BTC.com(US:BTCM) Prnewswireยท2025-08-14 20:30Core Insights - BIT Mining Limited reported a significant decline in financial performance for the six months ended June 30, 2025, with total revenues of US$11.0 million, down 43.3% from US$19.4 million in the same period of 2024 [11][20][30] - The company is strategically shifting its focus towards the Solana ecosystem, having acquired $7.1 million worth of SOL and launched a self-operated validator node [3][24] Financial Performance - Revenues for the self-mining business were US$4.6 million, while the data center business generated US$6.4 million [6] - Operating costs and expenses increased to US$24.5 million, up 12.4% from US$21.8 million in the previous year [12] - The operating loss was US$13.9 million, compared to a loss of US$0.5 million in the same period of 2024 [18][30] - Net loss attributable to BIT Mining was US$13.9 million, a stark contrast to a net income of US$18.9 million in the prior year [20][21] Cryptocurrency Operations - The total hash rate capacity for DOGE/LTC mining machines was approximately 8,149.73 GH/s, producing 10.5 million DOGE and 2,980 LTC [7] - The BTC mining operations produced 17.3 BTC, generating approximately US$1.7 million in revenue [9] - The company reported a decrease in cryptocurrency assets to US$3.6 million as of June 30, 2025, down from US$9.6 million at the end of 2024 [23] Data Center Operations - The Ohio Mining Site's 82.5 megawatt space generated approximately US$6.4 million in service fee revenue, a decrease of US$3.9 million compared to the previous year [10] - The decline in revenue was attributed to discounts on hosting fees to retain customers [10] Strategic Initiatives - The company completed the acquisition of a 51% equity interest in a cryptocurrency mining data center in Ethiopia and is expanding its operations into the Solana ecosystem [2][3] - BIT Mining aims to optimize treasury efficiency and support its strategic shift towards sustainable value creation [24]