According to the financial report, for the first quarter of 2022, mining company BIT Mining Limited generated revenue of $296.7 million, down $201.1 million from the prior period.

The company mined 5420 ETH (~$16 million) and 166 BTC (~$6.9 million) in January-March. The hash rate of BIT Mining on the Ethereum network reached 4452.7 GH/s on the Bitcoin blockchain – 246.1 PH/s.

The company has completed the first phase construction of a mining data center with 50 MW connected capacity in Ohio, USA.

Pool operator BTC.com, a subsidiary of BIT Mining, had revenue of $272.3 million in the first quarter compared to $474.9 million in the final three months of 2021.

The company explained this decline, driven by the pool’s eventual withdrawal from China and lower prices for cryptocurrencies since the start of the year.

During the reporting period, BIT Mining recorded a net loss of $3.1 million.

“Last quarter, we focused on our expansion in North America and made significant progress in building our data center in Ohio. The company’s CEO, Xianfeng Yang, said, “Continuing our Bitcoin and Ethereum mining business, as well as integrating other areas such as pool management and mining equipment manufacturing. We created synergy,” he said.

Recall that BIT Mining abandoned its plans to build a data center in Kazakhstan in February due to problems in the country’s energy supply.