Bit Mining Sells Btc.com Mining Pool for $5 Million
Bit Mining (NYSE: BTCM) has announced the sale of its mining pool division, Btc.com, for $5 million. The buyer is Esport-Win Limited, a company based in Hong Kong. While the Btc.com pool generated $593.2 million in revenue, it had a net operating loss of $2.6 million last year.
Bit Mining believes that selling the mining pool business will lead to increased profitability and financial strength. The company, formerly known as 500.com Ltd and focused on sports lottery, shifted its focus to bitcoin mining in 2021 with the acquisition of Btc.com. Bit Mining’s CEO, Xianfeng Yang, is confident that the sale will benefit the company’s core operations.
The Btc.com pool was once a major player in the bitcoin mining industry, but its hashrate share has declined to just 1% of the network’s hashrate. However, Bit Mining has retained ownership of the btc.com domain and blockchain explorer services.
Hot Take: Bit Mining Sells Btc.com Mining Pool in Strategic Move
Bit Mining’s sale of the Btc.com mining pool is a strategic move aimed at improving the company’s financial performance and focus. By divesting the loss-making pool business, Bit Mining can concentrate on developing its existing ventures and exploring new areas with potential for expansion. The $5 million sale to Esport-Win Limited provides Bit Mining with a cash infusion and an enhanced profitability outlook. Despite the declining hashrate share of the Btc.com pool, Bit Mining retains valuable assets in the btc.com domain and blockchain explorer services. This move demonstrates Bit Mining’s determination to position itself for future growth in the crypto industry.
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