Seeking Alpha
2022-05-27 12:52:36

BIT Mining Q1 revenue falls sharply after China's crypto ban

BIT Mining (BTCM) Q1 revenue on Friday has nosedived over the fourth quarter, hindered by its mining pool business after China banned cryptocurrency transactions last year. Moreover, revenue of $296.68M cratered from $497.78M in Q4 2021, but remains elevated from just $2.6M in the year-ago period. Operating expenses were $298.8M in Q1, compared with $501.6M in Q4 2021 and $3.9M in Q1 2021. Overall, the crypto miner posted a net loss of $3.75M in Q1, improving from -$17.2M in Q4 2021, but down from a gain of $3.31M in Q1 of last year. Furthermore, BIT's (BTCM) total hash rate capacity of its ethereum (ETH-USD) mining machines is approximately 4,452.7 giga hashes per second ("GH/s"), as of May 27. It mined 5,420 ether and recognized revenue of ~$16.0M. And its bitcoin mining machines' hash rate capacity was 246.1 peta hashes per second ("PH/s"). In Q1, it produced 166 bitcoins, recognizing revenue

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