BIT Mining raises second-quarter revenue to $74.1 million

BIT Mining Limited, the NYSE-listed mining company, in the second quarter amounted to $74.1 million. This was $1.2 million higher than in the first three months of the year.

Compared with the same period in 2022, the company’s revenue fell by $121.4 million.

BIT Mining’s main lines of business are:

• in-house mining;
• BTC.com pool;
• manufacture of cryptocurrency mining equipment;
• data-centre services.

The mining pool contributed the largest share to the company’s quarterly revenue — $65.9 million.

According to statements, the cryptocurrency mining business and hosting services were significantly affected by the shutdown of the data centre in Ohio from April 24 to May 26. The incident was caused by problems at partner Viking Data Centers, which, contrary to its obligations, did not pay the electricity bill.

As a result, revenue from the 82.5 MW data centre declined by 39% versus the first quarter to $3.6 million.

BIT Mining’s operating hash rate in the Bitcoin network is approximately 50.9 PH/s. Due to market conditions, the company discontinued some device models. In three months, it mined 22.6 BTC, generating $0.6 million in revenue.

BIT Mining also mined 29.4 million Dogecoin (DOGE) and 16,027 Litecoin (LTC), generating $3.6 million in revenue. The altcoin mining hardware used had a hashrate of 31,607 GH/s.

Following the Ohio facility outage, the company began seeking alternative hosting and in July deployed roughly 3,600 DOGE/LTC miners at Lonestar Dream facility in Texas.

In May, BIT Mining introduced a next-generation device for mining DOGE and LTC—the LD4.