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BIT mining disappoints with Q1 2022 results

BIT Mining’s revenue was $297.7 million, a 40.4 percent decrease from the previous three months. According to an earnings report released on Friday, the publicly traded Chinese company also experienced a net income of $1.2 million, compared to a net loss of $4.1 million in the fourth quarter of 2021.

The mining pool business accounted for the majority of revenue ($272.3 million), which was down 42.7 percent from the previous quarter, according to the corporation.According to the statement, this was partly due to the “impact of falls in cryptocurrency values in the first quarter of 2022.”
The business said a decrease in general and administrative expenses, a decrease in losses on the disposal of mining machines, and a decrease in other operating expenses all contributed to the improvement in net income, according to the business.
Self-mining, a mining pool, and data centre activities are among BIT Mining’s several business sectors. BIT Mining generated $6.9 million in revenue during the first quarter by producing 166 BTC. It also mined 5,420 ETH for a profit of almost $16.0 million.
The current bitcoin mining hash rate for the company is 246.1 petahash per second. It has a capacity of 4,452.7 gigahashes per second for Ethereum hashing. BIT Mining has finished a 50-megawatt facility in Ohio, according to the release.

BIT mining CEO Xianfeng Yang stated:

“We focused on our North American growth in the last quarter and made substantial progress on the construction of our data centres in Ohio. We are making inroads into Proof-of-Stake (POS) operations by providing a range of services such as governance and monitoring, account systems, and node administration, thanks to our early-mover advantage in Ethereum mining.”

As of press time, the company’s stock was down 0.56 percent on Nasdaq, while most other bitcoin mining equities were up for the day.

Read more: Coinbase CEO dismisses bankruptcy rumours after Q1 results

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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