BIT Mining Announces March 2025 Production and Operations Updates

Rhea-AI Summary

BIT Mining (NYSE: BTCM) has released its March 2025 mining and operations update. The company produced 41.55 Bitcoin, including 34.96 BTC for hosted clients and 6.59 BTC self-mined, along with 2,383,708 Dogecoin and 651.6 Litecoin.

The company's infrastructure includes 82.5 MW power capacity in Ohio and ongoing expansion in Ethiopia, where construction is progressing to reach 51 MW capacity by May 2025. BIT Mining has received 8,458 mining machines at its Ethiopian site, with an additional 8,171 machines pending customs clearance.

The company owns over 28,000 mining machines with a currently deployed hash rate of 423 PH/s. The cost per self-mined BTC was approximately $65,831, with an average mining time of 5.2 days per Bitcoin.

Positive

• Expanding operations in Ethiopia with additional 51 MW capacity by May 2025
• Large mining fleet of 28,000 machines with 423 PH/s deployed hash rate
• Successfully received 8,458 new mining machines in Ethiopia
• Diversified mining operations across Bitcoin, Dogecoin, and Litecoin

Negative

• High Bitcoin mining cost of $65,831 per BTC
• Low self-mining ratio with only 6.59 BTC self-mined out of 41.55 total BTC
• Significant portion of mining fleet currently inactive due to transit and maintenance

Insights

Cryptocurrency Mining Analyst

BIT Mining's March update reveals mixed operational results in a challenging mining environment. The company produced 41.55 BTC total, with only 6.59 BTC from self-mining operations and the remainder from hosting services. The $65,831 cost per BTC mined is particularly concerning, as it exceeds current Bitcoin prices, indicating unprofitable self-mining operations.

The company's infrastructure development shows some promise with progress in Ethiopia, where they're expanding toward 51 MW capacity by May. Their deployment of mining equipment is advancing with 8,458 machines cleared and 8,171 additional machines awaiting customs clearance. The current hash rate of 423 PH/s represents only partial deployment of their 28,000 machine fleet.

This operational update indicates BIT Mining is executing its geographical diversification strategy but struggling with profitability metrics. The company's heavy reliance on hosting revenue rather than self-mining suggests they're adapting their business model to current market conditions. Investors should monitor whether the Ethiopian expansion meaningfully reduces mining costs, as the current cost structure appears unsustainable for self-mining operations without significant Bitcoin price appreciation or operational improvements.

AKRON, Ohio, April 10, 2025 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today released its monthly mining production and operational updates for March 2025.

Mining Production and Operations Highlights:

• In March, BIT Mining produced a total of 41.55 Bitcoin (BTC), consisting of 34.96 BTC for hosted clients and 6.59 BTC self-mined.
• The Company also mined approximately 2,383,708 Dogecoin (DOGE) and 651.6 Litecoin (LTC).
• The average time required to mine one self-mined BTC was 5.2 days.
• The cost per BTC mined was approximately $65,831.

Infrastructure Update:

BIT Mining continues to expand its international mining footprint across Ohio and Ethiopia, with a focus on building scalable and clean-energy-powered infrastructure.

• In Ohio, the Company maintains active operations with a power capacity of 82.5 MW, supporting both hosted clients and self-mining.
• In Ethiopia, BIT Mining is progressing with the buildout of its newly acquired crypto mining site. As of March:
  • Ongoing construction on the remaining 16 MW is expected to bring total site capacity to 51 MW by May 2025.
  • The first batch of 8,458 air-shipped machines has cleared customs and arrived at the site, ready to be powered on.
  • An additional 8,171 sea-shipped machines have reached the port and are currently undergoing customs clearance.

The Company currently owns a fleet of over 28,000 mining machines across its BTC and LTC/DOGE operations. While a portion of the fleet is in transit to Ethiopia or undergoing routine maintenance, BIT Mining is actively scaling toward full deployment. The Company's currently deployed and operational hash rate stands at 423 PH/s, with significant additional capacity expected to come online in the coming months. As logistics and repair cycles progress, BIT Mining anticipates a meaningful increase in utilization and operational efficiency, supporting its roadmap for long-term growth and profitability.

CEO's Commentary:

"We made steady operational progress in March as we refine our infrastructure strategy and remain focused on cost discipline," said Xianfeng Yang, CEO of BIT Mining. "While our cost per self-mined BTC remained stable at $65,831, we are actively working to increase deployment efficiency. Our clean-energy expansion in Ethiopia represents a long-term growth opportunity that aligns with our vision for sustainable and diversified mining operations."

About BIT Mining

BIT Mining (NYSE: BTCM) is a technology-driven cryptocurrency mining company with operations spanning mining, data center operation, and mining machine manufacturing. The Company is developing a vertically integrated crypto-mining ecosystem that includes self-mining, hosting services, and proprietary mining hardware. BIT Mining also owns 7nm BTC chip designs and advanced capabilities in LTC/DOGE and ETC miner development.

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 because 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-march-2025-production-and-operations-updates-302425528.html

SOURCE BIT Mining Limited

FAQ

What was BIT Mining's (BTCM) Bitcoin production in March 2025?

BIT Mining produced 41.55 Bitcoin total, with 34.96 BTC for hosted clients and 6.59 BTC self-mined.

What is BTCM's current power capacity in Ohio and Ethiopia?

BTCM has 82.5 MW power capacity in Ohio and is expanding to 51 MW in Ethiopia by May 2025.

How many mining machines does BTCM currently operate?

BIT Mining owns over 28,000 mining machines with a deployed hash rate of 423 PH/s.

What is BTCM's current cost to mine one Bitcoin?

The cost per Bitcoin mined is approximately $65,831, with an average mining time of 5.2 days.