BIT Mining Ltd Reports 55% YoY Drop in Sales in Q2 2022

BIT Mining Ltd (NYSE: BTCM) reported a second-quarter FY22 sales decline of 55% year-on-year to $195.5 million.

Cryptocurrency price weakness and higher energy prices have significantly impacted the quarterly revenues.

Total hash rate capacity of the company's online Ethereum mining machines is about 3,536.2GH/s as of August 19, 2022.

For 2Q22, BIT Mining produced 4,898 Ethereum from its cryptocurrency mining operations with a revenue of about $11.2 million.

Total hash rate capacity of online Bitcoin mining machines is approximately 145.2PH/s as of August 19, 2022.

For 2Q22, BIT Mining produced 97 Bitcoins from Bitcoin cryptocurrency mining operations with a revenue of $3.6 million.

General and administrative expenses were $5.5 million versus $6.1 million last year.

The operating loss for the quarter expanded to $(23.3) million from a loss of $(14.9) million the previous year.

The company held $22.7 million in cash and equivalents as of June 30, 2022. It held cryptocurrency assets of $15.4 million.

Non-GAAP earnings per ADS for the quarter were $0.09.

(Source: Yahoo)