This company acquires BTC.com in an effort to bolster profits through cryptocurrency mining

A cryptocurrency mining company has reported profitable growth in Q2 reports as a result of global mining initiatives. According to its financial report, the company achieved net revenues of approximately US$445.1 million in the second quarter, an increase of 146 times from the previous quarter. 

With 95% of total revenue earned from mining pools, this avenue has become a key  business line of the company.

BIT Mining Limited (BTCM) is a global mining company based in Hong Kong. The company currently covers crypto mining, mining pools, and data center operations and has plans for expanded operations and node deployment across the globe.

In April, BIT Mining acquired the mining pool business, BTC.com, which has become a key component of the company's future development scheme, tailing right after its self-mining business. In fact, the total hash rate capacity of BTC.com accounts for about 10% of the global Bitcoin hash rate, one of the top professional mining pool service providers.

Impressive numbers

As a result of the mining pool’s business resiliency and the successful implementation of the globalization strategy, the mining pool business performed very well in the second quarter. The company's Q2 financial report shows that during the period from April 15 to June 30, BTC.com made approximately US$422.8 million in revenues, accounting for 95% of Bit Mining's total revenues.

With the report showing impressive results in profit, BIT Mining Limited is set on its global expansion plan to increase its hash rate capacity in alignment with its growth strategy. 

As of June 30, 2021, the Company had cryptocurrency assets of US$63.6million, the equivalent of 1,147 bitcoins, 1,083 ethereum, and various other cryptocurrency assets, including those of the mining pool business that was consolidated from April 15, 2021, and those generated from the cryptocurrency mining business initiated at the end of February 2021.

Looking forward

Crypto-mining has always been the company’s key business priority, the progress can be seen as the company has commenced Ethereum mining beginning June, 2021. Following BIT mining’s globalization efforts, the company has transported 7,849 Bitcoin miners to Kazakhstan, with a total hash rate of about 292.7 PH/s. Amongst them, 3,293 Bitcoin miners with a total hash rate of about 121.0 PH/s have been deployed, and the remaining 4,556 Bitcoin miners will be installed accordingly. As of August 2021, BIT Mining has an approximate total hash rate capacity of 1,425.3 PH/s.

The company’s mining activity of Ethereum is situated outside of mainland China. With 600 GH/s of theoretical hash rate and Ethereum price of US$3,309 as of 17th August, the company produces 13 ETH every day, which are worth approximately US$43,017 in aggregate.

In terms of BIT Mining’s data center business, the company has signed several investment notes of intent to invest in the construction of data centers in both the United States and Kazakhstan in May and June. Meanwhile, the company’s data center for Ethereum mining is also undertaking outside of mainland China. It is expected that the facility will be ready and begin to operate at the end of Q3.

Looking forward, the company is still actively looking for other high-quality mine resources to better implement its global development strategy.