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AKRON, Ohio, March 4, 2024 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency mining company, today announced the closing and completion of its previously announced sale of its entire mining pool business operated under BTC.com (the "Business") to Esport – Win Limited, a Hong Kong limited liability company, for a total consideration of US$5 million (the "Consideration"). The Business has been transferred to Esport – Win Limited. While the closing of the transaction occurred on February 29, 2024, for accounting purposes the Business was deemed to be disposed of on January 31, 2024 when the Company relinquished control and received the first payment of the Consideration by retaining 71.37 bitcoins of the Business for compliance and safety purposes when transferring the Business to Esport – Win Limited. The retained bitcoins have a fair value of US$3 million as determined using US$42,034.57 per bitcoin, which was published by Coinbase.com on January 29, 2024 at UTC 0:00.
As the transferred Business had approximately US$17 million in net liability as of January 31, 2024, the sale of the Business will result in an increase of approximately US$19 million in the total shareholders' equity of BIT Mining.
Xianfeng Yang, Chief Executive Officer of BIT Mining, commented, "The successful completion of this transformative transaction represents a pivotal milestone for BIT Mining, enabling the Company to heighten our focus on our remaining business units with a streamlined approach. I am confident that our strengthened financial position and improved profitability will empower us to further pursue long-term and sustainable growth."
About BIT Mining Limited
BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with operations in cryptocurrency mining, data center operation and mining machine manufacturing. The Company is strategically creating long-term value across the industry with its cryptocurrency ecosystem. Anchored by its cost-efficient data centers that strengthen its profitability with steady cash flow, the Company also conducts self-mining operations that enhance its marketplace resilience by leveraging self-developed and purchased mining machines to seamlessly adapt to dynamic cryptocurrency pricing. The Company also owns 7-nanometer BTC chips and has strong capabilities in the development of LTC/DOGE miners and ETC miners.