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AKRON, Ohio - BIT Mining Limited (NYSE: BTCM), a prominent player in technology-driven cryptocurrency mining currently valued at $29.83 million, has disclosed its monthly production figures and operational updates for February 2025. The company produced 42.56 Bitcoin (BTC), of which 36.854 BTC was generated for hosted clients and 5.708 BTC was self-mined. Additionally, BIT Mining mined 2,013,292.9 Dogecoin (DOGE) and 556.7 Litecoin (LTC). According to InvestingPro analysis, the company’s stock is currently trading near its 52-week low, suggesting potential value opportunity for investors interested in the crypto mining sector.
The company’s total exahash capacity reached 2,588 PH/s in February, with an average of 4.5 days taken to mine each Bitcoin. The cost per mined BTC stood at $60,960. With a current ratio of 2.14, InvestingPro data shows the company maintains strong liquidity to support its operations, though its gross profit margins remain challenged at 9.06%.
BIT Mining’s CEO, Xianfeng Yang, highlighted the month’s productivity and the company’s ability to enhance efficiency and reduce costs through its proprietary mining machines. Yang emphasized the profitability achieved from mining Litecoin and Dogecoin, contributing to the diversification of revenue streams and operational efficiency.
The company also provided an update on its infrastructure development, noting the near completion of the acquisition of a data center in Ethiopia, which concluded its first phase in late 2024. This new site is expected to further improve BIT Mining’s operational results.
BIT Mining operates in cryptocurrency mining, data center operation, and mining machine manufacturing. The company aims to build long-term value in the industry with its cryptocurrency ecosystem, which includes cost-efficient data centers and self-mining operations. BIT Mining’s capabilities in developing miners for various cryptocurrencies, including its ownership of 7-nanometer BTC chips, underscore its strategic position in the digital asset mining landscape.
The press release also contained forward-looking statements regarding the company’s expectations for the cryptocurrency mining industry and its own future development, particularly in Litecoin and Dogecoin mining. These statements are based on management’s current expectations and market conditions and are subject to risks and uncertainties that could materially affect the company’s actual results. With a high beta of 2.62 and revenue decline of 23.62% in the last twelve months, InvestingPro subscribers can access additional insights and 10+ more exclusive ProTips about BIT Mining’s financial health and growth prospects.
This news is based on a press release statement from BIT Mining Limited and provides an overview of the company’s performance and future prospects in the cryptocurrency mining industry.
In other recent news, BIT Mining Limited announced the outcomes of its annual general meeting held at its headquarters in Akron, Ohio. Shareholders approved the company’s financial statements and re-elected the existing board of directors, reinforcing the current leadership’s strategies and direction. Additionally, the appointment of independent auditors for the upcoming fiscal year was ratified, ensuring continued financial oversight. The company’s CEO, Xianfeng Yang, emphasized BIT Mining’s commitment to enhancing shareholder value and maintaining transparency in its operations. Yang also highlighted the importance of adapting to the evolving cryptocurrency market and adhering to regulatory standards. This announcement aligns with BIT Mining’s ongoing communication with the SEC and its investors, as documented in a recent 6-K filing. The filing is part of BIT Mining’s Registration Statement on Form F-3, emphasizing its significance for both current and potential investors. The company’s business operations continue to be based in Akron, Ohio, with no changes reported in its contact information.
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