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.
According to the earnings statement, 95 per cent of the revenue came from the BTC.com 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. BTC.com 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.