Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934 or ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2024 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________ or ☐ Shell company report pur ...

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]

Core Insights - BIT Mining Limited reported a productive February 2025, enhancing operational efficiency and reducing costs through proprietary mining machines [3] - The company achieved profitability in mining Litecoin and Dogecoin, diversifying revenue streams beyond Bitcoin [3] - The completion of the Ethiopia data center acquisition is expected to further improve operational results [4] 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 [8] - The company also produced 2,013,292.9 Dogecoin (DOGE) and 556.7 Litecoin (LTC) [8] - The total exahash capacity for February was 2,588 PH/s, with an average of 4.5 days per self-mined BTC and a cost of $60,960 per BTC mined [8] Company Overview - BIT Mining is a technology-driven cryptocurrency mining company involved in cryptocurrency mining, data center operations, and mining machine manufacturing [5] - The company focuses on creating long-term value across the industry with a cost-efficient data center strategy that enhances profitability and cash flow [5] - BIT Mining leverages self-developed and purchased mining machines to adapt to dynamic cryptocurrency pricing, owning 7-nanometer BTC chips and having strong capabilities in developing LTC/DOGE miners [5]

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].

Core Viewpoint - BIT Mining Limited reported its unaudited financial results for the fourth quarter of 2024, highlighting a strategic focus on global data center operations and a significant acquisition in Ethiopia, which is expected to enhance revenue stability and operational efficiency [1][2][3]. Financial Performance - Revenues for the fourth quarter of 2024 were US$8.8 million, a decrease of US$1.6 million (15.4%) from US$10.4 million in the fourth quarter of 2023, but an increase of US$4.0 million (83.3%) from US$4.8 million in the third quarter of 2024 [6][12]. - The operating loss for the fourth quarter of 2024 was US$2.5 million, a significant decrease of US$11.8 million from US$14.3 million in the fourth quarter of 2023, and a decrease of US$2.3 million from US$4.8 million in the third quarter of 2024 [6][22]. - The net loss attributable to BIT Mining was US$2.1 million for the fourth quarter of 2024, compared to a net loss of US$15.5 million in the fourth quarter of 2023 [6][25]. Operational Highlights - The self-mining business generated US$5.0 million, while the data center business contributed US$3.8 million to the total revenues in the fourth quarter of 2024 [8]. - The total hash rate capacity for DOGE/LTC mining machines was approximately 13,793.00 GH/s, producing 16.1 million DOGE and 4,578 LTC, generating approximately US$4.5 million in revenue [9]. - The BTC mining machines had a total hash rate capacity of approximately 395.00 PH/s, producing 3.16 BTC and generating approximately US$0.3 million in revenue [10]. Acquisition and Strategic Initiatives - The company completed the first closing of the acquisition of a cryptocurrency mining data center in Ethiopia, acquiring 51% equity interests, which is part of its strategy to enhance global data center operations [2][3]. - The remaining mining facilities under construction are expected to be operational by mid-second quarter of 2025, with procured mining equipment set to be delivered soon [3]. Cost Management - Operating costs and expenses for the fourth quarter of 2024 were US$12.9 million, a decrease of US$0.8 million (5.8%) from US$13.7 million in the fourth quarter of 2023, but an increase of US$3.9 million (43.3%) from US$9.0 million in the third quarter of 2024 [13]. - Cost of revenue was US$8.5 million for the fourth quarter of 2024, a decrease of US$1.3 million (13.3%) from US$9.8 million in the fourth quarter of 2023 [14][15]. Cash and Cryptocurrency Assets - As of December 31, 2024, the company had cash and cash equivalents of US$1.8 million, down from US$3.2 million as of December 31, 2023 [27]. - The total cryptocurrency assets amounted to US$9.6 million, including 19.06 BTC, 1,246 ETH, and 7.6 million DOGE [28].

Company Overview - BIT Mining Limited (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company involved in cryptocurrency mining, data center operations, and mining machine manufacturing [2] - The company aims to create long-term value within the cryptocurrency ecosystem, supported by cost-efficient data centers that enhance profitability and provide steady cash flow [2] - BIT Mining conducts self-mining operations, utilizing both self-developed and purchased mining machines to adapt to fluctuating cryptocurrency prices [2] Financial Results Announcement - BIT Mining 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 February 28, 2025 [1]

Core Viewpoint - BIT Mining Limited announced the results of its annual general meeting of shareholders, highlighting significant changes in its share capital structure [1]. Group 1: Shareholder Meeting Outcomes - The shareholders approved a resolution to increase the authorized share capital to US$440 million, which is divided into 8,399,935,000 Class A Ordinary Shares, 65,000 Class A Preference Shares, and 400,000,000 Class B Ordinary Shares [2]. Group 2: Company Overview - BIT Mining is a leading technology-driven cryptocurrency mining company involved in cryptocurrency mining, data center operations, and mining machine manufacturing [3]. - The company aims to create long-term value within the cryptocurrency ecosystem, supported by cost-efficient data centers that enhance profitability and steady cash flow [3]. - BIT Mining conducts self-mining operations, utilizing both self-developed and purchased mining machines to adapt to fluctuating cryptocurrency prices [3]. - The company possesses 7-nanometer BTC chips and has strong capabilities in developing LTC/DOGE miners and ETC miners [3].

Core Viewpoint - BIT Mining Limited has regained compliance with the NYSE's quantitative continued listing standards as of December 17, 2024, following a previous notification of non-compliance due to market capitalization and shareholders' equity issues [1][2]. Group 1: Compliance Status - On June 9, 2023, BIT Mining was notified by the NYSE of non-compliance with the minimum market capitalization and shareholders' equity requirement, as both metrics were below $50 million [2]. - The NYSE's letter confirmed that BIT Mining has achieved compliance with the Market Cap and Equity Requirement, and the ".BC" indicator will no longer be transmitted starting December 18, 2024 [2]. - BIT Mining will undergo a 12-month follow-up period to ensure continued compliance with NYSE listing standards [2]. Group 2: Company Overview - BIT Mining is a technology-driven cryptocurrency mining company involved in cryptocurrency mining, data center operations, and mining machine manufacturing [3]. - The company aims to create long-term value within the cryptocurrency ecosystem through cost-efficient data centers and self-mining operations [3]. - BIT Mining possesses 7-nanometer BTC chips and has strong capabilities in developing LTC/DOGE miners and ETC miners [3].

Table of Contents Exhibit 99.1 UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS BIT MINING LIMITED As of December 31, 2023 and June 30, 2024 and for the six months ended June 30, 2023 and 2024 Table of Contents BIT MINING LIMITED CONTENTS Pages | INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED | | | --- | --- | | INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2023 AND | | | JUNE 30, 2024 - UNAUDITED | 1 – 2 | | INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPR ...