BIT Madencilik, BTC.com'u Aldıktan Sonra 2. Çeyrek Gelirini 440 Milyon Dolar Artırdı
Following the acquisition of BTC.com, the revenues of the Hong Kong-based mining company BIT Mining Limited grew by 2.85 trillion yuan (about $440 million) in the second fiscal quarter of 2021.
Until recently, BIT Mining was a sports lottery operator known as 500.com, after which it decided to drastically change its activities, transforming the company into a digital currency mining company. In April 2021, she invested in one of the largest mining pools BTC.com under the leadership of BitDeer, which already at first managed to bring the lion's share of the proceeds.
Due to the success, shares of BTCM on the stock exchange in less than a month have grown from $4.46 on July 16, 2021 to $6.31 at the current moment.
At the same time, BIT Mining's net revenue for the second quarter amounted to more than $445 million, which demonstrates a colossal increase compared to the first quarter, in the report for which a very modest revenue figure of $3 million was indicated. In parallel with revenue, operating expenses also increased from $5.6 million in the first fiscal quarter of 2021 to $445.9 million in the second fiscal quarter of 2021.
The report revealed that today the company's 600 GH/s mining power outside of mainland China allows it to mine about 13 Ethereum tokens per day, equivalent to $41,000, according to Huobi. Till the end of October 2021, it intends to increase the Ethereum mining power to 4800 GH/s. At the same time, the total power allocated for Bitcoin mining is about 1425.3 PH/s.
In general, the strategy of BIT Mining Limited today is aimed primarily at the global expansion of operations for the extraction of digital currencies. The company has 7,849 bitcoin miners in Kazakhstan, 4,556 of which are still waiting to start working.
Interestingly, before the closure of data centers due to the mining ban in Sichuan, they managed to bring the company about $11.5 million in revenue (2.6% of total revenue) for the second fiscal quarter of 2021.
BIT Mining is now expecting the completion of the construction of a new data center outside of China and is increasing additional mining resources to improve its performance. In addition, it began active expansion in the crypto market intending to improve its global growth plan, and at the same time its revenue for the third quarter.
The change in the course for the mining of digital currency went to 500.com's benefit, allowing not only to support its business during a pandemic, but also to increase its revenue several hundred times!
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