Skip to main content

Bit Mining Sells Btc.com’s Mining Operations for $5 Million 

Bit Mining Sells Btc.com’s Mining Operations for $5 Million 

On Friday, Bit Mining Limited declared it had sold the mining pool operations of Btc.com to a Hong Kong limited liability company for $5 million. This transaction is anticipated to bolster the total equity of Bit Mining’s shareholders, contingent upon certain concluding conditions.

BTCM Offloads Btc.com Mining Pool for $5 Million

Bit Mining (NYSE: BTCM) has revealed that it divested its mining pool division related to Btc.com for a sum of $5 million. The sale was made to Esport-Win Limited, a firm based in Hong Kong. The company, listed on the NYSE and engaged in mining and blockchain infrastructure, reported that while the pool had generated $593.2 million in yearly revenue, it incurred a net operating loss of $2.6 million over the full year.

BTCM expressed anticipation that the divestiture would lead to heightened profitability and a more robust cash standing. Originally known as 500.com Ltd and operating as a sports lottery firm, BTCM shifted focus towards bitcoin mining in 2021, acquiring Btc.com from Bitmain. BTCM’s chief, Xianfeng Yang, is optimistic that the disposal will augment the firm’s prevailing operations.

“By selling the loss-making mining pool business, we will be more resilient with our core resources focused on advancing the research and development of our existing businesses,” Yang said. “Meanwhile, the cash proceeds from the transaction and our company’s enhanced profitability outlook will further strengthen our position to explore new areas with greater potential and room for future expansion.”

When initially acquired, Btc.com’s pool was a significant player in the bitcoin mining industry, commanding over 10% of the total hashrate at the time and ranking among the top five globally. However, as of Dec. 30, 2023, its hashrate share has dwindled to just 1% of the network’s hashrate, positioning it as the 15th largest mining pool. While BTCM sold the Btc.com pool venture, it did not sell the internet domain btc.com or blockchain explorer services.

What do you think about BTCM selling Btc.com’s mining operations? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/LrEDiUK
Labels:

Comments

Post a Comment

Popular posts from this blog

Ripple Donates $300K to Support Nepal and Tibet Flood Relief

Ripple is donating $300,000 to World Central Kitchen and Mercy Corps following devastating floods in Nepal and Tibet. The funding will support emergency meals, clean-water access, and sanitation efforts in affected communities. Ripple Directs $300K to Emergency Assistance A $300,000 Ripple donation will support emergency food, water, and sanitation assistance after destructive flooding struck Nepal […] from Bitcoin News https://ift.tt/b60CqSG
Post a Comment
Read more

$13T Asset Manager Charles Schwab Adds 3 Altcoins to Its Crypto Push

There’s been a great deal of institutional interest in crypto assets over the last two years, and on Thursday, the $13 trillion asset manager Charles Schwab announced that it is expanding its digital asset listings beyond bitcoin and ethereum. According to the announcement, solana (SOL), avalanche (AVAX), and chainlink (LINK) accessibility will be added to […] from Bitcoin News https://ift.tt/b1dBkM5
Post a Comment
Read more

Glassnode and Ark Invest Introduce ‘Cointime Economics’ — A New Model to Measure Bitcoin’s Value

Researchers from Glassnode and Ark Invest have collaborated to develop a new economic model for analyzing Bitcoin’s onchain metrics called “Cointime Economics.” The framework offers an alternative way to measure the economic activity and value of bitcoin based on “coinblocks” rather than the standard accounting method of unspent transaction outputs, or UTXOs. Cointime Economics: A Unique Framework for Analyzing Bitcoin The Cointime Economics white paper explains that coinblocks are the product of the number of bitcoin, or BTC , multiplied by the number of blocks they are held without moving. For instance, ten bitcoins held for ten blocks would equal 100 coinblocks. This method aims to capture the real economic weight and importance of each bitcoin based on the time it remains dormant. The longer a bitcoin is unmoved, the higher its cointime and implied economic significance. Cointime Economics introduces metrics such as coinblocks created, destroyed, and stored to describe Bitcoi...
Post a Comment
Read more