Hong Kong-based cryptocurrency miner BIT Mining (BTCM) stated fourth-quarter income will fall 10% to twenty%, as its mining pool enterprise, BTC.COM, utterly exited the Chinese language market.
- “The corporate is engaged on options with its present customers in China, resembling migrating such customers’ mining machines to abroad markets, in order that they might have entry to our providers in a compliant method,” the company said in a filing on Thursday.
- BIT Mining additionally stated it expects that its continued progress in worldwide markets will assist offset the lack of enterprise in China.
- The corporate reported third-quarter income of $404.3 million, down about 9% from the earlier quarter, primarily as a result of suspension of its information facilities in Sichuan, China, and a lower in revenues from the mining pool enterprise.
- The miner stated that it accomplished the migration of all of its bitcoin mining machines to the U.S. and Kazakhstan.
- The shares of BIT Mining have fallen about 25% this 12 months, whereas bitcoin worth rose about 100%.
Learn extra: Bit Digital Migrates All Its Bitcoin Mining Out of China Amid Ban