{"id":66065,"date":"2022-08-19T18:00:22","date_gmt":"2022-08-19T15:00:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66065"},"modified":"2025-09-06T23:22:28","modified_gmt":"2025-09-06T20:22:28","slug":"bit-minings-second-quarter-revenue-falls-by-101-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bit-minings-second-quarter-revenue-falls-by-101-million\/","title":{"rendered":"BIT Mining’s second-quarter revenue falls by $101 million"},"content":{"rendered":"

For the second quarter, BIT Mining Limited, the owner of the BTC.com pool, generated<\/a> revenue of $195.5 million. This is below the January\u2013March figure<\/a> by $101.2 million.<\/p>\n

BTC.com’s revenue amounted to $178.5 million.<\/p>\n

During the period, BIT Mining recorded a net loss of $21 million.<\/p>\n

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 \u2014 3,536.2 GH\/s.<\/p>\n

During the quarter, the company mined 97 BTC and 4,898 ETH.<\/p>\n

BIT Mining continued the construction of a data center in Ohio<\/a>, having completed a 56 MW substation for the facility.<\/p>\n

As part of the acquisition of the Bee Computing miner manufacturer<\/a>, the firm completed its first share exchange.<\/p>\n

BIT Mining CEO Yang Xianfeng explained that weak financial results were driven by falling cryptocurrency prices and rising electricity tariffs, affecting the entire industry.<\/p>\n

\n

“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.<\/p>\n<\/blockquote>\n

In August the company conducted a direct offering of 15,566,665 shares in the form of ADA for about $9.3 million<\/a>.<\/p>\n

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<\/a>.<\/p>\n

One month later, the firm bought an additional 5,900 Bitcoin mining devices<\/a> and became the owner of the BTC.com pool<\/a>.<\/p>\n

In March, the NYSE-listed 500.com rebranded as BIT Mining Limited<\/a>.<\/p>\n

Read ForkLog’s bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

For the second quarter, BIT Mining Limited, owner of the BTC.com pool, reported revenue of $195.5 million. This is below the January\u2013March figure by $101.2 million.<\/p>\n","protected":false},"author":1,"featured_media":66066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1713,1137],"class_list":["post-66065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bit-mining-limited","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=66065"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66065\/revisions"}],"predecessor-version":[{"id":66067,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66065\/revisions\/66067"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/66066"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=66065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=66065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=66065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}