CryptoNewsBreaks — BIT Mining Ltd. (NYSE: BTCM) Releases Q3 2022 Unaudited Financial Report
Nov 17, 2022
BIT Mining (NYSE: BTCM), a leading technology-driven cryptocurrency mining company, is reporting unaudited financial results for its third quarter, the period ended Sept. 30, 2022. The report notes that BIT Mining has four primary business segments — self-mining, mining pool, data center operation and mining machine manufacturing — and the company is pursuing a deliberate development strategy that focuses on global cryptocurrency mining operations. A few highlights of the report include a note that Bee Computing, BTCM’s subsidiary, has designed a new generation of highly efficient Bitcoin (“BTC”) and Dogecoin (“DOGE”)/Litecoin (“LTC”) mining machines based on the most advanced technology. During the quarter, the company also entered into a share sale and purchase agreement with an unaffiliated third party; details of the agreement indicate that BTCM will sell an estimated 51% (279,673,000 shares) of the total issued share capital of Loto Interactive Limited to the third-party company, reducing Bit Mining’s share ownership in Loto Interactive to 8.79%. The report also included Q3 2022 highlights for continuing operations along with notable financial numbers, including revenues, operating costs and expenses, net loss and gain and other key data. “As of September 30, 2022, the company had cash and cash equivalents of $12.5 million, restricted cash of $0.1 million and time deposits of $7.3 million, compared with cash and cash equivalents of $22.6 million and restricted cash of $0.1 million as of June 30, 2022,” the report stated. “As of September 30, 2022, the company had cryptocurrency assets of $17.4 million in aggregate, which are the equivalent of 219 BTC, 6,843 ETH, 48.5 million DOGE and various other cryptocurrency assets, including those generated from its mining pool and cryptocurrency mining businesses.”
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About BIT Mining Ltd.
BIT Mining is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, data-center operation and mining machine manufacturing. The company owns the world’s top blockchain browser — BTC.com — and the comprehensive mining pool business operated under BTC.com, providing multicurrency mining services including BTC, ETH and LTC. The company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, enabling the company’s self-sufficiency through vertical integration with its supply chain. For further information about the company, visit www.BTCM.group.
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