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) reported its unaudited financial results for Q2 2021, showing a remarkable net revenue of RMB2,873.9 million (US$445.1 million), up significantly from RMB19.6 million in Q1 2021. The revenue growth is primarily attributed to its mining pool business, now responsible for 95% of total revenues. The company incurred an operating loss of RMB101.3 million (US$15.7 million), primarily due to cryptocurrency impairments and disposals. As of June 30, 2021, BIT Mining held cryptocurrency assets valued at RMB410.8 million (US$63.6 million).
BIT Mining Limited (NYSE: BTCM) will release its unaudited financial results for Q2 2021 on August 17, 2021, before U.S. market open. The company, a prominent player in cryptocurrency mining, covers mining operations and owns BTC.com mining pool. Recently, BIT Mining signed an agreement to acquire Bee Computing, enhancing its supply chain and competitive stance. The press release includes forward-looking statements that indicate potential risks affecting future results, emphasizing the uncertainty surrounding market conditions and private placement completion.
BIT Mining Limited (NYSE: BTCM) announced the acquisition of 2,500 bitcoin mining machines for approximately US$6.6 million. This purchase is expected to boost the Company's theoretical maximum hash rate capacity by 165 peta hashes per second (PH/s). The new machines will be deployed in Kazakhstan following their delivery within a week. The Company has already deployed 3,819 machines and has more awaiting deployment, further expanding its overseas strategy. Additionally, BIT Mining has begun ethereum mining operations with further growth anticipated by October 2021.
BIT Mining Limited (NYSE: BTCM) announced the elimination of its variable interest entity (VIE) structure and the disposal of its Chinese lottery business for no consideration. This lottery segment contributed merely RMB2.7 million (US$0.4 million) or 13.6% of total revenue, alongside a net loss of RMB9.8 million (US$1.5 million) for Q1 2021. As of March 31, 2021, VIE subsidiaries accounted for 6.3% of total assets. The company, having shifted focus to overseas cryptocurrency mining, anticipates no material impact on its operations from this change.
BIT Mining Limited (NYSE: BTCM) announced the completion of a US$50 million private placement involving 100 million Class A ordinary shares and warrants. Each share was priced at US$5.00 for ten shares, while warrants can purchase additional shares at US$6.81 each, valid for three years. The proceeds will be utilized to acquire mining machines, build overseas data centers, and enhance working capital. The transaction was conducted privately and is not registered under the Securities Act of 1933, limiting resale in the U.S.
BIT Mining Limited (NYSE: BTCM) announced a private placement to raise US$50 million by issuing 100 million Class A ordinary shares and warrants for additional shares. Each share is priced at US$5.00 for ten shares, with a three-year term on the warrants and an exercise price of US$6.81 for ten shares. The funds will be used to acquire mining machines, expand data centers, and improve working capital. The closing date is expected around July 16, 2021.
BIT Mining Limited (NYSE: BTCM) announced the successful delivery of its first batch of 320 mining machines to Kazakhstan, expected to be operational by June 27, 2021. With a theoretical maximum capacity of 18.2 PH/s, this marks the first step in a larger deployment strategy that includes an additional 2,600 machines capable of 102.3 PH/s to be delivered before July 1, 2021. However, the company's Ganzi Changhe Data Center in Sichuan has suspended operations due to a power supply cut, which contributed about 3% to the company's revenues in May 2021.
BIT Mining Limited (NYSE: BTCM) has successfully completed its cash offer to acquire all outstanding shares of Loto Interactive Limited (HKEX: 08198) at HK$0.75 per share. The acquisition results in BIT Mining holding 59.8% of Loto Interactive's shares and 6,800,000 options will be cancelled. This strategic move aligns with BIT Mining's goal to enhance its presence in the cryptocurrency sector, backed by a strong hash rate capacity of approximately 1,031.5 PH/s and operational hydroelectric data centers. The company aims to further strengthen its market position through vertical integration.
BIT Mining Limited (NYSE: BTCM) announced a binding investment term sheet to construct a cryptocurrency mining data center in Kazakhstan. The total investment is RMB60 million (≈US$9.33 million), where BIT Mining will hold an 80% equity interest. The anticipated power capacity is 100MW, with an initial operational capacity of 20MW starting July 1, 2021. Additionally, BIT Mining signed two service agreements for comprehensive data center operations in Kazakhstan, potentially raising its mining capacity to 60MW.
BIT Mining Limited (NYSE: BTCM) announced a binding investment term sheet with Dory Creek to invest US$25.74 million in a cryptocurrency mining data center in Texas.
The Texas Mining Center will have a power capacity of 57.2MW, using over 85% clean and low-carbon energy. This investment aligns with BIT Mining's commitment to environmental sustainability, as over 98% of its total power capacity will utilize clean energy upon completion. The company also aims to enhance its mining resources overseas while boosting local economies.
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