BIT Mining Finds Buyer for BTC.com Mining Pool for $5 Million

BIT Mining Limited, listed on the New York Stock Exchange, announced the sale of its BTC.com mining pool. The buyer is Hong Kong-based Esport – Win Limited.

According to the press release, the deal value was $5 million. It does not affect BIT Mining’s other businesses.

The sale is subject to regulatory approvals. The company added that the segment’s net operating loss for the full year 2022 amounted to $2.6 million.

“By selling the loss-making business, … we will become more resilient, and our core resources will be focused on research and development and on growing our existing businesses,” said Yang Xianfeng, BIT Mining’s CEO.

The shares reacted negatively to the news. The current price stood at $5.12.

In January 2021 BIT Mining (then an online lottery services provider under the name 500.com Limited) signed an agreement to purchase the first tranche of mining equipment for $14.4 million.

One month later the firm bought an additional 5,900 devices for bitcoin mining and became the owner of the BTC.com pool.

In March 500.com undertook a rebranding to BIT Mining Limited.

As noted, in the second quarter of 2023 the firm’s revenue stood at $74.1 million. The mining pool contributed the largest share — $65.9 million.