BIT Mining's Mining Pool Subsidiary to Exit Mainland China Market

Rhea-AI Summary

BIT Mining Limited (NYSE: BTCM) announced its mining pool subsidiary, BTC.com, will exit mainland China due to local regulations, starting to retire existing user accounts on October 15, 2021. This shift may negatively impact the company's consolidated financial statements. However, the company is optimistic that its global market growth will compensate for the loss. Additionally, BIT Mining is planning to accelerate its global business expansion and has entered into an agreement to acquire Bee Computing to enhance its supply chain.

Positive

• Plans to accelerate global business expansion.
• Acquisition of Bee Computing will strengthen supply chain and competitive position.

Negative

• Exit from mainland China due to regulatory compliance may adversely impact financial statements.

AKRON, Ohio, Oct. 14, 2021 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced that its mining pool subsidiary, BTC.com will exit the mainland China market. To comply with local regulations, BTC.com will cease registering new users from mainland China and expects to start retiring the accounts of existing users in mainland China in an orderly manner starting on October 15, 2021.

BTC.com's discontinuation of service to users in mainland China may adversely impact the consolidated financial statements of the Company. However, the Company believes that its growth in global markets will help offset the loss of business in mainland China. Going forward, the Company plans to intensify its business expansion efforts and accelerate its global development.

About BIT Mining

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, and data center operation. The Company owns the blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, BCH, ETH and LTC. The Company has also entered into a definitive agreement to acquire a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, to complete the Company's vertical integration with its supply chain, increase its self-sufficiency and strengthen its competitive position.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Important factors that could cause BIT Mining's actual results to differ materially from those indicated in the forward-looking statements include, among others: the development and operation of BTC.com, and the execution and anticipated benefits of BIT Mining's growth strategy. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For further information:

BIT Mining Limited
ir@btc.com
Ir.btc.com

The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com

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SOURCE BIT Mining Limited

FAQ

What is BIT Mining's recent announcement regarding BTC.com?

BIT Mining announced that its mining pool subsidiary BTC.com will exit the mainland China market starting October 15, 2021.

How will BTC.com's exit from China affect BIT Mining's finances?

The exit may adversely impact BIT Mining's consolidated financial statements, although the company expects growth in global markets to help offset this loss.

What is BIT Mining's strategy after exiting the China market?

BIT Mining plans to intensify its business expansion efforts and accelerate its global development.

What acquisition has BIT Mining made to enhance its operations?

BIT Mining has entered into an agreement to acquire Bee Computing to improve its supply chain and increase self-sufficiency.