is not required when all of the following criteria are met:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: 0.25in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">The power generation capacity is less than 10 megawatts;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">The operator generates electricity solely for their own use;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify">No person is directly and adversely affected by the powerplant;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">4.</td><td style="text-align: justify">The powerplant complies with the AUC noise control rules;
and</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">5.</td><td style="text-align: justify">There is no adverse effect on the environment.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Bit Digital is not seeking their own electric
generation plant in Alberta. Instead, Bit Digital entered into a Master Service Agreement (&ldquo;MSA&rdquo;) with Link Global Technologies
(&ldquo;Link Global&rdquo;), pursuant to which Link Global has provided electrical power to Bit Digital. However, AUC&rsquo;s requirements
are still pertinent to Bit Digital&rsquo;s operation. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Link Global recently established power generation
facilities in Alberta aggregating less than 10 megawatts; believing all five aforementioned criteria were met, Link Global did not obtain
formal approval from AUC. Link Global sold energy at their plants to Block One, a bitcoin mining company, under a Master Service Agreement.
Block One owned their own bitcoin mining equipment.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following noise complaints from residential homes
adjacent to Link Global&rsquo; s plants, the AUC&rsquo;s enforcement staff initiated an investigation. Following the investigation, AUC
enforcement staff alleged that Link Global was not generating electricity for its own use.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AUC&rsquo;s Decision 26379-D02-2021 (the &ldquo;Decision&rdquo;)
analyzes criteria #2 &ldquo;the operator generates electricity solely for their own use.&rdquo; Section 13 of the Act provides that the
requirement that a person obtain approval from the AUC to operate a power plant does &ldquo;not apply to a person generating or proposing
to generate energy solely for the person&rsquo;s own use.&rdquo; The Act defines a person as a municipal corporation or other corporation.
AUC found that the definition of &ldquo;person&rdquo; in the Act did not extend to a partnership or joint venture arrangement. AUC concluded
that Link Global was not generating electricity for its own use.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Following the Decision, Block One transferred
its ownership of the cryptocurrency processing facilities to Link Global. Following the transfer, Link Global&rsquo;s exclusive ownership
was expected to meet the own use definition Section 13 of the Act. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AUC&rsquo;s narrow interpretation of the definition
of own use and the conclusion that it was not the intention of the legislature to extend the meaning of own use to separate corporate
entities may require Bit Digital to revise its MSA and transfer ownership of assets to Link Global, while AUC&rsquo;s broad regulatory
and enforcement mechanisms, may create additional risk.<b>&nbsp;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We are subject to Canadian restrictions on export.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Canadian law, we cannot export, re-export,
transfer, or make available, whether directly or indirectly, any regulated item or information to anyone outside Canada in connection
with an Agreement with Link Global without first complying with all export control laws and regulations which may be imposed by applicable
governmental authorities of any country or organization of nations within whose jurisdiction we operate or do business.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Involving Intellectual Property</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We rely upon licenses of third-party intellectual
property rights and may be unable to protect our software codes.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We actively use specific hardware and software
for our bitcoin mining operation. In certain cases, source code and other software assets may be subject to an open source license, as
much technology development underway in this sector is open source. For these works, the Company intends to adhere to the terms of any
license agreements that may be in place.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not currently own, and do not have any current
plans to seek, any patents in connection with our existing and planned blockchain and cryptocurrency related operations. We rely upon
trade secrets, trademarks, service marks, trade names, copyrights and other intellectual property rights and expect to license the use
of intellectual property rights owned and controlled by others. In addition, we have developed and may further develop certain proprietary
software applications for purposes of our cryptocurrency mining operation. Our open source licenses may not afford us the protection we
need to protect our intellectual property.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our internal systems rely on software that
is highly technical, and, if it contains undetected errors, our business could be adversely affected.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our internal systems rely on software that is
highly technical and complex. In addition, our internal systems depend on the ability of such software to store, retrieve, process and
manage immense amounts of data. The software on which we rely has contained, and may now or in the future contain, undetected errors or
bugs. Some errors may only be discovered after the code has been released for external or internal use. Any errors, bugs or defects discovered
in the software on which we rely could result in harm to our reputation, or liability for damages, any of which could adversely affect
our business, results of operations and financial conditions.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to prevent others from
unauthorized use of our intellectual property, which could harm our business and competitive position.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We regard trademarks, domain names, know-how,
proprietary technologies and similar intellectual property as critical to our success, and we rely on a combination of intellectual property
laws and contractual arrangements, including confidentiality and non-compete agreements with our employees and others, to protect our
proprietary rights. See &ldquo;Business-Intellectual Property&rdquo; and &ldquo;Regulation&mdash;Regulation on Intellectual Property Rights&rdquo;
in our Annual Report on Form 20-F for the year ended December 31, 2020. Thus, we cannot assure you that any of our intellectual property
rights would not be challenged, invalidated, circumvented or misappropriated, or such intellectual property will be sufficient to provide
us with competitive advantages. In addition, because of the rapid pace of technological change in our industry, parts of our business
rely on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses and technologies
from these third parties on reasonable terms, or at all.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preventing any unauthorized use of our intellectual
property is difficult and costly and the steps we take may be inadequate to prevent the misappropriation of our intellectual property.
In the event that we resort to litigation to enforce our intellectual property rights, such litigation could result in substantial costs
and a diversion of our managerial and financial resources. We can provide no assurance that we will prevail in such litigation. In addition,
our trade secrets may be leaked or otherwise become available to, or be independently discovered by, our competitors. To the extent that
our employees or consultants use intellectual property owned by others in their work for us, disputes may arise as to the rights in related
know-how and inventions. Any failure in protecting or enforcing our intellectual property rights could have a material adverse effect
on our business, financial condition and results of operations.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to intellectual property
infringement claims, which may be expensive to defend and may disrupt our business and operations.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot be certain that our operations or any
aspects of our business do not or will not infringe upon or otherwise violate trademarks, patents, copyrights, know-how or other intellectual
property rights held by third parties. We may be, from time to time in the future, subject to legal proceedings and claims relating to
the intellectual property rights of others. In addition, there may be third-party trademarks, patents, copyrights, know-how or other intellectual
property rights that are infringed by our products, services or other aspects of our business without our awareness. Holders of such intellectual
property rights may seek to enforce such intellectual property rights against us in China, the United States or other jurisdictions. If
any third-party infringement claims are brought against us, we may be forced to divert management&rsquo;s time and other resources from
our business and operations to defend against these claims, regardless of their merits. If we were found to have violated the intellectual
property rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual
property, and we may incur licensing fees or be forced to develop alternatives of our own. As a result, our business and results of operations
may be materially and adversely affected.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Ordinary Shares</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading price of our ordinary shares is subject
to pricing factors that are not necessarily associated with traditional factors that influence stock prices or the value of non-bitcoin
assets such as revenue, cash flows, profitability, growth prospects or business activity levels since the value and price, as determined
by the investing public, may be influenced by future anticipated adoption or appreciation in value of cryptocurrencies or blockchains
generally, factors over which we have little or no influence or control.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other factors that could cause volatility in the
market price of our ordinary shares include, but are not limited to:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">actual or anticipated fluctuations in our financial condition and operating results or those of companies perceived to be similar to us;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">actual or anticipated changes in our growth rate relative to our competitors;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">commercial success and market acceptance of blockchain and bitcoin and other cryptocurrencies;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">actions by our competitors, such as new business initiatives, acquisitions and divestitures;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">strategic transactions undertaken by us;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">additions or departures of key personnel;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">prevailing economic conditions;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">disputes concerning our intellectual property or other proprietary rights;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">sales of our ordinary shares by our officers, directors or significant shareholders;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">other actions taken by our shareholders;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">future sales or issuances of equity or debt securities by us;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">business disruptions caused by earthquakes, tornadoes or other natural disasters;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">issuance of new or changed securities analysts&rsquo; reports or recommendations regarding us;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">legal proceedings involving our company, our industry or both;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">changes in market valuations of companies similar to ours;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">the prospects of the industry in which we operate;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">speculation or reports by the press or investment community with respect to us or our industry in general;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">the level of short interest in our shares; and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">other risks, uncertainties and factors described in our Annual Report on Form 20-F.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the stock markets in general have
experienced extreme volatility that has often been unrelated to the operating performance of issuers. These broad market fluctuations
may negatively impact the price or liquidity of our ordinary shares. When the price of a stock has been volatile, holders of that stock
have sometimes instituted securities class action litigation against the issuer, and we have been impacted in that way. See Item 4 - &ldquo;Information
on the Company - Legal Proceedings&rdquo; in our Annual Report on Form 20-F for the year ending December 31, 2020 and the risk factor
below titled &ldquo;We are defendants in securities class action litigation which could result in substantial costs and liabilities for
the Company.&rdquo; 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;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Chief Financial Officer and Chairman
currently have voting power to control all significant corporate actions.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Erke Huang, our Chief Financial Officer and
a director, and Zhaohui Deng, our Chairman of the Board, collectively beneficially own 1,000,000 preferred shares, each having fifty
(50) votes, which equals approximately 72% of the voting power of our outstanding shares as of October 4, 2021 or approximately 42% of
all votes cast. The Board authorized the exchange by Messrs. Huang and Deng of 1,000,000 ordinary shares for an equivalent number of
preferred shares, in the form of a poison pill, to enable them to carry out the Company&rsquo;s business plan without the threat of a
hostile takeover. Nevertheless, as a result of their shareholdings, Mr. Huang and Mr. Deng may be able to control the vote over decisions
regarding mergers, consolidations and the sale of all or substantially all of our assets, the election of directors, and other significant
corporate actions. They may also take action that is not in the best interests of our other shareholders. This concentration of voting
power may discourage our Company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part
of the sale of our Company and might reduce the market price of our ordinary shares. These actions may be taken even if they are opposed
by our other shareholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be unable to comply with the applicable
continued listing requirements of the Nasdaq Capital Market, which may adversely impact our access to capital markets and may cause us
to default certain of our agreements.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ordinary shares are currently traded on the
Nasdaq Capital Market. Nasdaq rules require us to maintain a minimum closing bid price of $1.00 per ordinary share. The closing bid price
of our ordinary shares fell below $1.00 per share for 30 consecutive trading days in November 2019, 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 Nasdaq requirements in the future, in which case our ordinary shares could be delisted.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that our ordinary shares are delisted
from Nasdaq and are not eligible for quotation or listing on another market or exchange, trading of our ordinary shares could be conducted
only 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 if our shares are delisted from Nasdaq, which may
negatively affect our business plans and the results of our operations.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If securities or industry analysts do not
publish research or publish unfavorable research about our business, our share price and trading volume could decline</i>.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading market for our ordinary shares will
be influenced by whether industry or securities analysts publish research and reports about us, our business, our market or our competitors
and, if any analysts do publish such reports, what they publish in those reports. We may not obtain or maintain analyst coverage in the
future. Any analysts that do cover us may make adverse recommendations regarding our shares, adversely change their recommendations from
time to time and/or provide more favorable relative recommendations about our competitors. If analysts who may cover us in the future
were to cease coverage of our company or fail to regularly publish reports on us, or if analysts fail to cover us or publish reports about
us at all, we could lose (or never gain) visibility in the financial markets, which in turn could cause the share price of our ordinary
shares or trading volume to decline. Moreover, if our operating results do not meet the expectations of the investor community, one or
more of the analysts who cover our Company may change their recommendations regarding our Company, and our share price could decline.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our ordinary shares may be thinly traded,
and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate
your shares.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 may not be well-known to
stock analysts, stock brokers, institutional investors and others in the investment community that generate or influence sales volume,
and that, even if we came to the attention of such persons, they tend to be risk-averse and might be reluctant to follow a relatively
unknown company such as ours or purchase or recommend the purchase of our shares until such time as we became more seasoned. As a consequence,
there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned
issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect
on share price. A broad or active public trading market for our ordinary shares may not develop or be sustained.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are defendants in securities class actions
litigation which could result in substantial costs and liabilities for the Company.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The market for our ordinary shares may have,
when compared to seasoned issuers, significant price volatility, and we expect that our share price may continue to be more volatile
than that of a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated securities class action litigation
against a company following periods of volatility in the market price of its securities. On January 20, 2021, a securities class action
lawsuit was filed against the Company and its Chief Executive Officer and Chief Financial Officer titled <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 was brought 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 shares, as well
as volatility in the price of bitcoin. We believe the complaints are based solely upon a research article issued on January 11, 2021,
which included false claims and to which the Company responded in a press release filed on Form 6-K on January 19, 2021. On April 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 lead plaintiff. On July 6, 2021, the lead plaintiff filed a consolidated class action complaint (the
&ldquo;Amended Complaint&rdquo;). The Amended Complaint was still based upon the January 11, 2021 research article and included additional
information concerning our previously discontinued peer to peer lending business. While the outcome is uncertain at this early point
in time, we are seeking dismissal of the lawsuit and will vigorously defend the action. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We have not paid dividends in the past and do not anticipate
paying cash dividends in the foreseeable future.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never declared or paid any cash dividends
with respect to our ordinary shares and do not intend to pay any cash dividends in the foreseeable future. We currently plan to retain
any future earnings to cover operating costs and otherwise fund the growth of our business. We cannot assure you that we would, at any
time, generate sufficient surplus cash that would be available for distribution to the holders of our ordinary shares as a dividend. As
a result, capital appreciation, if any, of our ordinary shares will be the sole source of gain for the foreseeable future. There is no
guarantee that our ordinary shares will appreciate in value or even maintain the price at which a shareholder purchased such shareholder&rsquo;s
shares.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>You may face difficulties in protecting
your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the United
States and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the United
States courts.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our corporate affairs are governed by our amended
and restated memorandum and articles of association and by the Companies Act (Revised) of the Cayman Islands and common law of the Cayman
Islands. The rights of shareholders to take legal action against our directors and us, actions by minority shareholders and the fiduciary
responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands.
The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as
from English common law. Decisions of the Privy Council (which is the final court of appeal for British overseas territories such as the
Cayman Islands) are binding on a court in the Cayman Islands. Decisions of the English courts, and particularly the Supreme Court of the
United Kingdom and the Court of Appeal are generally of persuasive authority but are not binding on the courts of the Cayman Islands.
The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are not as clearly established
as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands has a less developed body
of securities laws as compared to the United States and provide significantly less protection to investors. In addition, Cayman Islands
companies may not have standing to initiate a shareholder derivative action before the 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.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of all of the above, our shareholders
may have more difficulty in protecting their interests through actions against us or our officers, directors or major shareholders than
would shareholders of a corporation incorporated in a jurisdiction in the United States. See &ldquo;Description of Share Capital &ndash;
Provisions in Corporate Law&rdquo; below.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are currently a foreign private issuer
within the meaning of the rules under the Exchange Act, and, as such, we are exempt from certain provisions applicable to United States
domestic public companies.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are currently a foreign private issuer within
the meaning of the rules under the Exchange Act and expect to remain as such through at least 2021. As such, we are exempt from certain
provisions applicable to United States domestic public companies. For example:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">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>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">we are not required to provide the same level of disclosure on certain issues, such as executive compensation;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">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;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">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; and.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">we file annual reports on Form 20-F and reports on Form 6-K as a foreign private issuer. As a result of our reduced reporting requirements, our shareholders may not have access to certain information they may deem important.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We are an &ldquo;emerging growth company&rdquo; within the meaning
of the Securities Act, and we take advantage of certain exemptions from disclosure requirements available to emerging growth companies,
which could make it more difficult to compare our performance with other public companies and make our ordinary shares less attractive
to investors.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. We have elected 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. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the
requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt
out of such extended transition period, which means that, when a financial accounting standard is issued or revised and it has different
application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time
private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company
that is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period
difficult or impossible because of the potential differences in accountant standards used. Because of these lessened regulatory requirements,
our shareholders are left without information or rights available to shareholders of more mature companies. If some investors find our
ordinary shares less attractive as a result, there may be a less active trading market for our ordinary shares, and our share price may
be more volatile.&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We incur significant costs as a result of
being a public company and will continue to do so in the future, particularly after we cease to qualify as an &ldquo;emerging growth company.&rdquo;</i></b>&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incur significant legal, accounting and other
expenses as a public company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and the NASDAQ Capital
Market, impose various requirements on the corporate governance practices of public companies. We are an &ldquo;emerging growth company,&rdquo;
as set forth above, and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) ending December
31, 2023, or (b) in which we have a total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large
accelerated filer, which means the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the prior
June 30<sup>th</sup>, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year
period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable
generally to public companies. If we are no longer an emerging growth company, we will incur additional costs which could have a material
adverse effect on our financial condition.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are classified as a passive foreign
investment company, United States taxpayers who own our ordinary shares may have adverse United States federal income tax consequences.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. corporation such as ourselves will
be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">at least 75% of our gross income for the year is passive income; or</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">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: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Passive income generally includes dividends, interest,
rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition
of passive assets.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are determined to be a PFIC for any taxable
year (or portion thereof) that is included in the holding period of a U.S. shareholder who holds our Ordinary Shares, the U.S. shareholder
may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whether we are a PFIC for 2021 or any future taxable
year is uncertain because, among other things, the treatment of cryptocurrency such as bitcoin for purposes of the PFIC rules is unclear.
We express no opinion with respect to our PFIC status and also express no opinion with regard to our expectations regarding our PFIC status.
Given this uncertainty, prospective U.S. shareholders contemplating an investment in the Ordinary Shares may want to assume that we are
a PFIC and are urged to consult their own tax advisors regarding our PFIC status and the resulting U.S. federal income tax consequences
in light of their own particular circumstances.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_006"></a>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
herein by reference contain &ldquo;forward-looking statements&rdquo; within the meaning of Section&nbsp;27A of the Securities Act and
Section&nbsp;21E of the Exchange Act about us and our industry that involve substantial risks and uncertainties. All statements other
than statements of historical fact contained in this document and the materials accompanying this document are forward-looking statements.
These statements are based on current expectations of future events. Frequently, but not always, forward-looking statements are identified
by the use of the future tense and by words such as &ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;intends,&rdquo;
&ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;predicts,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;future,&rdquo;
&ldquo;plans,&rdquo; &ldquo;continues,&rdquo; &ldquo;estimates&rdquo; or similar expressions. Forward-looking statements are not guarantees
of future performance and actual results could differ materially from those indicated by such forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties, and other factors that may cause our or our industry&rsquo;s actual results,
levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance,
or achievements expressed or implied by the forward-looking statements. These forward-looking statements speak only as of the date made
and are subject to a number of known and unknown risks, uncertainties and assumptions, including the important factors incorporated by
reference into this prospectus from our most recent Annual Report on Form 20-F and any subsequent Current Reports on Form 6-K we file
after the date of this prospectus, and all other information contained or incorporated by reference into this prospectus, as updated by
our subsequent filings under the Exchange Act and in our other filings with the SEC, that may cause our actual results, performance or
achievements to differ materially from those expressed or implied by the forward-looking statements.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should
not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking
statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements.
Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible
for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update
or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_007"></a>ENFORCEABILITY OF CIVIL LIABILITIES</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were incorporated in the Cayman Islands in
order to enjoy the following benefits:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">political and economic stability;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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 effective judicial system;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">a favorable tax system;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">the absence of exchange control or currency restrictions; and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">the availability of professional and support services.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, certain disadvantages accompany incorporation
in the Cayman Islands. These disadvantages include, but are not limited to, the following:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">The Cayman Islands has a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors; and</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">Cayman Islands companies may not have standing to sue before the federal courts of the United States.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our constitutional documents do not contain provisions
requiring that disputes, including those arising under the securities laws of the United States, between us, our officers, directors and
shareholders, be arbitrated. Currently, a portion of our operations are conducted outside of the United States, and a portion of our assets
are located outside the United States. All of our Board of Directors are nationals or residents of jurisdictions other than the United
States, and a substantial portion, if not all, of their assets are located outside the United States. As a result, it may be difficult
for a shareholder to effect service of process within the United States upon these persons, or to enforce against us or them judgments
obtained in 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.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have appointed Corporation Service Company
located at 19 West 44<sup>th</sup> Street, Suite 201, New York, New York 10036, as our agent upon whom process may be served in any action
brought against us under the securities laws of the United States.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ogier, our counsel as to Cayman Islands law, and
Tian Yuan Law Firm, our counsel as to PRC law, have advised us, respectively, that there is uncertainty as to whether the courts of the
Cayman Islands and China, respectively, would recognize or enforce judgments of United States courts obtained against us or our directors
or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States;
or entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities
laws of the United States or any state in the United States.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ogier has informed us that it is uncertain whether
the courts of the Cayman Islands will allow shareholders of our Company to originate actions in the Cayman Islands based upon securities
laws of the United States. In addition, there is uncertainty with regard to Cayman Islands law related to whether a judgment obtained
from the U.S. courts under civil liability provisions of U.S. securities laws will be determined by the courts of the Cayman Islands as
penal or punitive in nature. If such a determination is made, the courts of the Cayman Islands will not recognize or enforce the judgment
against a Cayman Islands company, such as our Company. As the courts of the Cayman Islands have yet to rule on making such a determination
in relation to judgments obtained from U.S. courts under civil liability provisions of U.S. securities laws, it is uncertain whether such
judgments would be enforceable in the Cayman Islands. Ogier has further advised us that the courts of the Cayman Islands would recognize
as a valid judgment a final and conclusive judgment in personam obtained in the federal or state courts in the United States under which
a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or
in respect of a fine or other penalty) or, in certain circumstances, an in personam judgment for non-monetary relief, and would give a
judgment based thereon provided that: (a)&nbsp;such courts had proper jurisdiction over the parties subject to such judgment; (b)&nbsp;such
courts did not contravene the rules of natural justice of the Cayman Islands; (c)&nbsp;such judgment was not obtained by fraud; (d)&nbsp;the
enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (e)&nbsp;no new admissible evidence relevant
to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f)&nbsp;there is due compliance
with the correct procedures under the laws of the Cayman Islands.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tian Yuan Law Firm has further advised us that
the recognition and enforcement of foreign judgments are subject to compliance with the PRC Civil Procedures Law and relevant civil procedure
requirements in the PRC. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of PRC Civil Procedures
Law based either on treaties between China and the country where the judgment is made or on reciprocity between jurisdictions. China does
not have any treaties or other form of reciprocity with the United States or the Cayman Islands that provide for the reciprocal recognition
and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign
judgment against us or our directors and officers if they decide that the judgment violates the basic principles of PRC law or national
sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment
rendered by a court in the United States or in the Cayman Islands.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_008"></a>USE OF PROCEEDS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not selling any securities under this
prospectus and will not receive any of the proceeds from the sale of Ordinary Shares by the Selling Shareholders. However, we may
receive proceeds of up to $80,033,744 from the exercise of Warrants, if exercised in full for cash. The net proceeds received from
the exercise of Warrants, if any, will be used for working capital and general corporate purposes, including, but not limited to,
the purchase of bitcoin miners.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_009"></a>PRIVATE PLACEMENT OF ORDINARY SHARES AND WARRANTS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 29, 2021, the Company entered into
a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) with certain purchasers signatory thereto (the &ldquo;Purchasers&rdquo;),
pursuant to which the Company agreed to issue and sell, in a private offering (the &ldquo;Private Placement&rdquo;), an aggregate of $80,000,017
of securities, consisting of 13,490,728 ordinary shares of the Company, par value $.01 per share (the &ldquo;Ordinary Shares&rdquo;) and
Ordinary Share Purchase Warrants (&ldquo;Warrants&rdquo;) to purchase an aggregate of 10,118,046 Ordinary Shares at an exercise price
of $7.91 per whole share (subject to adjustment), for a combined purchase price of $5.93 per share and accompanying warrant (collectively,
the &ldquo;Securities&rdquo;). Each Warrant is exercisable immediately and will expire three and one-half years after the effective date
(the &ldquo;Effective Date&rdquo;) of this registration statement (the &ldquo;Registration Statement&rdquo;) which was filed pursuant
to the Registration Right Agreement (the &ldquo;RRA&rdquo;). If and only if, at the time of exercise of the Warrants there is no effective
registration statement registering the Warrant Shares for resale, the Warrants may be exercised on a cashless basis.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Purchase Agreement and the RRA contain customary
representations, warranties, covenants, conditions and agreements of the Company and the Purchasers and customary indemnification rights
and obligations of the parties. In addition, sales by the Purchasers may be limited, to the extent applicable, by Nasdaq and SEC rules.
Pursuant to the Purchase Agreement, the Company agreed to certain restrictions on the issuance and sale of its Ordinary Shares or Ordinary
Share Equivalents (as defined in the Purchase Agreement) during the 60-day period following the Effective Date. The Company agreed with
the Purchasers that it will not enter into any &ldquo;variable rate&rdquo; transaction with any third party exclusive of Ionic Ventures,
LLC and an &ldquo;at the market&rdquo; offering with H.C. Wainwright &amp; Co., LLC (the &ldquo;Placement Agent&rdquo;), for a one-year
period following the Effective Date. The Company also agreed that for a one-year period from the Effective Date, it will not undertake
a reverse or forward stock split or reclassification of its Ordinary Shares without the prior written consent of a majority in interest
of the Purchasers.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Company&rsquo;s Officers and Directors
entered into a Lock-Up Agreement prohibiting transfers and sale of their Ordinary Shares, with certain exceptions (e.g., to pay taxes)
for a ninety (90) day period following the Effective Date. The Company agreed to not amend, modify, waive or terminate any provision of
any of the Lock-Up Agreements.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Purchaser (together with its affiliates) will
not be able to exercise any portion of the Warrant to the extent that the Purchaser would own more than 4.99% (or, at the Purchaser&rsquo;s
option upon issuance, 9.99%) of the Company&rsquo;s outstanding Ordinary Shares immediately after exercise. However, upon prior notice
from the Purchaser to the Company, a Purchaser with a 4.99% ownership blocker may increase or decrease the amount of ownership of outstanding
Ordinary Shares after exercising the Purchaser&rsquo;s Warrant, up to 9.99% of the number of the Company&rsquo;s Ordinary Shares outstanding
immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Warrant,
provided that any increase shall not be effective until 61 days following notice to us. Pursuant to the terms of the Purchase Agreement,
the Company agreed to use commercially reasonable efforts to cause this Registration Statement providing for the resale by holders of
shares of its Ordinary Shares and shares issuable upon the exercise of the Warrants (the &ldquo;Warrant Shares&rdquo;), to be filed within
fifteen (15) days of the execution of the RRA on September 29, 2021 and shall use its best efforts to cause the Registration Statement
to be declared effective no later than forty five (45) days following the execution of the RRA on September 29, 2021 or, in the case of
a full review by the SEC, the 75th day following the execution of the RRA.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Private Placement closed on October 4, 2021.
The Company received gross proceeds of $80,000,017 in connection with the Private Placement before deducting placement agent fees and
related offering expenses.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proceeds received by the Company under the
Purchase Agreement are expected to be used to purchase bitcoin miners, associated assets and for working capital and general corporate
purposes.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dilutive Effect of the Selling Shareholders
Private Placement&nbsp;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 13,490,728 Ordinary Shares held by the Purchasers
pursuant to the Purchase Agreement, as well as the 10,118,046 Ordinary Shares issuable upon exercise of the Warrants are being registered
in this offering and are expected to be freely tradable. The sale by the Selling Shareholders of a significant number of Ordinary Shares
registered in this offering at any given time could cause the market price of our Ordinary Share to decline and/or be highly volatile.
As set forth under &ldquo;Plan of Distribution,&rdquo; the sale of Ordinary Shares will depend upon market conditions and other factors
outside of our control. We have agreed to not issue equity securities for sixty (60) days from the Effective Date. Therefore, if the Selling
Shareholders sell a significant number of Ordinary Shares, or if the marketplace expects that they will do so, that may make it more difficult
for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect such
sale.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes, as of June 30,
2021, on a pro forma as adjusted basis that the number of outstanding Ordinary Shares, the total consideration and the average price per
share (i) paid to us by existing shareholders, and (ii) that paid by the Purchasers in this offering, ($5.93 per share and accompanying
Warrant), before deducting estimated underwriting discounts and commissions and estimated offering expenses, and assuming no exercise
of any Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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="padding-bottom: 1.5pt; text-align: center">&nbsp;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Shares Purchased</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total Consideration</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">Average Price </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><b>&nbsp;</b></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><b>&nbsp;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><b>Number</b></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><b>&nbsp;</b></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><b>&nbsp;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><b>Percent</b></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><b>&nbsp;</b></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><b>&nbsp;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><b>Amount</b></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><b>&nbsp;</b></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><b>&nbsp;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><b>Percent</b></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><b>&nbsp;</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&nbsp;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Per Share</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&nbsp;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: justify">Existing Shareholders</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">53,906,241</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">80.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">86,096,002</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">51.8</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1.60</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: justify">Purchasers</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,490,728</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">20.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">80,000,017</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">48.2</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">$</td><td style="padding-bottom: 1.5pt; text-align: right">5.93</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-align: justify">TOTAL</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&nbsp;</td><td style="border-bottom: Black 4pt double; text-align: right">67,396,969</td><td style="padding-bottom: 4pt; text-align: left">&nbsp;</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&nbsp;</td><td style="border-bottom: Black 4pt double; text-align: right">100.0</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">166,096,019</td><td style="padding-bottom: 4pt; text-align: left">&nbsp;</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&nbsp;</td><td style="border-bottom: Black 4pt double; text-align: right">100.0</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="padding-bottom: 4pt; text-align: left">&nbsp;</td><td style="padding-bottom: 4pt; text-align: right">&nbsp;</td><td style="padding-bottom: 4pt; text-align: left">&nbsp;</td></tr>
  </table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The amounts above are based on 53,906,241
Ordinary Shares outstanding as of June 30, 2021, and do not include: (i)&nbsp;Ordinary Shares issued between July 1, 2021 and November
4, 2021, primarily for conversion of restricted stock units held by management for Ordinary Shares; (ii) 5,000,000 Ordinary Shares reserved
for issuance under the Company&rsquo;s 2021 Second Omnibus Equity Incentive Plan with no shares outstanding; (iii) pursuant to an Amended
and Restated Purchase Agreement dated as of July 30, 2021 by and between the Company and Ionic Ventures LLC (&ldquo;Ionic&rdquo;), the
Company has the right to sell up to an additional $47,000,000 (now $44,000,000) of the Ordinary Shares to Ionic; (iv) 13,490,778 Ordinary
Shares issued in the Offering, and (v) up to 10,118,046 Ordinary Shares issuable upon exercise of the Warrants in the Offering. </P>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_010"></a>CAPITALIZATION</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our capitalization
as of June 30, 2021:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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 an actual basis; and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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 an as adjusted basis to reflect the issuance and sale of the Ordinary Shares by us in the Private Placement at $5.93 per Ordinary Share and accompanying warrant.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information below should be read in conjunction
with, and is qualified in its entirety by, the audited consolidated financial statements and schedules and notes thereto included in our
annual report on Form 20-F for the financial year ended December 31, 2020, and our unaudited interim consolidated financial statements
for the six-month periods ended June 30, 2020 and 2021 included in our 6-K filed on August 20, 2021, each as incorporated by reference
into this prospectus supplement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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> &nbsp; </td><td style="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> As of June 30, 2021 </td><td style="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"> &nbsp; </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Actual </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> As Adjusted </td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom">
    <td> Shareholder&rsquo;s equity: </td><td> &nbsp; </td>
    <td colspan="2" style="text-align: right"> &nbsp; </td><td> &nbsp; </td><td> &nbsp; </td>
    <td colspan="2" style="text-align: right"> &nbsp; </td><td> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 76%; text-align: left"> Ordinary shares, US$0.01 par value, 140,000,000
    shares authorized and 53,906,241 and 67,396,969 shares, respectively, issued and outstanding and as adjusted for the offering </td><td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%; text-align: left"> $ </td><td style="width: 9%; text-align: right"> 539,063 </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"> 673,970 </td><td style="width: 1%; text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"> Additional paid-in capital </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 85,556,939 </td><td style="text-align: left"> &nbsp; </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 160,380,398 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"> Retained Earnings </td><td style="padding-bottom: 1.5pt"> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> 18,746,435 </td><td style="padding-bottom: 1.5pt; text-align: left"> &nbsp; </td><td style="padding-bottom: 1.5pt"> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> 18,746,435 </td><td style="padding-bottom: 1.5pt; text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"> Total shareholders&rsquo; equity </td><td style="padding-bottom: 1.5pt"> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"> $ </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> 104,842,437 </td><td style="padding-bottom: 1.5pt; text-align: left"> &nbsp; </td><td style="padding-bottom: 1.5pt"> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"> $ </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> 179,800,803 </td><td style="padding-bottom: 1.5pt; text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"> Total Liabilities and Shareholders&rsquo; Equity </td><td style="padding-bottom: 4pt"> &nbsp; </td>
    <td style="border-bottom: Black 4pt double; text-align: left"> $ </td><td style="border-bottom: Black 4pt double; text-align: right"> 108,059,034 </td><td style="padding-bottom: 4pt; text-align: left"> &nbsp; </td><td style="padding-bottom: 4pt"> &nbsp; </td>
    <td style="border-bottom: Black 4pt double; text-align: left"> $ </td><td style="border-bottom: Black 4pt double; text-align: right"> 183,017,400 </td><td style="padding-bottom: 4pt; text-align: left"> &nbsp; </td></tr>
  </table>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_011"></a>SELLING SHAREHOLDERS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ordinary Shares being offered by the Selling
Shareholders are those previously issued to the Selling Shareholders, and those issuable to the Selling Shareholders, upon exercise of
the Warrants. For additional information regarding the issuances of those Ordinary Shares and Warrants, see &ldquo;Private Placement of
Ordinary Shares and Warrants&rdquo; above. We are registering the Ordinary Shares in order to permit the Selling Shareholders to offer
the shares for resale from time to time. Except for the ownership of the Ordinary Shares and the Warrants, the Selling Shareholders have
not had any material relationship with us within the past three years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The table below lists the Selling Shareholders
and other information regarding the beneficial ownership of the Ordinary Shares by each of the Selling Shareholders. The second column
lists the number of Ordinary Shares beneficially owned by each Selling Shareholder, based on its ownership of the Ordinary Shares and
Warrants, as of November 22, 2021, assuming exercise of the Warrants held by the Selling Shareholders on that date, without regard to
any limitations on exercises. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The third column lists the Ordinary Shares being
offered by this prospectus by the Selling Shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the terms of a registration
rights agreement with the Selling Shareholders, this prospectus generally covers the resale of the sum of (i) the number of Ordinary Shares
issued to the Selling Shareholders in the &ldquo;Private Placement of Ordinary Shares and Warrants&rdquo; described above and (ii) the
maximum number of Ordinary Shares issuable upon exercise of the related Warrants, determined as if the outstanding Warrants were exercised
in full as of the trading day immediately preceding the date this registration statement was initially filed with the SEC, each as of
the trading day immediately preceding the applicable date of determination and all subject to adjustment as provided in the registration
right agreement, without regard to any limitations on the exercise of the Warrants. The fourth column assumes the sale of all of the shares
offered by the Selling Shareholders pursuant to this prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Warrants, a Selling Shareholder
may not exercise the Warrants to the extent such exercise would cause such Selling Shareholder, together with its affiliates and attribution
parties, to beneficially own a number of Ordinary Shares which would exceed 4.99% or 9.99%, as applicable, of our then outstanding Ordinary
Shares following such exercise, excluding for purposes of such determination Ordinary Shares issuable upon exercise of such Warrants which
have not been exercised. The number of shares in the second and fourth columns do not reflect this limitation. The Selling Shareholders
may sell all, some or none of their shares in this offering. See &ldquo;Plan of Distribution.&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&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 colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><font style="font-size: 9pt">Names
    and Addresses of Selling Shareholder</font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><font style="font-size: 9pt">Number
    of Ordinary Shares Owned Prior to Offering</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-size: 9pt">&nbsp;</font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><font style="font-size: 9pt">Maximum
    Number of Ordinary Shares to be Sold Pursuant to this Prospectus</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-size: 9pt">&nbsp;</font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><font style="font-size: 9pt">Number
    of Ordinary Shares Owned After Offering</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-size: 9pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 33%; text-align: left; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Armistice
    Capital Master Fund Ltd.<sup>(1)</sup></font></td><td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="width: 33%; text-align: left; padding-bottom: 1.5pt"><font style="font-size: 9pt">c/o Armistice Capital, LLC <br>510 Madison
    Avenue, 7th floor <br>New York, New York 10022</font></td><td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="width: 8%; border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">7,377,741</font></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="width: 8%; border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">7,377,741</font></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="width: 8%; border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">-0-</font></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sabby
    Volatility Warrant Master Fund, Ltd.<sup>(2)</sup></font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><font style="font-size: 9pt">c/o Sabby Management, LLC <br>10 Mountainview Road,
    Suite 205 <br>Upper Saddle River, NJ 07458</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">7,377,741</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">7,377,741</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">-0-</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Hudson
    Bay Master Fund Ltd.<sup>(3)</sup></font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><font style="font-size: 9pt">c/o Hudson Bay Capital Management LP <br>28 Havemeyer
    Place, 2nd Floor <br>Greenwich, CT 06830</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">2,179,086</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">2,179,086</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">-0-</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Intracoastal
    Capital, LLC<sup>(4)</sup></font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><font style="font-size: 9pt">2211A Lakeside Drive <br>Bannockburn, IL 60015</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">1,623,104</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">1,623,104</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">-0-</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Alto
    Opportunity Master Fund, SPC - Segregated Master Portfolio B<sup>(5)</sup></font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><font style="font-size: 9pt">c/o Ayrton Capital LLC <br>55 Post Rd West, 2nd
    Floor <br>Westport, CT 06880</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">1,475,551</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">1,475,551</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">-0-</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">BPY
    Limited<sup>(6)</sup></font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><font style="font-size: 9pt">c/o Murchinson, 4th Floor <br>145 Adelaide Street
    West <br>Toronto, ON, M5H 4E5, Canada</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">590,219</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">590,219</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">-0-</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Nomis
    Bay Ltd.<sup>(7)</sup></font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><font style="font-size: 9pt">c/o Murchinson, 4th Floor <br>145 Adelaide Street
    West <br>Toronto, ON, M5H 4E5, Canada</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">885,332</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">885,332</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">-0-</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">CVI
    Investments, Inc.<sup>(8)</sup></font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><font style="font-size: 9pt">c/o Heights Capital Management, Inc. <br>101 California
    Street, Suite 3250 <br>San Francisco, CA 94111</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">2,100,000</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">2,100,000</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">-0-</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; vertical-align: top"><font style="font-size: 9pt">&nbsp;</font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="font-weight: bold; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 9pt">TOTAL:</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">23,608,774</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">23,608,774</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="padding-bottom: 1.5pt"><font style="font-size: 9pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 9pt">-0-</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-size: 9pt">&nbsp;</font></td></tr>
  </table>


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<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(1)</font></td><td style="text-align: justify">The Ordinary Shares are directly held by Armistice Capital Master Fund Ltd., a Cayman Island exempted
company (the &ldquo;Master Fund&rdquo;) and may be deemed to be indirectly beneficially owned by: (i) Armistice Capital, LLC (&ldquo;Armistice
Capital&rdquo;), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. Armistice
Capital and Steven Boyd disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein.
Certain of the Ordinary Shares are issuable only upon the exercise of warrants, which are subject to a beneficial limitation that prohibits
the Master Fund from exercising any portion of the warrants if such exercise would result in the Master Fund owning more than 4.99% of
our outstanding common stock.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></p>

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<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(2)</font></td><td style="text-align: justify">Sabby Management, LLC is the investment manager of Sabby Volatility Warrant Master Fund, Ltd. and shares
voting and investment power with respect to these shares in this capacity. As manager of Sabby Management, LLC, Hal Mintz also shares
voting and investment power on behalf of Sabby Volatility Warrant Master Fund, Ltd. Each of Sabby Management, LLC and Hal Mintz disclaims
beneficial ownership over the securities listed except to the extent of their pecuniary interest therein.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(3)</font></td><td style="text-align: justify">Hudson Bay Capital Management LP, the investment manager of Hudson Bay Master Fund Ltd., has voting and
investment power over these securities. Sander Gerber is the managing member of Hudson Bay Capital GP LLC, which is the general partner
of Hudson Bay Capital Management LP. Each of Hudson Bay Master Fund Ltd. and Sander Gerber disclaims beneficial ownership over these securities.</td></tr></table>

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<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(4)</font></td><td style="text-align: justify">Mitchell P. Kopin (&ldquo;Mr. Kopin&rdquo;) and Daniel B. Asher (&ldquo;Mr. Asher&rdquo;), each of whom
are managers of Intracoastal Capital LLC (&ldquo;Intracoastal&rdquo;), have shared voting control and investment discretion over the securities
reported herein that are held by Intracoastal. As a result, each of Mr. Kopin and Mr. Asher may be deemed to have beneficial ownership
of the securities reported herein that are held by Intracoastal.</td></tr></table>

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<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(5)</font></td><td style="text-align: justify">Ayrton Capital LLC, the investment manager to Alto Opportunity Master Fund, SPC &ndash; Segregated Master
Portfolio B, has discretionary authority to vote and dispose of the shares held by Alto Opportunity Master Fund, SPC &ndash; Segregated
Master Portfolio B and may be deemed to be the beneficial owner of these shares. Waqas Khatri, in his capacity as Managing Member of Ayrton
Capital LLC, may also be deemed to have investment discretion and voting power over ownership of these shares held by Alto Opportunity
Master Fund, SPC &ndash; Segregated Master Portfolio B. Ayrton Capital LLC and Mr. Khatri each disclaim any beneficial ownership of these
shares. The address of Ayrton Capital LLC is 55 Post Rd West, 2<sup>nd</sup> Floor, Westport, CT 06880.</td></tr></table>

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<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(6)</font></td><td style="text-align: justify">Murchinson Ltd. (&ldquo;Murchinson&rdquo;), as sub-advisor to BPY Limited, has voting and investment power
with respect to these shares. Marc Bistricer, in his capacity as CEO of Murchinson, may also be deemed to have investment discretion and
voting power over the shares held by BPY Limited. Each of Mr. Bistricer and Murchinson disclaims any beneficial ownership of these shares.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(7)</font></td><td style="text-align: justify">Murchinson Ltd. (&ldquo;Murchinson&rdquo;), as sub-advisor to Nomis Bay Ltd., has voting and investment
power with respect to these shares. Marc Bistricer, in his capacity as CEO of Murchinson, may also be deemed to have investment discretion
and voting power over the shares held by Nomis Bay Ltd. Each of Mr. Bistricer and Murchinson disclaims any beneficial ownership of these
shares.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(8)</font></td><td style="text-align: justify">Heights Capital Management, Inc., the authorized agent of CVI Investments, Inc. (&ldquo;CVI&rdquo;), has
discretionary authority to vote and dispose of the shares held by CVI and may be deemed to be the beneficial owner of these shares. Martin
Kobinger, in his capacity as Investment Manager of Heights Capital Management, Inc., may also be deemed to have investment discretion
and voting ownership of shares. CVI Investments, Inc. is affiliated with one or more FINRA members, none of whom are currently expected
to participate in the sale pursuant to the prospectus contained in the Registration Statement of Shares purchased by the Investor in this
Offering.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_012"></a>PLAN OF DISTRIBUTION</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Selling Shareholder of the securities <font style="font-family: Times New Roman, Times, Serif">and
any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby
on the Nasdaq Capital Market or any other stock exchange, market or trading facility on which the securities are traded or in private
transactions. These sales may be at fixed or negotiated prices. A Selling Shareholder may use any one or more of the following methods
when selling securities:</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: 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="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">ordinary
                                            brokerage transactions and transactions in which the broker-dealer solicits purchasers;</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: 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="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">block
                                            trades in which the broker-dealer will attempt to sell the securities as agent but may position
                                            and resell a portion of the block as principal to facilitate the transaction;</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: 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="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">purchases
                                            by a broker-dealer as principal and resale by the broker-dealer for its account;</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: 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="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">an
                                            exchange distribution in accordance with the rules of the applicable exchange;</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: 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="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">privately
                                            negotiated transactions;</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: 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="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">settlement
                                            of short sales;</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: 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="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">in
                                            transactions through broker-dealers that agree with the Selling Shareholders to sell a specified
                                            number of such securities at a stipulated price per security;</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: 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="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">through
                                            the writing or settlement of options or other hedging transactions, whether through an options
                                            exchange or otherwise;</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: 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="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">a
                                            combination of any such methods of sale; or</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: 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="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">any
                                            other method permitted pursuant to applicable law.</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
Selling Shareholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933,
as amended (the &ldquo;<u>Securities Act</u>&rdquo;), if availab</font>le, rather than under this prospectus.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Broker-dealers engaged by the Selling Shareholders
may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders
(or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except
as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a customary brokerage commission
in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the sale of the securities
or interests therein, the Selling Shareholders may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling Shareholders
may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers
that in turn may sell these securities. The Selling Shareholders may also enter into option or other transactions with broker-dealers
or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other
financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may
resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders and any broker-dealers
or agents that are involved in selling the securities 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 securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Each Selling Shareholder
has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person
to distribute the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is required to pay certain fees and
expenses incurred by the Company incident to the registration of the securities. The Company has agreed to indemnify the Selling Shareholders
against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.</p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We agreed to keep this prospectus effective until
the earlier of (i) the date on which the securities may be resold by the Selling Shareholders without registration and without regard
to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the
current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities have
been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities
will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in
certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is complied with.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under applicable rules and regulations under the
Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities
with respect to the Ordinary Shares for the applicable restricted period, as defined in Regulation M, prior to the commencement of the
distribution. In addition, the Selling Shareholders will be subject to applicable provisions of the Exchange Act and the rules and regulations
thereunder, including Regulation M, which may limit the timing of purchases and sales of the ordinary shares by the Selling Shareholders
or any other person. We will make copies of this prospectus available to the Selling Shareholders and have informed them of the need to
deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the
Securities Act).</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_013"></a>DESCRIPTION OF SHARE CAPITAL</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description sets forth certain general
terms and provisions of the ordinary shares and preferred shares to which any prospectus supplement may relate.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this &ldquo;Description of Share Capital&rdquo;
section, when we refer to &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo; or when we otherwise refer to ourselves, we mean Bit
Digital, Inc., excluding, unless otherwise expressly stated or the context requires, our subsidiaries.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a Cayman Islands exempted company and our
affairs are governed by our memorandum and articles of association and the Companies Act (Revised) of the Cayman Islands, which we refer
to as the Companies Act below.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We amended our Memorandum of Association on April
30, 2021, following our Annual General Meeting held on April 20, 2021, to create a new class of 10,000,000 authorized preferred shares
and for a number of changes to the description of Cayman Island laws.</p>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our authorized share capital is 350,000,000
shares consisting of 340,000,000 ordinary shares, par value $0.01 per share and 10,000,000 preferred shares, par value $0.01 per share.
As of November 18, 2021, there were 69,366,486 ordinary shares and 1,000,000 preferred shares issued and outstanding, with 50 votes per
preferred share. </p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Dividends. </i>Subject to any rights and restrictions
of any other class or series of shares, our board of directors may, from time to time, declare dividends on the shares issued and authorize
payment of the dividends out of our lawfully available funds under Cayman Island laws. No dividends shall be declared by the board of
our Company except out of:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">profits; or</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">&ldquo;share premium account,&rdquo; which represents the excess of the price paid to our Company on issue of its shares over the par or &ldquo;nominal&rdquo; value of those shares, which is similar to the U.S. concept of additional paid in capital.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Voting Rights.</i> The holders of our ordinary
shares are entitled to one vote per share, including for the election of directors. Voting at any meeting of shareholders is by show of
hands unless a poll is demanded. On a show of hands, every shareholder present in person or by proxy shall have one vote. On a poll, every
shareholder entitled to vote (in person or by proxy) shall have one vote for each share for which he is the holder. A poll may be demanded
by the chairman or one or more shareholders present in person or by proxy holding not less than fifteen percent of the paid-up capital
of the Company entitled to vote. A quorum required for a meeting of shareholders consists of shareholders who hold at least one-third
of our outstanding shares entitled to vote at the meeting present in person or by proxy. While not required by our articles of association,
a proxy form will accompany any notice of general meeting convened by the directors to facilitate the ability of shareholders to vote
by proxy</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any ordinary resolution to be made by the shareholders
requires the affirmative vote of a simple majority of the votes of the ordinary shares cast in a general meeting, while a special resolution
requires the affirmative vote of no less than two-thirds of the votes of the ordinary shares cast. Under Cayman Islands law, some matters,
such as amending the memorandum and articles, changing the name or resolving to be registered by way of continuation in a jurisdiction
outside the Cayman Islands, require approval of shareholders by a special resolution.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no limitations on non-residents or foreign
shareholders in the memorandum and articles to hold or exercise voting rights on the ordinary shares imposed by foreign law or by the
charter or other constituent document of our company. However, no person will be entitled to vote at any general meeting or at any separate
meeting of the holders of the ordinary shares unless the person is registered as of the record date for such meeting and unless all calls
or other sums presently payable by the person in respect of ordinary shares in the Company have been paid.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Winding Up; Liquidation.</i> Upon the winding
up of our company, after the full amount that holders of any issued shares ranking senior to the ordinary shares as to distribution on
liquidation or winding up are entitled to receive has been paid or set aside for payment, the holders of our ordinary shares are entitled
to receive any remaining assets of the Company available for distribution as determined by the liquidator. The assets received by the
holders of our ordinary shares in a liquidation may consist in whole or in part of property, which is not required to be of the same kind
for all shareholders.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Calls on ordinary shares and Forfeiture of
ordinary shares.</i> Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary
shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. Any ordinary shares
that have been called upon and remain unpaid are subject to forfeiture.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Redemption of ordinary shares.</i>&nbsp;We
may, subject to obtaining the necessary approvals under our memorandum and articles of association, issue shares that are, or at our option
or at the option of the holders are, subject to redemption on such terms and in such manner as we may, before the issue of the shares,
determine. Under the Companies Act, shares of a Cayman Islands exempted company may be redeemed or repurchased out of profits of the company,
out of the proceeds of a fresh issue of shares made for that purpose or out of capital, provided the memorandum and articles of association
authorize this ( and any necessary approvals thereunder are duly obtained) and the company has the ability to pay its debts as they fall
due in the ordinary course of business.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>No Preemptive Rights.</i>&nbsp;Holders of ordinary
shares do not have preemptive or preferential right to purchase any securities of our company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Variation of Rights Attaching to Shares.</i>&nbsp;If
at any time the share capital is divided into different classes of shares, the rights attaching to any class (unless otherwise provided
by the terms of issue of the shares of that class) may, subject to the memorandum and articles of association, be varied or abrogated
with the consent in writing of the holders of three fourths of the issued shares of that class or with the sanction of a special resolution
passed at a general meeting of the holders of the shares of that class.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Anti-Takeover Provisions.</i>&nbsp;Some provisions
of our current memorandum and articles of association may discourage, delay or prevent a change of control of our company or management
that shareholders may consider favorable, including provisions that authorize our board of directors to issue preferred shares in one
or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares without any further
vote or action by our shareholders.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Exempted Company.</i>&nbsp;We are an exempted
company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted
companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to
be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except
that an exempted company:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">does not have to file an annual return of its shareholders with the Registrar of Companies;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">is not required to open its register of members for inspection;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">does not have to hold an annual general meeting;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">may issue shares with no par value;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><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">may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">may register as a limited duration company; and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><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">may register as a segregated portfolio company.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Limited liability&rdquo; means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s ordinary shares are listed
on the Nasdaq Capital Market under the symbol &ldquo;BTBT.&rdquo;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Transfer Agent and Registrar</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The transfer agent and registrar for our ordinary
shares is TranShare Securities Transfer &amp; Registrar, whose address is Bayside Center 1, 17755 North U.S. Highway 19, Suite 140, Clearwater,
Florida 33764. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board is empowered to designate and issue
from time to time one or more classes or series of Preferred Shares and to fix and determine the relative rights, preferences, designations,
qualifications, privileges, options, conversion rights, limitations and other special or relative rights of each such class or series
so authorized. Such action could adversely affect the voting power and other rights of the holders of the Company&rsquo;s ordinary shares
or could have the effect of discouraging or making difficult any attempt by a person or group to obtain control of the Company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Company&rsquo;s Annual General Meeting
held on April 20, 2021, the Company&rsquo;s shareholders authorized a new class of 1,000,000 preferred shares which provide for annual
dividends of eight (8%) percent, a liquidation preference of $10 per share; conversion into ordinary shares on a 1:1 basis, subject to
a 4.99% conversion limitation; ranking senior to ordinary shares with a voting right of fifty (50) ordinary shares for each preferred
share. These preferred shares were issued to our Chairman, Zhaohui Deng (700,000 shares) and our Chief Financial Officer, Erke Huang (300,000
shares) in order to enable them to carry out our business strategy.</p>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Provisions in Corporate Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Companies Act is modeled after that of English
law but does not follow many recent English law statutory enactments. In addition, the Companies Act differs from laws applicable to United
States corporations and their shareholders. Set forth below is a summary of the significant provisions of the Companies Act applicable
to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mergers and Similar Arrangements</I></B>.
A merger of two or more constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the
directors of each constituent company and authorization by (a)&nbsp;a special resolution of the shareholders and (b)&nbsp;such other authorization,
if any, as may be specified in such constituent company&rsquo;s articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A merger between a Cayman Islands parent company
and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman Islands
subsidiary if a copy of the plan of merger is given to every member of that Cayman Islands subsidiary to be merged unless that member
agrees otherwise. For this purpose a subsidiary is a company of which at least ninety percent (90%)&nbsp;of the issued shares entitled
to vote are owned by the parent company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consent of each holder of a fixed or floating
security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except in certain circumstances, a dissenting
shareholder of a Cayman constituent company is entitled to payment of the fair value of such dissenting shareholder&rsquo;s shares upon
dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the
right to seek relief on the grounds that the merger or consolidation is void or unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In addition, there are statutory provisions
that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of
each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in
value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at
a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned
by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction
ought not to be approved, the court can be expected to approve the arrangement if it determines that: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <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">the statutory provisions
    as to the required majority vote have been met;</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <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">the shareholders have
    been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority
    to promote interests adverse to those of the class;</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <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">the arrangement is such
    that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <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">the arrangement is not
    one that would more properly be sanctioned under some other provision of the Companies Act.</font> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> When a takeover offer is made and accepted
by holders of 90.0% of the shares within four months, the offeror may, within a two-month period commencing on the expiration of such
four-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be
made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless
there is evidence of fraud, bad faith or collusion. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If an arrangement and reconstruction is thus
approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available
to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value
of the shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Shareholders&rsquo; Suits.</i></b>&nbsp;In
principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder.
However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions
to the foregoing principle, including when: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <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">a company acts or proposes
    to act illegally or ultra vires;</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <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">the act complained of,
    although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained;
    and</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <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">those who control the
    company are perpetrating a &ldquo;fraud on the minority.&rdquo;</font> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Indemnification of Directors and Executive
Officers and Limitation of Liability</i></b>. Cayman Islands law does not limit the extent to which a company&rsquo;s memorandum and
articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held
by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences
of committing a crime. Our current memorandum and articles of association permit indemnification of officers and directors for losses,
damages, costs and expenses incurred in their capacities as such unless such losses or damages arise from the willful neglect or default
of such directors or officers. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law
for a Delaware corporation. In addition, we have entered into indemnification agreements with our directors and executive officers that
provide such persons with additional indemnification beyond that provided in our current memorandum and articles of association. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions,
we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act
and is therefore unenforceable. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Directors&rsquo; Fiduciary Duties</i></b><i>.</i>&nbsp;Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty
has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care
that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and
disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate
position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation
and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by
the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and
in the honest belief that the action taken was in the best interests of the corporation and its shareholders. However, this presumption
may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by
a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As a matter of Cayman Islands law, a director
of a Cayman Islands company is in the position of a fiduciary with respect to the company and, therefore, owes the following duties to
the company: a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as
director (unless the company permits him or her to do so) and a duty not to put himself or herself in a position where the interests
of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company
also owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance
of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience.
However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care, and those
authorities are likely to be followed in the Cayman Islands. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Shareholder Action by Written Consent</i></b>.
Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment
to its certificate of incorporation. Cayman Islands law and our current articles of association provide that shareholders may approve
corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to
vote on such matter at a general meeting without a meeting being held. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Shareholder Proposals</i></b>. Under
the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided
it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other
person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Cayman Islands law does not provide shareholders
any right to put proposals before a meeting or requisition a general meeting. However, these rights may be provided in articles of association.
Our current articles of association allow our shareholders holding not less than one-third of all voting power of our share capital in
issue to requisition a shareholder&rsquo;s meeting. Other than this right to requisition a shareholders&rsquo; meeting, our current articles
of association do not provide our shareholders other right to put proposal before a meeting. As a Cayman Islands exempted company, we
are not obliged by law to call shareholders&rsquo; annual general meetings. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Cumulative Voting.</i></b>&nbsp;Under
the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&rsquo;s certificate
of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders
on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single
director, which increases the shareholder&rsquo;s voting power with respect to electing such director. There are no prohibitions in relation
to cumulative voting under the laws of the Cayman Islands, but our current articles of association do not provide for cumulative voting.
As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Removal of Directors.</i></b>&nbsp;Under
the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval
of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our current
articles of association, directors may be removed with or without cause, by an ordinary resolution of our shareholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Transactions with Interested Shareholders.</i></b>&nbsp;The
Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation
has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an &ldquo;interested shareholder&rdquo; for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target&rsquo;s
outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered
bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to
the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination
or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware
corporation to negotiate the terms of any acquisition transaction with the target&rsquo;s board of directors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Cayman Islands law has no comparable statute.
As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although
Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions
must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Dissolution; Winding up.</i></b>&nbsp;Under
the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors
may it be approved by a simple majority of the corporation&rsquo;s outstanding shares. Delaware law allows a Delaware corporation to
include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.
Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution
of its members or, if the company is unable to pay its debts as they come due, by an ordinary resolution of its members. The court has
authority to order winding up of a company in a number of specified circumstances, including where it is, in the opinion of the court,
just and equitable to do so. Under the Companies Act and our current articles of association, our company may be dissolved, liquidated
or wound up by a special resolution of our shareholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Variation of Rights of Shares.</i></b>&nbsp;Under
the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our current articles of
association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the
written consent of the holders of three-fourths of the issued shares of that class or with the sanction of a resolution passed by not
less than three-fourths of such holders of the shares of that class as may be present at a general meeting of the holders of the shares
of that class. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Amendment of Governing Documents.</i></b>&nbsp;Under
the Delaware General Corporation Law, a corporation&rsquo;s governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law,
our current memorandum and articles of association may only be amended with a special resolution of our shareholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&nbsp;</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Rights of Non-resident or Foreign Shareholders</i></b><i>.</i>&nbsp;There
are no limitations imposed by our post-offering amended and restated memorandum and articles of association on the rights of non-resident
or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our current memorandum
and articles of association governing the ownership threshold above which shareholder ownership must be disclosed. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>Share Options</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company&rsquo;s Board of Directors adopted
the 2021 Omnibus Equity Incentive Plan (the &ldquo;2021 Plan&rdquo;), which was approved by the Company&rsquo;s shareholders at the Annual
General Meeting on April 20, 2021. An aggregate of 2,415,293 Restricted Stock awards were granted under the 2021 Plan and no Ordinary
Shares remain reserved for issuance under the 2021 Plan. There are 5,000,000 Ordinary Shares reserved for issuance under the Company&rsquo;s
2021 Second Omnibus Equity Incentive Plan (the &ldquo;2021 Second Plan&rsquo;) with no shares outstanding. There are no outstanding options
to purchase any of our services. </p>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The 2021 Second Plan allows the Company to
grant incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, warrants and stock&nbsp;units.
The incentive stock options are exercisable for up to ten&nbsp;years, at an option price per share not less than the fair market value
on the date the option is granted. The incentive stock options are limited to persons who are regular full-time employees of the Company
at the date of the grant of the option. Non-qualified options may be granted to any person, including, but not limited to, employees,
independent agents, consultants and attorneys, who the Company&rsquo;s Board believes have contributed, or will contribute, to the success
of the Company. Non-qualified options may be issued at option prices of less than fair market value on the date of grant and may be exercisable
for up to ten&nbsp;years from date of grant. The option vesting schedule for options granted is determined by the Board of Directors
at the time of the grant. The 2021 Second Plan provides for accelerated vesting of unvested options if there is a change in control,
as defined in the 2021 Second Plan. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>&nbsp;</b> </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b><a name="a_014"></a>SHARES ELIGIBLE FOR
FUTURE SALE</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of November 18, 2021, we had 69,366,486
Ordinary Shares outstanding. Of this amount 29,723,920 Ordinary Shares held by existing shareholders are deemed &ldquo;restricted securities&rdquo;
as that term is defined in Rule 144 and may not be resold except pursuant to an effective registration statement or an applicable exemption
from registration, including Rule 144. As of the date of this prospectus, 16,233,192 are currently eligible for sale, subject to the
limitations of Rule 144, and 13,490,728 Ordinary Shares are registered under the registration statement of which this prospectus in part. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Rule 144</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In general, under Rule 144, a person who is
not our affiliate and has not been our affiliate at any time during the preceding three months will be entitled to sell any shares of
our share capital that such person has held for at least six months, including the holding period of any prior owner other than one of
our affiliates, without regard to volume limitations. Sales of our share capital by any such person would be subject to the availability
of current public information about us if the shares to be sold were held by such person for less than one year. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In addition, under Rule 144, a person may
sell shares of our share capital acquired from us immediately upon the completion of this offering, without regard to volume limitations
or the availability of public information about us, if: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <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">the person is not our
    affiliate and has not been our affiliate at any time during the preceding three months;</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <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">and the person has beneficially
    owned the shares to be sold for at least six months, including the holding period of any prior owner other than one of our affiliates.</font> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our affiliates who have beneficially owned
shares of our share capital for at least six months, including the holding period of any prior owner other than another of our affiliates,
would be entitled to sell within any three-month period those shares and any other shares they have acquired that are not restricted
securities, provided that the aggregate number of shares sold does not exceed the greater of: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <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">1% of the number of
    shares of our authorized share capital then outstanding, which will equal approximately&nbsp;693,665 Ordinary Shares as of the date
    of this prospectus; or</font> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px"> <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">the average weekly trading
    volume in our Ordinary Shares on Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect
    to such sale.</font> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Sales under Rule 144 by our affiliates are
generally subject to the availability of current public information about us, as well as certain &ldquo;manner of sale&rdquo; and notice
requirements. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b><a name="a_015"></a>TAXATION</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>The following discussion of material Cayman
Islands, PRC and United States federal income tax consequences of an investment in our Ordinary Shares is based upon laws and relevant
interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This discussion does not deal
with all possible tax consequences relating to an investment in our Ordinary Shares, such as the tax consequences under state, local
and other tax laws. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Ogier,
our Cayman Islands counsel. To the extent that the discussion relates to matters of PRC tax law, it represents the opinion of Tian Yuan
Law Firm, our PRC counsel. To the extent the discussion relates to the matters of U.S. tax law, it represents the opinion of Davidoff
Hutcher &amp; Citron LLP.</i> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Cayman Islands Taxation</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Cayman Islands currently levies no taxes
on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance
tax or estate duty. There are no other taxes levied by the Government of the Cayman Islands that are likely to be material to holders
of Ordinary Shares. The Cayman Islands is not party to any double tax treaties. There are no exchange control regulations or currency
restrictions in the Cayman Islands. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>People&rsquo;s Republic of China Taxation</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On March 16, 2007, the National People&rsquo;s
Congress promulgated the PRC Enterprise Income Tax Law, or the EIT Law, which was amended on February 24, 2017 and December 29, 2018.
On December 6, 2007, the State Council enacted the Regulations for the Implementation of the EIT Law, which became effective on January
1, 2008 and was amended on April 23, 2019. Under the EIT Law and the relevant implementation regulations, both resident enterprises and
non-resident enterprises are subject to tax in China. Resident enterprises are defined as enterprises that are established in China in
accordance with PRC laws, or that are established in accordance with the laws of foreign countries but are actually or in effect controlled
from within China. Non-resident enterprises are defined as enterprises that are organized under the laws of foreign countries and whose
actual management is conducted outside China, but have established institutions or premises in China, or have no such established institutions
or premises but have income generated from inside China. Under the EIT Law and Implementation Rules, a uniform corporate income tax rate
of 25% is applied. However, if nonresident enterprises have not formed permanent establishments or premises in China, or if they have
formed permanent establishment or premises in China but there is no actual relationship between the relevant income derived in China
and the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect to their income
sourced from inside the PRC. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Under the EIT Law, an enterprise established
outside the PRC with a &ldquo;de facto management body&rdquo; within the PRC is considered a PRC resident enterprise for PRC enterprise
income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income as well as tax reporting
obligations. Under the Implementation Rules, a &ldquo;de facto management body&rdquo; is defined as a body that has material and overall
management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise.
In addition, SAT Circular 82 issued in April 2009 specifies that certain offshore-incorporated enterprises controlled by PRC enterprises
or PRC enterprise groups will be classified as PRC resident enterprises if all of the following conditions are met: (a)&nbsp;senior management
personnel and core management departments in charge of the daily operations of the enterprises have their presence mainly in the PRC;
(b)&nbsp;their financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c)&nbsp;major
assets, accounting books and company seals of the enterprises, and minutes and files of their board&rsquo;s and shareholders&rsquo; meetings
are located or kept in the PRC; and (d)&nbsp;half or more of the enterprises&rsquo; directors or senior management personnel with voting
rights habitually reside in the PRC. Further to SAT Circular 82, the SAT issued SAT Bulletin 45, which took effect in September 2011,
to provide more guidance on the implementation of SAT Circular 82. SAT Bulletin 45 provides for procedures and administration details
of determination on PRC resident enterprise status and administration on post-determination matters. If the PRC tax authorities determine
that the Company or any of our subsidiaries outside of China is a PRC resident enterprise for PRC enterprise income tax purposes, a number
of unfavorable PRC tax consequences could follow. For example, we or our subsidiaries outside of China may be subject to enterprise income
tax at a rate of 25% with respect to its worldwide taxable income. Also, a 10% withholding tax would be imposed on dividends we pay to
our non-PRC enterprise shareholders and with respect to gains derived by our non-PRC enterprise shareholders from transferring our shares
or Ordinary Shares and potentially a 20% of withholding tax would be imposed on dividends we pay to our non-PRC individual shareholders
and with respect to gains derived by our non-PRC individual shareholders from transferring our shares or Ordinary Shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> It is unclear whether, if we are considered
a PRC resident enterprise, holders of our shares or Ordinary Shares would be able to claim the benefit of income tax treaties or agreements
entered into between China and other countries or areas. See &ldquo;Risk Factors&mdash;Risk Factors Relating to Doing Business in China&mdash;Under
the PRC Enterprise Income Tax Law, we may be classified as a PRC resident enterprise for PRC enterprise income tax purposes. Such classification
would likely result in unfavorable tax consequences to us and our non-PRC Shareholders and have a material adverse effect on our results
of operations and the value of your investment&rdquo;. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Under SAT Circular 7, where a non-resident
enterprise conducts an &ldquo;indirect transfer&rdquo; by transferring taxable assets, including, in particular, equity interests in
a PRC resident enterprise, indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise,
being the transferor, or the transferee or the PRC entity which directly owned such taxable assets may report to the relevant tax authority
such indirect transfer. Using a &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 tax at a rate of up to 10%. for the transfer of
equity interests in a PRC resident enterprise. We and our non-PRC resident investors may be at risk of being required to file a return
and being taxed under SAT Circular 7, and we may be required to expend valuable resources to comply with SAT Circular 7, or to establish
that we should not be taxed thereunder. See &ldquo;Risk Factors&mdash;Risk Factors Relating to Doing Business in China&mdash;We face
uncertainty regarding the PRC tax reporting obligations and consequences for certain indirect transfers of our operating company&rsquo;s
equity interests. Enhanced scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential
acquisitions we may pursue in the future.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pursuant to the EIT Law and its implementation
rules, if a non-resident enterprise has not set up an organization or establishment in the PRC or has set up an organization or establishment
but the income derived has no actual connection with such organization or establishment, it will be subject to a withholding tax on its
PRC-sourced income at a rate of 10%. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pursuant to the Arrangement between the Mainland
China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, or the Tax Arrangement,
where a Hong Kong resident enterprise which is considered a non-PRC tax resident enterprise directly holds at least 25% of a PRC enterprise,
the withholding tax rate in respect of the payment of dividends by such PRC enterprise to such Hong Kong resident enterprise is reduced
to 5% from a standard rate of 10%, subject to approval of the PRC local tax authority. Pursuant to the Notice of the State Administration
of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements, or Circular 81, a resident enterprise
of the counter-party to such Tax Arrangement should meet the following conditions, among others, in order to enjoy the reduced withholding
tax under the Tax Arrangement: (i)&nbsp;it must directly own the required percentage of equity interests and voting rights in such PRC
resident enterprise; and (ii)&nbsp;it should directly own such percentage in the PRC resident enterprise anytime in the 12 months prior
to receiving the dividends. Furthermore, the Administrative Measures for Non-Resident Enterprises to Enjoy Treatments under Tax Treaties
(For Trial Implementation), or the Administrative Measures, which became effective in October&nbsp;2009, requires that the non-resident
enterprises must obtain the approval from the relevant tax authority in order to enjoy the reduced withholding tax rate under the tax
treaties. There are also other conditions for enjoying such reduced withholding tax rate according to other relevant tax rules&nbsp;and
regulations. Accordingly, Bit Digital Hong Kong may be able to enjoy the 5% withholding tax rate for the dividends it receives from the
wholly foreign owned enterprise to be established in China in the near future, if it satisfies the conditions prescribed under Circular
81 and other relevant tax rules&nbsp;and regulations and obtains the approvals as required under the Administrative Measures. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In October 2019, the State Administration
of Taxation promulgated the Announcement of the State Taxation Administration on Issuing the Administrative Measures for Entitlement
to Treaty Benefits for Non-resident Taxpayers or Circular 35, which became effective on January1, 2020. Circular 35 provides that non-resident
enterprises are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax rate.
Instead, non-resident enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria
to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents
when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities. However, according
to Circular 81, if the relevant tax authorities consider the transactions or arrangements we have are for the primary purpose of enjoying
a favorable tax treatment, the relevant tax authorities may adjust the favorable withholding tax in the future. Besides, according to
Circular 35, where we and our withholding agents both fail to provide relevant materials as required by tax authorities, or evade, refuse
or obstruct the follow-up investigations carried out by tax authorities, rendering it impossible for tax authorities to verify whether
we met the conditions for entitlement to treaty benefits, it shall be deemed as we not meeting the conditions for entitlement to treaty
benefits. In such case, we will be required to pay back the tax deducted. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>United States Federal Income Tax Considerations</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The following is a discussion of United States
federal income tax considerations relating to the acquisition, ownership, and disposition of our Ordinary Shares by a U.S. Holder, as
defined below, that acquires our Ordinary Shares in this offering and holds our Ordinary Shares as &ldquo;capital assets&rdquo; (generally,
property held for investment) under the United States Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). This discussion
is based upon existing United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive
effect. No ruling has been sought from the Internal Revenue Service (the &ldquo;IRS&rdquo;) with respect to any United States federal
income tax consequences described below, and there can be no assurance that the IRS or a court will not take a contrary position. This
discussion does not address all aspects of United States federal income taxation that may be important to particular investors in light
of their individual circumstances, including investors subject to special tax rules (such as, for example, certain financial institutions,
insurance companies, regulated investment companies, real estate investment trusts, broker-dealers, traders in securities that elect
mark-to-market treatment, partnerships and their partners, tax-exempt organizations (including private foundations), investors who are
not U.S. Holders, investors that own (directly, indirectly, or constructively) 10% or more of our voting stock, investors that hold their
Ordinary Shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction), or investors that have
a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized
below. In addition, this discussion does not address any tax laws other than the United States federal income tax laws, including any
state, local, alternative minimum tax, non-United States tax considerations or the Medicare tax. Each potential investor is urged to
consult its tax advisor regarding the United States federal, state, local and non-United States income and other tax considerations of
an investment in our Ordinary Shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>General</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For purposes of this discussion, a &ldquo;U.S.
Holder&rdquo; is a beneficial owner of our Ordinary Shares that is, for United States federal income tax purposes, (i)&nbsp;an individual
who is a citizen or resident of the United States, (ii)&nbsp;a corporation (or other entity treated as a corporation for United States
federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia,
(iii)&nbsp;an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its
source, or (iv)&nbsp;a trust (A)&nbsp;the administration of which is subject to the primary supervision of a United States court and
which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B)&nbsp;that
has otherwise elected to be treated as a United States person under the Code. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If a partnership (or other entity treated
as a partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a
partner in the partnership may vary depending on the status of the partner and the activities of the partnership. Partnerships and partners
of a partnership holding our Ordinary Shares are urged to consult their tax advisors regarding an investment in our Ordinary Shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The discussion set forth below is addressed
only to U.S. Holders that purchase Ordinary Shares in this offering. Prospective purchasers are urged to consult their own tax advisors
about the application of the U.S. federal income tax rules to their particular circumstances as well as the state, local, foreign and
other tax consequences to them of the purchase, ownership and disposition of our Ordinary Shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Taxation of Dividends and Other Distributions
on our Ordinary Shares</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Subject to the passive foreign investment
company rules discussed below, the gross amount of distributions made by us to you with respect to the Ordinary Shares (including the
amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by
you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under
U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received
deduction allowed to corporations in respect of dividends received from other U.S. corporations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> With respect to non-corporate U.S. Holders,
including individual U.S. Holders, dividends are currently taxed at the lower capital gains rate applicable to qualified dividend income,
provided that (1) the Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible
for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program,
(2) we are not a passive foreign investment company (as discussed below) for either our taxable year in which the dividend is paid or
the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United
States and the Cayman Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily tradable on an established securities
market in the United States. Under U.S. Internal Revenue Service authority, Ordinary Shares are considered for purpose of clause (1)
above to be readily tradable on an established securities market in the United States if they are listed on Nasdaq. You are urged to
consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares, in light
of your own particular circumstances. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> To the extent that the amount of the distribution
exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated
first as a tax-free return of your tax basis in your Ordinary Shares, and to the extent the amount of the distribution exceeds your tax
basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax
principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would
otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Taxation of Dispositions of Ordinary
Shares</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Subject to the passive foreign investment
company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share
equal to the difference between the amount realized (in U.S. dollars) for the ordinary share and your tax basis (in U.S. dollars) in
the ordinary share. The character of the gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including
an individual U.S. Holder, who has held the Ordinary Shares for more than one year, you may be eligible for reduced tax rates on any
such capital gains. The deductibility of capital losses is subject to limitations. Gain or loss recognized by a U.S. Holder from the
sale or other disposition of Ordinary Shares will generally be gain or loss from sources within the United States for U.S. foreign tax
credit purposes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Passive Foreign Investment Company</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> A non-U.S. corporation is considered a PFIC
for any taxable year if either: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <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">at least 75% of its
    gross income for such taxable year is passive income (the &ldquo;income test&rdquo;); or</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <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">at least 50% of the
    value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that
    produce or are held for the production of passive income (the &ldquo;asset test&rdquo;).</font> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Passive income generally includes dividends,
interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the
disposition of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share
of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining
the value and composition of our assets for purposes of the PFIC asset test, the value of our assets must be determined based on the
market value of our Ordinary Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the
value of all of our assets on any particular quarterly testing date for purposes of the asset test. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We must make a separate determination each
year as to whether we are a PFIC. Whether we are a PFIC for 2021 or any future taxable year is uncertain because, among other things,
the treatment of cryptocurrency such as bitcoin for purposes of the PFIC rules is unclear. Even if we determine that we are not a PFIC
for a taxable year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would not successfully challenge
our position. Our status as a PFIC is a fact-intensive determination made on an annual basis. Accordingly, we express no opinion with
respect to our PFIC status and also express no opinion with regard to our expectations regarding our PFIC status. Given this uncertainty,
prospective U.S. Holders contemplating an investment in the Ordinary Shares may want to assume that we are a PFIC and are urged to consult
their own tax advisors regarding our PFIC status and the resulting U.S. federal income tax consequences in light of their own particular
circumstances. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If we are a PFIC for any year during which
you hold Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Ordinary Shares. However,
if we cease to be a PFIC and you did not previously make a timely &ldquo;mark-to-market&rdquo; election as described below, you may avoid
some of the adverse effects of the PFIC regime by making a &ldquo;purging election&rdquo; (as described below) with respect to the Ordinary
Shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If we are a PFIC for your taxable year(s)
during which you hold Ordinary Shares, you will be subject to special tax rules with respect to any &ldquo;excess distribution&rdquo;
that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Ordinary Shares, unless you make
a &ldquo;mark-to-market&rdquo; election as discussed below. Distributions you receive in a taxable year that are greater than 125% of
the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the
Ordinary Shares will be treated as an excess distribution. Under these special tax rules: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <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">the excess distribution
    or gain will be allocated ratably over your holding period for the Ordinary Shares;</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <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">the amount allocated
    to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable year in which we
    were a PFIC, will be treated as ordinary income, and</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <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">the amount allocated
    to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year, and an interest charge generally
    applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.</font> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The tax liability for amounts allocated to
years prior to the year of disposition or &ldquo;excess distribution&rdquo; cannot be offset by any net operating losses for such years,
and gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as capital, even if you hold the Ordinary Shares
as capital assets. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> A U.S. Holder of &ldquo;marketable stock&rdquo;
(as defined below) in a PFIC may make a mark-to-market election for such stock to elect out of the tax treatment discussed above. If
you make a mark-to-market election for first taxable year which you hold (or are deemed to hold) Ordinary Shares and for which we are
determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of
the Ordinary Shares as of the close of such taxable year over your adjusted basis in such Ordinary Shares, which excess will be treated
as ordinary income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary
Shares over their fair market value as of the close of the taxable year. However, such ordinary loss is allowable only to the extent
of any net mark-to-market gains on the Ordinary Shares included in your income for prior taxable years. Amounts included in your income
under a mark-to-market election, as well as gain on the actual sale or other disposition of the Ordinary Shares, are treated as ordinary
income. Ordinary loss treatment also applies to any loss realized on the actual sale or disposition of the Ordinary Shares, to the extent
that the amount of such loss does not exceed the net mark-to-market gains previously included for such Ordinary Shares. Your basis in
the Ordinary Shares will be adjusted to reflect any such income or loss amounts. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The mark-to-market election is available only
for &ldquo;marketable stock&rdquo;, which is stock that is traded in other than de minimis quantities on at least 15 days during each
calendar quarter (&ldquo;regularly traded&rdquo;) on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations),
including Nasdaq. If the Ordinary Shares are regularly traded on Nasdaq and if you are a holder of Ordinary Shares, the mark-to-market
election would be available to you were we to be or become a PFIC. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> A mark-to-market election will not apply to
Ordinary Shares for any taxable year during which we are not a PFIC, but will remain in effect with respect to any subsequent taxable
year in which we become a PFIC. Such election will not apply to any non-U.S. subsidiaries that we may organize or acquire in the future.
Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier
PFICs that we organize or acquire in the future notwithstanding the U.S. Holder&rsquo;s mark-to-market election for the Ordinary Shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Alternatively, a U.S. Holder of stock in a
PFIC may make a &ldquo;qualified electing fund&rdquo; election with respect to such PFIC to elect out of the tax treatment discussed
above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income
for a taxable year such holder&rsquo;s pro rata share of the corporation&rsquo;s earnings and profits for the taxable year. However,
the qualified electing fund election is available only if such PFIC provides such U.S. Holder with certain information regarding its
earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information
that would enable you to make a qualified electing fund election. If you hold Ordinary Shares in any taxable year in which we are a PFIC,
you will be required to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding
such Ordinary Shares, including regarding distributions received on the Ordinary Shares and any gain realized on the disposition of the
Ordinary Shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If you do not make a timely &ldquo;mark-to-market&rdquo;
election (as described above), and if we were a PFIC at any time during the period you hold our Ordinary Shares, then such Ordinary Shares
will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a
&ldquo;purging election&rdquo; for the year we cease to be a PFIC. A &ldquo;purging election&rdquo; creates a deemed sale of such Ordinary
Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging
election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above.
As a result of the purging election, you will have a new basis (equal to the fair market value of the Ordinary Shares on the last day
of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day)
in your Ordinary Shares for tax purposes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> You are urged to consult your tax advisors
regarding the application of the PFIC rules to your investment in our Ordinary Shares and the elections discussed above. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Receipt of Foreign Currency</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The gross amount of any payment in a currency
other than U.S. dollars will be included by each U.S. Holder in income in a U.S. dollar amount calculated by reference to the exchange
rate in effect on the day such U.S. Holder actually or constructively receives the payment in accordance with its regular method of accounting
for U.S. federal income tax purposes regardless of whether the payment is in fact converted into U.S. dollars at that time. If the foreign
currency is converted into U.S. dollars on the date of the payment, the U.S. Holder is not generally required to recognize any foreign
currency gain or loss with respect to the receipt of foreign currency. If, instead, the foreign currency is converted at a later date,
any currency gains or losses resulting from the conversion of the foreign currency is generally treated as U.S. source ordinary income
or loss for U.S. foreign tax credit purposes. U.S. Holders are urged to consult their own U.S. tax advisors regarding the U.S. federal
income tax consequences of receiving, owning, and disposing of foreign currency. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Additional Tax on Net Investment Income</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> U.S. Holders that are individuals, estates
or trusts are required to pay an additional 3.8% tax on the lesser of (1) the U.S. Holder&rsquo;s &ldquo;net investment income&rdquo;
for the relevant taxable year or (2) the excess of the U.S. Holder&rsquo;s modified adjusted gross income for the taxable year over a
certain threshold. A U.S. Holder&rsquo;s &ldquo;net investment income&rdquo; generally includes, among other things, dividends and net
gains from disposition of property (other than property held in the ordinary course of the conduct of a trade or business). Accordingly,
dividends on and capital gain from the sale, exchange or other taxable disposition of Ordinary Shares may be subject to this additional
tax. U.S. Holders are urged to consult their own tax advisors regarding the additional tax on passive income. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Information Reporting and Backup Withholding</i></b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Dividend payments with respect to our Ordinary
Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to information reporting to the IRS and
possible U.S. backup withholding at a current rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes
a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup
withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9.
U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding
rules. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Backup withholding is not an additional tax.
Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of
any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing
any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain
brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries
may be required by law to withhold such taxes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Certain U.S. Holders are required to report
information relating to our Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts
maintained by certain financial institutions), by attaching a completed Internal IRS Form 8938, Statement of Specified Foreign Financial
Assets, with their tax return for each year in which they hold Ordinary Shares. U.S. Holders should also be aware that if the Company
were a PFIC, they would generally be required to file IRS Form 8261, Information Return by a Shareholder of a Passive Foreign Investments
Company or Qualified Electing Fund, during any taxable year in which such U.S. Holder recognizes gain or receives an excess distribution
or with respect to which the U.S. Holder has made certain elections. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> U.S. Holders are urged to consult their own
tax advisors regarding the application of the information reporting rules to the Ordinary Shares and their particular circumstances. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT
ITS OWN TAX ADVISORS ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN ORDINARY SHARES IN LIGHT OF THE INVESTOR&rsquo;S OWN CIRCUMSTANCES</b>. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <b><a name="a_016"></a>EXPENSES
RELATING TO THIS OFFERING</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Set forth below is an itemization of the total
expenses that we expect to incur in connection with this offering. With the exception of the SEC registration fee, the Financial Industry
Regulatory Authority, or FINRA, filing fee and the Nasdaq listing fee, all amounts are estimates. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left"> SEC registration fee </td><td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%; text-align: left"> $ </td><td style="width: 9%; text-align: right"> 20,775.44 </td><td style="width: 1%; text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"> Lega1 fees and expenses </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 30,000.00 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"> Accounting fees and expenses </td><td> &nbsp; </td>
    <td style="text-align: left"> &nbsp; </td><td style="text-align: right"> 10,000.00 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td> Miscellaneous </td><td> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> 4,224.56 </td><td style="text-align: left"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td> Total </td><td> &nbsp; </td>
    <td style="border-bottom: Black 4pt double; text-align: left"> $ </td><td style="border-bottom: Black 4pt double; text-align: right"> 65,000.00 </td><td style="text-align: left"> &nbsp; </td></tr>
  </table>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b><a name="a_017"></a>LEGAL MATTERS</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company is being represented by Davidoff
Hutcher &amp; Citron LLP, with respect to legal matters of United States federal securities law. The validity of the Ordinary Shares
offered by this prospectus and legal matters as to Cayman Islands law will be passed upon for us by Ogier.&nbsp;The Company is being
represented by Tian Yuan Law Firm with regard to PRC law. Davidoff Hutcher &amp; Citron LLP may rely upon Tian Yuan Law Firm with respect
to matters governed by PRC law. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b><a name="a_018"></a>EXPERTS</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>&nbsp;</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The financial statements and the related financial
statement schedule, incorporated in this prospectus by reference from the Company&rsquo;s annual report on Form 20-F for the year ended
December 31, 2020, have been audited Audit Alliance LLP and for the fiscal year ended December 31, 2019, upon the report of JLKZ, CPA,
independent registered public accounting firms, as stated in their reports, which are incorporated herein by reference. Such financial
statements and financial statement schedule have been so incorporated in reliance upon the reports of such firms given upon their authority
as experts in accounting and auditing. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </p>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> 23,608,774 Ordinary Shares </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>&nbsp;</b> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>&nbsp;</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> November ___, 2021 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </p>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>PART II</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>INFORMATION NOT REQUIRED<br>
IN THE REGISTRATION STATEMENT</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>Item 8. Indemnification of Directors and Officers.</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (B) The Amended and Restated Memorandum and
Articles of Association of the registrant provides as follows: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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 willful 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 willful neglect or default. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.5pt"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.5pt"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.5pt"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.5pt"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.5pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>Item 9. Exhibits and Financial Statement Schedules</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font> </TD>
    <TD STYLE="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</font> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The following exhibits are filed as part of
this registration statement: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; width: 8%; border-bottom: black 1.5pt solid; text-align: center"> <font style="font-size: 10pt"><b>Exhibit
    No.</b></font> </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="vertical-align: bottom; width: 91%; border-bottom: black 1.5pt solid"> <font style="font-size: 10pt"><b>Description</b>&nbsp;</font> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">2.1</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020026364/ea126760ex10-3_goldenbull.htm"><font style="font-size: 10pt">Share
    Purchase Agreement dated September 8, 2020 by and between the Registrant and Sharp Whale Limited <sup>(1)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">3.1</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021014370/ea134675ex3-1_bitdigital.htm"><font style="font-size: 10pt">Certificate
    of Incorporation, as amended <sup>(9)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">3.2</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021027655/ea141235ex2-3_bitdigital.htm"><font style="font-size: 10pt">Director&rsquo;s
    Certificate dated April 20, 2021 creating Preference Shares <sup>(7)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">3.3</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000151116417000777/exhibit32.htm"><font style="font-size: 10pt">Memorandum
    of Association of Point Cattle International Limited <sup>(2)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">3.4</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021014370/ea134675ex3-3_bitdigital.htm"><font style="font-size: 10pt">Amended
    and Restated Memorandum of Association <sup>(9)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">3.5</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021027655/ea141235ex1-1_bitdigital.htm"><font style="font-size: 10pt">Further
    Amended and Restated Memorandum of Association <sup>(7)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">3.6</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000151116417000777/exhibit33.htm"><font style="font-size: 10pt">Articles
    of Association of Point Cattle International Limited <sup>(2)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">3.7</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021014370/ea134675ex3-5_bitdigital.htm"><font style="font-size: 10pt">Amended
    and Restated Articles of Association <sup>(9)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">4.1</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020036078/ea129559ex99-1_bitdigital.htm"><font style="font-size: 10pt">Form
    of Asset Purchase Agreement dated November 2020 by and between the Registrant and the Buyers who are signatories <sup>(4)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">4.2</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020045790/ea132499ex99-3_bitdigital.htm"><font style="font-size: 10pt">Form
    of Registration Rights Agreement (Subordinate Convertible Notes) by and between the Company and Ionic Ventures ,LLC pursuant to Securities
    Purchase Agreement dated as of December 31, 2020 <sup>(5)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">4.3</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021001588/ea133142ex99-1_bitdigital.htm"><font style="font-size: 10pt">Form
    of Purchase Agreement dated January 11, 2021 by and between the Company and Ionic Ventures, LLC <sup>(6)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">4.4</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021001588/ea133142ex99-2_bitdigital.htm"><font style="font-size: 10pt">Form
    of Registration Rights Agreement dated January 11, 2021 by and between the Company and Ionic Ventures, LLC <sup>(6)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">4.5</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021027655/ea141235ex2-1_bitdigital.htm"><font style="font-size: 10pt">2021
    Omnibus Equity Incentive Plan with Form of Restricted Stock Award <sup>(7)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">4.6</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021045586/ea146572ex4-10_bitdigital.htm"><font style="font-size: 10pt">Form
    of Amended and Restated Purchase Agreement dated July 30, 2021 by and between the Company and Ionic Ventures, LLC <sup>(15)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">4.7</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021029550/ea141778ex4-1_bitdigital.htm"><font style="font-size: 10pt">Share
    Exchange Agreement by and between Bit Digital Inc. and Geney Development <sup>(11)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">4.8</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021032128/ea142592ex4-2_bitdigital.htm"><font style="font-size: 10pt">Form
    of Incentive Stock Option Agreement <sup>(12)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">4.9</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021032128/ea142592ex4-3_bitdigital.htm"><font style="font-size: 10pt">Form
    of Non-Statutory Stock Option Agreement <sup>(12)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">4.10</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021037115/ea144061ex1-1_bitdigital.htm"><font style="font-size: 10pt">Form
    of At-The-Market Offering Agreement between Bit Digital, Inc. and H.C. Wainwright &amp; Co. <sup>(13)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">4.11</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021042681/ea145834ex4-c_bitdigital.htm"><font style="font-size: 10pt">2021
    Second Omnibus Equity Incentive Plan <sup>(14)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">4.12</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021050743/ea148168ex2-1_bitdigitalinc.htm"><font style="font-size: 10pt">Form
    of Warrant under Securities Purchase Agreement dated as of September 29, 2021 <sup>(17)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">4.13</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021050743/ea148168ex2-2_bitdigitalinc.htm"><font style="font-size: 10pt">Form
    of Registration Rights Agreement dated September 29, 2021 <sup>(17)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">4.14</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021050743/ea148168ex4-1_bitdigitalinc.htm"><font style="font-size: 10pt">Form
    of Securities Purchase Agreement dated September 29, 2021 <sup>(18)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">5.1</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021057789/ea150190ex5-1_bitdigitalinc.htm" style="-sec-extract: exhibit">Opinion of Ogier&nbsp;as to the legality of the shares**</a></font> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">5.2</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021057789/ea150190ex5-2_bitdigitalinc.htm" style="-sec-extract: exhibit">Opinion of Tian Yuan Law Firm**</a></font> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">8.1</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021057789/ea150190ex8-1_bitdigitalinc.htm" style="-sec-extract: exhibit">Opinion of Davidoff Hutcher &amp; Citron LLP regarding certain U.S. Tax Matters**</a></font> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">8.2</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021057789/ea150190ex5-1_bitdigitalinc.htm" style="-sec-extract: exhibit">Opinion of Ogier regarding certain Cayman Island Tax Matters (included in Exhibit 5.1)**</a></font> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">8.3</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021057789/ea150190ex5-2_bitdigitalinc.htm" style="-sec-extract: exhibit">Opinion of Tian Yuan Law Firm regarding certain PRC Tax Matters (included in Exhibit 5.2)**</a></font> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">10.1</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390019021663/f6k103019ex99-1_goldenbull.htm"><font style="font-size: 10pt">Employment
    Agreement dated as of October 28, 2019 by and between the Registrant and Erke Huang <sup>(3)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">10.2</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390019021663/f6k103019ex99-2_goldenbull.htm"><font style="font-size: 10pt">Director
    Agreement dated as of October 30, 2019 by and between the Registrant and Erke Huang <sup>(3)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">10.3</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390019021663/f6k103019ex99-3_goldenbull.htm"><font style="font-size: 10pt">Employment
    Agreement dated as of October 31, 2019 by and between the Registrant and Min Hu <sup>(3)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">10.4</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390019021663/f6k103019ex99-4_goldenbull.htm"><font style="font-size: 10pt">Director
    Agreement dated as of October 31, 2019 by and between the Registrant and Min Hu <sup>(3)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: center"> <font style="font-size: 10pt">10.5</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020010027/ea121019ex99-2_golden.htm"><font style="font-size: 10pt">Employment
    Agreement dated as of April 20, 2020 by and between the Registrant and Hong Yu <sup>(10)</sup></font></a> </td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: center"> <font style="font-size: 10pt">10.6</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020010027/ea121019ex99-3_golden.htm"><font style="font-size: 10pt">Director
    Agreement dated as of April 20, 2020 by and between the Registrant and Hong Yu <sup>(10)</sup></font></a> </td></tr>
  </table>

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

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

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 9%; text-align: center"> <font style="font-size: 10pt">10.7</font> </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 90%; text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020010027/ea121019ex99-4_golden.htm"><font style="font-size: 10pt">Independent
    Director Agreement dated as of April 20, 2020 by and between the Registrant and Yan Xiong <sup>(9)</sup></font></a> </td></tr>
  <TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: center"> <font style="font-size: 10pt">10.8</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020026364/ea126760ex10-1_goldenbull.htm"><font style="font-size: 10pt">Independent
    Director Agreement dated as of September 7, 2020 by and between the Registrant and Ichi Shih <sup>(9)</sup></font></a> </td></tr>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"> <font style="font-size: 10pt">10.9</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390020026364/ea126760ex10-2_goldenbull.htm"><font style="font-size: 10pt">Independent
    Director Agreement dated as of September 7, 2020 by and between the Registrant and Zhaohui (misstated as Chao Hui) Deng <sup>(9)</sup></font></a> </td></tr>
  <TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: center"> <font style="font-size: 10pt">10.10</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1710350/000121390021045773/ea146681ex4-1_bitdigitalinc.htm" style="-sec-extract: exhibit">Mining
    Services Agreement made as of August 25, 2021 between Bit Digital USA Inc. and Blockfusion USA Inc.<sup>(16)</sup></a></font> </td></tr>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"> <font style="font-size: 10pt">10.11</font> </td>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021029550/ea141778ex4-1_bitdigital.htm">
    Share Exchange Agreement by and between Geney Development Limited and the Registrant <sup>(11)</sup> </a> </TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: center"> <font style="font-size: 10pt">23.1</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="ea151163ex23-1_bitdigital.htm"><font style="font-size: 10pt">Consent of JLKZ CPA LLP*</font></a> </td></tr>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"> <font style="font-size: 10pt">23.2</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-size: 10pt"><a href="ea151163ex23-2_bitdigital.htm">Consent of Audit Alliance
    LLP*</a></font> </td></tr>
  <TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: center"> <font style="font-size: 10pt">23.3</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021057789/ea150190ex5-1_bitdigitalinc.htm" style="-sec-extract: exhibit">Consent of Ogier (included in Exhibit 5.1)**</a></font> </td></tr>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"> <font style="font-size: 10pt">23.4</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021057789/ea150190ex8-1_bitdigitalinc.htm" style="-sec-extract: exhibit">Consent of Davidoff Hutcher &amp; Citron LLP (included in Exhibit 8.1)</a></font>** </td></tr>
  <TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: center"> <font style="font-size: 10pt">23.5</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <font style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1710350/000121390021057789/ea150190ex5-2_bitdigitalinc.htm" style="-sec-extract: exhibit">Consent of Tian Yuan Law Firm (included in Exhibit 5.2)**</a></font> </td></tr>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"> <font style="font-size: 10pt">24.1</font> </td>
    <td> &nbsp; </td>
    <td style="text-align: justify"> <a href="#a_019"><font style="font-size: 10pt">Power of Attorney (included on the signature page
    of this Registration Statement)</font></a> </td></tr>
  </table>

<p style="margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </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: 0"></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">Filed
                                            with this amendment.</font> </TD>
</TR><tr style="vertical-align: top; text-align: justify">
<td>&nbsp;</td><td style="text-align: left"> ** </td><td style="text-align: justify"> Previously &nbsp;filed with this registration statement.&nbsp; </td></tr>
     </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 34px"> <font style="font-size: 10pt">(1)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K for September 2020 filed on September
    14, 2020.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(2)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form F-1 Registration Statement filed on
    December 22, 2017.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(3)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K for September 2020 filed on October
    31, 2019.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(4)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K for November 2020 filed on November
    10, 2020.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(5)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K filed for December 2020 on December
    31,2020.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(6)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K for January 2021 filed on January
    12, 2021.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(7)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K for May 2021 filed on May 18, 2021.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(8)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 20-F for the year ended December 31,
    2019 filed on July 29, 2020.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K for April 2020 filed on April 24,
    2020.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(9)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form F-1 Registration Statement (No. 333-258330)
    filed on March 10, 2021.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(10)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form F-1 Registration Statement (No. 333-258330)
    filed on March 30, 2021.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(11)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K for May 2021 filed on May 27, 2021.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(12)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Registration Statement on Form S-8 filed
    on June 11, 2021.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(13)</font> </td>
    <td><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> Incorporated by reference to the Registrant&rsquo;s Form
        F-3 Registration Statement (No. 333-257934) filed on July 15, 2021. </P></td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(14)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K for August 2021 filed on August
    16, 2021.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(15)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Amendment No. 1 to Form F-3 Registration
    Statement filed on August 30, 2021.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(16)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K for August 2021 filed on August
    31, 2021.</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-size: 10pt">(18)</font> </td>
    <td> <font style="font-size: 10pt">Incorporated by reference to the Registrant&rsquo;s Form 6-K for September 2021 filed on September
    30, 2021.</font> </td></tr>
  </table>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>Item 10. Undertakings</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (a) The undersigned registrant hereby undertakes: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> (1) To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"> &nbsp; </TD>
    <TD STYLE="width: 24px"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font> </TD>
    <TD STYLE="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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"> &nbsp; </TD>
    <TD STYLE="width: 24px"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font> </TD>
    <TD STYLE="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>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font> </TD>
    <TD STYLE="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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> <i>provided, however,</i> that
paragraphs (a)1(i) and (a)(1)(ii) 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. </p>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> (4) That, for the purpose of determining
liability under the Securities Act to any purchaser: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"> (A) Each prospectus
filed the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus
was deemed part of and included in the registration statement; and </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"> (B) Each prospectus
required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating
to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a)
of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form
of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in
the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such
date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. <i>Provided, however</i>, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> (5) For determining liability of
the undersigned registrant under the Securities Act to any purchaser in the initial distribution of the securities: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> 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: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"> (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); </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"> (iv) Any other communication
that is an offer in the offering made by the undersigned registrant to the purchaser. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (d) The undersigned registrant hereby undertakes
to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the
Trust Indenture Act in accordance with the rules and regulations prescribed by the SEC under Section 305(b)(2) of the Trust Indenture
Act. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <b><a name="a_019"></a>SIGNATURES</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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
F-3 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 November 22, 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="3"> <font style="font-size: 10pt"><b>BIT DIGITAL, INC.</b></font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="3"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <font style="font-size: 10pt">By:</font> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><P STYLE="margin: 0pt 0"> /s/ Bryan Bullet </P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"> &nbsp; </TD>
    <TD STYLE="width: 4%"> &nbsp; </TD>
    <TD STYLE="width: 5%"> <font style="font-size: 10pt">By:</font> </TD>
    <TD STYLE="width: 31%"> <font style="font-size: 10pt">Bryan Bullett</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> <font style="font-size: 10pt">Title:</font> </TD>
    <TD> <font style="font-size: 10pt">Chief Executive Officer</font> </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 42%; border-bottom: black 1.5pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURE</b></font> </td>
    <td style="width: 1%; text-align: center"> &nbsp; </td>
    <td style="width: 31%; border-bottom: black 1.5pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TITLE</b></font> </td>
    <td style="width: 1%; text-align: center"> &nbsp; </td>
    <td style="width: 25%; border-bottom: black 1.5pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DATE</b></font> </td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Bryan Bullet&nbsp;</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    22, 2021</font> </td></tr>
  <tr>
    <td style="vertical-align: top"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan Bullett</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive
    Officer)</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> &nbsp; </td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr>
    <td style="vertical-align: top; border-bottom: black 1.5pt solid"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Erke Huang&nbsp;</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    22, 2021</font> </td></tr>
  <tr>
    <td style="vertical-align: top"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erke Huang</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial
    Officer and</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> &nbsp; </td></tr>
  <tr>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Accounting
    Officer)</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> &nbsp; </td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr>
    <td style="vertical-align: top; border-bottom: black 1.5pt solid"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
    /s/ Zhaohui Deng</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    22, 2021</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhaohui Deng</font> </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr>
    <td style="vertical-align: top; border-bottom: black 1.5pt solid"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Erke Huang</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    22, 2021</font> </td></tr>
  <tr>
    <td style="vertical-align: top"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erke Huang</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> &nbsp; </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> &nbsp; </td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr>
    <td style="vertical-align: top; border-bottom: black 1.5pt solid"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
    /s/ Ichi Shih</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    22, 2021</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ichi Shih</font> </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr>
    <td style="vertical-align: top; border-bottom: black 1.5pt solid"> *<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Brock Pierce&nbsp;</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    22, 2021</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brock Pierce</font> </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr>
    <td style="vertical-align: top; border-bottom: black 1.5pt solid"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
    /s/ Yan Xiong</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    22, 2021</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yan Xiong</font> </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr style="vertical-align: top">
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  <tr>
    <td style="vertical-align: top; border-bottom: black 1.5pt solid"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Bryan Bullet&nbsp;</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: bottom"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-Fact</font> </td>
    <td style="vertical-align: top"> &nbsp; </td>
    <td style="vertical-align: top; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    22, 2021</font> </td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan Bullett</font> </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: center"> &nbsp; </td></tr>
  </table>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN
THE UNITED STATES</b> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pursuant to the requirements of Section 6(a)
of the Securities Act of 1933, as amended, the undersigned has signed this Amendment No. 1 to Registration on Form F-3, solely in the
capacity of the duly authorized representative of Bit Digital, Inc. in the United States, on November 22, 2021. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: justify"> <font style="font-size: 10pt"><b>BIT DIGITAL, INC.</b></font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify"> &nbsp; </TD>
    <TD STYLE="width: 5%; text-align: justify"> &nbsp; </TD>
    <TD STYLE="width: 35%; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <font style="font-size: 10pt">By:</font> </TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><P STYLE="margin: 0pt 0"> /s/ Bryan Bullet </P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <font style="font-size: 10pt">Name:&nbsp;</font> </TD>
    <TD STYLE="text-align: justify"> <font style="font-size: 10pt">Bryan Bullett, CEO</font> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <font style="font-size: 10pt">Title:</font> </TD>
    <TD STYLE="text-align: justify"> <font style="font-size: 10pt">Authorized Signatory</font> </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> II-8 </p>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ea151163ex23-1_bitdigital.htm
<DESCRIPTION>CONSENT OF JLKZ CPA LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>JLKZ CPA LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">13620 38<SUP>th</SUP> Avenue, Suite 10H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Flushing, New York 11354</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">US Tel: (347) 871-1768</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">+86-186-2099-1669</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="background-color: white"><B>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">We hereby
consent to the incorporation by reference in this Registration Statement on Form F-3/A of Bit Digital, Inc. (formerly known as Golden Bull
Limited) of our report dated July 29, 2020, with respect to our audits of the consolidated financial statements of Bit Digital, Inc. and
subsidiaries as of and for the year ended December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">We also
consent to the reference to our firm under the caption &ldquo;Experts&rdquo; in the Prospectus, which is part of this Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 60%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ JLKZ CPA LLP</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JLKZ CPA LLP</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Flushing, NY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 22, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>ea151163ex23-2_bitdigital.htm
<DESCRIPTION>CONSENT OF AUDIT ALLIANCE LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="ex23-2_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 307pt 0pt 8.4pt"><B>A To<FONT STYLE="font-variant: small-caps">p</FONT>
    30 INTERNATIONAL AUDIT FIRM<BR>
 CHARTERED ACCOUNTANTS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.4pt"><B>AUDIT. TAX. BUSINESS ADVISORY SERVICES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.35pt"><B>UEN: T12LL1223B GST Reg No: M90367663E</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4.35pt; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt">Tel: (65) 6227 5428</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4.35pt; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt">20 Maxwell Road, #11-09, Maxwell House, Singapore 069113</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt"><B>Website : www.allianceaudit.com</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.7pt; text-indent: -16.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We hereby consent to the&nbsp;use&nbsp;in
this&nbsp;Form F-3/A&nbsp;Registration Statement&nbsp;of Bit digital, Inc.&nbsp;of our report dated&nbsp;March 30, 2021 relating to the
consolidated&nbsp;financial statements&nbsp;of&nbsp;Bit Digital, Inc. as of December 31, 2020 and the related consolidated statements
of operations and comprehensive loss, shareholders&rsquo; equity and cash flows&nbsp;for the year ended December 31, 2020.&nbsp;We also
consent to the reference to our firm under the heading &ldquo;Experts&rdquo; in&nbsp;such&nbsp;Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Audit Alliance LLP</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Alliance LLP</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Singapore</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">November 22, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
