BIT Mining Limited Announces Unaudited Financial Results for the Six Months Ended June 30, 2025
BIT Mining Limited (NYSE: BTCM) reported its unaudited financial results for H1 2025, showing significant challenges. The company posted revenues of US$11.0 million, down 43.3% year-over-year, and a net loss of US$13.9 million compared to net income of US$18.9 million in H1 2024.
The company's operations include self-mining with 347.30 PH/s BTC capacity and 8,149.73 GH/s DOGE/LTC capacity, alongside an 82.5-megawatt data center in Ohio. BIT Mining is strategically transitioning toward Solana operations, having acquired $7.1 million worth of SOL and launched a validator node.
Key operational updates include completing two closings of an Ethiopian data center acquisition and maintaining focus on infrastructure development despite challenging market conditions.
BIT Mining Limited (NYSE: BTCM) ha comunicato i risultati finanziari non revisionati per il 1掳 semestre 2025, evidenziando difficolt脿 rilevanti. La societ脿 ha registrato ricavi per 11,0 milioni di dollari, in calo del 43,3% rispetto all'anno precedente, e una perdita netta di 13,9 milioni di dollari rispetto a un utile netto di 18,9 milioni di dollari nel 1掳 semestre 2024.
Le attivit脿 dell'azienda comprendono la mining in proprio con una capacit脿 BTC di 347,30 PH/s e una capacit脿 DOGE/LTC di 8.149,73 GH/s, oltre a un data center da 82,5 megawatt in Ohio. BIT Mining sta operando una transizione strategica verso l'ecosistema Solana, avendo acquisito 7,1 milioni di dollari in SOL e avviato un nodo validator.
Aggiornamenti operativi chiave includono il completamento di due closing per l'acquisizione di un data center in Etiopia e il mantenimento del focus sullo sviluppo infrastrutturale nonostante le condizioni di mercato difficili.
BIT Mining Limited (NYSE: BTCM) present贸 sus resultados financieros no auditados del primer semestre de 2025, que muestran desaf铆os significativos. La compa帽铆a registr贸 ingresos por US$11,0 millones, una ca铆da del 43,3% interanual, y una p茅rdida neta de US$13,9 millones frente a un beneficio neto de US$18,9 millones en el primer semestre de 2024.
Las operaciones de la empresa incluyen miner铆a propia con 347,30 PH/s de capacidad BTC y 8.149,73 GH/s de capacidad DOGE/LTC, adem谩s de un centro de datos de 82,5 megavatios en Ohio. BIT Mining se est谩 orientando estrat茅gicamente hacia las operaciones en Solana, habiendo adquirido US$7,1 millones en SOL y lanzado un nodo validador.
Las actualizaciones operativas clave incluyen la finalizaci贸n de dos cierres para la adquisici贸n de un centro de datos en Etiop铆a y la continuidad del enfoque en el desarrollo de infraestructura a pesar de las condiciones adversas del mercado.
BIT Mining Limited (NYSE: BTCM)電� 2025雲� 靸侂皹旮� 牍勱皭靷�(unaudited) 鞛鞁れ爜鞚� 氚滍憸頄堨溂氅�, 韥� 鞏措牑鞗�鞚� 氤挫榾鞀惦媹雼�. 须岇偓电� 毵れ稖 1,100毵� 雼煬毳� 旮半頃� 鞝勲厔 霃欔赴 雽�牍� 43.3% 臧愳唽頄堦碃, 靾滌啇鞁� 1,390毵� 雼煬毳� 旮半頃� 2024雲� 靸侂皹旮办潣 1,890毵� 雼煬 靾滌澊鞚奠棎靹� 鞝勴櫂霅橃棃鞀惦媹雼�.
须岇偓电� 鞛愳泊 毂勱荡搿� BTC 347.30 PH/s鞕赌 DOGE/LTC 8,149.73 GH/s 鞖╇焿鞚� 氤挫湢頃橁碃 鞛堨溂氅�, 鞓ろ晿鞚挫棎 82.5氅旉皜鞕赌韸� 雿办澊韯办劶韯半ゼ 鞖挫榿頃橁碃 鞛堨姷雼堧嫟. BIT Mining鞚� 鞝勲灥鞝侅溂搿� 靻旊澕雮�(Solana)搿� 鞝勴櫂 欷戩澊氅�, 710毵� 雼煬 靸侂嫻鞚� SOL鞚� 毵れ瀰頃橁碃 瓴�歃濎瀽 雲鸽摐(validator)毳� 臧�霃欗枅鞀惦媹雼�.
欤检殧 鞖挫榿 鞐呺嵃鞚错姼搿滊姅 鞐愴嫲鞓ろ敿鞎� 雿办澊韯办劶韯� 鞚胳垬 甏�霠� 霊� 彀 韥措歆曥潉 鞕勲頄堨溂氅�, 鞏措牑鞖� 鞁滌灔 鞐贝 靻嶌棎靹滊弰 鞚疙攧霛� 臧滊皽鞐� 欤茧牓頃橁碃 鞛堧嫟電� 鞝愳澊 韽暔霅╇媹雼�.
BIT Mining Limited (NYSE: BTCM) a publi茅 ses r茅sultats financiers non audit茅s pour le premier semestre 2025, r茅v茅lant des difficult茅s importantes. La soci茅t茅 a d茅clar茅 des revenus de 11,0 millions de dollars, en baisse de 43,3% en glissement annuel, et une perte nette de 13,9 millions de dollars contre un b茅n茅fice net de 18,9 millions de dollars au S1 2024.
Les activit茅s comprennent du minage en propre avec une capacit茅 BTC de 347,30 PH/s et une capacit茅 DOGE/LTC de 8鈥�149,73 GH/s, ainsi qu'un centre de donn茅es de 82,5 m茅gawatts dans l'Ohio. BIT Mining op猫re une transition strat茅gique vers Solana, ayant acquis 7,1 millions de dollars en SOL et lanc茅 un n艙ud validateur.
Parmi les principales mises 脿 jour op茅rationnelles figurent la finalisation de deux cl么tures pour l'acquisition d'un centre de donn茅es en 脡thiopie et le maintien d'un focus sur le d茅veloppement des infrastructures malgr茅 un contexte de march茅 difficile.
BIT Mining Limited (NYSE: BTCM) hat seine nicht testierten Finanzergebnisse f眉r das erste Halbjahr 2025 ver枚ffentlicht und dabei erhebliche Herausforderungen aufgezeigt. Das Unternehmen meldete Ums盲tze von 11,0 Mio. US-Dollar, ein R眉ckgang von 43,3% gegen眉ber dem Vorjahr, und einen Nettogewinnverlust von 13,9 Mio. US-Dollar gegen眉ber einem Nettogewinn von 18,9 Mio. US-Dollar im ersten Halbjahr 2024.
Zu den Aktivit盲ten geh枚ren Eigenminen mit einer BTC-Kapazit盲t von 347,30 PH/s und eine DOGE/LTC-Kapazit盲t von 8.149,73 GH/s sowie ein 82,5-Megawatt-Rechenzentrum in Ohio. BIT Mining vollzieht strategisch eine Verlagerung in Richtung Solana-Operationen und hat SOL im Wert von 7,1 Mio. US-Dollar erworben und einen Validator-Knoten gestartet.
Wesentliche operative Aktualisierungen umfassen den Abschluss von zwei Closing-Schritten beim Erwerb eines Rechenzentrums in 脛thiopien sowie die Fortf眉hrung des Fokus auf Infrastrukturentwicklung trotz schwieriger Marktbedingungen.
- Strategic expansion into Solana ecosystem with $7.1 million SOL investment
- Completed acquisition of 51% stake in Ethiopian cryptocurrency mining data center
- 75% of 51-megawatt BTC mining machines successfully deployed
- Generated $6.4 million in service fee revenue from Ohio Mining Site operations
- Revenue declined 43.3% year-over-year to $11.0 million
- Operating loss increased to $13.9 million from $0.5 million year-over-year
- Cash position decreased to $1.2 million from $1.8 million in December 2024
- $1.3 million cryptocurrency loss due to online scam
- Negative $2.3 million change in fair value of cryptocurrency assets
- Increased electricity costs of $2.8 million due to unit price increases
Insights
BIT Mining's H1 2025 results show significant financial deterioration with widening losses amid strategic pivot to Solana.
BIT Mining's financial performance has deteriorated substantially in the first half of 2025. Revenue fell 43.3% to
This decline stems from multiple challenges affecting both business segments. In the self-mining operation, which generated
Cost structure worsened substantially with operating expenses increasing
BIT Mining's liquidity position appears precarious with cash reserves dwindling to just
The strategic pivot toward the Solana ecosystem represents a significant shift, with
The Ethiopian data center acquisition appears to be progressing with
On December听9, 2024, the Company completed the first closing听of acquisition of cryptocurrency mining data centers and Bitcoin ("BTC") mining machines in
"In the first half of the year, we made steady progress in our operations in
The Six Months Ended June听30, 2025 Highlights for Continuing Operations
- Revenues were
US for the six months ended June 30, 2025, representing a decrease of$11.0 million US from$8.4 million US for the six months ended June 30, 2024.$19.4 million - Operating costs and expenses were
US for the six months ended June 30, 2025, representing an increase of$24.5 million US from$2.7 million US for the six months ended June 30, 2024.$21.8 million - Operating loss was
US for the six months ended June 30, 2025, compared with operating loss of$13.9 million US for the six months ended June 30, 2024.$0.5 million - Non-GAAP adjusted operating loss[1] was
US for the six months ended June 30, 2025, compared with non-GAAP adjusted operating income of$13.1 million US for the six months ended June 30, 2024.$0.5 million - Net loss attributable to BIT Mining was
US for the six months ended June 30, 2025, compared with net income attributable to BIT Mining of$13.9 million US for the six months ended June 30, 2024.$0.02 million - Non-GAAP adjusted net loss[1] attributable to BIT Mining was
US .1鈥痬illion for the six months ended June 30, 2025, compared with non-GAAP adjusted net income attributable to BIT Mining of$13 US for the six months ended June 30, 2024.$0.8 million - Basic and diluted losses per American Depositary Share ("ADS")[2] attributable to BIT Mining including from continuing operations and discontinued operations for the six months ended June 30, 2025 were
US .$0.87 - Non-GAAP adjusted basic and diluted losses per ADS[1] [2] attributable to BIT Mining including from continuing operations and discontinued operations for the six months ended June 30, 2025 were
US .$0.82
[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses, gain from short-term investments and changes in fair value of derivative instruments. Reconciliations of non-GAAP financial measures to |
[2] American Depositary Shares, which are traded on the NYSE. Each ADS represents one hundred Class A ordinary shares of the Company. |
The Six Months Ended June听30, 2025 Financial Results for Continuing Operations
Revenues
Revenues were mainly comprised of
Self-mining
As of today, the total hash rate capacity of our DOGE/LTC mining machines in operation is approximately 8,149.73 GH/s. For the six months ended June听30, 2025, we produced 10.5 million DOGE and 2,980 LTC from our DOGE/LTC cryptocurrency mining operations and recognized revenue of approximately
We made steady operational progress during the first half of 2025 as we refine our infrastructure strategy and remain focused on cost discipline. We are committed to maximizing shareholder value by maintaining our position at the forefront of the evolving digital asset mining landscape while continuing to scale our core听BTC听operations. As of today, the total hash rate capacity of our BTC mining machines in operation is approximately 347.30 PH/s. For the six months ended June听30, 2025, we produced 17.3 BTC from our BTC cryptocurrency mining operations and recognized revenue of approximately
Data Center Operation
During the six months ended June听30, 2025, our 82.5 megawatt space (the "82.5 Megawatt Space") at the Ohio Mining Site recognized approximately
Overall
Revenues were
Operating Costs and Expenses
Operating costs and expenses were
Cost of revenue was
General and administrative expenses were
Other Operating Income
Other operating income was
Other Operating Expenses
Other operating expenses were
Changes in Fair Value of Cryptocurrency Assets
Changes in fair value of cryptocurrency assets were negative
Operating Loss from Continuing Operations
Operating loss from continuing operations was
Non-GAAP adjusted operating loss from continuing operations was
Net (Loss) Income Attributable to BIT Mining including from Continuing Operations and Discontinued Operations
Net loss attributable to BIT Mining was
Non-GAAP adjusted net loss attributable to BIT Mining was
Cash and Cash Equivalents
As of June听30, 2025, the Company had cash and cash equivalents of
Cryptocurrency Assets
As of June听30, 2025, the Company had cryptocurrency assets of
About BIT Mining Limited
BIT Mining Limited (NYSE: BTCM) is a technology-driven cryptocurrency asset company that is strategically transitioning its core business toward Solana ("SOL") treasury operations. Leveraging its deep expertise in blockchain infrastructure, the Company is building an integrated ecosystem centered on SOL staking and ecosystem development. BIT Mining's legacy capabilities, including 7nm ASIC design, data center operations, and mining machine manufacturing, are being repurposed to optimize treasury efficiency and support its strategic shift toward sustainable value creation.
Safe Harbor Statements
This press 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
About Non-GAAP Financial Measures
As a supplement to operating loss and net loss, we use the non-GAAP financial measures of non-GAAP adjusted operating loss and non-GAAP adjusted net loss, which are
For more information:
BIT Mining Limited
[email protected]
听
Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: [email protected]听
BIT Mining Limited | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Amounts in thousands of | ||||||||
(Unaudited) | ||||||||
December 31, | June 30, | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 1,810 | 1,225 | ||||||
Accounts receivable | 1,845 | 1,447 | ||||||
Prepayments and other current assets | 5,911 | 4,952 | ||||||
Cryptocurrency assets | 9,581 | 3,605 | ||||||
Total current assets | 19,147 | 11,229 | ||||||
Non-current assets: | ||||||||
Property and equipment, net | 19,896 | 17,518 | ||||||
Intangible assets, net | 11,084 | 8,882 | ||||||
Deposits | 2,462 | 2,465 | ||||||
Long-term investments | 3,557 | 3,428 | ||||||
Right-of-use assets | 2,627 | 1,786 | ||||||
Long-term prepayments and other non-current assets | 27,562 | 23,780 | ||||||
Total non-current assets | 67,188 | 57,859 | ||||||
TOTAL ASSETS | 86,335 | 69,088 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | 25 | 25 | ||||||
Accrued payroll and welfare payable | 306 | 286 | ||||||
Accrued expenses and other current liabilities | 9,349 | 9,485 | ||||||
Operating lease liabilities 鈥� current | 1,485 | 1,462 | ||||||
Income tax payable | 71 | 81 | ||||||
Total current liabilities | 11,236 | 11,339 | ||||||
Non-current liabilities: | ||||||||
Operating lease liabilities - non-current | 1,063 | 345 | ||||||
Other non-current liabilities | 7,256 | 3,593 | ||||||
Total non-current liabilities | 8,319 | 3,938 | ||||||
TOTAL LIABILITIES | 19,555 | 15,277 | ||||||
Shareholders' equity: | ||||||||
Class A ordinary shares, par value | 78 | 80 | ||||||
Class A preference shares, par value | - | - | ||||||
Class B ordinary shares, par value | - | - | ||||||
Additional paid-in capital | 640,724 | 641,573 | ||||||
Treasury shares | (21,604) | (21,604) | ||||||
Accumulated deficit and statutory reserve | (557,913) | (571,812) | ||||||
Accumulated other comprehensive loss | (4,392) | (4,402) | ||||||
Total BIT Mining Limited shareholders' equity | 56,893 | 43,835 | ||||||
Non-controlling interests | 9,887 | 9,976 | ||||||
Total shareholders' equity | 66,780 | 53,811 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 86,335 | 69,088 | ||||||
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BIT Mining Limited | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | ||||||||
(Amounts in thousands of | ||||||||
except for number of shares, per share (or ADS) data) | ||||||||
(Unaudited) | ||||||||
Six Months Ended | ||||||||
June听30, | June听30, | |||||||
Revenues | 19,359 | 11,013 | ||||||
Operating costs and expenses: | ||||||||
Cost of revenue | (14,984) | (16,319) | ||||||
Sales and marketing expenses | (22) | (32) | ||||||
General and administrative expenses | (6,721) | (8,194) | ||||||
Service development expenses | (69) | - | ||||||
Total operating costs and expenses | (21,796) | (24,545) | ||||||
Other operating income | 7 | 3,144 | ||||||
Other operating expenses | (53) | (1,227) | ||||||
Changes in fair value of cryptocurrency assets | 1,974 | (2,294) | ||||||
Changes in fair value of payables settled by cryptocurrency assets | - | 6 | ||||||
Operating loss from continuing operations | (509) | (13,903) | ||||||
Other income (expense), net | 138 | (48) | ||||||
Interest income | 1 | 71 | ||||||
Gain from equity method investments | 133 | - | ||||||
Gain from short-term investments | 155 | - | ||||||
Changes in fair value of derivative instruments | 103 | 70 | ||||||
Income (Loss) before income tax from continuing operations | 21 | (13,810) | ||||||
Income tax benefits | - | - | ||||||
Net income (loss) from continuing operations | 21 | (13,810) | ||||||
Income from discontinued operations, net of applicable income taxes | 240 | - | ||||||
Gain on disposal of discontinued operations, net of applicable income taxes | 18,687 | - | ||||||
Net income from discontinued operations, net of applicable income taxes | 18,927 | - | ||||||
Net income (loss) | 18,948 | (13,810) | ||||||
Less: Net income attributable to the non-controlling interests | - | 89 | ||||||
Net income (loss) attributable to BIT Mining Limited | 18,948 | (13,899) | ||||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation loss | (115) | (10) | ||||||
Other comprehensive loss, net of tax | (115) | (10) | ||||||
Comprehensive income (loss) | 18,833 | (13,820) | ||||||
Less: Comprehensive income attributable to non-controlling interests | - | 89 | ||||||
Comprehensive income (loss) attributable to BIT Mining Limited | 18,833 | (13,909) | ||||||
Weighted average number of Class听A and Class听B ordinary shares | ||||||||
Basic | 1,119,383,655 | 1,601,626,031 | ||||||
Diluted | 1,119,383,655 | 1,601,626,031 | ||||||
Earnings (losses) per share attributable to BIT Mining Limited-Basic and | ||||||||
Net income (loss) from continuing operations | 0.00 | (0.01) | ||||||
Net income from discontinued operations | 0.02 | 0.00 | ||||||
Net income (loss) | 0.02 | (0.01) | ||||||
Earnings (losses) per ADS* attributable to BIT Mining Limited-Basic and | ||||||||
Net income (loss) from continuing operations | 0.00 | (0.87) | ||||||
Net income from discontinued operations | 1.69 | 0.00 | ||||||
Net income (loss) | 1.69 | (0.87) | ||||||
* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 Class A ordinary shares of听 | ||||||||
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BIT Mining Limited | ||||||||
Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures | ||||||||
(Amounts in thousands of | ||||||||
except for number of shares, per share (or ADS) data) | ||||||||
(Unaudited) | ||||||||
Six Months Ended | ||||||||
June听30, | June听30, | |||||||
Operating loss from continuing operations | (509) | (13,903) | ||||||
Adjustment for share-based compensation expenses | 995 | 851 | ||||||
Non-GAAP adjusted operating income (loss) from continuing operations | 486 | (13,052) | ||||||
Net income (loss) attributable to BIT Mining Limited | 18,948 | (13,899) | ||||||
Net income attributable to BIT Mining Limited from discontinued operations | 18,927 | - | ||||||
Net income (loss) attributable to BIT Mining Limited from continuing | 21 | (13,899) | ||||||
Adjustment for share-based compensation expenses | 995 | 851 | ||||||
Adjustment for changes in fair value of derivative instruments | (103) | (70) | ||||||
Adjustment for gain from short-term investments | (155) | - | ||||||
Non-GAAP adjusted net income (loss) attributable to BIT Mining Limited | 758 | (13,118) | ||||||
Net income from discontinued operations, net of applicable income taxes | 18,927 | - | ||||||
Non-GAAP adjusted net income attributable to BIT Mining Limited from | 18,927 | - | ||||||
Non-GAAP adjusted net income (loss) attributable to BIT Mining Limited | 19,685 | (13,118) | ||||||
Weighted average number of听Class听A and Class听B ordinary shares | ||||||||
Basic | 1,119,383,655 | 1,601,626,031 | ||||||
Diluted | 1,119,383,655 | 1,601,626,031 | ||||||
Earnings (losses) per share attributable to BIT Mining Limited-Basic and | ||||||||
Non-GAAP adjusted net income (loss) from continuing operations | 0.00 | (0.01) | ||||||
Non-GAAP adjusted net income from discontinued operations | 0.02 | 0.00 | ||||||
Non-GAAP adjusted net income (loss) | 0.02 | (0.01) | ||||||
Earnings (losses) per ADS* attributable to BIT Mining Limited-Basic and | ||||||||
Non-GAAP adjusted net income (loss) from continuing operations | 0.07 | (0.82) | ||||||
Non-GAAP adjusted net income from discontinued operations | 1.69 | 0.00 | ||||||
Non-GAAP adjusted net income (loss) | 1.76 | (0.82) | ||||||
* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 Class听A ordinary shares of | ||||||||
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