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

Imilian

  • 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.

Recommended For You

Comments

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.