Coolbit is a Bitcoin mining company that operates through an asset-light business model. The company leases its mining hardware and utilizes third-party facilities in the United States and Canada to manage power, installation, and monitoring. Coolbit earns revenue exclusively in Bitcoin by contributing hashrate to mining pools, which distribute rewards daily based on the volume of computing power provided. The company recognizes this revenue at the spot price of Bitcoin on the day it is mined and converts these digital assets into fiat currency to fund its operations. Coolbit's primary costs include hosting fees and variable lease payments for its equipment. Because the market price of Bitcoin determines these lease fees, the company's costs and revenues move together, providing a partial hedge against price volatility while limiting its ability to control the cost base. Coolbit is currently executing a strategy to transition from this lease-based model to a hybrid model that includes owned miners and proprietary mining facilities. By owning its hardware and sites, Coolbit intends to convert variable lease expenses into fixed capital costs and gain direct control over its power supplies and operational uptime.