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 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.
BIT Mining Limited (NYSE: BTCM) announced on February 2, 2023, that it has regained compliance with the New York Stock Exchange's (NYSE) continued listing standards. The NYSE had previously notified the company on July 29, 2022, that it was non-compliant due to its American Depositary Shares (ADSs) trading below $1 over a 30-day period. In response, BIT Mining executed a reverse share split on December 23, 2022, changing the ADS ratio from 1:10. The NYSE confirmed on January 31, 2023, that BIT Mining's stock price has exceeded the $1 minimum requirement based on average closing prices.
BIT Mining Limited (NYSE: BTCM) launched the LD3, a new energy-efficient mining machine designed for Litecoin and Dogecoin. With a power efficiency of 0.73 W/MH and a speed of 4800 MH/s, the LD3 outperforms previous models, allowing for greater profitability and reduced maintenance costs. Over 5,000 units have been manufactured, reflecting the company's commitment to innovation following its acquisition of Bee Computing in 2022. The LD3's introduction coincides with the upcoming Litecoin halving event in August, signaling a strategic shift towards next-gen blockchain technologies.
BIT Mining Limited (NYSE: BTCM) announced that its subsidiary BTC.com suffered a cyberattack on December 3, 2022, resulting in the theft of digital assets worth approximately US$700,000 from clients and US$2.3 million from the company. Law enforcement in Shenzhen, China, has been notified, and an investigation is ongoing. The company has implemented new technologies to enhance security and ensure that its core business remains operational. Efforts to recover the stolen assets are underway.
BIT Mining Limited (NYSE: BTCM) announced a change to its American Depositary Shares (ADS) ratio, adjusting from one ADS to ten Class A ordinary shares to one ADS to one hundred Class A ordinary shares, effective on or about December 23, 2022. This change effectively acts as a one-for-ten reverse share split for ADS holders and will not affect the underlying Class A shares. The company anticipates this adjustment will lead to a proportional increase in the ADS trading price, although no guarantees are made regarding the post-change price performance.
BIT Mining Limited (NYSE: BTCM) announced its annual general meeting for shareholders on December 26, 2022, at 11:00 a.m. New York Time in Columbus, Ohio. Shareholders of record by November 25, 2022, can vote either in person or through the depositary for American Depositary Shares, Deutsche Bank Trust Company Americas. The meeting notice is available on the company's Investor Relations page. BIT Mining specializes in cryptocurrency mining, mining pools, and operates the blockchain browser BTC.com.
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