Bit Mining Limited Stock Price, News & Analysis

BIT Mining (NYSE: BTCM) has released its March 2025 mining and operations update. The company produced 41.55 Bitcoin, including 34.96 BTC for hosted clients and 6.59 BTC self-mined, along with 2,383,708 Dogecoin and 651.6 Litecoin.

The company's infrastructure includes 82.5 MW power capacity in Ohio and ongoing expansion in Ethiopia, where construction is progressing to reach 51 MW capacity by May 2025. BIT Mining has received 8,458 mining machines at its Ethiopian site, with an additional 8,171 machines pending customs clearance.

The company owns over 28,000 mining machines with a currently deployed hash rate of 423 PH/s. The cost per self-mined BTC was approximately $65,831, with an average mining time of 5.2 days per Bitcoin.

BIT Mining (NYSE: BTCM) has released its February 2025 mining production report. The company produced 42.56 Bitcoin, with 36.854 BTC for hosted clients and 5.708 BTC self-mined. Additional production included 2,013,292.9 Dogecoin and 556.7 Litecoin.

Key operational metrics include:

• Total exahash capacity: 2,588PH/s
• Average days per self-mined BTC: 4.5 days
• Cost per BTC mined: $60,960

The company is finalizing its Ethiopia data center acquisition, with phase one completed in late 2024 and full completion expected in the coming weeks.

BIT Mining (NYSE: BTCM) has reported its Q4 and full-year 2024 unaudited financial results. The company completed a 51% acquisition of an Ethiopia data center in December 2024, marking a strategic shift toward global data center operations.

Q4 2024 highlights include revenues of US$8.8 million, down from US$10.4 million in Q4 2023 but up from US$4.8 million in Q3 2024. Operating loss improved to US$2.5 million, significantly better than the US$14.3 million loss in Q4 2023. Net loss attributable to BIT Mining was US$2.1 million.

The company's current operations include 395.00 PH/s of BTC mining capacity and 13,793.00 GH/s of DOGE/LTC mining capacity. The 82.5 megawatt Ohio Mining Site generated US$3.8 million in service fee revenue. The remaining Ethiopian mining facilities are expected to be operational by mid-Q2 2025.

BIT Mining (NYSE: BTCM), a leading technology-driven cryptocurrency mining company, has announced plans to release its unaudited financial results for the fourth quarter and full year ended December 31, 2024. The financial report will be released after the U.S. market close on Friday, February 28, 2025.

The company, based in Akron, Ohio, made this announcement on February 25, 2025. The upcoming financial disclosure will provide insights into BIT Mining's performance throughout the final quarter and complete fiscal year of 2024.

BIT Mining (NYSE: BTCM) held its annual general meeting (AGM) on January 7, 2025, where shareholders approved a significant increase in the company's authorized share capital to US$440,000. The new capital structure includes:

- 8,399,935,000 Class A Ordinary Shares (par value US$0.00005 each)
- 65,000 Class A Preference Shares (par value US$0.00005 each)
- 400,000,000 Class B Ordinary Shares (par value US$0.00005 each)

This restructuring involves the creation of 6,800,000,000 new Class A Ordinary Shares at a par value of US$0.00005 each.

BIT Mining (NYSE: BTCM) has successfully regained compliance with the NYSE's quantitative continued listing standards, as confirmed by a letter dated December 17, 2024. The company had previously fallen below the NYSE's minimum requirements on June 9, 2023, when both its average total market capitalization over 30 trading days and shareholders' equity were under $50 million.

Following this achievement, the below compliance ('.BC') indicator will be removed starting December 18, 2024, and the company will no longer be listed as below continued listing standards on NYSE's website. BIT Mining will undergo a 12-month follow-up review period to ensure maintained compliance with NYSE standards.

BIT Mining (NYSE: BTCM) has announced its upcoming annual general meeting scheduled for January 7, 2025, at 10:00 a.m. New York time. The meeting will be held at 428 South Seiberling Street, Akron, Ohio. Shareholders of record as of December 20, 2024 will be eligible to attend and vote. ADS holders must exercise their voting rights through Deutsche Bank Trust Company Americas. The company's annual report for FY2023 was filed with the SEC on May 15, 2024, and is available on both the company's investor relations website and the SEC's website.

BIT Mining (NYSE: BTCM) has completed the first phase of its acquisition in Ethiopia, which includes a 35-megawatt operational crypto mining data center and 17,869 BTC mining machines. The company paid US$2.265 million in cash and issued 369,031,800 Class A ordinary shares to the sellers.

The second phase of the acquisition is expected to complete in March or April 2025, involving the transfer of remaining data centers. Upon closing, BIT Mining will issue an additional 45,278,600 Class A ordinary shares as consideration.

BIT Mining (NYSE: BTCM) has announced its strategic focus on mining Litecoin (LTC) and Dogecoin (DOGE) alongside Bitcoin, reporting nearly triple the profitability compared to Bitcoin mining alone. The company currently operates over 5,552 mining machines with a combined hash rate of 18.94 TH/s, representing 1.32% of the global network hash rate for LTC/DOGE/BEL mining.

Since starting its LTC and DOGE mining operations, the company has mined 84,485.42 LTC and 227,908,250.38 DOGE. BIT Mining's success is attributed to its self-produced LD3 miners, developed following the 2021 acquisition of Bee Computing. The company has also recently expanded operations into Ethiopia.