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BIT Mining reports 40% dip in revenue

Mining

www.thecoinrepublic.com 29 May 2022 05:37, UTC
  
Reading time: ~2 m

  • BIT Mining revenue totaled $296.7 million in Q1
  • An increase in net income was moved by a decrease in expenses
  • During the first quarter BIT Mining produced 166 BTC

Bitcoin mining organizations finished the seven-day stretch of exchanging on a high note.

For the second day straight, a significant number of the stocks followed by The Block shut in the green, with Northern Data, Hut 8, and Riot posting the most noteworthy recuperations, of +12.29%, +9.09% (on Nasdaq), and +7.58%, separately.

Prior to Friday, BIT Mining reported its Q1 2022 outcomes, with a 40.4% plunge in income, adding up to $296.7 million. The Chinese organization’s stock was up by +6.78% on Nasdaq toward the finish of the exchange meeting.

BIT Mining detailed a 40.4% plunge in income, adding up to $296.7 million, in Q1 2022 contrasted with the past 90 days.

Ethereum hash rate capacity is 4,452.7 gigahash per second

The public Chinese organization likewise saw an overall gain of $1.2 million, contrasted with an overall deficit of $4.1 million for the final quarter of 2021, as indicated by a profit report delivered on Friday.

As brought up by the organization, a larger part of that income ($272.3 million) came from its mining pool business, which diminished by around 42.7% from the past quarter. That was to a limited extent due to the impact of decreases in costs of digital currencies in the primary quarter of 2022, per the assertion.

The expansion in overall gain was moved by a reduction overall and regulatory costs, a lessening in misfortunes on the removal of mining machines, and a diminishing in other working costs, the organization likewise said.

Cycle Mining’s various business portions incorporate self-mining, a mining pool, and server farm tasks.

The company’s stock was down -0.56% on Nasdaq

During the main quarter, BIT Mining created 166 BTC, producing an income of about $6.9 million. It likewise mined 5,420 ETH, producing generally $16.0 million.

The organization’s current bitcoin mining hash rate is 246.1 petahash each second. Its Ethereum hash rate limit is 4,452.7 gigahash each second. Per the declaration, BIT Mining has finished a 50-megawatt office in Ohio.

Over the past quarter, we zeroed in on our development in North America and have gained huge headway in the development of our server farms in Ohio, said the organization’s CEO Xianfeng Yang. 

Given our initial mover advantage in Ethereum mining, we are likewise making advances into Proof-of-Stake (POS) tasks by giving a progression of administrations including administration and checking, account framework, and hubs the board.

The organization’s stock was down – 0.56% on Nasdaq as of press time, while most other bitcoin mining stocks were up during the day’s exchanging meeting.


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