{"id":83353,"date":"2023-08-21T13:04:06","date_gmt":"2023-08-21T10:04:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83353"},"modified":"2025-09-12T10:37:48","modified_gmt":"2025-09-12T07:37:48","slug":"bit-mining-raises-second-quarter-revenue-to-74-1-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bit-mining-raises-second-quarter-revenue-to-74-1-million\/","title":{"rendered":"BIT Mining raises second-quarter revenue to $74.1 million"},"content":{"rendered":"<p>BIT Mining Limited, the NYSE-listed mining company, in the second quarter <a href=\"https:\/\/www.prnewswire.com\/news-releases\/bit-mining-limited-announces-unaudited-financial-results-for-the-second-quarter-ended-june-30-2023-301904479.html\">amounted to<\/a> $74.1 million. This was $1.2 million higher than in the first three months of the year.<\/p>\n<p>Compared with the same period in 2022, the company&#8217;s revenue fell by $121.4 million.<\/p>\n<p>BIT Mining&#8217;s main lines of business are:<\/p>\n<ul class=\"wp-block-list\">\n<li>in-house mining;<\/li>\n<li><a href=\"https:\/\/forklog.com\/en\/news\/jihan-wu-sells-btc-com-mining-pool-to-500-com\">BTC.com pool<\/a>;<\/li>\n<li>manufacture of cryptocurrency mining equipment;<\/li>\n<li>data-centre services.<\/li>\n<\/ul>\n<p>The mining pool contributed the largest share to the company&#8217;s quarterly revenue \u2014 $65.9 million.<\/p>\n<p>According to statements, the cryptocurrency mining business and hosting services were significantly affected by the shutdown of the <a href=\"https:\/\/forklog.com\/en\/news\/bit-mining-to-invest-10-84-million-in-building-a-mining-centre-in-ohio\">data centre in Ohio<\/a> 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.<\/p>\n<p>As a result, revenue from the 82.5 MW data centre declined by 39% versus the first quarter to $3.6 million.<\/p>\n<p>BIT Mining&#8217;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.<\/p>\n<p>BIT Mining also mined 29.4 million <a href=\"https:\/\/forklog.com\/en\/news\/what-is-dogecoin-doge\">Dogecoin<\/a> (DOGE) and 16,027 <a href=\"https:\/\/forklog.com\/en\/news\/what-is-litecoin-ltc\">Litecoin<\/a> (LTC), generating $3.6 million in revenue. The altcoin mining hardware used had a hashrate of 31,607 GH\/s.<\/p>\n<p>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.<\/p>\n<p>In May, BIT Mining <a href=\"https:\/\/forklog.com\/en\/news\/bit-mining-limited-unveils-ld4-device-for-dogecoin-and-litecoin-mining\">introduced<\/a> a next-generation device for mining DOGE and LTC\u2014the LD4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BIT Mining Limited, the NYSE-listed mining company, reported revenue of $74.1 million in the second quarter, up $1.2 million from the first quarter.<\/p>\n","protected":false},"author":1,"featured_media":83354,"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-83353","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":"32","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83353","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=83353"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83353\/revisions"}],"predecessor-version":[{"id":83355,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83353\/revisions\/83355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/83354"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=83353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=83353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=83353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}