BIT Mining Announces February 2025 Production and Operations Updates

Rhea-AI Summary

BIT Mining (NYSE: BTCM) has released its February 2025 mining production report. The company produced 42.56 Bitcoin, with 36.854 BTC for hosted clients and 5.708 BTC self-mined. Additional production included 2,013,292.9 Dogecoin and 556.7 Litecoin.

Key operational metrics include:

• Total exahash capacity: 2,588PH/s
• Average days per self-mined BTC: 4.5 days
• Cost per BTC mined: $60,960

The company is finalizing its Ethiopia data center acquisition, with phase one completed in late 2024 and full completion expected in the coming weeks.

Positive

• Diversified mining operations across Bitcoin, Dogecoin, and Litecoin
• Ethiopia data center expansion nearing completion
• Substantial hosted mining revenue stream with 36.854 BTC

Negative

• High Bitcoin mining cost at $60,960 per BTC
• Low self-mining production at only 5.708 BTC
• Long mining period of 4.5 days per Bitcoin

AKRON, Ohio, March 27, 2025 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or "the Company" or "BTCM"), a leading technology-driven cryptocurrency mining company, today reported its monthly mining production and other operational updates for the month of February 2025.

Mining Production and Operations Updates: 

• In February, BIT Mining produced a total of 42.56 Bitcoin (BTC), with 36.854 BTC generated for hosted clients and 5.708 BTC self-mined.  
• The Company also produced 2,013,292.9 Dogecoin (DOGE) and 556.7 Litecoin (LTC).
• Total exahash capacity for February was 2,588PH/s.
• Average days per self-mined BTC was 4.5 days.
• Cost per BTC mined was $60,960.

CEO's Message:

Xianfeng Yang, CEO of BIT Mining, commented, "February was a productive month for BTCM, and by leveraging our proprietary mining machines, we're able to improve efficiency and reduce costs. Beyond Bitcoin, we continue to achieve profitability in mining Litecoin and Dogecoin, boosting our operational efficiency and diversifying our revenue streams. We are committed to maximizing shareholder value by maintaining our position at the forefront of the evolving digital asset mining landscape while continuing to scale our core Bitcoin operations."

Infrastructure Update:

Following the successful completion of phase one of the Ethiopia data center acquisition in late 2024, the Company is on track for full completion in the coming weeks.  Once completed, the new site is expected to further enhance the Company's operational results.

About BIT Mining

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with operations in cryptocurrency mining, data center operation and mining machine manufacturing. The Company is strategically creating long-term value across the industry with its cryptocurrency ecosystem. Anchored by its cost-efficient data centers that strengthen its profitability with steady cash flow, the Company also conducts self-mining operations that enhance its marketplace resilience by leveraging self-developed and purchased mining machines to seamlessly adapt to dynamic cryptocurrency pricing. The Company also owns 7-nanometer BTC chips and has strong capabilities in the development of LTC/DOGE miners and ETC miners.

Forward-Looking Statements

This press 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. Forward looking statements in this press release include, but are not limited to, statements on the future development of the cryptocurrency mining industry, particularly Litecoin and Dogecoin, and of the Company itself. 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, but are not limited to, any adverse change in the business and financial performance of the Company or the landscape of the cryptocurrency mining industry. 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.

Media Contact

Bitmining@mgroupsc.com 

View original content:https://www.prnewswire.com/news-releases/bit-mining-announces-february-2025-production-and-operations-updates-302413210.html

SOURCE BIT Mining Limited

FAQ

How many Bitcoin did BTCM mine in February 2025?

BIT Mining (BTCM) produced 42.56 Bitcoin in total, with 36.854 BTC for hosted clients and 5.708 BTC self-mined.

What is BTCM's cost per Bitcoin mined in February 2025?

BIT Mining's cost per Bitcoin mined was $60,960 in February 2025.

What alternative cryptocurrencies does BTCM mine besides Bitcoin?

BTCM mines Dogecoin (2,013,292.9 DOGE) and Litecoin (556.7 LTC) in addition to Bitcoin.

What is the status of BTCM's Ethiopia data center acquisition?

Phase one was completed in late 2024, with full completion expected in the coming weeks.

What is BTCM's total mining hash rate capacity as of February 2025?

BIT Mining's total exahash capacity was 2,588PH/s in February 2025.