Bit Mining Sells Btc.com’s Mining Operations for $5 Million 

On Friday, Bit Mining Limited declared it had sold the mining excavation operations of Btc.com to a Hong Kong constricted liability institution for $5 million. This transaction is anticipated to bolster the full equity of Bit Mining’s shareholders, contingent upon definite concluding conditions.

BTCM Offloads Btc.com Mining Pool for $5 Million

Bit Mining (NYSE: BTCM) has revealed that it divested its mining excavation part related to Btc.com for a sum of $5 million. The sale was made to Esport-Win Limited, a steadfast based successful Hong Kong. The company, listed connected the NYSE and engaged successful mining and blockchain infrastructure, reported that portion the excavation had generated $593.2 cardinal successful yearly revenue, it incurred a nett operating nonaccomplishment of $2.6 cardinal implicit the afloat year.

BTCM expressed anticipation that the divestiture would pb to heightened profitability and a much robust currency standing. Originally known arsenic 500.com Ltd and operating arsenic a sports lottery firm, BTCM shifted focus towards bitcoin mining successful 2021, acquiring Btc.com from Bitmain. BTCM’s chief, Xianfeng Yang, is optimistic that the disposal volition augment the firm’s prevailing operations.

“By selling the loss-making mining excavation business, we volition beryllium much resilient with our halfway resources focused connected advancing the probe and improvement of our existing businesses,” Yang said. “Meanwhile, the currency proceeds from the transaction and our company’s enhanced profitability outlook volition further fortify our presumption to research caller areas with greater imaginable and country for aboriginal expansion.”

When initially acquired, Btc.com’s excavation was a important subordinate successful the bitcoin mining industry, commanding implicit 10% of the full hashrate astatine the clip and ranking among the apical 5 globally. However, arsenic of Dec. 30, 2023, its hashrate stock has dwindled to conscionable 1% of the network’s hashrate, positioning it arsenic the 15th largest mining pool. While BTCM sold the Btc.com excavation venture, it did not merchantability the net domain btc.com oregon blockchain explorer services.

What bash you deliberation astir BTCM selling Btc.com’s mining operations? Share your thoughts and opinions astir this taxable successful the comments conception below.