Hong Kong, November 18, 2021, BIT Mining Limited ($BIT Mining (BTCM. US)$), a leading technology-driven cryptocurrency miner (the "Company"), today announced its unaudited financial results for the third quarter of 2021.
BIT Mining Limited has completed a comprehensive transformation, and the company's current business covers the entire cryptocurrency industry chain including cryptocurrency mining, mining farms and mining pools. The company adopts a global layout strategy to promote the development of encrypted digital currency business.
The company has launched an Ethereum mining business, and as of press time, the company has a theoretical hash rate of 3,451 GH/s on the line of mining machines. It is expected that by the end of November 2021, the company will deploy an Ethereum mining rig with a total theoretical hash rate of 4,800 GH/s. In the third quarter of 2021, the Company generated approximately 779 Ethereums from mining and recognized revenue of approximately $2.5 million. As of press time, the company has produced 52 Ethereums per day, accumulating about 2,300 Ethereums. Based on the current Ethereum network-wide hashrate and Ethereum price[1], it is expected that from December 2021, the company will produce up to 80 Ethereums per day. Based on the current Ethereum price of $4,279 and the Bitcoin price[1],366, it is expected that the monthly output of 2,400 Ethers, equivalent to 170 Bitcoins, is worth about $10.3 million.
As of press time, the theoretical hash rate of the Bitcoin mining machine held by the company is 800PH/s. In order to improve mining efficiency, the company recently sold a low-end mining machine with a total theoretical hash rate of 610.7PH/s. As of press time, the company has relocated all of its Bitcoin mining machines to Kazakhstan and the United States. The company has transported the bitcoin mining machine with a total theoretical hash rate of 507.3PH/s to the United States, and the bitcoin mining machine with a total capacity of about 119.7PH/s has been deployed, and the remaining part is waiting for deployment. The company has transported the bitcoin mining machine with a total theoretical hash rate of 292.7PH/s to Kazakhstan, and the bitcoin mining machine with a total capacity of about 109.4PH/s has been deployed, and the remaining machine is waiting for deployment. In the third quarter of 2021, the company mined about 79 bitcoins and recognized revenue of about $3.4 million.
In terms of data center business, in September 2021, the company signed a cooperation agreement with Viking Data Centers, LLC to form a joint venture to jointly invest in the construction and operation of an 85MW encrypted digital currency mine in Ohio, USA. In October 2021, the Company made additional investments to increase the mine capacity from the original plan of 85MW to 150MW. The Company expects to complete the construction of the mine in March 2022. As of press time, the mine has been built about 50MW and has operated about 11MW. The company also plans cryptocurrency mines in Hong Kong and Kazakhstan. The Hong Kong cryptocurrency mine has a capacity of 1.4MW and has been operating since October 2021. We plan to build a 40MW cryptocurrency mine in the Ural region of western Kazakhstan, which is expected to be completed in the first quarter of 2022.
On October 14, 2021, the Company announced that its mining pool subsidiary BTC.com will withdraw from the Chinese mainland market. BTC.com will stop Chinese mainland registration for new users and deactivate the accounts of Chinese mainland existing users in an orderly manner. As BTC.com stops serving Chinese mainland users, the company expects revenue to decline 10% to 20% in the fourth quarter of 2021. The company is working with existing users of Chinese mainland to work on solutions, such as migrating their mining machines to overseas markets, enabling them to use mining pool services in a compliant manner. In addition, the Company expects its continued growth in international markets to help offset losses in Chinese mainland operations. In the third quarter of 2021, the pool business generated revenue of approximately $397.8 million.
Ceo Yang Jianfeng said: "With the implementation of the company's strategy, we continue to create value in the cryptocurrency ecosystem. In the past 6 months, the company has completed the migration of mining machines to overseas markets, and significant progress has been made in the construction of encrypted digital currency mines in the United States, which has greatly improved the operational efficiency of the company's business. In addition, we anticipated the potential value of Ethereum as a base currency earlier, including in non-homogeneous tokens (NFTs), decentralized finance (DeFi), and metacosmities. As a result, we deployed a lot of Ethereum hashrate in advance and started generating decent revenue. Looking ahead, the company will continue to enhance corporate value and continue to enhance mining capabilities.
This article originated from Grand Gateway