Bit Mining Limited Stock Price, News & Analysis

BIT Mining Limited (NYSE: BTCM) announced its mining pool subsidiary, BTC.com, will exit mainland China due to local regulations, starting to retire existing user accounts on October 15, 2021. This shift may negatively impact the company's consolidated financial statements. However, the company is optimistic that its global market growth will compensate for the loss. Additionally, BIT Mining is planning to accelerate its global business expansion and has entered into an agreement to acquire Bee Computing to enhance its supply chain.

BIT Mining Limited (NYSE: BTCM) announced a partnership with Viking Data Centers to invest in a cryptocurrency mining facility in Ohio, with a total investment of US$12.14 million. BIT Mining will hold a 51% equity interest, while Viking will own 49%. The project is expected to be developed in three phases, totaling 85 megawatts of power capacity, with completion dates set between October 2021 and February 2022. This initiative is part of BIT Mining's strategy to expand its global operations and strengthen its position in the cryptocurrency mining industry.

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.