BIT Mining Limited's revenues increase by almost 150 times

BIT Mining Limited's revenues increase by almost 150 times

New York Stock Exchange-listed mining company BIT Mining Limited posted revenues of $445.1 million in the second quarter of 2021, a 147-fold increase from the previous period.

Q2 financial results has been release, ETH mining on the go~

According to the earnings statement, 95 per cent of the revenue came from the mining pool, which the firm bought at the beginning of the year. The pool generated $422.8 million in revenue, mostly as a reward for blocks mined by participants, which the company accounts for on its balance sheet. distributed $414.4 million in assets to miners. The profit amounted to $8.4 million, excluding operating costs and depreciation.

The company has Ethereum mining capacity with a total hash rate of 600 GH/s and mines around 13 ETH (~$43,000) per day. The direct costs of operations do not exceed 10% of revenue.

By the end of October, BIT Mining expects to increase capacity to 4,800 GH/s.

During the quarter, the company mined 186 BTC (~$9.5 million), with digital gold mining accounting for approximately 2.1% of net revenue.

The company's hash rate on the bitcoin network reaches 1,425 PH/s. BIT Mining is expanding its cryptocurrency mining operations and has supplied 7,849 miners, with 3,293 installations already up and running.

The data centre management business generated revenue of $11.4 million, or approximately 2.6% of the total.

BIT Mining reported net income of $1.5 million for the quarter.

As a reminder, in June the company raised $50 million to expand its business outside of China.

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