Bit Mining Limited Stock Price, News & Analysis

BIT Mining Limited (NYSE: BTCM) has completed the first closing of its share exchange agreement with Bee Computing, issuing 16,038,930 Class A ordinary shares to the Selling Shareholders. The agreement, amended in April 2022, allows for the issuance of up to 18,330,210 additional shares based on performance milestones in developing new Bitcoin, Ethereum, and LTC mining machines utilizing advanced 7-nanometer ASIC technology. This acquisition aims to enhance BIT Mining's product offerings and strengthen its competitive position in the cryptocurrency market.

BIT Mining Limited (NYSE: BTCM) reported first quarter 2022 revenues of US$296.7 million, down 40.4% from the previous quarter but up 11,292% year-over-year. The company produced 5,420 Ethereum and 166 Bitcoins, generating US$16.0 million and US$6.9 million respectively. Despite a US$3.1 million net loss, improvements were noted in non-GAAP metrics, with a net income of US$1.2 million. Operating costs increased sharply year-over-year due to mining pool expenses. The firm continues to expand its North American operations, particularly in Ohio.

BIT Mining Limited (NYSE: BTCM) has announced it will release its unaudited financial results for Q1 2022 on May 27, 2022, before U.S. market opening. The company, focused on cryptocurrency mining, operates BTC.com for multi-currency services, including BTC, ETH, and LTC. Recently, BIT Mining acquired Bee Computing, a 7-nanometer mining machine manufacturer, enhancing its vertical integration and competitive market position.

BIT Mining Limited (NYSE: BTCM) reported Q4 and full-year 2021 results, highlighting significant revenue growth driven by its mining pool and cryptocurrency operations. Q4 revenue reached US$495.8 million, up from US$393.1 million in Q3 2021 and US$0.8 million in Q4 2020. The mining pool business contributed US$472.9 million in revenue. Operating loss decreased to US$15 million from US$35 million in Q3 2021. The company produced 3,957 Ethereum and 102 Bitcoins in Q4 2021. Total cash and cash equivalents were US$17.7 million as of December 31, 2021.

BIT Mining reported significant financial results for Q4 and full year 2021. Revenues surged to US$495.8 million in Q4, up US$102.7 million from Q3, predominantly from its mining pool business. The company produced 3,957 Ethereum and 102 Bitcoins in Q4, generating US$16.5 million and US$5.6 million in revenue respectively. However, BIT Mining faced an operating loss of US$15.0 million in Q4. Overall, the company reported a net loss of US$8.8 million, an improvement from the US$29.6 million loss in Q3. The transition to cryptocurrency mining remains a key focus.

BIT Mining Limited (NYSE: BTCM) will release its unaudited financial results for the fourth quarter and full year ended December 31, 2021, on February 17, 2022, before U.S. market open. BIT Mining is a leading technology-driven cryptocurrency mining company, emphasizing vertical integration through the acquisition of Bee Computing, a 7-nanometer mining machine manufacturer. This strategic move aims to enhance supply chain self-sufficiency and competitive positioning in the cryptocurrency industry, which includes services in BTC, ETH, and LTC mining.

BIT Mining Limited (NYSE: BTCM) has made significant progress at its Ohio mining site, achieving approximately 50 megawatts (MW) of power capacity. The data center aims for a total capacity of up to 150MW and includes self-mining operations and hosting for third-party miners. As of now, the company has a theoretical maximum Bitcoin computing power of 532.8 PH/s in North America, with 344.7 PH/s deployed. Additionally, BIT Mining is pursuing a strategy of vertical integration by acquiring a mining machine manufacturer, Bee Computing.

Bitwise Index Services announces significant changes in its crypto indexes as of December 31, 2021, following monthly reconstitution. Notably, Avalanche has replaced Uniswap in the Bitwise 10 Large Cap Crypto Index, which primarily comprises Bitcoin (58.69%) and Ethereum (29.33%). Additionally, Loopring re-enters the Bitwise Decentralized Finance Crypto Index, replacing Ren. In the Bitwise Crypto Innovators 30 Index, Bakkt Holdings, Iris Energy, Greenidge Generation, and BIT Mining replace Ebang International, BIGG Digital Assets, EQONEX, and Arcane Crypto. These updates reflect dynamic market movements in the crypto asset landscape.

BIT Mining Limited (NYSE: BTCM) has announced significant management changes effective December 28, 2021. Bo Yu has been appointed as the chairman of the Board, while Qian Sun joins the audit committee and nominating committee. Man San Vincent Law assumes the role of chairman of the strategic planning committee. Throughout these transitions, BIT Mining aims to strengthen its leadership and operational governance. The company, engaged in cryptocurrency mining and related services, is pursuing vertical integration through its recent agreement to acquire Bee Computing, enhancing its competitive edge.