BIT Mining Limited revenue up nearly 150-fold

The NYSE-listed BIT Mining Limited’s revenue in the second quarter of 2021 amounted to $445.1 million. This was 147 times higher than in the previous period.

Q2 financial results has been release, ETH mining on the go~https://t.co/eeJApUWxqP

— BIT Mining Limited (@BITMining_BTCM) August 18, 2021

According to the earnings report, 95% of revenue was generated by the BTC.com mining pool, which the firm bought at the beginning of the year. The pool generated $422.8 million in revenue mainly as rewards for blocks mined by participants, which the company accounts for on its balance sheet. BTC.com distributed assets totaling $414.4 million among miners. Profit amounted to $8.4 million before operating costs and depreciation.

The company has Ethereum mining capacity with a total hash rate of 600 GH/s and mines about 13 ETH (~$43,000) per day. Direct operating costs do not exceed 10% of revenue.

By the end of October, BIT Mining expects to increase capacity to 4800 GH/s.

In the quarter, the company mined 186 BTC (about $9.5 million), with the share of mining digital gold in net income at roughly 2.1%.

BIT Mining’s Bitcoin network hashrate reaches 1,425 PH/s. BIT Mining is expanding its cryptocurrency mining operations and has placed 7,849 miners in Kazakhstan, 3,293 installations are already in operation.

The data-centre management business generated $11.4 million in revenue, or approximately 2.6% of the total.

BIT Mining’s net profit for the quarter was $1.5 million.

In June, the company raised $50 million to expand its business beyond China.