Bit Mining Limited Stock Price, News & Analysis

BIT Mining Limited (NYSE: BTCM) announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2022, with the SEC on April 17, 2023. The report is available on the SEC website and the Company’s investor relations site. Shareholders can request a hard copy of the audited financial statements free of charge. BIT Mining is a leading cryptocurrency mining company engaged in mining, a mining pool, data center operations, and manufacturing mining machines. The Company operates BTC.com, a premier blockchain browser and mining pool, and owns a 7-nanometer mining machine manufacturer, Bee Computing, optimizing its supply chain efficiency.

BIT Mining Limited (NYSE: BTCM) announced the resignation of Ms. Angel Yan Ki Wong from its Board of Directors, effective April 17, 2023, due to personal reasons, without any disagreement with the Board. Concurrently, Dr. Heng Henry Lu has been appointed as an independent director and Chairman of the Audit Committee. Dr. Lu brings extensive experience from his roles at Nimbus 2020 LLC and China Merchants Capital, among others, and is considered an 'audit committee financial expert.' The Board believes his expertise will significantly enhance BIT Mining's focus on the U.S. market and drive long-term 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.

The online lottery market in China is projected to expand by USD 3.67 billion from 2021 to 2026, growing at a CAGR of 5.13%. This growth is fueled by increased accessibility to online lottery games, particularly among younger demographics, and effective mobile advertising strategies. Key players include BIT Mining Ltd., offering online sports lottery services. However, the segment faces challenges such as online fraud and regulatory constraints. The report provided in-depth competitive analyses and market dynamics, showcasing a concentrated market landscape critical for strategic insights.

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.