HONG
KONG, Aug. 24, 2022 /PRNewswire/ -- BIT Mining (NYSE: BTCM) issued a letter to
investors today:
Dear Colleagues, Investors and Friends of BIT Mining,
Our company has historically tried to remain humble in our
approach to our communications with the public and allowed our
actions to speak for themselves. However, with the recent declines
in both the stock and cryptocurrency markets, we wanted to respond
to the situation by addressing you directly. We have noticed the
recent fluctuations in the share price, and this letter is to serve
as a reminder of the incredible resilience of this company, as well
as to give you some updates on the bright future to come.
Internally, we remain strong, united and optimistic. We have a
proven track record of overcoming obstacles and we attribute much
of our past, present and future success to our ability to remain
adaptable while quietly and diligently working toward our goals,
regardless of any outside circumstances.
After two rounds of financing in 2022, we continue to invest in
R&D, innovation and upgrading our core businesses. Our 82.5 MW
power capacity at the Ohio Data Center not only can accommodate our
own mining operations but also provide hosting services for third
parties. We've settled our operations in the United States which offers a rich
diversity of opportunity, a better regulatory framework, a stable
power supply, and access to the most efficient capital markets on
the planet. Our subsidiary, the ASIC designer and machine
manufacturer, Bee Computing
has completed prototypes of a
new generation of highly efficient
BTC and LTC/DOGE mining machines utilizing the
latest technology. In the coming months, we will have engineering
samples and commence testing of the new BTC miners. Our new
ETC miners are among the lowest in terms of power consumption
(0.7w/M) on the market. With our partners at Global Foundries,
we've also successfully taped out a 12 nm chip and have
completed production of more than 1,000 Litecoin mining
wafers.
Our company has twice built incredibly successful businesses
which have been halted by governmental regulations, so we are no
stranger to reinventing ourselves. As recently as May 2021, we were operating a total of 435 MW of
100% sustainable, hydropower energy and had built the largest data
center in the world to date - a 300 MW hydropower facility in
Sichuan province. Our company had
already set our sights globally at this time, but a policy change
accelerated our plans and we carried them out swiftly, with
determination and perseverance. Furthermore, we took this
transitional opportunity to focus on diversifying our business,
acquiring the mining pool, BTC.com, and ASIC designer and
machine manufacturer, Bee Computing. When you invest in our
company you get exposure to cryptocurrencies without having to
hold the underlying assets, mining and
data center operations, mining pool services,
and ASIC R&D
and machine manufacturing. We firmly
believe this continual
progress and our investment in future growth
will yield the greatest returns
in the medium
to long term for our investors.
Having overcome many obstacles, what was once a gradually
growing confidence in our company's ability to redefine itself
has turned into excitement about the next challenge to come, as
every crisis we've faced has been turned into another
opportunity to evolve. We want to remind our
investors that the fluctuations in our share
price will not affect our regular business
operations, nor will it cause us to lose
sight of our long-term growth strategy. We want to also take a
moment to mention that we are proud to be a part of the
greater cryptocurrency sector, where there is such an amazing
and inspiring amount of innovation and imagination, and we
remain devoted to continually and actively exploring new
opportunities within the space.
On behalf of everyone at BIT Mining,
I want to thank you for your continued support
of our company throughout the years, remind you that
your help has been absolutely essential to our success,
and assure you that BTCM will
endure beyond this current downturn
in the cryptocurrency markets. Regardless of any outside
forces, we have continually proven our ability to
remain adaptable and focused on our goals, reaffirmed our
commitment to our growth strategy and advancing the vertical
integration of the supply chain, and every calculated risk we have
taken has been done with an eye to the ultimate goal of
creating long term value for our investors. When the ice melts
from this so-called crypto winter, our company will be incredibly
well positioned because of the groundwork we're currently
setting in place, our diversification within the space beyond the
core business of cryptocurrency mining,
and our ability to not only persevere,
but redefine and
strengthen our character with each challenge
we overcome. We believe that the brightest
days for our company lie ahead. Until then, please
stay tuned and we'll stay focused.
Sincerely,
Bo Yu
Chairman, BIT Mining Limited
About BIT Mining Limited
BIT Mining (NYSE: BTCM) is a leading technology-driven
cryptocurrency mining company, with a long-term strategy to create
value across the cryptocurrency industry. Its business covers
cryptocurrency mining, mining pool, data center operation and miner
manufacturing. The Company owns the world's top blockchain browser
BTC.com and the comprehensive mining pool business operated under
BTC.com, providing multi-currency mining services including BTC,
ETH and LTC. The Company also owns a 7-nanometer cryptocurrency
mining machine manufacturer, Bee Computing, enabling the Company's
self-efficiency through vertical integration with its supply
chain.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will", "expects", "anticipates",
"future", "intends", "plans", "believes", "estimates", "target",
"going forward", "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For more information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited