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

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