©Reuters.
AKRON, Ohio – BIT Mining Limited (NYSE:BTCM), a key player in cryptocurrency mining, has entered into an agreement to sell its mining pool business, operated under BTC.com, to Esport Win Limited, a Hong Kong company. The transaction, valued at US$5 million, is expected to increase BIT Mining’s equity by approximately US$16 million, taking into account the company’s net cryptocurrency liabilities of approximately US$11 million. million US dollars. This strategic divestment excludes BIT Mining’s other commercial businesses.
The sale is subject to certain conditions and the receipt of regulatory approvals, with completion expected once such conditions precedent are satisfied. The company, which accounted for 91.2% of BIT Mining’s total revenue of US$593.2 million for the year ended December 31, 2022, recorded a net operating loss of 2.6 million US dollars due to large payments made to pool participants.
BIT Mining CEO Xianfeng Yang said the sale of the unprofitable mining pool will refocus the company’s core resources on improving research and development within its existing business segments. The additional cash from the sale and the prospect of improved profitability should strengthen the company’s ability to seize new expansion opportunities and create synergies across its businesses.
The company’s portfolio includes cryptocurrency mining, data center operation and mining machine manufacturing. BIT Mining’s ecosystem is designed to generate long-term value in the cryptocurrency industry, through cost-effective data centers and autonomous mining operations that strengthen its market position.
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