I am pleased to announce that BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency mining company, today announced its unaudited financial results for the third quarter ended September 30, 2023.
Business Progress in the Cryptocurrency Industry
There are four primary areas of business for Bit Mining: self-mining, mining pools, data center operations and mining machine manufacturing. Bit Mining is focused on global cryptocurrency mining operations as part of its development strategy.
Manufacturing of mining machines
The development of the next generation of 7nm BTC mining machines continues as we continue to advance our development efforts. Chain Reaction, one of our strategic allies in the crypto space, has developed an ASIC based on their EL3CTRUM ASIC technology, a company focused on disruptive blockchain and privacy hardware. Our team is working through the ASIC validation process while also completing the hash board to increase the hash rate of the system. However, due to the technical complexity of ASIC validation, we anticipate a delay in the mining machines' system design timeline due to the complexity of the ASIC validation process
However, due to the technical complexity of ASIC validation, we anticipate a delay in the mining machines' system design timeline due to the complexity of the ASIC validation process
The self-mining process
As of today, we have a total hash rate capacity of approximately 27,211.0 GH/s on our DOGE/LTC mining machines in operation, which is the total hash rate capacity of all our machines. As a result of our cryptocurrency mining operations, we were able to produce 45.4 million DOGE and 16,962.1 LTC during the three months ended September 30, 2023 and generated revenue of approximately US$4.5 million.
Because of the decline in cryptocurrency markets since the second half of 2022, we have suspended certain types of BTC mining machines from being operated as a result. Cryptocurrency asset prices have grown only modestly in the last few weeks despite a recent modest recovery and a narrow growth in the price of cryptocurrencies. As a result of this current environment, we remain determined to improve the quality and efficiency of the service we offer. The total hash rate capacity of the BTC mining machines in operation at the time of writing is approximately 122 GH/s.PH/s of 27. As of September 30, 2023, we have produced 11 products for the three months ended September 30, 2023..A total of 5 BTC have been mined from our BTC cryptocurrency mining operations and a revenue of approximately US$0 has been recognized.A total of four million people. There was also a revenue of approximately US$0 recognized by us as well.As a result of our cryptocurrency mining operations, we earned $3 million
As a result of our cryptocurrency mining operations, we earned $3 million
Pools of mining resources
As a result of the fluctuation in cryptocurrency prices in the third quarter of 2023, our mining pool business revenue slightly decreased from US$65.9 million for the three months ended June 30, 2023 to US$65.4 million for the three months ended September 30, 2023 due to the fluctuation in crypto coin prices.
Operation of the data center
At the Ohio Mining Site in the third quarter of 2023, the 82.5 megawatt space (the "82.5 Megawatt Space") generated approximately $6.4 million in service fee revenue. As a result of the restoration of electricity supply to the Ohio Mining Site on May 26, 2023, service fee revenue increased by approximately US$2.8 million compared with the second quarter of 2023.

Source prnewswire