Bit Mining Limited Stock Price, News & Analysis

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.

BIT Mining Limited (NYSE: BTCM) announced the resignation of Chairman Shengwu Wu and independent director Yu Wei, effective November 30, 2021. Their resignations follow the company’s strategic pivot away from mainland China, focusing on global operations. With the board size reduced from seven to five, the company intends to fill the vacant committee positions. CEO Xianfeng Yang expressed gratitude for their contributions. BIT Mining is a leader in cryptocurrency mining, also operating BTC.com and entering a definitive agreement to acquire Bee Computing, enhancing its supply chain and competitive edge.

BIT Mining Limited (BTCM) reported significant changes in its Q3 2021 financials, with revenues of US$404.3 million, down from US$444.9 million in Q2 2021 but up sharply from US$0.5 million in Q3 2020. The company produced 779 ethereum and 79 bitcoins in the period, generating revenue of approximately US$2.5 million and US$3.4 million respectively. Operating loss was US$35.0 million, significantly higher than in previous quarters. BIT Mining is transitioning away from its online lottery business and is investing heavily in cryptocurrency mining operations.

BIT Mining Limited (NYSE: BTCM) will present at the dbVIC - Deutsche Bank American Depositary Receipt Virtual Investor Conference on November 17, 2021, at 11:30 AM ET. The presentation, led by Senior IR Director Ellen Chiu, enables real-time investor interaction through a virtual platform. An archived webcast will be available post-event for those unable to attend live. BIT Mining focuses on cryptocurrency mining and has recently increased its investment in Ohio's mining site, aiming to strengthen its market position.

BIT Mining Limited (NYSE: BTCM) plans to release its unaudited financial results for Q3 2021 on November 18, 2021. The company, a leader in cryptocurrency mining, aims to strengthen its competitive position through vertical integration, notably by acquiring Bee Computing, a 7-nanometer mining machine manufacturer. BIT Mining covers various cryptocurrency services including mining and data center operations, leveraging its blockchain browser BTC.com to provide multi-currency mining.