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BIT Mining Revenue Rises $440M in Q2, Thanks to BTC.com Acquisition
Previously an online sports lottery operator, BIT Mining said it has now completed its transformation into a crypto mining and data center company.
Hong Kong-based crypto miner BIT Mining's (NYSE: BTCM) revenue surged by RMB 2.85 trillion ($440 million) in Q2 2021 compared to the first quarter of the year, thanks to its April acquisition of mining pool BTC.com, according to the company's earnings releasehttps://ir.btc.com/2021-08-17-BIT-Mining-Limited-Announces-Unaudited-Financial-Results-for-the-Second-Quarter-ended-June-30,-2021. Shares were rising 7% to $6.84 on Tuesday following the release of the report.
- BIT Mining's total net revenue was $445 million for the quarter, compared with just $3 million in Q1 2021 and $550,000 in the year-ago quarter.
- The vast majority of its income, 95% as per the earnings report, came from newly acquired mining pool BTC.com, operated by BitDeer.
- But BIT Mining's $2 million in net income in Q1 2021 turned into a net loss of $15.2 million for the three months ending June 30. BIT Mining attributed the loss to investments that fueled its expansion into crypto and a steep fall in crypto prices.
- Operating costs increased in line with the revenue increase, from $5.6 million in Q1 to $443.9 million in Q2.
- BIT Mining's cash and cash equivalents have also dwindled by two-thirds to $10.1 million as it invested in mining.
- Previously an online sports lottery operator called 500.com, BIT Mining announcedhttps://finance.yahoo.com/finance/news/500-com-entered-agreement-acquire-121200514.html it was pivoting to mining in January. The company has now completed its transformation into a crypto mining and data center company, it said. BIT Mining's theoretical total bitcoin mining capacity is 1,425.3 PH/s, the report said.
- BIT Mining has started mining ether outside of China, where a regulatory crackdown has sent miners fleeing, and produces 13 ether a day. It plans to expand its ether mining capacity to 4,800 GH/s by the end of October.
- The company has shipped 7,849 bitcoin mining machines to Kazakhstan according to the report, part of its plan to move its operations out of China. Its data centers in China's Sichuan province, which authorities ordered shut down in June, brought in $11.4 million in the quarter.
Read more: Marathon Digital Shares Rise as Q2 Earnings Beat Estimates
STORY CONTINUES BELOW
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
