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BIT MINING LIMITED

(BTCM)
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BIT Mining Shares Rise 10% After Purchase of New Bitcoin Mining Machines

07/28/2021 | 01:14pm EDT

By Chris Wack

BIT Mining Ltd. shares were up 10% to $4.89 after the company said it is buying 2,500 new bitcoin mining machines for a total consideration of $6.6 million.

Volume for the stock was 2.3 million shares at 12:50 p.m. EDT, compared to its 65-day average volume of 792,000 shares. The stock hit its 52-week high of $35 on Feb. 16.

The cryptocurrency mining company said that when deployed, it expects the new machines to increase its theoretical maximum total hash rate capacity by 165 peta hashes per second.

BIT Mining expects the new machines to be delivered within one week from Wednesday. Following delivery, the company plans for them to be shipped to Kazakhstan for deployment.

The company said it is monitoring current conditions in the market for cryptocurrency mining machines and will consider cost-efficient mining machine acquisitions on an opportunistic basis. Looking forward, the company is prepared to further expand the scale of its business and increase its theoretical maximum total hash rate capacity to strengthen its position as a leading cryptocurrency mining enterprise.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

07-28-21 1313ET

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Financials
Sales 2020 21,8 M 3,37 M 3,37 M
Net income 2020 -223 M -34,5 M -34,5 M
Net cash 2020 299 M 46,3 M 46,3 M
P/E ratio 2020 -1,73x
Yield 2020 -
Capitalization 4 324 M 669 M 669 M
EV / Sales 2019 56,4x
EV / Sales 2020 102x
Nbr of Employees 138
Free-Float 95,1%
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Managers and Directors
Xian feng Yang Chief Executive Officer
Qiang Yuan Chief Financial Officer
Shengwu Wu Chairman
Bo Yu COO, Director & General Counsel
Danni Zheng Vice President & Investment Director
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