AKRON,
Ohio, March 4, 2024 /PRNewswire/ -- BIT Mining
Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or
"our company"), a leading technology-driven
cryptocurrency mining company, today announced the
closing and completion of its previously announced sale of its
entire mining pool business operated under BTC.com (the "Business")
to Esport – Win Limited, a Hong
Kong limited liability company, for a total consideration of
US$5 million (the "Consideration").
The Business has been transferred to Esport – Win Limited. While
the closing of the transaction occurred on February 29, 2024, for accounting purposes the
Business was deemed to be disposed of on January 31, 2024 when the Company relinquished control and received the first
payment of the Consideration by retaining 71.37 bitcoins of the
Business for compliance and safety purposes when transferring the Business
to Esport – Win Limited. The retained bitcoins have a fair value of US$3 million as determined using US$42,034.57 per
bitcoin, which was published
by Coinbase.com on January 29, 2024 at UTC 0:00.
As the transferred Business had approximately US$17 million in
net liability as of January 31, 2024,
the sale of the Business will result in an increase of
approximately US$19 million in the
total shareholders' equity of BIT Mining.
Xianfeng Yang, Chief Executive
Officer of BIT Mining, commented, "The successful completion of
this transformative transaction represents a pivotal milestone for
BIT Mining, enabling the Company to heighten our focus on our
remaining business units with a streamlined approach. I am
confident that our strengthened financial position and improved
profitability will empower us to further pursue long-term and
sustainable growth."
About BIT Mining Limited
BIT Mining (NYSE: BTCM) is a leading technology-driven
cryptocurrency mining company with operations in
cryptocurrency mining, data center operation and
mining machine manufacturing. The Company is strategically creating
long-term value across the industry with its
cryptocurrency ecosystem. Anchored by its
cost-efficient data centers that strengthen its profitability with
steady cash flow, the Company also conducts self-mining operations
that enhance its marketplace resilience by leveraging
self-developed and purchased mining machines to seamlessly adapt to
dynamic cryptocurrency pricing. The Company also owns
7-nanometer BTC chips and has strong capabilities in the
development of LTC/DOGE miners and ETC miners.
Forward-Looking 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. Important factors that could cause BIT
Mining's actual results to differ materially from those indicated
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
Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
View original
content:https://www.prnewswire.com/news-releases/bit-mining-limited-completes-sale-of-its-mining-pool-business-302078426.html
SOURCE BIT Mining Limited