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.
Nov 18, 2021 at 1:27 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2SK2DENLYBEQVPAD2ARN3IXPYU.jpeg)
Racks of bitcoin miners (Andrey Rudakov/Bloomberg via Getty Images)
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%.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
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