BIT Mining (BTCM.US) Q4 mining generated about 3957 Ethereum and 102 Bitcoin

On February 17, BIT Mining Limited (BTCM.US) announced its unaudited financial results for the fourth quarter and full year of 2021.

In the fourth quarter of 2021, the mining pool business generated approximately $472.9 million in revenue, and in the third quarter of 2021, the mining pool business generated approximately $386.5 million in revenue.

BIT Mining Limited has completed a comprehensive transformation. At present, the company's business covers the entire cryptocurrency industry chain including encrypted digital currency mining, mining farms and mining pools. The company adopts a global layout strategy to promote the development of encrypted digital currency business.

As of the publication date, the theoretical computing power of the Ethereum mining machines held by the company is 4,800GH/s, and the theoretical computing power of the online mining machines is 4,736.6GH/s. In the fourth quarter of 2021, the company mined about 3,957 ETH and recognized revenue of about $16.5 million. As of the press date, the company has accumulated about 7,649 Ethereum.

As of the press date, the theoretical computing power of the Bitcoin mining machines held by the company is 825.4 PH/s. In the fourth quarter of 2021, the company mined about 102 bitcoins and recognized revenue of about $5.6 million. As of the press date, the company has accumulated about 488 bitcoins.

In terms of data center business, in September 2021, the company signed a cooperation agreement with Viking Data Centers, LLC to acquire a 51% stake in a cryptocurrency mining farm with an operating capacity of 85MW under construction in Ohio, USA. In October 2021, the company made additional investment to increase the capacity of the mine from the originally planned 85MW to 150MW, and the company's shareholding ratio increased to 55%. The company expects to complete the construction of the mine in the first half of 2022. As of the press date, the mine has built about 50MW and has operated about 43MW. The company's encrypted digital currency mining farm in Hong Kong has a capacity of 1.4MW and has started Ethereum mining business in October 2021. The company terminated plans to build a cryptocurrency mining farm in Kazakhstan announced in May 2021 due to unstable energy supply in Kazakhstan. The company's bitcoin mining machines deployed in third-party encrypted digital currency mining farms in Kazakhstan are still operating normally and are not affected by this incident.