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.

AccessTimeIconNov 18, 2021 at 1:27 p.m. UTC
Updated Nov 18, 2021 at 2:25 p.m. UTC

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

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 about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC