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BIT Mining’s Q4 Revenue to Fall Due to Its Mining Pool Exiting China
The crypto mining firm is working to mitigate the revenue lost during its migration out of China.
Hong Kong-based cryptocurrency miner BIT Mining (BTCM) said fourth-quarter revenue will fall 10% to 20%, as its mining pool business, BTC.COM, completely exited the Chinese market.
- “The company is working on solutions with its existing users in China, such as migrating such users’ mining machines to overseas markets, so that they may have access to our services in a compliant manner,” the company said in a filing on Thursday.
- BIT Mining also said it expects that its continued growth in international markets will help offset the loss of business in China.
- The company reported third-quarter revenue of $404.3 million, down about 9% from the previous quarter, mainly due to the suspension of its data centers in Sichuan, China, and a decrease in revenues from the mining pool business.
- The miner said that it completed the migration of all of its bitcoin mining machines to the U.S. and Kazakhstan.
- The shares of BIT Mining have fallen about 25% this year, while bitcoin price rose about 100%.
Read more: Bit Digital Migrates All Its Bitcoin Mining Out of China Amid Ban
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Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
