Affected by the decline in the revenue of the mining pool business, the revenue of Bit Mining in the first quarter fell by 40% from the previous quarter
On May 30, Capital State learned that Bit Mining (BTCM.US), a U.S. stock-listed company, released its financial results for the first quarter of fiscal 2022.
According to the financial report, Bit Mining’s revenue in the first quarter was $297 million, compared with $2.6 million in the same period in 2021, a year-on-year increase of $294.1 million; compared with the fourth quarter of 2021’s operating income of $498 million, a decrease of $201 million or 40.4%.
The company said the year-on-year increase in operating income was mainly due to the company's acquisition of the mining pool business in April 2021. The month-on-month decrease in operating income was mainly due to the company's discontinuation of services to users in mainland China in October 2021. The revenue from the mining pool business decreased by approximately US$202.6 million. The above-mentioned decline in revenue was partially offset by the increase in revenue from the mine business in Ohio by US$1.3 million.
Operating income for the first quarter of 2022 mainly includes mining pool business income of approximately US$272.3 million and mining business income of approximately US$22.9 million.
Net loss attributable to Bit Mining was approximately $3.1 million, net profit for the same period in 2021 was approximately $3.3 million, and net loss for the fourth quarter of 2021 was approximately $11 million. The quarter-on-quarter decrease in net loss was mainly due to the corresponding fixed asset impairment loss of approximately US$12.6 million due to the closure of the Sichuan Big Data Center in China in the fourth quarter of 2021, and no such matter in the first quarter of 2022.
As of May 27, the actual computing power of the company's online Ethereum mining machines reached 4,452.7GH/s. In the first quarter of 2022, the company's mining generated about 5,420 Ethereum and confirmed revenue of about $16 million. The actual computing power of the Bitcoin mining machine is 246.1 PH/s. In the first quarter of 2022, the company's mining generated about 166 bitcoins, and the confirmed revenue was about 6.9 million US dollars.
In terms of data centre business, the company operates an encrypted digital currency mining farm (Ohio Mine) in Ohio, USA. As of May 27, the Ohio mine had been completed and 50 megawatts of power was on.
Company CEO Yang Xianfeng said that the company will continue to develop bitcoin and Ethereum mining operations and integrate other areas, such as mining pool operations and mining machine manufacturer, to create synergies. Given its leadership in Ethereum mining, the company will also move into the point-of-sale business, offering a range of services such as governance and monitoring.