Your version
With those two possible values : 0 and 1, for each of
the seven bits, there is a total of 128 characters that can be used in
the ASCII encoding scheme.
The first thing to note is that a colon (and other such punctuation in English) should come directly after the previous word without a space.
I think you have a number of possibilities, e.g.
1. semicolons
This option temporarily removed while I research my use of semi-colons
2. em dashes
With those two possible values — 0 and 1, for each of the seven bits — there is a total of 128 characters that can be used in the ASCII encoding scheme.
Em dashes set apart parenthetical phrases or clauses in a sentence. In
this use, em dashes are similar to commas and parentheses, but there
are subtle differences. For example, em dashes are used when a
parenthetical remark contains an internal comma or would otherwise
sound awkward if enclosed by commas.
Grammarist.com
3. parentheses
With those two possible values (0 and 1, for each of the seven bits) there is a total of 128 characters that can be used in the ASCII encoding scheme.
Summary
I would say it is a matter of weighing style and clarity. In this case I'd go for clarity and speaking personally would choose 3.