Bit Digital (BTBT) 20-F 15 Apr 22 2021 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information - shares	12 Months Ended
	Dec. 31, 2021	Apr. 06, 2022
Document Information Line Items
Entity Registrant Name	Bit Digital, Inc.
Trading Symbol	BTBT
Document Type	20-F
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		73,073,960
Amendment Flag	false
Entity Central Index Key	0001710350
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38421
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	33 Irving Place
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Country	US
Entity Address, Postal Zip Code	10003
Title of 12(b) Security	Ordinary shares, par value US$0.01 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
Auditor Firm ID	3487
Auditor Name	Audit Alliance LLP
Auditor Location	Singapore
Business Contact
Document Information Line Items
Entity Address, Address Line One	33 Irving Place
Entity Address, City or Town	New York
Entity Address, Country	US
Entity Address, Postal Zip Code	10003
Contact Personnel Name	Bryan Bullett
City Area Code	(212)
Local Phone Number	463-5121
Contact Personnel Email Address	bryan@bit-digital.com

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 42,398,528	$ 405,133
Digital assets	51,112,146	6,293,922
Other current assets	3,050,616	2,020,374
Total Current Assets	96,561,290	8,719,429
Investment security	1,000,000
Deposits for property and equipment	43,094,881	1,324,963
Property and equipment, net	32,489,158	29,849,157
Deferred tax assets	58,081
Other noncurrent assets	6,714,571
Total Assets	179,917,981	39,893,549
Current Liabilities
Accounts payable	2,608,899	1,365,716
Due to related parties		336,722
Income tax payable	559,774
Other payables and accrued liabilities	1,875,933	191,536
Total Current Liabilities	5,044,606	1,893,974
Deferred tax liabilities	462,372
Long-term income tax payable	2,767,276
Total Liabilities	8,274,254	1,893,974
Commitments and Contingencies
Shareholders’ Equity
Preferred shares, $0.01 par value, 10,000,000 and nil shares authorized, 1,000,000 and nil shares issued and outstanding of December 31, 2021 and 2020, respectively	9,050,000
Ordinary shares, $0.01 par value, 340,000,000 and 50,000,000 shares authorized, 69,591,389 and 48,043,788 shares issued and outstanding of December 31, 2021 and 2020, respectively	695,914	480,438
Treasury stock, at cost, 115,514 shares in 2021 and nil shares in 2020	(1,094,859)
Additional paid-in capital	182,869,159	53,219,626
Accumulated deficit	(19,876,487)	(15,700,489)
Total Shareholders’ Equity	171,643,727	37,999,575
Total Liabilities and Shareholders’ Equity	$ 179,917,981	$ 39,893,549

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized	10,000,000
Preferred shares, issued	1,000,000
Preferred shares, outstanding	1,000,000
Common shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Common shares, authorized	340,000,000	50,000,000
Common shares, issued	69,591,389	48,043,788
Common shares, outstanding	69,591,389	48,043,788
Treasury stock shares	115,514

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue from digital asset mining	$ 96,078,570	$ 21,065,113
Operating costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown below)	(30,739,776)	(14,104,628)
Depreciation and amortization expenses	(13,113,964)	(3,324,655)
General and administrative expenses	(39,154,204)	(2,515,117)	(1,993,325)
Total operating expenses	(83,007,944)	(19,944,400)	(1,993,325)
Income (loss) from Operations	13,070,626	1,120,713	(1,993,325)
Realized gain on exchange of digital assets	7,738,557	805,557
Impairment of digital assets	(9,045,007)
Loss from disposal of property and equipment	(3,746,247)
Other income (expense)	702,414	(1,924)
Total other (expenses) income, net	(4,350,283)	803,633
Income (loss) from continuing operations before income taxes	8,720,343	1,924,346	(1,993,325)
Income tax expenses	(3,856,341)
Net income (loss) from continuing operations	4,864,002	1,924,346	(1,993,325)
Net loss from discontinued operations, net of income taxes		(3,834,683)	(7,682,866)
Net income (loss)	4,864,002	(1,910,337)	(9,676,191)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment			(75,120)
Reclassified to net loss from discontinued operations		100,185
Comprehensive income (loss)	$ 4,864,002	$ (1,810,152)	$ (9,751,311)
Weighted average number of ordinary share outstanding
Basic (in Shares)	55,440,527	30,591,122	15,197,815
Diluted (in Shares)	57,529,895	30,591,122	15,197,815
Income (loss) per share
Basic (in Dollars per share)	$ 0.09	$ (0.06)	$ (0.62)
Diluted (in Dollars per share)	$ 0.08	$ (0.06)	$ (0.62)

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity - USD ($)	Preferred Shares	Common Shares	Treasury Stocks	Shares Subscription Receivables	Additional paid-in capital	Retained earnings (accumulated deficit) Statutory reserves	Retained earnings (accumulated deficit) Unrestricted	Accumulated Other comprehensive loss	Non-controlling interest	Total
Balance at Dec. 31, 2018		$ 148,992		$ (45,457)	$ 15,855,220	$ 6,189	$ (4,319,902)	$ (33,947)	$ 467,156	$ 12,078,251
Balance (in Shares) at Dec. 31, 2018		14,899,185
Issuance of over-allotment ordinary shares		$ 5,000			1,755,000					1,760,000
Issuance of over-allotment ordinary shares (in Shares)		500,000
Net (loss) inome							(9,470,250)		(205,941)	(9,676,191)
Foreign currency translation								(66,238)	(8,882)	(75,120)
Balance at Dec. 31, 2019		$ 153,992		(45,457)	17,610,220	6,189	(13,790,152)	(100,185)	252,333	4,086,940
Balance (in Shares) at Dec. 31, 2019		15,399,185
Issuance of ordinary shares to pursuant to certain private placements		$ 280,000			19,520,000					19,800,000
Issuance of ordinary shares to pursuant to certain private placements (in Shares)		28,000,000
Issuance of ordinary shares to in exchange of bitcoin miners		$ 43,446			15,423,341					15,466,787
Issuance of ordinary shares to in exchange of bitcoin miners (in Shares)		4,344,603
Issuance of ordinary shares to service consultants		$ 3,000			453,000					456,000
Issuance of ordinary shares to service consultants (in Shares)		300,000
Disposition of peer-to-peer lending business and the car rental business				45,457	213,065	(6,189)			(252,333)
Net (loss) inome							(1,910,337)			(1,910,337)
Reclassified to net loss from discontinued operations, net of tax								100,185		100,185
Balance at Dec. 31, 2020		$ 480,438			53,219,626		(15,700,489)			37,999,575
Balance (in Shares) at Dec. 31, 2020		48,043,788
Issuance of ordinary shares to pursuant to certain private placements		$ 137,528			71,200,206					71,337,734
Issuance of ordinary shares to pursuant to certain private placements (in Shares)		13,752,810
Issuance of ordinary shares pursuant to conversion of convertible notes		$ 2,797			1,277,203					1,280,000
Issuance of ordinary shares pursuant to conversion of convertible notes (in Shares)		279,662
Issuance of ordinary shares pursuant to direct offerings		$ 61,972			34,193,028					34,255,000
Issuance of ordinary shares pursuant to direct offerings (in Shares)		6,197,194
Share based compensation in connection with issuance of ordinary shares		$ 1,802			1,444,296					1,446,098
Share based compensation in connection with issuance of ordinary shares (in Shares)		180,232
Issuance of ordinary shares in connection with share-based compensation		$ 22,532,000,000			20,438,786,000,000					20,461,318,000,000
Issuance of ordinary shares in connection with share-based compensation (in Shares)		2,253,217
Exchange of ordinary share into preferred share	$ 9,050,000	$ (10,000)					(9,040,000)
Exchange of ordinary share into preferred share (in Shares)	1,000,000	(1,000,000)
Withholding of ordinary shares for payment of employee withholding taxes		$ (1,155)	(1,094,859)		1,096,014
Withholding of ordinary shares for payment of employee withholding taxes (in Shares)		(115,514)
Net (loss) inome							4,864,002			4,864,002
Balance at Dec. 31, 2021	$ 9,050,000	$ 695,914	$ (1,094,859)		$ 182,869,159		$ (19,876,487)			$ 171,643,727
Balance (in Shares) at Dec. 31, 2021	1,000,000	69,591,389

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net income (loss)	$ 4,864,002	$ (1,910,337)	$ (9,676,191)
Less: Net loss from discontinued operations		3,834,683	7,682,866
Net income (loss) from continuing operations	4,864,002	1,924,346	(1,993,325)
Adjustments to reconcile net income (loss) from continuing operations to net cash used in operating activities:
Depreciation of property and equipment	13,113,964	3,324,655
Loss from disposal of property and equipment	3,746,247
Impairment of digital assets	9,045,007
Share based compensation expenses in connection with issuance of restricted shares	20,461,318
Share based compensation expenses in connection with issuance of common shares	1,446,098	456,000	1,760,000
Loss from acquisition of a subsidiary		1,964
Deferred tax expenses	404,291
Changes in operating assets and liabilities:
Digital assets	(104,117,143)	(21,440,377)
Other current assets	(257,736)	(1,762,167)	(335,523)
Other noncurrent assets	(5,538,500)
Accounts payable	21,551,220	14,284,286
Income tax payable	559,774
Long-term income tax payable	2,767,276
Other payables and accrued liabilities	8,695,500	(207,803)	426,567
Net Cash Used in Operating Activities from Continuing Activities	(23,258,682)	(3,419,096)	(142,281)
Net Cash Used in Operating Activities from Discontinued Activities			(1,205,201)
Net Cash Used in Operating Activities	(23,258,682)	(3,419,096)	(1,347,482)
Cash Flows from Investing Activities:
Purchases of property and equipment	(6,466,270)	(4,505,491)
Deposits for property and equipment	(40,374,950)		(110,000)
Proceeds from sales of digital assets	5,906,790	2,447,406
Acquisition of cash in connection with acquisition of a subsidiary		11,326
Net Cash Used in Investing Activities from Continuing Operations	(40,934,430)	(2,046,759)	(110,000)
Net Cash Used in Investing Activities from Discontinued Operations			(806,167)
Net Cash Used in Investing Activities	(40,934,430)	(2,046,759)	(916,167)
Cash Flows from Financing Activities:
Proceeds from issuance of ordinary shares under direct offering	34,255,000
Proceeds from issuance of convertible notes, net of issuance costs	1,280,000
Proceeds from issuance of ordinary share under private placement transactions, net of issuance cost	74,958,366	5,248,000
Payment of liquidated damages related to private placement transactions	(3,200,000)
Proceeds from borrowings from related parties		7,000
Repayment of borrowings to related parties	(12,000)
Withholding of common shares to pay employee withholding taxes	(1,094,859)
Net Cash Provided by Financing Activities	106,186,507	5,255,000
Effect of exchange rate changes on cash and cash equivalents			(40,126)
Net increase (decrease) in cash, cash equivalents and restricted cash	41,993,395	(210,855)	(2,303,775)
Cash, cash equivalents and restricted cash, beginning of year	405,133	630,650	2,934,425
Cash, cash equivalents and restricted cash, end of year	42,398,528	419,795	630,650
Less: cash, cash equivalents and restricted cash from discontinued operations, end of year		14,662	14,662
Cash, cash equivalents and restricted cash from continuing operations, end of year	42,398,528	405,133	615,988
Supplemental Cash Flow Information
Cash paid for interest expense
Cash paid for income tax	125,000
Non-cash Transactions of Investing and Financing Activities
Collection of USDC from private placement	1,179,368	14,552,000
Proceeds from sales of miners in USDT	9,441,561
Investment in an investment security in USDC	(1,000,000)
Purchases of property and equipment in USDT	(21,103,910)
Purchases of property and equipment in USDC	(895,893)	(14,416,498)
Issuance of ordinary shares in exchange of property and equipment		(15,466,787)
Payment of deposits on equipment in BTC	(13,226,077)
Collection of USDC from a related party		329,722
Repayment of USDC to a related party	(329,722)
Cash and cash equivalents	42,398,528	405,133	15,988
Restricted cash			600,000
Cash, cash equivalents and restricted cash	$ 42,398,528	$ 405,133	$ 615,988

Organization and Principal Acti

Organization and Principal Activities	12 Months Ended
	Dec. 31, 2021
Organization and Principal Activities [Abstract]
ORGANIZATION AND PRINCIPAL ACTIVITIES	1. ORGANIZATION AND PRINCIPAL ACTIVITIES Bit Digital, Inc. (“BTBT” or the “Company”), formerly known as Golden Bull Limited, is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands. The Company is currently engaged in the bitcoin mining business through its wholly owned subsidiaries in the United States and Canada. The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities: Name Background Ownership Bit Digital USA, Inc. (“BT USA”) ● A United States company 100% owned by Bit Digital, Inc. Bit Digital Canada, Inc. (“BT Canada”) ● A Canadian company 100% owned by Bit Digital, Inc. Bit Digital Hong Kong Limited (“BT HK”) ● A Hong Kong company 100% owned by Bit Digital, Inc. Bit Digital Strategies Limited (“BT Strategy”) ● A Hong Kong company 100% owned by Bit Digital, Inc. Bit Digital Singapore PTE. LTD. (“BT Singapore”) ● A Singapore company 100% owned by Bit Digital, Inc. Golden Bull USA, Inc. (“Golden Bull USA”) (Disposed on March 16, 2022) ● A United States company 100% owned by Bit Digital, Inc.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Organization and Principal Activities [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All material transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. Use of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the valuation of digital assets and other current assets, useful lives of property and equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities and realization of deferred tax assets. Actual results could differ from those estimates. Fair value of financial instruments ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 - inputs to the valuation methodology are unobservable. Fair value of digital assets is based on quoted prices in active markets. The fair value of the Company’s other financial instruments including cash and cash equivalents, deposits, other receivables, accounts payable, due to related parties, accounts payable and other payables, approximate their fair values because of the short-term nature of these assets and liabilities. Warrants were measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy (Note 8). Cash and cash equivalents Cash includes cash on hand and demand deposits in accounts maintained with commercial banks. The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents. Digital assets Digital assets (including bitcoin, ETH and USDC) are included in current assets in the accompanying consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded to the Company through its mining activities are accounted for in connection with the Company’s revenue recognition policy disclosed below. Digital assets held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. Purchases of digital assets by the Company, if any, will be included within investing activities in the accompanying consolidated statements of cash flows, while digital assets awarded to the Company through its mining activities are included within operating activities on the accompanying consolidated statements of cash flows. The sales of digital assets are included within investing activities in the accompanying consolidated statements of cash flows and any realized gains or losses from such sales are included in “realized gain (loss) on exchange of digital assets” in the consolidated statements of operations and comprehensive income (loss). The Company accounts for its gains or losses in accordance with the first-in first-out method of accounting. Investment security As of December 31, 2021, investment security represents the Company’s investment in one privately held company over which the Company neither has control nor significant influence through investment in ordinary share. Equity securities not accounted for using the equity method are carried at fair value with unrealized gains and losses recorded in the consolidated income statements, according to ASC 321, Investments - Equity Securities Equity investments in privately held companies accounted for using the measurement alternative are subject to periodic impairment reviews. The Company’s impairment analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of these equity securities, including consideration of the impact of the COVID-19 pandemic. In computing realized gains and losses on equity securities, the Company determines cost based on amounts paid using the average cost method. Dividend income is recognized when the right to receive the payment is established. Property and equipment Property and equipment are stated at cost, net of accumulated depreciation. The straight-line depreciation method is used to compute depreciation over the estimated useful lives of the assets, as follows: Miners 3 years Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in in “other income (expenses)” in the consolidated statements of operations and other comprehensive loss. Impairment of long-lived assets Long-lived assets, including property and equipment are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. Revenue recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not The Company recognizes revenue when it transfers its goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. Digital asset mining The Company has entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed digital assets award the mining pool operator receives, for successfully adding a block to the blockchain. The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm. Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. Fair value of the digital assets award received is determined using the quoted price of the related digital assets at the time of receipt. There is currently no specific definitive guidance under US GAAP or alternative accounting framework for the accounting for digital assets recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s consolidated financial position and results from operations. Cost of revenue The Company’s cost of revenue consists primarily of direct production costs related to mining operations, including utilities and other service charges, but excluding depreciation and amortization, which are separately stated in the Company’s consolidated statements of operations. Income taxes The Company accounts for income taxes under the asset and liability method, in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable. ASC Topic 740, Income Taxes, (“ASC 740”), also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. Earnings (Loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue ordinary share were exercised or converted into ordinary share or resulted in the issuance of ordinary share that then shared in the earnings of the entity. Comprehensive income (loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). For the years ended December 31, 2020 and 2019, the foreign currency translation gain or loss resulting from translation of the financial statements expressed in RMB to US$ is reported in other comprehensive loss in the consolidated statements of operations and other comprehensive loss. For the year ended December 31, 2021, the Company had no other comprehensive income (loss). Statement of cash flows In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s historical operations were formulated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheets. Commitments and contingencies In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. Share-based compensation Share-based awards granted are measured at fair value on grant date and share-based compensation expense is recognized (i) immediately at the grant date if no vesting conditions are required, or (ii) using the straight-line attribution method, net of estimated forfeitures, over the requisite service period. The fair values of restricted stock units (“RSUs”) and restricted shares are determined with reference to the fair value of the underlying shares and the fair value of share options is generally determined using the Black-Scholes valuation model. The value is recognized as an expense over the respective service period, net of estimated forfeitures. Share-based compensation expense, when recognized, is charged to the consolidated income statements with the corresponding entry to additional paid-in capital, liability or noncontrolling interests. On each measurement date, the Company reviews internal and external sources of information to assist in the estimation of various attributes to determine the fair value of the share-based awards granted by the Company, including the fair value of the underlying shares, expected life and expected volatility. The Company recognizes the impact of any revisions to the original forfeiture rate assumptions in the consolidated income statements, with a corresponding adjustment to equity. In April 2019, the Company adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Treasury stock The Company accounts for treasury stocks using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury stocks account on the consolidated balance sheets. The Company treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as ordinary share repurchases because they reduce the number of shares that would have been issued upon vesting. Discontinued operations In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. As of December 31, 2020, Golden Bull Limited’s former peer-to-peer lending business and the car rental business in the PRC met all the conditions required in order to be classified as a discontinued operation. Accordingly, the operating results of the peer-to-peer lending business and the car rental business in the PRC are reported as a loss from discontinued operations in the accompanying consolidated financial statements for all periods presented. In addition, the assets and liabilities related to our peer-to-peer lending business and the car rental business in the PRC are reported as assets and liabilities of discontinued operations in the accompanying consolidated balance sheets on December 31, 2019. For additional information, see Note 14, “Disposition of Point Cattle”. Reclassification The Company reclassified USDC to digital assets in the 2020 financial statements to conform to the presentation as of December 31, 2021. The reclassification has no impact on the total assets and total liabilities as of December 31, 2021. Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect the change. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”) In 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In May 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)

Digital Assets

Digital Assets	12 Months Ended
	Dec. 31, 2021
Digital Assets [Abstract]
DIGITAL ASSETS	3. DIGITAL ASSETS Digital asset holdings were comprised of the following: December 31, December 31, BTC $ 35,025,158 $ 6,237,917 USDC 15,829,464 56,005 ETH 257,524 - Total $ 51,112,146 $ 6,293,922 Additional information about bitcoin and ETH For the years ended December 31, 2021 and 2020, the Company generated bitcoins primarily through provision of mining services. The following table presents additional information about bitcoins for the years ended December 31, 2021 and 2020, respectively: December 31, December 31, Opening balance $ 6,237,917 $ - Receipt of bitcoins from mining services 96,078,570 21,065,113 Receipt of bitcoins from investment of WBTC 109,627 - Sales of bitcoins in exchange of cash (5,706,790 ) (15,534,982 ) Payment of BTC as deposits on property and equipment (13,226,077 ) - Payment of BTC for utility charges in mining facilities (24,335,680 ) - Payment of BTC for other expenses (735,863 ) - Exchange of BTC into USDT and USDC (22,247,212 ) - Collection of bitcoins from a third party (Note 4) 97,771 (97,771 ) Realized gain on sale of digital assets 7,738,557 805,557 Impairment of bitcoins (8,985,662 ) - Ending balance $ 35,025,158 $ 6,237,917 For the years ended December 31, 2021, the Company purchased 101 ETH at an aggregate cost of $289,668, of which 96 ETH were staked with an unaffiliated third party in June 2021. The Company won't be able to withdraw the stake until later next year. For the year ended December 31, 2021, the Company received 5.9 ETH from such stake, and the Company recognized the gain of 5.9 ETH as investment income in the account of “other income”. For the year ended December 31, 2021, the Company recognized impairment of $8,985,662 against bitcoins and $59,345 against ETH, respectively. Additional information about USDT and USDC The following table presents additional information about USDT for the years ended December 31, 2021 and 2020, respectively: For the Years Ended 2021 2020 Opening balance $ - $ - Addition from exchange of BTC 20,251,577 - Refund of deposit on property and equipment 10,810,130 - Collection from sales of miners 9,441,561 - Purchases of miners (21,103,910 ) - Exchange of USDT into USDC (16,026,788 ) Payment of services (2,300,376 ) - Payment of deposits to service providers (782,526 ) - Purchases of ETH (289,668 ) - Ending balance $ - $ - The following table presents additional information about USDC for the years ended December 31, 2021 and 2020, respectively: For the Years Ended 2021 2020 Opening balance $ 56,005 $ - Exchange of USDT into USDC 16,005,622 - Addition from exchange of BTC 1,995,635 - Collection from private placement 1,179,368 - Refund of deposit on property and equipment 234,371 - Exchange of cash into USDC 200,000 - Collection from borrowings from a related party - 329,722 Payment of services (1,615,922 ) (273,717 ) Investment in an investment security (1,000,000 ) - Purchases of miners (895,893 ) - Repayment of borrowings from a related party (Note 12) (329,722 ) - Ending balance $ 15,829,464 $ 56,005

Other Current Assets

Other Current Assets	12 Months Ended
	Dec. 31, 2021
Other Current Assets [Abstract]
OTHER CURRENT ASSETS	4. OTHER CURRENT ASSETS Other current assets were comprised of the following: December 31, December 31, Deposits (a) $ 2,981,684 $ 1,909,800 Due from third parties (b) - 97,771 Office rental deposit 41,793 - Others 27,139 12,803 Total $ 3,050,616 $ 2,020,374 (a) As of December 31, 2021 and 2020, the balance of deposits represented the deposits made to two service providers respectively, who paid utility charges in mining facilities on behalf of the Company. The deposits are refundable upon expiration of the agreement between the Company and the service provider, which may be due within 12 months from the effective date of the agreement. (b) As of December 31, 2020, the balance of due from third parties represented lending of 5.19 bitcoins. During the year ended December 31, 2021, the Company lent an additional 141.99 bitcoins to two third parties. The bitcoins were repayable on demand. As of December 31, 2021, the third parties repaid all bitcoins.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	5. PROPERTY AND EQUIPMENT, NET Property and equipment, net was comprised of the following: December 31, December 31, Miners for Bitcoin $ 33,268,859 $ 33,173,812 Miners for ETH 5,829,019 - Less: accumulated depreciation (6,608,720 ) (3,324,655 ) Property and equipment, net $ 32,489,158 $ 29,849,157 In anticipation of purchase opportunities for newer, more efficient machines, the Company sold 15,808 miners to three third party customers for a total consideration of $9,441,561 during the year ended December 31, 2021. On the date of the transaction, the original cost and accumulated depreciation of these 15,808 miners was $11,044,804 and $2,213,763, respectively. The Company recognized a gain on sales of $610,520 which was recorded as a reduction against “loss from disposal of property and equipment”. As of the date of this report, the Company has collected the consideration in the form of USDT. In addition, during the year ended December 31, 2021, the Company disposed of 1,779 miners. On the date of disposal, the original cost and accumulated depreciation of these 1,779 miners was $5,307,790 and $951,024, respectively. The Company incurred a loss of $4,356,767, which was recorded in the account of “loss from disposal of property and equipment”. In December 2021, the Company purchased 731 miners to mine ETH. As of December 31, 2021, these miners have not been placed in service. The estimated useful life for the ETH miners is 3 years. For the years ended December 31, 2021 and 2020, depreciation expenses were $13,113,964 and $3,342,655, respectively.

Investment Security

Investment Security	12 Months Ended
	Dec. 31, 2021
Investment Security [Abstract]
INVESTMENT SECURITY	6. INVESTMENT SECURITY As of December 31, 2021, the balance of investment security represents the Company’s investment of $1,000,000 in one privately held company over which the Company neither has control nor significant influence through investment in ordinary shares. The investment was made in March 2021, and the cost of investment approximated the fair value. During the year ended December 31, 2021, the Company did not record upward adjustments or downward adjustments on the investment. The Company’s impairment analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of the equity security. As of December 31, 2021, the Company did not recognize impairment against the investment security.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-Based Awards [Abstract]
SHARE-BASED COMPENSATION	7. SHARE-BASED COMPENSATION Restricted Stock Units (“RSUs”) Share-based compensation such as RSUs, incentive and non-statutory stock options, restricted shares, share appreciation rights and share payments may be granted to any directors, employees and consultants of the Company or affiliated companies under 2021 Omnibus Equity Incentive Plan (“2021 Plan”) and 2021 Second Omnibus Equity Incentive Plan (“2021 Second Plan”). An aggregate of 2,415,293 RSUs were granted under the 2021 Plan and no ordinary shares remain reserved for issuance under the 2021 Plan. There are 5,000,000 ordinary shares reserved for issuance under the Company’s 2021 Second Plan with 11,000 shares granted as of December 31, 2021. Pursuant to a Consulting Services Agreement dated February 1, 2021, with Wellington Park, Inc., the Company granted 15,000 RSUs to each of its CEO, Bryan Bullett and the CSO, Sam Tabar, then consultants. All of these RSUs are subject to a 24-month service vesting schedule, and vest 1/24 for each month. Pursuant to a Consulting Services Agreement dated March 31, 2021, the Company granted 120,765 RSUs to Bryan Bullett, the Chief Executive Officer and Sam Tabar, the Chief Strategy Officer, respectively, as part of the compensation for their services. All of these RSUs are subject to a 24-month service vesting schedule, and vest 1/24 for each month. On July 29, 2021, the Company granted 1,954,400 RSUs to senior management and consultants for past services, 1,920,000 of which were immediately vested, and the remainder of which are vested per their vesting schedules. On October 13, 2021, the Company granted 18,400 RSUs to two consultants, and the RSUs were subject to 6-month and 2-month vesting schedules, respectively. On October 29, 2021, the Company granted 10,000 and 140,963 RSUs to an independent director and an employee for their past services. All of these RSUs were vested immediately. On October 30, 2021, the Company granted 20,000 RSUs to an independent director in connection with the Director Agreement executed on October 18, 2021. These RSUs were vested immediately. On December 30, 2021, the Company granted 11,000 RSUs to two employees as annual bonus. These RSUs will be vested on January 3, 2022. A summary of the changes in the RSUs relating to ordinary shares granted by the Company during the years ended December 31, 2021 is as follows: Number of RSUs Weighted Awarded and unvested as of January 1, 2021 - $ - Granted 2,426,293 $ 9.18 Vested (2,247,617 ) $ 8.82 Awarded and unvested as of December 31, 2021 178,676 $ 13.76 Expected to vest as of December 31, 2022 167,365 $ 13.68 As of December 31, 2021, there were $1,818,721of unrecognized compensation costs related to all outstanding RSUs. These amounts are expected to be recognized over a weighted average period of 1.04 years. During the years ended December 31, 2021, the Company recognized share-based compensation expense of $20,461,318 in connection with the above RSU awards. Other share-based compensation In May 2021 and July 2021, the Company issued an 80,232 and 100,000 ordinary shares as payment to two service providers for marketing and promotion services and financial consulting services, respectively. The Company recognized share-based compensation expenses aggregating $1,446,098, at per share price by reference to the closing price on issuance dates.

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
SHARE CAPITAL	8. SHARE CAPITAL Ordinary shares As of December 31, 2020, there were 48,043,788 ordinary shares issued and outstanding. On January 5, 2021, the Company completed the sale of 262,082 ordinary shares at $4.50 per share for gross proceeds of $1,179,368 to eleven (11) non-US Persons. The exemption from registration was claimed under Regulation S under the Securities Act of 1933, as amended (the “Securities Act”) based on the representations and warranties contained in securities purchase agreements signed by all investors. The proceeds from the private placements were in the form of USDC. On February 5 and March 12, 2021, the Company completed the sale of subordinated convertible notes in the principal amounts of $1,100,000 and $550,000, respectively, to Ionic Ventures LLC (“Ionic”), an accredited institutional investor pursuant to a Securities Purchase Agreement. On May 5, 2021, the convertible notes were automatically converted into 289,662 ordinary shares at $5.70 per share. On May 5, 2021, the Company’s Form F-1 Registration Statement covering the resale of 6,412,500 ordinary shares was declared effective by the Securities and Exchange Commission (the “SEC”). The 6,412,500 ordinary shares consisted of 412,500 shares issuable to Ionic Ventures LLC (“Ionic”) upon the conversion of $1,650,000 principal amount of senior convertible notes, and 6,000,000 shares issuable to Ionic pursuant to a Purchase Agreement dated as of January 11, 2021. On the same date, the Company issued 279,662 ordinary shares at $5.70 per share to the holders of Convertible Notes to settle all outstanding Notes plus accrued interest. During May 20, 2021 through August 3, 2021, the Company issued an aggregate of 6,000,000 ordinary shares to Ionic for gross proceeds of $36 million. The Company received net proceeds of $34,255,000 after deducting fees payable to broker-dealers and certain other transaction expenses, including fees and expenses of legal counsels in connection with the transactions. In connection with the financing activity with Ionic, the Company issued 15,000 ordinary shares as Filing Default Shares and 10,000 Effectiveness Default Shares. On August 19, 2021, the Company cancelled 27,806 ordinary shares redeemed from Ionic. On May 6, 2021 and July 19, 20221, the Company issued 80,232 and 100,000 ordinary shares, respectively as compensation fees to certain service providers for marketing and promotion services and financial consulting services. On July 30, 2021, the Company entered into an amended and restated Purchase Agreement with Ionic covering up to 20,000,000 ordinary shares issuable to Ionic. The Form F-3 Registration Statement filed on July 30, 2021 was declared effective by the SEC on February 7, 2022. On August 10, the Company issued 200,000 ordinary shares to Ionic as a one-time waiver of the prohibition on Variable Rate Transactions contained in Section 5(m) of the Share Purchase Agreement with Ionic, resulting from the Company entering into an at the market offering agreement with H.C. Wainwright on July 15, 2021 and disclosing the same in the prospectus supplement portion of the Company’s registration statement (File No.: 333-257934) on Form F-3 on July 15, 2021. On September 7, 2021, the Company cancelled 1,000,000 ordinary shares and issued 1,000,000 preferred shares to Geney Development Limited. See “Preferred Shares” below. On September 29, 2021, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain purchasers signatory thereto (the “Purchasers”), pursuant to which the Company agreed to issue and sell, in a private offering (the “Private Placement”), an aggregate of $80,000,017 of securities, consisting of 13,490,728 ordinary shares of the Company, par value $.01 per share and warrants to purchase an aggregate of 10,118,046 ordinary shares at an exercise price of $7.91 per whole share (“Warrant”), at a combined purchase price of $5.93 per share and accompanying warrant (collectively, the “Securities”). Each Warrant is exercisable immediately and will expire three and one-half years after the effective date of a resale registration statement (the “Registration Statement”) to be filed. On October 4, 2021, the Company closed the Private Placement. Pursuant to the Registration Rights Agreement, the Company is subject to liquidated damages if the Registration Statement registering shares for resale is not declared effective by the SEC per the mutually agreed timeline. The monthly payment is calculated at 2% of gross proceeds, or $1,600,000. Pursuant to ASC 450-20, a liability for the contingent obligation under the registration rights agreement was recognized at inception since it is probable that a payment under the registration rights agreement would be required and the amount of payment can be reasonably estimated. On closing of the private placements, the Company accrued payables of three months of liquidated damages of $4,800,000. As of December 31, 2021, the Company paid liquidated damages of $3,200,000. On January 25, 2022, the Registration Statement was declared effective. During the year ended December 31, 2021, the Company issued an aggregation of 2,253,217 ordinary shares to senior management, directors and consultants and withheld 115,514 ordinary shares from senior management for payment of employee withholding taxes. During the year ended December 31, 2021, the Company issued an aggregation of 180,232 ordinary shares as compensation fees to certain service providers for marketing and promotion services and financial consulting services (Note 7). As of December 31, 2021, there were 69,591,389 ordinary shares issued and outstanding. Preferred shares On May 26, 2021, the Company entered into a Share Exchange Agreement (the “Agreement”) with Geney Development Limited (“GDL”), a corporation formed under the laws of the British Virgin Islands. Geney is beneficially owned by Zhaohui Deng, the Company’s Chairman of the Board (70%) and Erke Huang, the Company’s Chief Financial Officer and a Director (30%), collectively referred to as the “Shareholders.” Under the Agreement, the Shareholders exchanged 1,000,000 ordinary shares, $.01 par value which GDL owned for 1,000,000 preference shares. The preference shares were authorized at the Company’s April 20, 2021, Annual General Meeting of Shareholders (“AGM”), pursuant to approval of an amendment to the Company’s authorized share capital and an amended and restated Memorandum and Articles of Association. At the AGM, the Company’s Shareholders approved the repurchase of the 1,000,000 ordinary shares held by GDL in consideration of the issuance of 1,000,000 preference shares. Subsequently, the Company entered into a Share Exchange Agreement pursuant to which the Company issued 1,000,000 preference shares in exchange for 1,000,000 ordinary shares. The preference shares are entitled to the following preference features: 1) an annual dividend of 8% when declared by the Board of Directors; 2) a liquidation preference of $10.00 per share; 3) convert on a one for one basis for ordinary shares, subject to a 4.99% conversion limitation; 4) rank senior to ordinary shares in insolvency; and 5) solely for voting purposes vote 50 ordinary shares, for each preference share. The purpose of creating and issuing the preference shares is to enable Messrs. Deng and Huang to implement and carry out the Company’s business plan without obstruction. As of December 31, 2021, there were 1,000,000 preferred shares issued and outstanding. Treasury stock The Company treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as ordinary share repurchases because they reduce the number of shares that would have been issued upon vesting. During 2021, the Company withheld 115,514 shares of its ordinary share that were surrendered to the Company for withholding taxes related to restricted stock vesting for $1,094,859 based on fair value of the withheld shares on the vesting date. Warrants On April 1, 2021, the Company entered into an engagement letter with H.C. Wainwright. The Company agreed to issue and sell, in a private placement, an aggregate of $80,000,017 of securities, consisting of 13,490,728 ordinary shares of the Company, par value $.01 per share and warrants to purchase an aggregate of 10,118,046 ordinary shares at an exercise price of $7.91 per whole share, at a combined purchase price of $5.93 per share and accompanying warrant. Each Warrant will be exercisable immediately and will expire three and one-half years following the effective date of the resale registration statement registering the ordinary shares and warrant shares. On October 4, 2021, the Company closed the private placement with institutional investors. In accordance with ASC 815, the Company determined that the warrants meet the conditions necessary to be classified as equity because the consideration is indexed to the Company’s own equity, there are no exercise contingencies based on an observable market not based on its stock or operations, settlement is consistent with a fixed-for-fixed equity instrument, the agreement contains an explicit number of shares and there are no cash payment provisions. On October 4, 2021, the fair value of the warrants of $33.3 million were estimated using the Black-Scholes model. Inherent in these valuations are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on historical and implied volatilities of selected peer companies as well as its own that match the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates it to remain at zero. The following table provides quantitative information regarding Level 3 fair value measurements inputs for the Company’s warrants at their measurement dates: As of Volatility 192.85 % Stock price 7.59 Expected life of the warrants to convert 3.81 Risk free rate 0.97 % Dividend yield 0.0 % As of December 31, 2021, the Company had 10,118,046 private placement warrants outstanding.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	9. INCOME TAXES Cayman Islands Under the current and applicable laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Our subsidiaries in Hong Kong are taxed at a reduced rate of 8.25% for assessable profits not exceeding 2 million HKD and remaining assessable profits will be taxed at the standard tax rate of 16.5% under Hong Kong profits tax. By virtue of the territorial source system adopted in Hong Kong, Bit Digital Hong Kong Limited is in the process of applying for the Offshore Non-taxable Claim on its bitcoin mining income earned in FY2021 and FY2020 under Hong Kong profits tax with the Hong Kong Inland Revenue Department (“HKIRD”) on the ground that the said income is not arising in or derived from Hong Kong. Given the Offshore Non-taxable Claim is still subject to review and agreement by the HKIRD and there are uncertainties surrounding the claim, the Hong Kong subsidiary recorded an unrecognized tax benefit of $2,767,276 as long-term income tax payable in FY2021 for its FY2021 and FY2020 taxable profits and the related share-based compensation tax deductions. According to ASC Topic 740, Income Taxes, (“ASC 740”), the uncertainty in income taxes shall be recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Based on the Company’s evaluation, it has been concluded that an unrecognized tax benefit of $2,767,276 is required. Accordingly, an associated long-term income tax payable is also recorded on the Company’s consolidated balance sheets. The Company believes that its income tax positions are more-likely-than-not to be sustained upon audit. United States of America For the US jurisdiction, the Company is subject to federal and state income taxes on its business operations. As of December 31, 2021, the annual effective tax rate for Bit Digital USA Inc. is 37.01%. The effective tax rate is different from the federal tax rate of 21% is primarily driven by the state tax expense, net of federal benefit, of 8.53% and several permanent book-tax adjustments, including excessive tax benefits from Stock-based Compensation of (8.5%), Section 162(m) limitation of 5.3% and non-deductible impairment of 10.5%. For Golden Bull USA Inc, the entity is only subjected to state minimum taxes of $50 in 2021. The Company also evaluated the impact from the recent tax reforms in the United States, including the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and Build Back Better Act (“BBB Act”). No material impact on the Company is expected based on our analysis. We will continue to monitor the potential impact going forward. In fiscal year 2021, the Company is subject to US federal income tax, state income tax and franchise tax, primarily from Nebraska and Texas. The Company will continue to monitor its exposure to different states and comply with state income taxes filing requirement as the Company continues to expand its business in the United States. The Company has not been under tax examination in any jurisdiction for fiscal year 2021 and 2020, respectively. For the years ended December 31, 2021 and 2020, the Company incurred US federal and state income tax expenses as below: For the Years Ended December 31, 2021 2020 2019 Federal Current $ - $ - $ - Deferred 738,851 - - 738,851 - - State Current 684,774 - - Deferred (276,479 ) - - 408,295 - - Total $ 1,147,146 $ - $ - Canada The effective tax rate for Canada entities is 17.8% for the years ended December 31, 2021. The Company is subject to both federal and provincial income taxes for its business operation in Canada as of December 31, 2021. For the years ended December 31, 2021 and 2020, the Company incurred Canada federal and state income tax benefits as below: For the Years Ended December 31, 2021 2020 2019 Federal Current $ - $ - $ - Deferred (37,879 ) - - (37,879 ) - - State Current - - - Deferred (20,202 ) - - (20,202 ) - - Total $ (58,081 ) $ - $ - Effective tax rate Below is a reconciliation of the statutory tax rate of US federal tax rate 21% to the effective tax rate for the consolidated group: For the Years Ended December 31, 2021 2020 2019 US Federal income tax rate 21.0 % 21.0 % 21.0 % Effect of foreign operations taxed at various rates 6.0 % 0 % 0 % State income taxes, net of federal benefit 3.0 % 0 % 0 % Reserves on Hong Kong share-based compensation tax benefits 11.5 % 0 % 0 % Excessive share-based Compensation tax benefits (3.0 )% 0 % 0 % Non-deductible executives compensation 1.9 % 0 % 0 % Non-deductible impairment on digital assets 3.7 % 0 % 0 % Others 0.1 % 0 % 0 % Effect of change in valuation allowance 0 % (21 )% (21 )% Total 44.2 % - - Deferred tax assets (liabilities) The consolidated Deferred tax assets (liabilities) as of December 31, 2021 and 2020 consist of the following: December 31, December 31, 2021 2020 Deferred tax assets: Net operating losses carryforwards $ 4,775,905 $ 241,083 Share-based compensation 609,933 Deferred tax liabilities: Depreciation (5,696,982 ) - Net deferred tax assets/(liabilities): (311,144 ) 241,083 Less: valuation allowance (93,147 ) (241,083 ) Net deferred tax assets/(liabilities) after Valuation Allowance $ (404,291 ) $ - The Company evaluates its valuation allowance requirements at end of each reporting period by reviewing all available evidence, both positive and negative, and considering whether, based on the weight of that evidence, a valuation allowance is needed. When circumstances cause a change in management’s judgement about the realizability of deferred tax assets, the impact of the change on the valuation allowance is generally reflected in income from operations. The future realization of the tax benefit of an existing deductible temporary difference ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryforward period available under applicable tax law. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. The Company evaluates its valuation allowance requirements at end of each reporting period by reviewing all available evidence, both positive and negative, and considering whether, based on the weight of that evidence, a valuation allowance is needed. When circumstances cause a change in management’s judgement about the recoverability of deferred tax assets, the impact of the change on the valuation allowance is generally reflected in income from operations. The future realization of the tax benefit of an existing deductible temporary difference ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryforward period available under applicable tax law. As of December 31, 2021 and 2020, the Company accrued valuation allowance of $93,147 and $241,803 against deferred tax assets arising from net operation losses carryforwards. For unrecognized tax benefits, the Company’s policy is to recognize interest and penalties that would be assessed in relation to the settlement value of unrecognized tax benefits as a component of income tax expense. The Company did not accrue either interest or penalties for the years ended December 31, 2021 and 2020, respectively, as those amounts are deemed to be immaterial and subject to the outcome of the HK offshore non-taxable exemption petition. During fiscal year 2021, the Company recorded an unrecognized tax benefit of $2.77 million related to its HK operations and the Company will continue to review its tax positions and provide for unrecognized tax benefits as they arise.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2021
Earnings (Loss) Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	10. EARNINGS (LOSS) PER SHARE For the Years Ended December 31, 2021 2020 2019 Net income (loss) $ 4,864,002 $ (1,910,337 ) $ (9,676,191 ) Weighted average number of ordinary share outstanding Basic 55,440,527 30,591,122 15,197,815 Diluted 57,529,895 30,591,122 15,197,815 Income (loss) per share Basic $ 0.09 $ (0.06 ) $ (0.62 ) Diluted $ 0.08 $ (0.06 ) $ (0.62 ) Basic earnings (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue ordinary share were exercised or converted into ordinary shares or resulted in the issuance of ordinary shares that then shared in the earnings of the entity. For the year ended December 31, 2021, the dilutive effect of warrants and preferred shares were included in the calculation of diluted earnings per share, but the unvested RSUs were excluded as being anti-dilutive.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2021
Related Parties [Abstract]
RELATED PARTIES	11. RELATED PARTIES On May 26, 2021, the Company entered into a Share Exchange Agreement (the “SEA”) with Geney Development Limited (“Geney”), a corporation formed under the laws of the British Virgin Islands. Geney is owned seventy (70%) percent by Zhaohui Deng, Chairman of the Board of the Company, and thirty (30%) percent owned by Erke Huang, the Company’s Chief Financial Officer and a director of the Company. Under the SEA, Geney exchanged 1,000,000 ordinary shares for 1,000,000 Preference Shares. Each Preference Share provides for: (i) an eight (8%) percent annual dividend when and if declared by the Board; (ii) a liquidation preference of $10 per share (an aggregate of $10 million) senior to ordinary shares; (iii) converts on a one-for-one basis, subject to a 4.99% blocker; and (iv) fifty (50) votes per Preference Share in order for management to carry out its intended business plan. As of December 31, 2020, the balance of due to related parties was $336,722, comprised of a balance of $329,722 due to Mr. Erke Huang, the Company’s interim Chief Executive Officer and Chief Financial Officer, and a balance of $7,000 due to one shareholder. During the Company’s normal business operations in the years ended December 31, 2021, the Company fully repaid the borrowings of $329,722 due to Mr. Erke Huang, the Company’s Chief Financial Officer in the form of USDC, and repaid the balance of $7,000 to the shareholder. As of December 31, 2021, the Company had no outstanding balance due to related parties.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2021
Contingencies [Abstract]
CONTINGENCIES	12. CONTINGENCIES On January 20, 2021, a securities class action lawsuit was filed against the Company and its Chief Executive Officer and Chief Financial Officer titled Anthony Pauwels v. Bit Digital, Inc., Min Hu and Erke Huang Yang v. Bit Digital, Inc., Min Hu and Erke Huang From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Disposition of Point Cattle

Disposition of Point Cattle	12 Months Ended
	Dec. 31, 2021
Disposition Of Point Cattle [Abstract]
DISPOSITION OF POINT CATTLE	13. DISPOSITION OF POINT CATTLE On September 8, 2020, the Company entered into a certain share purchase agreement (the “Disposition SPA”) by and among a British Virgin Islands company, Sharp Whale Limited (the “Purchaser”), Point Cattle Holding Limited (“Point Cattle”, or the “Subsidiary”) and the Company (the “Seller”). Pursuant to the Disposition SPA, the Purchaser purchased the Subsidiary in exchange for nominal consideration of $10.00 and other good and valuable consideration. Point Cattle Holdings Limited was a former wholly owned subsidiary of the Company in the British Virgin Islands, and through its subsidiaries and variable interest entities (“VIEs”), Golden Bull Limited previously operated its peer-to-peer lending business and the car rental business in PRC. On September 8, 2020, the parties completed all of the share transfer registration procedures as required by the laws of British Virgin Islands and all other closing conditions had been satisfied. As a result, the disposition contemplated by the Disposition SPA was completed. Upon completion of the disposition, the Purchaser became the sole shareholder of Point Cattle and as a result, assumed all assets and obligations of all the subsidiaries and VIE entities owned or controlled by Point Cattle. Upon the closing of the transaction, the Company does not bear any contractual commitment or obligation to the peer-to-peer business or the employees of Point Cattle and its subsidiaries and VIEs, nor to the Purchaser. On the same date, management was authorized to approve and commit to a plan to sell Point Cattle, therefore the major assets and liabilities relevant to the disposal are reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes, are reported as components of net income (loss) separate from the net loss of continuing operations in accordance with ASC 205-20-45. Considering the suspension of the former peer-to-peer lending business and the car rental business in the PRC, the net assets relevant to the sale of Point Cattle was fully impaired by the Company in March 2020. In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including that management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. As the transaction was closed on September 8, 2020, the Company had no assets and liabilities held for sale in the in the consolidated balance sheet as of December 31, 2021 or December 31, 2020. The following is a reconciliation of the amounts of major classes of income from operations classified as discontinued operations in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2021, 2020 and 2019: For the Years Ended December 31, 2021 2020 2019 Discontinued Operations Turnover $ - $ - $ 4,572,153 Operating expenses - - (12,129,167 ) Other income, net - - 680,951 Income tax expenses - - (806,803 ) Impairment of net assets - (3,734,498 ) - Net gain from discontinued operations - (100,185 ) - Net loss from discontinued operations $ - $ (3,834,683 ) $ (7,682,866 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS On June 3, 2019, Golden Bull USA, Inc. was incorporated in the State of New York as a wholly-owned subsidiary of the Company. This entity was formed to develop a car rental business in the United States, which never commenced and was terminated. On March 16, 2022, the Company entered into a Share Purchase Agreement with Star Choice Investments Limited (“Star Choice”), an unrelated Hong Kong entity. Pursuant to the agreement, Star Choice agreed to purchase one hundred (100%) percent of the outstanding shares of Golden Bull USA, Inc. for $10.00 and other good and valuable consideration. The sale was completed on March 16, 2022. On March 27, 2022, the Company entered into Asset Purchase Agreements with each of four (4) unaffiliated sellers (the “Sellers”) of bitcoin mining computers. The four (4) Sellers sold to the Company: 184 S19 JPRO miners; 197 S19 miners; 197 S19 miners; and 128 S19/S19 Pro miners, respectively. The Company issued an aggregate of 1,487,473 ordinary shares valued at $3.79 per share to the Sellers. Each of the Sellers is a resident of the PRC or Singapore. The offering by the Company was exempt from registration pursuant to the exemption provided by Regulation S under the Securities Act of 1933.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 31, 2021
Organization and Principal Activities [Abstract]
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All material transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.
Use of estimates	Use of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the valuation of digital assets and other current assets, useful lives of property and equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities and realization of deferred tax assets. Actual results could differ from those estimates.
Fair value of financial instruments	Fair value of financial instruments ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 - inputs to the valuation methodology are unobservable. Fair value of digital assets is based on quoted prices in active markets. The fair value of the Company’s other financial instruments including cash and cash equivalents, deposits, other receivables, accounts payable, due to related parties, accounts payable and other payables, approximate their fair values because of the short-term nature of these assets and liabilities. Warrants were measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy (Note 8).
Cash and cash equivalents	Cash and cash equivalents Cash includes cash on hand and demand deposits in accounts maintained with commercial banks. The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents.
Digital assets	Digital assets Digital assets (including bitcoin, ETH and USDC) are included in current assets in the accompanying consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded to the Company through its mining activities are accounted for in connection with the Company’s revenue recognition policy disclosed below. Digital assets held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. Purchases of digital assets by the Company, if any, will be included within investing activities in the accompanying consolidated statements of cash flows, while digital assets awarded to the Company through its mining activities are included within operating activities on the accompanying consolidated statements of cash flows. The sales of digital assets are included within investing activities in the accompanying consolidated statements of cash flows and any realized gains or losses from such sales are included in “realized gain (loss) on exchange of digital assets” in the consolidated statements of operations and comprehensive income (loss). The Company accounts for its gains or losses in accordance with the first-in first-out method of accounting.
Investment security	Investment security As of December 31, 2021, investment security represents the Company’s investment in one privately held company over which the Company neither has control nor significant influence through investment in ordinary share. Equity securities not accounted for using the equity method are carried at fair value with unrealized gains and losses recorded in the consolidated income statements, according to ASC 321, Investments - Equity Securities Equity investments in privately held companies accounted for using the measurement alternative are subject to periodic impairment reviews. The Company’s impairment analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of these equity securities, including consideration of the impact of the COVID-19 pandemic. In computing realized gains and losses on equity securities, the Company determines cost based on amounts paid using the average cost method. Dividend income is recognized when the right to receive the payment is established.
Property and equipment	Property and equipment Property and equipment are stated at cost, net of accumulated depreciation. The straight-line depreciation method is used to compute depreciation over the estimated useful lives of the assets, as follows: Miners 3 years Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in in “other income (expenses)” in the consolidated statements of operations and other comprehensive loss.
Impairment of long-lived assets	Impairment of long-lived assets Long-lived assets, including property and equipment are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values.
Revenue recognition	Revenue recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not The Company recognizes revenue when it transfers its goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange.
Digital asset mining	Digital asset mining The Company has entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed digital assets award the mining pool operator receives, for successfully adding a block to the blockchain. The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm. Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. Fair value of the digital assets award received is determined using the quoted price of the related digital assets at the time of receipt. There is currently no specific definitive guidance under US GAAP or alternative accounting framework for the accounting for digital assets recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s consolidated financial position and results from operations.
Cost of revenue	Cost of revenue The Company’s cost of revenue consists primarily of direct production costs related to mining operations, including utilities and other service charges, but excluding depreciation and amortization, which are separately stated in the Company’s consolidated statements of operations.
Income taxes	Income taxes The Company accounts for income taxes under the asset and liability method, in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable. ASC Topic 740, Income Taxes, (“ASC 740”), also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.
Earnings (Loss) per share	Earnings (Loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue ordinary share were exercised or converted into ordinary share or resulted in the issuance of ordinary share that then shared in the earnings of the entity.
Comprehensive income (loss)	Comprehensive income (loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). For the years ended December 31, 2020 and 2019, the foreign currency translation gain or loss resulting from translation of the financial statements expressed in RMB to US$ is reported in other comprehensive loss in the consolidated statements of operations and other comprehensive loss. For the year ended December 31, 2021, the Company had no other comprehensive income (loss).
Statement of cash flows	Statement of cash flows In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s historical operations were formulated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheets.
Commitments and contingencies	Commitments and contingencies In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
Share-based compensation	Share-based compensation Share-based awards granted are measured at fair value on grant date and share-based compensation expense is recognized (i) immediately at the grant date if no vesting conditions are required, or (ii) using the straight-line attribution method, net of estimated forfeitures, over the requisite service period. The fair values of restricted stock units (“RSUs”) and restricted shares are determined with reference to the fair value of the underlying shares and the fair value of share options is generally determined using the Black-Scholes valuation model. The value is recognized as an expense over the respective service period, net of estimated forfeitures. Share-based compensation expense, when recognized, is charged to the consolidated income statements with the corresponding entry to additional paid-in capital, liability or noncontrolling interests. On each measurement date, the Company reviews internal and external sources of information to assist in the estimation of various attributes to determine the fair value of the share-based awards granted by the Company, including the fair value of the underlying shares, expected life and expected volatility. The Company recognizes the impact of any revisions to the original forfeiture rate assumptions in the consolidated income statements, with a corresponding adjustment to equity. In April 2019, the Company adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
Treasury stock	Treasury stock The Company accounts for treasury stocks using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury stocks account on the consolidated balance sheets. The Company treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as ordinary share repurchases because they reduce the number of shares that would have been issued upon vesting.
Discontinued operation	Discontinued operations In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. As of December 31, 2020, Golden Bull Limited’s former peer-to-peer lending business and the car rental business in the PRC met all the conditions required in order to be classified as a discontinued operation. Accordingly, the operating results of the peer-to-peer lending business and the car rental business in the PRC are reported as a loss from discontinued operations in the accompanying consolidated financial statements for all periods presented. In addition, the assets and liabilities related to our peer-to-peer lending business and the car rental business in the PRC are reported as assets and liabilities of discontinued operations in the accompanying consolidated balance sheets on December 31, 2019. For additional information, see Note 14, “Disposition of Point Cattle”.
Reclassification	Reclassification The Company reclassified USDC to digital assets in the 2020 financial statements to conform to the presentation as of December 31, 2021. The reclassification has no impact on the total assets and total liabilities as of December 31, 2021.
Recent accounting pronouncements	Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect the change. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”) In 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In May 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)

Organization and Principal Ac_2

Organization and Principal Activities (Tables)	12 Months Ended
	Dec. 31, 2021
Organization and Principal Activities [Abstract]
Schedule of consolidated financial statements reflect the activities	Name Background Ownership Bit Digital USA, Inc. (“BT USA”) ● A United States company 100% owned by Bit Digital, Inc. Bit Digital Canada, Inc. (“BT Canada”) ● A Canadian company 100% owned by Bit Digital, Inc. Bit Digital Hong Kong Limited (“BT HK”) ● A Hong Kong company 100% owned by Bit Digital, Inc. Bit Digital Strategies Limited (“BT Strategy”) ● A Hong Kong company 100% owned by Bit Digital, Inc. Bit Digital Singapore PTE. LTD. (“BT Singapore”) ● A Singapore company 100% owned by Bit Digital, Inc. Golden Bull USA, Inc. (“Golden Bull USA”) (Disposed on March 16, 2022) ● A United States company 100% owned by Bit Digital, Inc.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Organization and Principal Activities [Abstract]
Schedule of estimated useful lives of the assets	Miners 3 years

Digital Assets (Tables)

Digital Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Digital Assets Tables [Abstract]
Schedule of digital asset holdings	December 31, December 31, BTC $ 35,025,158 $ 6,237,917 USDC 15,829,464 56,005 ETH 257,524 - Total $ 51,112,146 $ 6,293,922
Schedule of generated bitcoins primarily through provision of mining services	December 31, December 31, Opening balance $ 6,237,917 $ - Receipt of bitcoins from mining services 96,078,570 21,065,113 Receipt of bitcoins from investment of WBTC 109,627 - Sales of bitcoins in exchange of cash (5,706,790 ) (15,534,982 ) Payment of BTC as deposits on property and equipment (13,226,077 ) - Payment of BTC for utility charges in mining facilities (24,335,680 ) - Payment of BTC for other expenses (735,863 ) - Exchange of BTC into USDT and USDC (22,247,212 ) - Collection of bitcoins from a third party (Note 4) 97,771 (97,771 ) Realized gain on sale of digital assets 7,738,557 805,557 Impairment of bitcoins (8,985,662 ) - Ending balance $ 35,025,158 $ 6,237,917
Schedule of additional information USDT	For the Years Ended 2021 2020 Opening balance $ - $ - Addition from exchange of BTC 20,251,577 - Refund of deposit on property and equipment 10,810,130 - Collection from sales of miners 9,441,561 - Purchases of miners (21,103,910 ) - Exchange of USDT into USDC (16,026,788 ) Payment of services (2,300,376 ) - Payment of deposits to service providers (782,526 ) - Purchases of ETH (289,668 ) - Ending balance $ - $ -
Schedule of additional information USDC	For the Years Ended 2021 2020 Opening balance $ 56,005 $ - Exchange of USDT into USDC 16,005,622 - Addition from exchange of BTC 1,995,635 - Collection from private placement 1,179,368 - Refund of deposit on property and equipment 234,371 - Exchange of cash into USDC 200,000 - Collection from borrowings from a related party - 329,722 Payment of services (1,615,922 ) (273,717 ) Investment in an investment security (1,000,000 ) - Purchases of miners (895,893 ) - Repayment of borrowings from a related party (Note 12) (329,722 ) - Ending balance $ 15,829,464 $ 56,005

Other Current Assets (Tables)

Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Other Current Assets [Abstract]
Schedule of other current assets	December 31, December 31, Deposits (a) $ 2,981,684 $ 1,909,800 Due from third parties (b) - 97,771 Office rental deposit 41,793 - Others 27,139 12,803 Total $ 3,050,616 $ 2,020,374

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	December 31, December 31, Miners for Bitcoin $ 33,268,859 $ 33,173,812 Miners for ETH 5,829,019 - Less: accumulated depreciation (6,608,720 ) (3,324,655 ) Property and equipment, net $ 32,489,158 $ 29,849,157

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-Based Awards [Abstract]
Schedule of RSUs relating to ordinary shares granted	Number of RSUs Weighted Awarded and unvested as of January 1, 2021 - $ - Granted 2,426,293 $ 9.18 Vested (2,247,617 ) $ 8.82 Awarded and unvested as of December 31, 2021 178,676 $ 13.76 Expected to vest as of December 31, 2022 167,365 $ 13.68

Share Capital (Tables)

Share Capital (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of level 3 fair value measurements	As of Volatility 192.85 % Stock price 7.59 Expected life of the warrants to convert 3.81 Risk free rate 0.97 % Dividend yield 0.0 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of effective tax rate	For the Years Ended December 31, 2021 2020 2019 Federal Current $ - $ - $ - Deferred 738,851 - - 738,851 - - State Current 684,774 - - Deferred (276,479 ) - - 408,295 - - Total $ 1,147,146 $ - $ -
Schedule of Canada federal and state income tax benefits	For the Years Ended December 31, 2021 2020 2019 Federal Current $ - $ - $ - Deferred (37,879 ) - - (37,879 ) - - State Current - - - Deferred (20,202 ) - - (20,202 ) - - Total $ (58,081 ) $ - $ -
Schedule of effective tax rate	For the Years Ended December 31, 2021 2020 2019 US Federal income tax rate 21.0 % 21.0 % 21.0 % Effect of foreign operations taxed at various rates 6.0 % 0 % 0 % State income taxes, net of federal benefit 3.0 % 0 % 0 % Reserves on Hong Kong share-based compensation tax benefits 11.5 % 0 % 0 % Excessive share-based Compensation tax benefits (3.0 )% 0 % 0 % Non-deductible executives compensation 1.9 % 0 % 0 % Non-deductible impairment on digital assets 3.7 % 0 % 0 % Others 0.1 % 0 % 0 % Effect of change in valuation allowance 0 % (21 )% (21 )% Total 44.2 % - -
Schedule of deferred tax assets and liabilities	December 31, December 31, 2021 2020 Deferred tax assets: Net operating losses carryforwards $ 4,775,905 $ 241,083 Share-based compensation 609,933 Deferred tax liabilities: Depreciation (5,696,982 ) - Net deferred tax assets/(liabilities): (311,144 ) 241,083 Less: valuation allowance (93,147 ) (241,083 ) Net deferred tax assets/(liabilities) after Valuation Allowance $ (404,291 ) $ -

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings (Loss) Per Share [Abstract]
Schedule of earnings (loss) per share	For the Years Ended December 31, 2021 2020 2019 Net income (loss) $ 4,864,002 $ (1,910,337 ) $ (9,676,191 ) Weighted average number of ordinary share outstanding Basic 55,440,527 30,591,122 15,197,815 Diluted 57,529,895 30,591,122 15,197,815 Income (loss) per share Basic $ 0.09 $ (0.06 ) $ (0.62 ) Diluted $ 0.08 $ (0.06 ) $ (0.62 )

Disposition of Point Cattle (Ta

Disposition of Point Cattle (Tables)	12 Months Ended
	Dec. 31, 2021
Disposition Of Point Cattle [Abstract]
Schedule of net loss from discontinued operations	For the Years Ended December 31, 2021 2020 2019 Discontinued Operations Turnover $ - $ - $ 4,572,153 Operating expenses - - (12,129,167 ) Other income, net - - 680,951 Income tax expenses - - (806,803 ) Impairment of net assets - (3,734,498 ) - Net gain from discontinued operations - (100,185 ) - Net loss from discontinued operations $ - $ (3,834,683 ) $ (7,682,866 )

Organization and Principal Ac_3

Organization and Principal Activities (Details) - Schedule of consolidated financial statements reflect the activities	12 Months Ended
	Dec. 31, 2021
Bit Digital USA, Inc. [Member]
Organization and Principal Activities (Details) - Schedule of consolidated financial statements reflect the activities [Line Items]
Name	Bit Digital USA, Inc. (“BT USA”)
Background	● A United States company ● Incorporated on September 1, 2020 ● Engaged in bitcoin mining business
Ownership	100% owned by Bit Digital, Inc.
Bit Digital Canada, Inc. [Member]
Organization and Principal Activities (Details) - Schedule of consolidated financial statements reflect the activities [Line Items]
Name	Bit Digital Canada, Inc. (“BT Canada”)
Background	● A Canadian company ● Incorporated on February 23, 2021 ● Engaged in bitcoin mining business
Ownership	100% owned by Bit Digital, Inc.
Bit Digital Hong Kong Limited [Member]
Organization and Principal Activities (Details) - Schedule of consolidated financial statements reflect the activities [Line Items]
Name	Bit Digital Hong Kong Limited (“BT HK”)
Background	● A Hong Kong company ● Acquired on April 8, 2020 ● Engaged in bitcoin mining business
Ownership	100% owned by Bit Digital, Inc.
Bit Digital Strategies Limited [Member]
Organization and Principal Activities (Details) - Schedule of consolidated financial statements reflect the activities [Line Items]
Name	Bit Digital Strategies Limited (“BT Strategy”)
Background	● A Hong Kong company ● Incorporated on June 1, 2021 ● Engaged in treasury management activities
Ownership	100% owned by Bit Digital, Inc.
Bit Digital Singapore PTE. LTD. [Member]
Organization and Principal Activities (Details) - Schedule of consolidated financial statements reflect the activities [Line Items]
Name	Bit Digital Singapore PTE. LTD. (“BT Singapore”)
Background	● A Singapore company ● Incorporated on July 1, 2021 ● Engaged in treasury management activities
Ownership	100% owned by Bit Digital, Inc.
Golden Bull USA, Inc [Member]
Organization and Principal Activities (Details) - Schedule of consolidated financial statements reflect the activities [Line Items]
Name	Golden Bull USA, Inc. (“Golden Bull USA”) (Disposed on March 16, 2022)
Background	● A United States company ● Incorporated on June 3, 2019 ● Inactive
Ownership	100% owned by Bit Digital, Inc.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives of the assets	12 Months Ended
	Dec. 31, 2021
Miners [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives of the assets [Line Items]
Estimated useful lives	3 years

Digital Assets (Details)

Digital Assets (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Digital Assets Abstract [Abstract]
Additional information about investment description	the Company purchased 101 ETH at an aggregate cost of $289,668, of which 96 ETH were staked with an unaffiliated third party in June 2021. The Company won't be able to withdraw the stake until later next year. For the year ended December 31, 2021, the Company received 5.9 ETH from such stake, and the Company recognized the gain of 5.9 ETH as investment income in the account of “other income”.
Impairment of bitcoins	$ 8,985,662
Against ETH	$ 59,345

Digital Assets (Details) - Sche

Digital Assets (Details) - Schedule of digital asset holdings - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investment Holdings, Other than Securities [Line Items]
Total	$ 51,112,146	$ 6,293,922
BTC [Member]
Investment Holdings, Other than Securities [Line Items]
Total	35,025,158	6,237,917
USDC [Member]
Investment Holdings, Other than Securities [Line Items]
Total	15,829,464	56,005
ETH [Member]
Investment Holdings, Other than Securities [Line Items]
Total	$ 257,524

Digital Assets (Details) - Sc_2

Digital Assets (Details) - Schedule of generated bitcoins primarily through provision of mining services - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Schedule of generated bitcoins primarily through provision of mining services [Abstract]
Opening balance	$ 6,237,917
Receipt of bitcoins from mining services	96,078,570	21,065,113
Receipt of bitcoins from investment of WBTC	109,627
Sales of bitcoins in exchange of cash	(5,706,790)	(15,534,982)
Payment of BTC as deposits on property and equipment	(13,226,077)
Payment of BTC for utility charges in mining facilities	(24,335,680)
Payment of BTC for other expenses	(735,863)
Exchange of BTC into USDT and USDC	(22,247,212)
Collection of bitcoins from a third party (Note 4)	97,771	(97,771)
Realized gain on sale of digital assets	7,738,557	805,557
Impairment of bitcoins	(8,985,662)
Ending balance	$ 35,025,158	$ 6,237,917

Digital Assets (Details) - Sc_3

Digital Assets (Details) - Schedule of additional information USDT - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Schedule of additional information USDT [Abstract]
Opening balance
Addition from exchange of BTC	20,251,577
Refund of deposit on property and equipment	10,810,130
Collection from sales of miners	9,441,561
Purchases of miners	(21,103,910)
Exchange of USDT into USDC	(16,026,788)
Payment of services	(2,300,376)
Payment of deposits to service providers	(782,526)
Purchases of ETH	(289,668)
Ending balance

Digital Assets (Details) - Sc_4

Digital Assets (Details) - Schedule of additional information USDC - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Schedule of additional information USDC [Abstract]
Opening balance	$ 56,005
Exchange of USDT into USDC	16,005,622
Addition from exchange of BTC	1,995,635
Collection from private placement	1,179,368
Refund of deposit on property and equipment	234,371
Exchange of cash into USDC	200,000
Collection from borrowings from a related party		329,722
Payment of services	(1,615,922)	(273,717)
Investment in an investment security	(1,000,000)
Purchases of miners	(895,893)
Repayment of borrowings from a related party (Note 12)	(329,722)
Ending balance	$ 15,829,464	$ 56,005

Other Current Assets (Details)

Other Current Assets (Details) - Bitcoins	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Current Assets [Abstract]
Cost of per coin	141.99	5.19

Other Current Assets (Details)

Other Current Assets (Details) - Schedule of other current assets - USD ($)		Dec. 31, 2021	Dec. 31, 2020
Schedule of other current assets [Abstract]
Deposits	[1]	$ 2,981,684	$ 1,909,800
Due from third parties	[2]		97,771
Office rental deposit		41,793
Others		27,139	12,803
Total		$ 3,050,616	$ 2,020,374
[1]	As of December 31, 2021 and 2020, the balance of deposits represented the deposits made to two service providers respectively, who paid utility charges in mining facilities on behalf of the Company. The deposits are refundable upon expiration of the agreement between the Company and the service provider, which may be due within 12 months from the effective date of the agreement.
[2]	As of December 31, 2020, the balance of due from third parties represented lending of 5.19 bitcoins. During the year ended December 31, 2021, the Company lent an additional 141.99 bitcoins to two third parties. The bitcoins were repayable on demand. As of December 31, 2021, the third parties repaid all bitcoins.

Property and Equipment, Net (De

Property and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Property and Equipment, Net (Details) [Line Items]
Total consideration	$ 9,441,561
Gain on sales of property and equipment	$ (3,746,247)
Disposed of miners	1,779
Depreciation expenses	$ 13,113,964	$ 3,342,655
15,808 Miners [Member]
Property and Equipment, Net (Details) [Line Items]
Gain on sales of property and equipment	610,520
15,808 Miners [Member] | Maximum [Member]
Property and Equipment, Net (Details) [Line Items]
Accumulated depreciation	11,044,804
15,808 Miners [Member] | Minimum [Member]
Property and Equipment, Net (Details) [Line Items]
Accumulated depreciation	2,213,763
1,779 Miners [Member]
Property and Equipment, Net (Details) [Line Items]
Incurred loss	4,356,767
1,779 Miners [Member] | Maximum [Member]
Property and Equipment, Net (Details) [Line Items]
Accumulated depreciation	5,307,790
1,779 Miners [Member] | Minimum [Member]
Property and Equipment, Net (Details) [Line Items]
Accumulated depreciation	$ 951,024
ETH [Member]
Property and Equipment, Net (Details) [Line Items]
Purchased to miners	731
Estimated useful life	3 years
Three Third Party [Member]
Property and Equipment, Net (Details) [Line Items]
sold to miners	15,808

Property and Equipment, Net (_2

Property and Equipment, Net (Details) - Schedule of property and equipment - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (6,608,720)	$ (3,324,655)
Property and equipment, net	32,489,158	29,849,157
Miners for Bitcoins [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33,268,859	33,173,812
Miners for ETH [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,829,019

Investment Security (Details)

Investment Security (Details)	Dec. 31, 2021USD ($)
Investment Security [Abstract]
Investment amount	$ 1,000,000

Share-Based Compensation (Detai

Share-Based Compensation (Details)	Oct. 13, 2021shares	May 06, 2021shares	Dec. 30, 2021shares	Oct. 29, 2021shares	Jul. 31, 2021$ / sharesshares	Jul. 19, 2021shares	May 31, 2021shares	Aug. 03, 2021shares	Dec. 31, 2021USD ($)shares	Oct. 30, 2021shares	Jul. 29, 2021shares	Mar. 31, 2021shares	Feb. 01, 2021shares
Share-Based Compensation (Details) [Line Items]
Aggregate shares granted									2,415,293
Ordinary shares reserved									5,000,000
Shares granted	18,400		11,000	10,000						20,000	1,954,400	120,765	15,000
Shares immediately vested											1,920,000
Number of consultants	2
Restricted stock units				140,963
Number of employees			2
Unrecognized compensation costs (in Dollars) | $									$ 1,818
Weighted average period									1 year 14 days
Recognized share-based compensation expense (in Dollars) | $									$ 20,461,318
Aggregate of ordinary shares		80,232			100,000	100,000	80,232	6,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Per Share Weighted Average Price of Shares Purchased (in Dollars per share) | $ / shares					$ 1,446,098
Second Plan [Member]
Share-Based Compensation (Details) [Line Items]
Shares outstanding									11,000

Share-Based Compensation (Det_2

Share-Based Compensation (Details) - Schedule of RSUs relating to ordinary shares granted	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Schedule of RSUs relating to ordinary shares granted [Abstract]
Number of RSUs, Awarded and unvested beginning balance | shares
Weighted average grant date fair value, Awarded and unvested beginning balance | $ / shares
Number of RSUs, Granted | shares	2,426,293
Weighted average grant date fair value, Granted | $ / shares	$ 9.18
Number of RSUs, Vested | shares	(2,247,617)
Weighted average grant date fair value, Vested | $ / shares	$ 8.82
Number of RSUs, Awarded and unvested ending balance | shares	178,676
Weighted average grant date fair value, Awarded and unvested ending balance | $ / shares	$ 13.76
Number of RSUs, Expected to vest | shares	167,365
Weighted average grant date fair value, Expected to vest | $ / shares	$ 13.68

Share Capital (Details)

Share Capital (Details) - USD ($)

Oct. 04, 2021

Sep. 07, 2021

May 06, 2021

May 05, 2021

May 05, 2021

Apr. 01, 2021

Jan. 05, 2021

Sep. 29, 2021

Jul. 31, 2021

Jul. 19, 2021

May 31, 2021

May 26, 2021

Aug. 03, 2021

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Aug. 10, 2021

Jul. 30, 2021

Mar. 12, 2021

Feb. 05, 2021

Share Capital (Details) [Line Items]

Ordinary shares issued

48,043,788

Ordinary shares outstanding

48,043,788

Gross proceeds (in Dollars)

$ 9,441,561

Converted into ordinary shares

289,662

289,662

Converted ordinary per share

$5.70

Resale of ordinary share

6,412,500

6,412,500

Aggregate of ordinary shares

80,232

100,000

100,000

80,232

6,000,000

Finance gross proceeds (in Dollars)

$ 36,000,000

Net proceeds (in Dollars)

$ 34,255,000

$ 74,958,366

$ 5,248,000

Ordinary shares issued

69,591,389

48,043,788

Gross proceedsPercentage

2.00%

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax (in Dollars)

$ 1,600,000

$ 3,200,000

Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle (in Dollars)

$ 4,800,000

Retained ordinary shares

115,514

Preferred stock, voting rights description

The preference shares are entitled to the following preference features: 1) an annual dividend of 8% when declared by the Board of Directors; 2) a liquidation preference of $10.00 per share; 3) convert on a one for one basis for ordinary shares, subject to a 4.99% conversion limitation; 4) rank senior to ordinary shares in insolvency; and 5) solely for voting purposes vote 50 ordinary shares, for each preference share.

Preferred shares issued

1,000,000

Underwriting agreement, description

The Company agreed to issue and sell, in a private placement, an aggregate of $80,000,017 of securities, consisting of 13,490,728 ordinary shares of the Company, par value $.01 per share and warrants to purchase an aggregate of 10,118,046 ordinary shares at an exercise price of $7.91 per whole share, at a combined purchase price of $5.93 per share and accompanying warrant. Each Warrant will be exercisable immediately and will expire three and one-half years following the effective date of the resale registration statement registering the ordinary shares and warrant shares.

Ordinary Shares [Member]

Share Capital (Details) [Line Items]

Sale of shares

262,082

Sale of stock price per share (in Dollars per share)

$ 4.5

Gross proceeds (in Dollars)

$ 1,179,368

Shares issuable

200,000

Aggregate of ordinary shares

180,232

Filing default shares

15,000

Effectiveness default shares

10,000

Shares redeemed

27,806

Ordinary shares issued

69,591,389

Warrant [Member]

Share Capital (Details) [Line Items]

Purchase of aggregate ordinary share

115,514

Exercise price per ordinary share. (in Dollars per share)

$ 1,094,859

Fair value of warrant (in Dollars)

$ 33,300,000

Subordinated Convertible Notes [Member]

Share Capital (Details) [Line Items]

Principal amount (in Dollars)

$ 550,000

$ 1,100,000

Senior Convertible Notes [Member]

Share Capital (Details) [Line Items]

Conversion of principal amount (in Dollars)

$ 1,650,000

Holders of Convertible Notes [Member] | Ordinary Shares [Member]

Share Capital (Details) [Line Items]

Shares issuable

279,662

279,662

Price per share (in Dollars per share)

$ 5.7

$ 5.7

Purchase Agreement [Member]

Share Capital (Details) [Line Items]

Shares issuable

6,000,000

6,000,000

Ordinary shares issued

20,000,000

Securities purchase agreement, description

the Company agreed to issue and sell, in a private offering (the “Private Placement”), an aggregate of $80,000,017 of securities, consisting of 13,490,728 ordinary shares of the Company, par value $.01 per share and warrants to purchase an aggregate of 10,118,046 ordinary shares at an exercise price of $7.91 per whole share (“Warrant”), at a combined purchase price of $5.93 per share and accompanying warrant (collectively, the “Securities”). Each Warrant is exercisable immediately and will expire three and one-half years after the effective date of a resale registration statement (the “Registration Statement”) to be filed.

Private Placement [Member]

Share Capital (Details) [Line Items]

Private placement warrants outstanding

10,118,046

Senior Management and Consultants [Member]

Share Capital (Details) [Line Items]

Aggregate of ordinary shares

2,253,217

Ionic Ventures LLC [Member]

Share Capital (Details) [Line Items]

Ordinary shares consisted

6,412,500

6,412,500

Shares issuable

412,500

412,500

Geney Development Limited [Member] | Ordinary Shares [Member]

Share Capital (Details) [Line Items]

Shares redeemed

1,000,000

Geney Development Limited [Member] | Preferred shares [Member]

Share Capital (Details) [Line Items]

Shares issuable

1,000,000

Exchange agreement, description

the Company entered into a Share Exchange Agreement (the “Agreement”) with Geney Development Limited (“GDL”), a corporation formed under the laws of the British Virgin Islands. Geney is beneficially owned by Zhaohui Deng, the Company’s Chairman of the Board (70%) and Erke Huang, the Company’s Chief Financial Officer and a Director (30%), collectively referred to as the “Shareholders.” Under the Agreement, the Shareholders exchanged 1,000,000 ordinary shares, $.01 par value which GDL owned for 1,000,000 preference shares. The preference shares were authorized at the Company’s April 20, 2021, Annual General Meeting of Shareholders (“AGM”), pursuant to approval of an amendment to the Company’s authorized share capital and an amended and restated Memorandum and Articles of Association. At the AGM, the Company’s Shareholders approved the repurchase of the 1,000,000 ordinary shares held by GDL in consideration of the issuance of 1,000,000 preference shares. Subsequently, the Company entered into a Share Exchange Agreement pursuant to which the Company issued 1,000,000 preference shares in exchange for 1,000,000 ordinary shares.

Share Capital (Details) - Sched

Share Capital (Details) - Schedule of level 3 fair value measurements	Oct. 04, 2021$ / shares
Schedule of level 3 fair value measurements [Abstract]
Volatility	192.85%
Stock price (in Dollars per share)	$ 7.59
Expected life of the warrants to convert	3 years 9 months 21 days
Risk free rate	0.97%
Dividend yield	0.00%

Income Taxes (Details)

Income Taxes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021HKD ($)	Dec. 31, 2020USD ($)
Income Taxes (Details) [Line Items]
Tax profit rate, percentage	8.25%	8.25%
Tax profit rate (in Dollars)		$ 2
Remaining tax rate, percentage	16.50%	16.50%
Unrecognized tax benefits	$ 2,767,276
Income tax rate description	the annual effective tax rate for Bit Digital USA Inc. is 37.01%. The effective tax rate is different from the federal tax rate of 21% is primarily driven by the state tax expense, net of federal benefit, of 8.53% and several permanent book-tax adjustments, including excessive tax benefits from Stock-based Compensation of (8.5%), Section 162(m) limitation of 5.3% and non-deductible impairment of 10.5%. For Golden Bull USA Inc, the entity is only subjected to state minimum taxes of $50 in 2021.	the annual effective tax rate for Bit Digital USA Inc. is 37.01%. The effective tax rate is different from the federal tax rate of 21% is primarily driven by the state tax expense, net of federal benefit, of 8.53% and several permanent book-tax adjustments, including excessive tax benefits from Stock-based Compensation of (8.5%), Section 162(m) limitation of 5.3% and non-deductible impairment of 10.5%. For Golden Bull USA Inc, the entity is only subjected to state minimum taxes of $50 in 2021.
Effective tax rate for Canada entities	17.80%	17.80%
US federal tax rate	21.00%	21.00%
Accrued valuation allowance	$ 93,147		$ 241,803
Unrecognized tax positions	2,770,000
HONG KONG
Income Taxes (Details) [Line Items]
Unrecognized tax benefits	$ 2,767,276

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of effective tax rate - US [Member] - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal
Current
Deferred	738,851
Federal Total	738,851
State
Current	684,774
Deferred	(276,479)
State Total	408,295
Total	$ 1,147,146

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of Canada federal and state income tax benefits - Canada [Member] - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal
Current
Deferred	(37,879)
Federal Total	(37,879)
State
Current
Deferred	(20,202)
State Total	(20,202)
Total	$ (58,081)

Income Taxes (Details) - Sche_3

Income Taxes (Details) - Schedule of effective tax rate	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of effective tax rate [Abstract]
US Federal income tax rate	21.00%	21.00%	21.00%
Effect of foreign operations taxed at various rates	6.00%	0.00%	0.00%
State income taxes, net of federal benefit	3.00%	0.00%	0.00%
Reserves on Hong Kong share-based compensation tax benefits	11.50%	0.00%	0.00%
Excessive share-based Compensation tax benefits	(3.00%)	0.00%	0.00%
Non-deductible executives compensation	1.90%	0.00%	0.00%
Non-deductible impairment on digital assets	3.70%	0.00%	0.00%
Others	0.10%	0.00%	0.00%
Effect of change in valuation allowance	0.00%	(21.00%)	(21.00%)
Total	44.20%

Income Taxes (Details) - Sche_4

Income Taxes (Details) - Schedule of deferred tax assets and liabilities - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating losses carryforwards	$ 4,775,905	$ 241,083
Share-based compensation	609,933
Deferred tax liabilities:
Depreciation	(5,696,982)
Net deferred tax assets/(liabilities)	(311,144)	241,083
Less: valuation allowance	(93,147)	(241,083)
Net deferred tax assets/(liabilities) after Valuation Allowance	$ (404,291)

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - Schedule of earnings (loss) per share - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of earnings (loss) per share [Abstract]
Net income (loss)	$ 4,864,002	$ (1,910,337)	$ (9,676,191)
Weighted average number of ordinary share outstanding
Basic	55,440,527	30,591,122	15,197,815
Diluted	57,529,895	30,591,122	15,197,815
Income (loss) per share
Basic	$ 0.09	$ (0.06)	$ (0.62)
Diluted	$ 0.08	$ (0.06)	$ (0.62)

Related Parties (Details)

Related Parties (Details) - USD ($)	May 26, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Parties (Details) [Line Items]
Exchange of shares description	Under the SEA, Geney exchanged 1,000,000 ordinary shares for 1,000,000 Preference Shares.
Preference share vote, description	Each Preference Share provides for: (i) an eight (8%) percent annual dividend when and if declared by the Board; (ii) a liquidation preference of $10 per share (an aggregate of $10 million) senior to ordinary shares; (iii) converts on a one-for-one basis, subject to a 4.99% blocker; and (iv) fifty (50) votes per Preference Share in order for management to carry out its intended business plan.
Divident percentage	8.00%
Due to related parties			$ 336,722
Preferred Stock [Member]
Related Parties (Details) [Line Items]
Liquidation preference per share (in Dollars per share)	$ 10
Aggregate value	$ 10,000,000
Chief Financial Officer [Member]
Related Parties (Details) [Line Items]
Due to related parties			7,000
Geney Development Limited [Member]
Related Parties (Details) [Line Items]
Owned percentage	70.00%
Mr. Erke Huang [Member]
Related Parties (Details) [Line Items]
Owned percentage	30.00%
Due to related parties			$ 329,722
Borrowed funds		$ 329,722
USDC [Member]
Related Parties (Details) [Line Items]
Due to related parties		$ 7,000

Disposition of Point Cattle (De

Disposition of Point Cattle (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Disposition Of Point Cattle [Abstract]
Nominal value	$ 10

Disposition of Point Cattle (_2

Disposition of Point Cattle (Details) - Schedule of net loss from discontinued operations - Discontinued Operations [Member] - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discontinued Operations
Turnover			$ 4,572,153
Operating expenses			(12,129,167)
Other income, net			680,951
Income tax expenses			(806,803)
Impairment of net assets		(3,734,498)
Net gain from discontinued operations		(100,185)
Net loss from discontinued operations		$ (3,834,683)	$ (7,682,866)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - $ / shares	Mar. 27, 2022	Mar. 16, 2022
Subsequent Events (Details) [Line Items]
Outstanding share percentage		100.00%
Outstanding per share		$ 10
Issued an aggregate of ordinary shares (in Shares)	1,487,473
Per share	$ 3.79