For the second quarter, BIT Mining Limited, the owner of the BTC.com pool, generated revenue of $195.5 million. This is below the January–March figure by $101.2 million.
BTC.com’s revenue amounted to $178.5 million.
During the period, BIT Mining recorded a net loss of $21 million.
The company’s own Bitcoin mining capacity at quarter-end stood at 0.14 EH/s, while the hash rate of equipment for online Ethereum mining — 3,536.2 GH/s.
During the quarter, the company mined 97 BTC and 4,898 ETH.
BIT Mining continued the construction of a data center in Ohio, having completed a 56 MW substation for the facility.
As part of the acquisition of the Bee Computing miner manufacturer, the firm completed its first share exchange.
BIT Mining CEO Yang Xianfeng explained that weak financial results were driven by falling cryptocurrency prices and rising electricity tariffs, affecting the entire industry.
“In unstable market conditions we remain committed to our long-term growth strategy and confident in our ability to create value for shareholders in the future. Given our first-mover advantage in Ethereum mining, we are also expanding into Proof-of-Stake operations, providing a range of services including management, monitoring, node management and accounting systems. Bee Computing has completed the development of a new generation of highly efficient machines for mining BTC, DOGE and LTC using the latest technologies,” said the head of the company.
In August the company conducted a direct offering of 15,566,665 shares in the form of ADA for about $9.3 million.
In January 2021, BIT Mining (then a provider of online lottery services under the name 500.com Limited) signed an agreement to purchase the first batch of mining equipment for $14.4 million.
One month later, the firm bought an additional 5,900 Bitcoin mining devices and became the owner of the BTC.com pool.
In March, the NYSE-listed 500.com rebranded as BIT Mining Limited.
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