BIT Mining Limited Announces Unaudited Financial Results for the Fourth Quarter and Full Year ended December 31, 2023

Core Viewpoint BIT Mining Limited has reported its unaudited financial results for the fourth quarter and full year of 2023, highlighting a strategic shift with the sale of its mining pool business and significant improvements in its financial performance despite ongoing market challenges. Financial Performance Summary Fourth Quarter 2023 Highlights for Continuing Operations - Revenues reached US$10.4 million, an increase of US$3.2 million (44.4%) from US$7.2 million in Q4 2022, but a decrease of US$1.2 million (10.3%) from US$11.6 million in Q3 2023 [2][9] - Operating loss was US$1.6 million, a significant decrease of US$36.7 million from US$38.3 million in Q4 2022, and a decrease of US$2.5 million from US$4.1 million in Q3 2023 [2][16] - Net loss attributable to BIT Mining was US$0.8 million, compared to a net loss of US$40.0 million in Q4 2022 and US$4.7 million in Q3 2023 [2][18] - Basic and diluted losses per American Depositary Share (ADS) were US$0.38 [2] Full Year 2023 Highlights for Continuing Operations - Total revenues for 2023 were US$43.1 million, down from US$57.0 million in 2022 [3] - Operating loss for the year was US$12.9 million, a significant improvement from an operating loss of US$88.1 million in 2022 [3] - Net loss attributable to BIT Mining for the year was US$11.1 million, compared to US$74.8 million in 2022 [3] Discontinued Operations - The net loss from discontinued operations for 2023 was US$3.4 million, a substantial decrease from US$80.6 million in 2022, primarily due to prior year impairments [4] Revenue Breakdown - Q4 2023 revenues included US$4.7 million from self-mining and US$5.7 million from data center operations [6][8] - The self-mining operations produced 38.3 million DOGE and 10,615 LTC, generating approximately US$3.6 million in revenue [6] - The data center operations generated approximately US$5.7 million in service fee revenue, a decrease from the previous quarter [8] Cost Management - Operating costs and expenses for Q4 2023 were US$13.2 million, down US$9.7 million (42.4%) from US$22.9 million in Q4 2022 [10] - Cost of revenue was US$8.9 million, a decrease of US$7.5 million (45.7%) from Q4 2022 [11] Cryptocurrency Assets - As of December 31, 2023, the company held cryptocurrency assets valued at US$7.6 million, including 22.6 BTC and 12.2 million DOGE [21] Strategic Developments - On December 28, 2023, BIT Mining entered into an agreement to sell its entire mining pool business for US$5 million, marking a strategic shift for the company [1]