BIT Mining Limited Announces Unaudited Financial Results for the Fourth Quarter and Full Year ended December 31, 2024

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].