BIT Mining quarterly revenue falls by more than $200 million

For the first quarter of 2022, BIT Mining Limited reported revenue of $296.7 million. This was $201.1 million lower than the figure for the previous period, according to the financial report.

The company mined 5,420 ETH (about $16 million) and 166 BTC (about $6.9 million) in January–March. BIT Mining’s hash rate in the Ethereum network reached 4,452.7 GH/s, and in the Bitcoin blockchain—246.1 PH/s.

The data center in the U.S. state of Ohio was completed in the first phase of the project with a connected capacity of 50 MW.

The revenue of the BTC.com pool operator, BIT Mining’s subsidiary, in Q1 amounted to $272.3 million versus $474.9 million in the last three months of 2021.

The company attributed this decline to the pool’s exit from China and the impact of falling cryptocurrency prices since the start of the year.

During the period, BIT Mining posted a net loss of $3.1 million.

In the quarter ended, we focused on expanding in North America and made significant progress on the Ohio data center construction. We continued our Bitcoin and Ethereum mining operations, as well as integrating other lines of business, such as pool management and mining equipment manufacturing, to create synergies,\” said Xianfeng Yan, the company’s CEO.

Earlier in February, BIT Mining abandoned plans to build the data center in Kazakhstan due to power-supply problems in the country.