Bitcoin

Million

Giant

In a significant shift in the cryptocurrency mining landscape, NYSE-listed BIT Mining (BTCM) has offloaded its bitcoin <a href="https://ultramining.com/en/ratings/" rel="noopener noreferrer nofollow">mining pool</a> business, <a href="https://ultramining.com/en/ratings/btccom/" rel="noopener noreferrer nofollow">BTC.com</a>, for a notable $5 million. This move comes nearly three years after acquiring the brand from <a href="https://ultramining.com/en/manufacturers/bitmain/" rel="noopener noreferrer nofollow">Bitmain</a>, marking a pivotal turn for the company formerly known as the Chinese sports lottery firm 500.com. The announcement on December 30, 2023, revealed the buyer as Esport-Win Limited, a <a href="https://ultramining.com/news/en/china-shows-signs-of-softening-stance-on-cryptocurrency-amidst-hong-kong-s-regulatory-shifts/" rel="noopener noreferrer nofollow">Hong Kong</a>-based entity, according to <a href="https://theminermag.com/news/2023-12-30/btcm-bit-mining-bitcoin-pool-btc/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
This sale comes amid financial revelations from BTCM's 2022 annual report, which disclosed a mere 1% gross margin from its mining pool business. Despite generating substantial revenue of $593.2 million, the cost of revenue paid to miners stood at a staggering $591.5 million. This led to a reported net loss of $2.6 million for the year, coupled with an accumulated $11 million in net cryptocurrency liabilities. The underlying financial struggles appear to have driven this strategic divestment.
Interestingly, the buyer's directors seem to have close business ties with BTCM’s CEO Xianfeng Yang. Dan Lu and Tao Liu, directors of Esport-Win Limited, have previously collaborated with Yang, indicating potential conflicts of interest in this transaction.&nbsp;

BTCM Divests Bitcoin Mining Giant BTC.com for $5 Million

Ultramining_Eng

Andre artikler publisert på 1. jan. 2024

Bitcoin MVRV at highest point since April 2022

VanEck files updated spot Bitcoin ETF application

Binance founder Changpeng Zhao grounded again by U.S. court

AI Revolutionizes Canadian Healthcare Industry Amid Staffing Crisis

Solana DEX volume breaks $28b in December

Shiba Inu token’s $44.64 million transfer sparks market buzz

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!