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BIT Mining Revenue Drops 101 Million Dollars in Q2

Mining company BIT Mining Limited, which owns the BTC.com pool, generated $195.5 million in revenue in the second quarter. That’s $101.2 million less than in the January-March period.

BTC.com generated $178.5 million in revenue.

During the reporting period, BIT Mining recorded a net loss of $21 million.

The company’s own capacity for bitcoin mining at the end of the quarter reached 0.14 EH / s, the equipment hashrate for online mining of Ethereum – 3536.2 GH / s.

The company generated 97 BTC and 4898 ETH in three months.

BIT Mining continued construction of the Ohio data center by completing a 56 MW substation for the facility.

As part of the takeover of miner manufacturer Bee Computing, the firm closed its first share swap.

BIT Mining CEO Yang Xianfeng attributed the weak financial results to the decline in cryptocurrency prices and the rise in electricity tariffs that affected the entire industry.

“In a volatile market environment, we remain committed to our long-term growth strategy and are confident in our ability to create value for shareholders going forward. Given our leading edge in Ethereum mining, we are also invading Proof of Stake operations by providing a range of services including management, monitoring, node management and accounting systems. “Bee Computing has completed the development of next-generation high-performance machines for mining BTC, DOGE and LTC using the latest technology.”

In August, the company directly offered 15,566,665 ADA shares for approximately $9.3 million.

Recall that in January 2021, BIT Mining (an online lottery service provider at the time called 500.com Limited) entered into an agreement to purchase the first batch of mining equipment for $14.4 million.

A month later, the firm purchased 5,900 additional bitcoin mining devices and became the owner of the BTC.com pool.

Traded on the New York Stock Exchange in March, 500.com was rebranded as BIT Mining Limited.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log

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