BTCM Shares Down 12% Today, Bit Mining Reports a Sharp Decline in Revenues in 22Q2
- BIT mining reported that the total hash rate capacity of online Bitcoin mining machines is approximately 145.2PH/s.
- BTCM shares are exchanging hands for around $0.38, down over 94 percent in the past year.
- Reportedly, the company produced 4,898 Ethereum from its mining operations during the second quarter, reciprocating to revenue of approximately $11.2 million.
BIT Mining Limited (NYSE: BTCM), a cryptocurrency mining-focused company, has today announced its unaudited second-quarter earnings results. Following a poor performance in the second quarter earnings results, BTCM shares have dropped over 8 percent as of publication time.
According to market data provided by MarketWatch, BTCM shares trades around
$0.38, down over 94 percent in the past year. Additionally, the company’s stock market has dropped approximately, 51% and 93% in the past five days and YTD respectively. Notably, the crypto mining company has a market capitalization of approximately $30.89 million.
During the second quarter, the company reported a total hash rate capacity for its online Ethereum mining machines at approximately 3,536.2GH/s. Reportedly, the company produced 4,898 Ethereum from its mining operations during the second quarter, reciprocating to a revenue of approximately $11.2 million.
BIT mining reported that its total hash rate capacity of its online Bitcoin mining machines is approximately 145.2PH/s. For the three months ended June 30, 2022, the company produced 97 Bitcoins from its mining operations, thereby realizing a revenue of approximately $3.6 million.
Mr. Xianfeng Yang, CEO of BIT Mining said, “Over the past quarter, we have focused on R&D and identifying synergies across our vertically integrated supply chain. Cryptocurrency price weakness and higher energy prices have had a significant impact on stock prices and revenues of companies in our sector, including BIT Mining.”
BIT Mining and the Market Outlook
During the second quarter, the company reported that revenues came in at $195.5 million. Interestingly, the revenues during 22Q2 dropped by $239.9 million from $435.4 million for the second quarter of 2021. The revenues also dropped compared to 22Q1, whereby they declined by $101.2 million from $296.7 million.
BIT mining revenues for the second quarter primarily consisted of a $178.5 million contribution from the mining pool business.
Notably, the company reported an operating loss of $23.3 million in the second quarter of 2022, which represented an increase of $8.4 million from $14.9 million recorded at the time last year.
Forward, the crypto mining company is focused on updating its hardware products to remain competitive. Moreover, the crypto mining difficulty is increasing by the block height.
In a bid to improve on its mining capacity, the company has announced completion of the substation with power capacity of 56 megawatts, which is operational at the Ohio Mining Site.
The company also announced it has made tremendous gains in the Ethereum staking program.
Worth noting, that the company has completed the design of a new generation of highly efficient Bitcoin, DOGE, and Litecoin mining machines utilizing the latest technology.
BIT mining also said that it has successfully tapped out a 12-nanometer chip with its partners and has completed mass production of more than 1,000 Litecoin mining wafers.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
