BIT Mining reported a 40.4% dip in income from the earlier three months, totaling $296.7 million.
The publicly traded Chinese language firm additionally noticed a web earnings of $1.2 million, in comparison with a web lack of $4.1 million for the fourth quarter of 2021, based on an earnings report launched on Friday.
As identified by the corporate, a majority of that income ($272.3 million) got here from its mining pool enterprise, which decreased by about 42.7% from the earlier quarter. That was partially as a result of “impact of declines in costs of cryptocurrencies within the first quarter of 2022,” per the assertion.
The rise in web earnings was moved by a lower normally and administrative bills, a lower in losses on disposal of mining machines and a lower in different working bills, the corporate additionally stated.
BIT Mining’s a number of enterprise segments embody self-mining, a mining pool and knowledge middle operations.
In the course of the first quarter, BIT Mining produced 166 BTC, producing a income of about $6.9 million. It additionally mined 5,420 ETH, producing roughly $16.0 million.
The corporate’s present bitcoin mining hash charge is 246.1 petahash per second. Its Ethereum hash charge capability is 4,452.7 gigahash per second.
Per the announcement, BIT Mining has accomplished a 50-megawatt facility in Ohio.
“Over the previous quarter, we centered on our growth in North America and have made important progress within the development of our knowledge facilities in Ohio,” stated the corporate’s CEO Xianfeng Yang. “Given our early-mover benefit in Ethereum mining, we’re additionally making inroads into Proof-of-Stake (POS) operations by offering a collection of providers together with governance and monitoring, account system and nodes administration.”
The corporate’s inventory was down -0.56% on Nasdaq as of press time, whereas most different bitcoin mining shares have been up through the day’s buying and selling session.