Welcome to our dedicated page for BIT Mining news (Ticker: BTCM), a resource for investors and traders seeking the latest updates and insights on BIT Mining stock.
BIT Mining Limited (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with a comprehensive approach to the entire cryptocurrency value chain. The company's operations encompass cryptocurrency mining, mining pool services, data center operations, and mining machine manufacturing. BIT Mining owns and operates three hydroelectric cryptocurrency mines with a combined power capacity of 435MW, ensuring sustainable and efficient mining operations.
Key Business Segments
- Cryptocurrency Mining: BIT Mining has a significant and growing capacity in Bitcoin and other cryptocurrency mining, utilizing both self-developed and acquired mining machines. The company currently operates DOGE/LTC mining machines with a total hash rate capacity of approximately 24,766.0 GH/s, producing substantial amounts of DOGE and LTC.
- Mining Pool: Although the company recently sold its entire mining pool business operated under BTC.com, which provided multi-currency mining services including BTC, ETC, DOGE, and LTC, this strategic move is expected to enhance the company's profitability and focus on its core operations.
- Data Center Operation: BIT Mining operates data centers in Ohio and Texas, optimizing power usage and ensuring uninterrupted mining activities. Recently, the company faced a power outage at its Ohio site but successfully restored operations and continues to explore alternative locations to enhance stability.
- Mining Machine Manufacturing: The company owns Bee Computing, a manufacturer of 7-nanometer cryptocurrency mining machines, achieving vertical integration and self-sufficiency. BIT Mining continues to invest in the research and development of next-generation mining systems, collaborating with semiconductor companies like Chain Reaction to innovate BTC mining technologies.
Financial Performance
In the recent quarters, BIT Mining has reported varied financial results. The company experienced a recovery in cryptocurrency prices in the second quarter of 2023, leading to increased revenues from its mining pool business. However, market uncertainties and operational challenges, such as the Ohio site power outage, impacted overall performance. The sale of the BTC.com mining pool business is projected to improve profitability and strengthen the company's financial position.
Partnerships and Strategic Moves
BIT Mining's strategic partnerships, including its collaboration with Chain Reaction for developing advanced mining machines, highlight its commitment to innovation and market leadership. The company's decision to sell the loss-making BTC.com mining pool business reflects a focused strategy to bolster core competencies and explore new growth areas with higher potential.
Outlook
Looking ahead, BIT Mining remains dedicated to enhancing operational efficiency, technological advancements, and creating long-term value across the cryptocurrency ecosystem. The company's robust data center operations, coupled with its self-mining activities and manufacturing prowess, position it well to adapt to the dynamic cryptocurrency market and drive sustained growth.
BIT Mining Limited (NYSE: BTCM) announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2022, with the SEC on April 17, 2023. The report is available on the SEC website and the Company’s investor relations site. Shareholders can request a hard copy of the audited financial statements free of charge. BIT Mining is a leading cryptocurrency mining company engaged in mining, a mining pool, data center operations, and manufacturing mining machines. The Company operates BTC.com, a premier blockchain browser and mining pool, and owns a 7-nanometer mining machine manufacturer, Bee Computing, optimizing its supply chain efficiency.
BIT Mining Limited (NYSE: BTCM) announced the resignation of Ms. Angel Yan Ki Wong from its Board of Directors, effective April 17, 2023, due to personal reasons, without any disagreement with the Board. Concurrently, Dr. Heng Henry Lu has been appointed as an independent director and Chairman of the Audit Committee. Dr. Lu brings extensive experience from his roles at Nimbus 2020 LLC and China Merchants Capital, among others, and is considered an 'audit committee financial expert.' The Board believes his expertise will significantly enhance BIT Mining's focus on the U.S. market and drive long-term growth.
BIT Mining Limited (NYSE: BTCM) announced on April 10, 2023, that its Audit Committee identified an immaterial error in the accounting policy for cryptocurrency assets, which failed to comply with FASB ASC 350 standards. The mistake was due to the improper impairment calculation method previously utilized. The Company plans to correct this in its forthcoming Annual Report on Form 20-F for the year ended December 31, 2022. The Audit Committee concluded that the error was not material to previously issued financial statements, specifically for the year ended December 31, 2021. The Company will provide revised accounting policies and the impact of the error in its upcoming report.
BIT Mining Limited (NYSE: BTCM) has entered into a share sale agreement to sell its remaining 48,195,605 shares (8.79% ownership) in Crypto Flow Technology Limited for HK$0.38 per share, totaling HK$18,314,330. This follows a previous sale where it reduced its stake in Crypto Flow by 51%. The transaction is subject to regulatory conditions and, upon completion, BIT Mining will hold no shares in Crypto Flow. CEO Xianfeng Yang emphasized a focus on mining operations for improved cost control and operational efficiency.
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BIT Mining Limited (BTCM) reported its Q4 and full-year 2022 financial results, highlighting a revenue drop to US$61.0 million, down 87.7% year-over-year. Operating loss surged to US$121.7 million, compared to US$17.1 million in Q4 2021. The firm's cryptocurrency business faced challenges with declines in market prices, leading to a suspension of certain BTC mining operations. Despite these setbacks, BIT Mining is focused on technological innovation, producing over 5,000 DOGE/LTC mining machines with expected production reaching 8,000 by April 2023. As of Dec 31, 2022, cash and equivalents totaled US$5.4 million, a decrease from US$19.9 million in Q3 2022.
BIT Mining Limited (NYSE: BTCM) has announced it will release its unaudited financial results for Q4 and the full year ending December 31, 2022, on February 17, 2023. BIT Mining, a prominent player in the cryptocurrency mining sector, operates in mining, mining pools, data centers, and mining machine manufacturing, including its ownership of the leading blockchain browser BTC.com. The company aims to enhance value across the cryptocurrency industry through vertical integration, utilizing its own mining machine manufacturer, Bee Computing.
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