BIT Mining hit a 52-week low on disappointing result

Aug. 19, 2022 10:59 AM ETBIT Mining Limited (BTCM)By: Dania Nadeem, SA News Editor

businessman pushing button quarterly report


  • BIT Mining (NYSE:BTCM) is trading 8.1% lower after the company posted a ~55% decline in quarterly revenue, hurt by declines in prices of cryptocurrencies in the second quarter.
  • Stock sank 52-week low of $0.38.
  • The company posted loss of $0.90, while revenue of $195.52M, a -55.1% Y/Y decline.
  • Revenues during the second quarter of 2022 primarily consisted of $178.5M in revenue contribution from the mining pool business.
  • Operating costs and expenses declined 52.6% Y/Y to $205.5M.
  • General and administrative expenses declined 9.8% Y/Y to $5.5M, decrease was mainly due to consulting expense, an increase of $1.1M in share-based compensation expenses associated with more share options granted to the Company's directors and employees.

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