Industry Overview - Cryptocurrencies like Bitcoin and Ethereum are driven by blockchain technology, which provides enhanced security through a decentralized and tamper-resistant database [1] - The safety and decentralization of blockchain have contributed to the growth of cryptocurrencies, with positive developments such as the SEC's repeal of an accounting rule and the dropping of lawsuits against Coinbase and Robinhood [2] - The liberal policies of the Trump administration, including an executive order to study cryptocurrency regulations and the creation of a crypto reserve, are favorable for the cryptocurrency market [3] Market Performance - Despite inherent volatility, cryptocurrencies have shown resilience amid equity sell-offs, with Bitcoin trading above $92,000, a significant increase from $76,000 in early April [4] - Over the past week, Bitcoin increased by 9.32%, while Ethereum, Solana, Cardano, Dogecoin, and XRP surged by 9.5%, 10.2%, 11.6%, 11%, and 2.5% respectively [4] Company Highlights - CME Group, the largest futures exchange, reported a record average daily volume of 29.8 million contracts in Q1 2025, up 13% year-over-year, driven by growth across all asset classes [6] - CME Group's clearing and transaction fees significantly contribute to its revenue, with expectations of continued growth due to increased electronic trading volume and interest in crypto assets [8] - BIT Mining Limited, a leading cryptocurrency miner, produced 41.55 Bitcoin in March 2025, with a cost per BTC mined of approximately $65,831, and is expanding operations in Ohio and Ethiopia [10][11][12] - Cannan, another cryptocurrency mining company, generated $32.5 million in Bitcoin mining revenue in 2024 and expects revenues between $900 million and $1.1 billion in 2025, supported by new product launches [13][14]

Core Insights - BIT Mining Limited is a leading technology-driven cryptocurrency mining company that released its monthly mining production and operational updates for March 2025 [1] Mining Production and Operations Highlights - BIT Mining is expanding its international mining operations in Ohio and Ethiopia, focusing on scalable and clean-energy-powered infrastructure [2] - The company operates over 28,000 mining machines, with a current operational hash rate of 423 PH/s, and anticipates increased utilization and efficiency in the coming months [3] - In March, BIT Mining produced a total of 41.55 Bitcoin (BTC), with 34.96 BTC for hosted clients and 6.59 BTC self-mined, alongside approximately 2,383,708 Dogecoin (DOGE) and 651.6 Litecoin (LTC) [7] CEO's Commentary - The CEO emphasized steady operational progress and cost discipline, with the cost per self-mined BTC remaining stable at $65,831, while highlighting the long-term growth opportunity in Ethiopia [4] Infrastructure and Capacity Updates - In Ohio, BIT Mining has a power capacity of 82.5 MW, while in Ethiopia, ongoing construction is expected to increase total site capacity to 51 MW by May 2025 [7]

AKRON, Ohio, March 27, 2025 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or "the Company" or "BTCM"), a leading technology-driven cryptocurrency mining company, today reported its monthly mining production and other operational updates for the month of February 2025. Mining Production and Operations Updates:  In February, BIT Mining produced a total of 42.56 Bitcoin (BTC), with 36.854 BTC generated for hosted clients and 5.708 BTC self-mined.   The Company also produced 2,013,292.9 Dogecoi ...

Core Viewpoint - BIT Mining Limited has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][4]. Earnings Estimates and Revisions - The Zacks rating system is based on the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts for the current and following years [2]. - For the fiscal year ending December 2025, BIT Mining Limited is expected to earn -$0.50 per share, representing a 5.7% change from the previous year [9]. - Over the past three months, the Zacks Consensus Estimate for BIT Mining Limited has increased by 50%, indicating a positive trend in earnings estimates [9]. Impact of Institutional Investors - Changes in a company's future earnings potential, as shown by earnings estimate revisions, are strongly correlated with near-term stock price movements, largely due to institutional investors adjusting their valuations based on these estimates [5]. - Institutional investors typically buy or sell large amounts of shares based on changes in earnings estimates, leading to significant price movements for the stock [5]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) to Zacks Rank 5 (Strong Sell) [8]. - The system has a strong track record, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [8]. - The upgrade of BIT Mining Limited to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11].

AKRON, Ohio, Feb. 28, 2025 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency mining company, today reported its unaudited financial results for the fourth quarter ended December 31, 2024. On December 9, 2024, the Company completed the first closing of acquisition of cryptocurrency mining data centers and Bitcoin ("BTC") mining machines in Ethiopia. After the first closing of acquisition, the Company acquire ...

AKRON, Ohio, Feb. 25, 2025 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced that it plans to release its unaudited financial results for the fourth quarter and full year ended December 31, 2024, after the U.S. market close on Friday, February 28, 2025. About BIT Mining BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with operations in cryptocurrency mining, data cen ...

AKRON, Ohio, Jan. 8, 2025 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced the results of its annual general meeting of shareholders (the "AGM") held on January 7, 2025. At the AGM, the shareholders of the Company passed the resolution increasing the authorised share capital of the Company to US$440,000 divided into 8,399,935,000 Class A Ordinary Shares of a nominal or par value of US$0.00005 each, 65, ...

AKRON, Ohio, Dec. 18, 2024 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced that it received a letter (the "Letter") from the New York Stock Exchange (the "NYSE"), dated December 17, 2024, notifying the Company that it has regained compliance with the NYSE's quantitative continued listing standards. On June 9, 2023, the Company was notified by the NYSE that it was not in compliance with the NYSE's mini ...

Financial Performance and Revenue - BIT Mining Limited's operations in Hong Kong generated approximately 1.5%, 5.3%, and nil of total revenue from continuing and discontinued operations in 2021, 2022, and 2023 respectively[10]. - The company transferred cash to its subsidiaries of approximately US$66.8 million, US$37.0 million, and US$2.5 million in 2021, 2022, and 2023 respectively[18]. - BIT Mining Limited transferred assets valued at US$2.2 million, US$9.2 million, and US$6.3 million to its subsidiaries in 2021, 2022, and 2023 respectively[18]. - BIT Mining Limited's subsidiaries transferred assets valued at US$2.4 million, US$9.0 million, and US$9.3 million to the company in 2021, 2022, and 2023 respectively[19]. - The company's quarterly revenues and operating results have historically fluctuated, making future performance difficult to predict[103]. - The average total market capitalization of the company was less than $50 million over a consecutive 30 trading-day period, leading to non-compliance with NYSE listing standards[47]. Regulatory and Compliance Risks - Regulatory risks in China may impact BIT Mining Limited's ability to conduct operations, as adverse actions could force the company to cease administrative support and IT services from China[13]. - The company has migrated its cryptocurrency operations to international markets due to regulatory and policy developments in China[22]. - The company is subject to various legal and operational risks associated with having non revenue-generating subsidiaries and personnel located in China[13]. - The company has accrued $10 million for combined penalty amounts related to ongoing investigations by the DOJ and SEC, which may significantly impact liquidity and raise doubts about its ability to continue as a going concern[45]. - The company is subject to quarterly monitoring for compliance with its business plan submitted to the NYSE, which may be impacted by the payment of penalties[46]. - The company may face risks of delisting under the Holding Foreign Companies Accountable Act if its auditor cannot be inspected by the PCAOB[75]. - The SEC may issue a stop order to prohibit trading of the company's ADSs if there are three consecutive non-inspection years, which has been reduced to two under the AHFCA Act[78]. - Recent regulatory developments in China may restrict the company's ability to raise capital outside of China, potentially leading to a significant decline in the value of its securities[64]. - The company has adjusted its corporate structure and business operations to comply with PRC laws, including the termination of its previous VIE structures[71]. - The company has adopted risk-based policies to analyze whether the digital assets it mines could be deemed securities under applicable laws, which could limit distributions and transfers[36]. - Regulatory changes could require the company to register under the Securities Act and Investment Company Act, leading to extraordinary expenses and potential operational disruptions[122]. Operational and Strategic Developments - The company has focused on expanding its cryptocurrency mining operations in the United States, particularly at a mining site in Akon, Ohio, with access to power capacity of up to 82.5 megawatts[23]. - The company is expanding its cryptocurrency operations into the United States, including the completion of the Ohio Mining Site, which may require compliance with additional federal and state regulations[51]. - The company has shifted its focus to international markets for cryptocurrency mining operations, terminating data center operations in China due to regulatory changes[81]. - The company has developed a cryptocurrency mining data center in Ohio with a power capacity of 82.5 megawatts[85]. - The company has entered the cryptocurrency industry, acquiring a 7-nanometer mining machine manufacturer and developing a mining data center with a power capacity of 82.5 megawatts[115]. - The company is actively considering strategic opportunities in blockchain and cryptocurrency, but there is no assurance that any acquisitions or partnerships will be successful[117]. - Future acquisitions could lead to the issuance of ordinary shares or incurrence of debt, negatively impacting cash flows and financial condition[119]. - The company faces challenges in managing growth effectively, which could limit its growth and negatively affect operating results[115]. - The evolving nature of the cryptocurrency industry requires the company to continuously adapt its business model to stay competitive[115]. Market and Competitive Environment - The company faces competition from larger operators in the cryptocurrency industry, which may hinder its ability to expand and secure necessary partnerships[121]. - The cryptocurrency market's growth is uncertain, influenced by factors such as government regulation, consumer preferences, and economic conditions[127]. - Geopolitical events may lead to rapid price fluctuations in cryptocurrencies, impacting the company's inventory value[139]. - The acceptance of cryptocurrencies in retail and commercial markets remains limited, contributing to price volatility[141]. - Transaction fees may increase, potentially decreasing demand for bitcoin and hindering its acceptance as a payment method[144]. - The decentralized nature of cryptocurrency governance may lead to slow responses to crises, negatively affecting the company's operations[146]. - The company faces risks from a lack of liquid markets and potential manipulation of blockchain-based assets, which may adversely affect its operations and the value of cryptocurrencies held[148]. - Competition from other cryptocurrency investment methods may negatively impact the company's market share and profitability[149]. - The emergence of alternative financial vehicles and scrutiny from regulators could limit the company's ability to maintain a public market for its securities[150]. Cybersecurity and Operational Risks - Cybersecurity threats, including hacking and malware, pose significant risks to the company's cryptocurrency holdings and operations[155]. - The company experienced a cyberattack in December 2022, resulting in the theft of approximately $2.4 million in assets[191]. - The company is dependent on the performance and reliability of its mining machines, which are susceptible to failure and could disrupt operations[170]. - The operation of mining requires significant electrical power, and any increase in electricity costs could reduce profit margins[194]. - The company does not maintain insurance for its digital assets, exposing it and its shareholders to potential losses that are not covered by insurance[59]. - The company does not have business interruption insurance, which could lead to substantial costs in the event of a disruption[97]. - The company relies on third-party services for key operations, and any failure in these services could materially affect its business[91]. - The company is dependent on external service providers for payment and settlement processing, and any failures in their services could lead to financial losses and reputational damage[101]. Bitcoin Mining Specific Risks - The primary cryptocurrency mined by the company, bitcoin, is subject to halving events, which will reduce mining rewards and may not be compensated by an increase in bitcoin value[171]. - The mining reward for Bitcoin has halved three times: from 50 BTC to 25 BTC in 2012, 25 BTC to 12.5 BTC in 2016, and 12.5 BTC to 6.25 BTC in 2020, with the next halving expected around 2140[172]. - The company's revenues from Bitcoin mining are influenced by the number of Bitcoin rewards mined and the market value of Bitcoin, which has historically been volatile[174]. - A significant decline in Bitcoin's value could adversely affect the company's operating results and its ability to continue as a going concern[174]. - The profit margins of Bitcoin mining operations are critical; low margins may lead to immediate selling of mined Bitcoin, increasing market pressure and potentially lowering prices[186]. - The company is focused primarily on Bitcoin mining, utilizing ASIC machines that are specialized for Bitcoin and Bitcoin Cash, limiting diversification into other cryptocurrencies[174]. - If a malicious actor gains control of over 50% of the processing power on a cryptocurrency network, it could manipulate transactions and adversely affect the company's operations[188]. - The company may face challenges in realizing the economic benefits of forks in cryptocurrency networks, which could impact its investment value[180]. - The fixed reward for solving a new block on the bitcoin blockchain is currently 6.25 bitcoin, down from 12.5 bitcoin in May 2020, with an expected halving in 2024[197]. Internal Control and Audit Issues - As of December 31, 2023, the company concluded that its internal control over financial reporting was effective, but identified a material weakness as of December 31, 2022[61]. - The company has incurred and anticipates continuing to incur considerable costs related to maintaining compliance with the Sarbanes-Oxley Act[61]. - The PCAOB has identified numerous deficiencies in audit firms in China, which could impact investor confidence if inspections are not consistently available[205]. - The company's financial statements for the year ended December 31, 2023, were audited by MaloneBailey, LLP, which is not subject to PCAOB's inspection issues[76]. - The PCAOB completed inspections of registered public accounting firms in Hong Kong and determined it had complete access to inspect firms in mainland China and Hong Kong[77]. Investor Sentiment and Market Volatility - The trading price of the company's ADSs may be volatile, influenced by financial results, new business initiatives, and external market factors[207]. - Recent volatility in the trading performance of other PRC companies listed in the U.S. may affect investor sentiment towards the company's ADSs[209].

AKRON, Ohio, March 4, 2024 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency mining company, today announced the closing and completion of its previously announced sale of its entire mining pool business operated under BTC.com (the "Business") to Esport – Win Limited, a Hong Kong limited liability company, for a total consideration of US$5 million (the "Consideration"). The Business has been transferred to ...